Finance & Capital Market

UAE committee agrees plan for 33 economic initiatives

The UAE’s Interim Committee for the coordination and follow-up of the implementation of the 33 initiatives to support the economic sectors as part of the post-Covid economic plan, has approved the implementation plan in a virtual meeting.

The implementation plan is divided into three phases. The first phase seeks to provide immediate support for business sectors and the economy by carrying out 15 major initiatives, while the second phase will launch complementary support for sectors to enable a rapid economic recovery.

The third phase will provide integrated support to vital sectors and will open up a sustainable and flexible development path for the economy, and continue into the future.

Dr Mohamed Rashed Ahmed Al Hameli, Secretary-General of the Abu Dhabi Executive Council, said: "The continued support of our wise leadership, and its rapid response and clearly-defined plans, have supported all sectors that were significantly impacted by the pandemic, including the health sector. This was accomplished through well thought-out stimulus packages that helped mitigate the impact of the pandemic.

“The UAE economy proved to be extremely resilient in the face of the pandemic. The 33 initiatives that form part of this package will help unify cross-sector efforts, while their implementation, follow-up and evaluation will lead to positive economic and social outcomes in high-productivity sectors, as well as SMEs, in order to accelerate the process of recovery and set in place medium and long-term initiatives to ensure sustainable growth."

The UAE Cabinet, headed by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, approved the launch of the plan’s 33 initiatives to support economic sectors on August 3, 2020.

It also approved the formation of an Interim Committee to coordinate and follow up on the implementation of the flexible package and to increase growth rates; create a stimulating environment for business; provide new opportunities through developing emerging sectors; employ technology, and attract and encourage investment in new sectors; and enhance the sustainability and resilience of the national economy to serve the UAE’s future visions through the plan’s outcomes.- TradeArabia News Service