On Tuesday, in a series of tweets, Abu Dhabi's Crown Prince Sheikh Mohammed bin Zayed confirmed the announcement of a new $13.6 billion (50 billion dirhams) plan to stimulate the economy of the UAE's capital city in order to bring lasting benefits to Emiratis and residents, as well as attract investors.
At the heart of the official statements are 10 initiatives designed to cover infrastructure, legislative outlines, and social projects which aim to accelerate Abu Dhabi's economic growth, improve the ease of doing business, create thousands of new jobs, and enhance the work experience of UAE nationals and residents over the next three years.
Sheikh Mohammed has given officials at the Executive Committee of the Abu Dhabi Executive Council 90 days to draw up a detailed execution plan for the stimulus package.
Here are the 10 key points about Abu Dhabi's 50 billion dirhams stimulus package:
1. Permanent home licenses that will exempt the requirement of having an office or work space for two years.
Among the initiatives that form the enormous stimulus package are the exemption of all new licenses from the requirement of having an office or workspace for two years, as well as permitting permanent home licenses and the implementation of instant licensing systems in most commercial license types.
2. Instant licensing for most commercial license types and all government services.
3. New faster payments for private sector contractors and a review of fines incurred by delays they cause.
4. A cost-cutting review of building regulations for infrastructure, residential properties, commercial and industrial sectors.
5. The establishment of Abu Dhabi Accelerators and Advanced Industries Council - called Ghadan - to identify new technologies and investments that will boost the future economy.
Sheikh Mohammed also ordered the establishment of the "Abu Dhabi Accelerators and Advanced Industries Council". The 'Ghadan' - Arabic for 'tomorrow' - will attract value-added investments and technologies that will help predict the course of Abu Dhabi's economic development.
6. Developing eco-tourism, creating camping villages and areas for recreational sports.
7. Promoting partnerships between the public and private sectors and accelerating projects between the two by the end of 2018.
8. Creating at least 10,000 jobs for Emiratis in the private and public sectors over the next five years.
As part of the plan, the Abu Dhabi Government wants to create at least 10,000 jobs for Emiratis in the private and public sectors over the next five years, in addition to taking steps to boost the competitiveness of SMEs on the local and regional levels.
9. Encouraging and organizing local production and supporting SMEs to boost their competitiveness locally and regionally.
10. Issuance of dual licenses for companies in Abu Dhabi free zones to allow them to work outside the free zones and bid for government tenders.
Companies already operating in Abu Dhabi free zones will be offered dual licenses that will allow them to also operate outside the free zones, and to compete for government tenders.