Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed Al Nahyan has announced more details of a Dhs50bn ($13.61bn) stimulus plan announced earlier this year.
The initiative, known as Tomorrow 21 (Ghadan 21), would see Dhs50bn spent over the next three years. It will be split over four main areas including business and investment, society, knowledge and innovation, and lifestyle.
The first phase will cover 50 initiatives that will reflect “the priorities of citizens, residents and investors”, Sheikh Mohammed said.
Also included in the programme is a Dhs20bn ($5.44bn) allocation for a 2019 development package.
We have commissioned the launch of the 1st phase of Ghadan 21 with the aim of improving the business environment.
The Dhs50bn plan was first announced on June 5. At the time, Sheikh Mohammed said it would speed up contract payments to the private sector, exempt new licences from the requirement of having a physical presence in the emirate in the first two years and create 10,000 Emirati jobs. As part of the initiative Abu Dhabi is expected to allow dual licensing, allowing free zone-based firms to operate onshore, for the first time.
This edited article first appeared in Gulf Business