A huge economic package to support the economic development of Abu Dhabi has been approved. The initiative of AED 50 billion has been launched in order to accelerate the ever-growing pace of Abu Dhabi’s economic growth and development on an even large scale basis. This fund is allocated for the next three years.

His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces and Chairman of Abu Dhabi Executive Council had launched this package earlier this week on Tuesday. An action plan to be developed for the same within the next 90 days had been tasked by him to the Abu Dhabi Executive Council. This will then help to determine the aspects of spending.

This initiative does not only focus on the economic growth and development of the capital of UAE, but it also focuses on stimulating the tourism and similar travel related areas wherein which several jobs can be created on the same platform.

His Highness Shaikh Mohammad Bin Zayed Al Nahyan got down to twitter stating, “The new economic initiatives and incentives cover ease of doing business, supporting new sectors, developing SMEs, stimulating tourism, developing the local economy and creating jobs, so as to build a unique investment environment that enhances Abu Dhabi’s competitiveness”

He also later said, “I’ve instructed to accelerate the settlement of due payments on contracts for the private sector, to review all fines for the healthcare, education and municipalities’ affairs sectors, and to form a committee by the Executive Office and the Department of Finance to oversee this.”

His Highness Shaikh Mohammad Bin Zayed Al Nahyan had also ordered for dual licenses to be issued for the companies in Abu Dhabi free zones in order to enable them to work outside the free zones and have them all participate in the government tenders. He also has ordered the provision to create jobs for 10,000 Emiratis in the next five years within the private and the public sectors.

The exemption of all the new licenses in the emirate from that of the two-year office which was earlier a prerequisite has been ordered. Thus allowing that most of the commercial licenses and all the other services that are provided by the government of Abu Dhabi to have the online licensing system to be implemented and to be in full effect.