UAE's new plans to stimulate investment, support businesses amid coronavirus

Directions have been provided to review lending options to support businesses

  
UAE leaders lead by example and avoid handshakes, following the precautionary advice from health authorities recommended for all. Image courtesy Dubai Media Office Twitter handle.

UAE leaders lead by example and avoid handshakes, following the precautionary advice from health authorities recommended for all. Image courtesy Dubai Media Office Twitter handle.

Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, Sheikh Mohamed Bin Zayed Al Nahyan tweeted on Monday that the UAE will support the economy by easing investment laws and regulations as the coronavirus spreads in the country.

The existing stimulus programmes in Abu Dhabi and those launched recently by the Central Bank & local governments are the solid pillars that will support and protect the UAE's economic stability, he said.

"I’ve given directives to continue with all approved capital expenditure and development projects in the emirate, and to take further measures to preserve Abu Dhabi’s economic gains, prioritising startups and SMEs," Sheikh Mohamed tweeted.

Directions have been provided to review lending options to support businesses.

"I’ve given further directives to put plans to stimulate strategic investment sectors, and to form a new committee headed by the Department of Finance, with members from the Department of Economic Development and local banks to review lending options to support local companies."

"Our authorities will continue developing and easing the investment laws and regulations, making them more flexible to maintain our economic development," he tweeted.

Sheikh Mohamed, said authorities also plan to stimulate strategic investment and a new committee headed by the Department of Finance will review lending options to support local companies.

"We are confident in the resilience of our national economy and its ability to navigate market fluctuations," the tweet said.

(Writing by Seban Scaria; Editing by Mily Chakrabarty)

(seban.scaria@refinitiv.com)

#UAE #STIMULUS #INVESTMENT #ECONOMY #CORONAVIRUS

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