The 33 incentive initiatives unveiled by the UAE Cabinet last August, which are currently being implemented by the Ministry of Economy, reflect a quantum leap in the country’s efforts to steer the national economy forward. After overcoming some of the pandemic’s biggest negative consequences on the national economy, the country’s vital economic sectors are now returning to normalcy, as reflected by growing pace of activity in aviation, tourism, retail and other sectors.

While many countries around the world are still navigating the repercussions of the COVID crisis, the UAE has made great strides in driving the recovery of its economy from its impact. The proactive approach to dealing with these unprecedented circumstances emphasizes the country’s ability to swiftly adapt and respond to unforeseen challenges and underscores its preparedness and capabilities across many indices.

The launch of the incentive initiatives package reflects the UAE government’s commitment to supporting the economic sectors and restoring their activities to pre-pandemic levels as early as possible. Therefore, these measures and initiatives herald an economic boom that will contribute to the creation of a highly resilient, flexible economic environment.

The 33 incentive initiatives package aimed at revitalizing and stimulating the economy adds significant value to a series of previous packages that contributed to strengthening our national economy. Apart from ensuring the sustainability of the national economy and enhancing its ability to face various challenges including the pandemic crisis, such measures once again reaffirm the UAE’s leading position as a preferred destination for investments.

To date, the UAE has introduced countless initiatives to revive its markets, develop businesses, and generate new opportunities, thanks to our wise leadership’s vision that strives to continually enhance the country’s investment climate and attract investors. Due to these well-thought-out initiatives and strategic incentives, the UAE has achieved tangible results, both in terms of overcoming the pandemic’s impact, and preparing our national economy for a new phase of growth.

Our national economy has proven its great resilience in the face of the coronavirus pandemic, thanks to the very diversity of its production base and the carefully designed support and stimulus packages launched by the federal and local governments. Without them, the national economy would not have overcome the impact of the pandemic, which has severely affected both neighboring Arab and foreign economies alike.

All indicators indicate that our national economy is poised to continue its robust growth throughout the next year. Major global financial institution such as the International Monetary Fund (IMF) and the World Bank have affirmed this positive outlook for the UAE’s economy. The recovery of the national economy has been made evident by the reopening of most economic activities, constantly developing trade movement, and the uptick in vital sectors, including the tourism and hospitality sectors, which is one of the main drivers of the national economy. Therefore, the focus will continue to be on the revitalization of the sector during the coming period, as well as the small and medium enterprises (SMEs) sector, which have already benefitted a lot from these measures.