- Six tracks of the plan are new economy, opening of new markets, financing support, stimulating tourism, attracting talent& stimulating innovation
- 15 initiatives in the first phase within the recovery plan are being implemented by 12 ministries and federal and local entities
Abu Dhabi: The Interim Committee responsible for the coordination and follow up with regard to the implementation of the flexible package and the general plan consisting of 33 initiatives to support the economic sectors, held a virtual meeting. The meeting was chaired by H.E. Abdulla Bin Touq Al Marri, UAE Minister of Economy, with the participation of H.E. Nasser bin Thani Al Hamli Minister of Human Resources and Emiratisation; H.E. Dr. Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs; H.E. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; H.E Sarah bint Yousif Al Amiri, Minister of State for Advanced Technology; H.E. Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications; H.E. Abdulla Mohammed Al Basti, Secretary General of the Dubai Executive Council; H.E. Younis Haji Al Khouri, Undersecretary of Ministry of Finance; SaifHadef Al Shamsi, Deputy Governor of the Central Bank of the UAE; and H.E. Dr. Mohamed Rashed Al Hameli, Secretary General of the Abu Dhabi Executive Council.
The Committee approved the initiative’s implementation plan, which is divided into three main phases. The first phase aims to provide immediate support for business sectors and the economy through 15 major initiatives, while the second phase is to launch complementary support for sectors to enable 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 future.
The Committee approved six main work streams to implement the initiatives packages which include: empowering the new economy and developing priority sectors; opening new markets locally and internationally; providing financing support and facilitating lending; tourism promotion; attracting and retaining talent; and stimulating innovation.
H.E. Abdulla Bin Touq Al Marri said: “In light of the unlimited support and the guidance from our wise leadership, since the spread of the COVID- 19 pandemic until today, we have come a long way in driving forward economic recovery efforts, working on business continuity in many vital sectors in the country and supporting the private sector and stimulating trade and investment by following up the implementation of the first phase of the package of initiatives, led by a vision to work in a way that balances public health and economy.
Bin Touq added: "Through the Interim Committee, we continue to implement the 33 initiatives packages designed to enhance the growth, sustainability and competitiveness of the country’s economic sectors.” Following up on the implementation of initiatives, the Committee focuses on developing policies and legislations that raise the UAE’s future readiness, enhance opportunities, and attract advanced industries and strategic sectors that support the country's 50-yearEconomicPlan.
H.E. further noted the importance of the Committee's efforts in ensuring the implementation of the initiatives within the established time frame and to continuously evaluate the outcomes and impacts on the market and business sectors. This helps ensure the flexibility of the initiatives and their ability to adapt to developments in the national and global health and economic conditions, adding that these characteristics will also enhance the plan’s ability to provide required support to the economy and its long-term sustainability.
H.E. Nasser bin Thani Al Hamli said that since the outbreak of the COVID-19 pandemic, efforts were focused on supporting the stability of the labor market in the private sector and ensuring business continuity through an integrated system of packages to support employers and workers in private enterprises, citizens and residents.
This is in addition to stimulating and encouraging private sector entities to attract international talents in parallel with the implementation of initiatives to support job security for citizens working in the private sector.
H.E. Dr. Ahmad Belhoul Al Falasi said that the Committee will serve as an effective platform through which the entities’ efforts are combined to implement the 33 flexible package initiatives. He underlined that the outputs of the first phase of the initiatives will support the continuity and growth of SMEs as it will enhance sales and facilitate access to finance, encourage technology and digital applications, and stimulate innovation in business activities. It will also provide support to the tourism sector and hotel establishments in the country.
H.E. Al Falasi added: "We will further intensify coordination with the concerned authorities to form sub-working teams for each initiative, follow up on the progress of their implementation, review their outputs, follow up on relevant indicators, and ensure that the initiatives are materialized on the ground.”
H.E. Dr. Thani bin Ahmed Al Zeyoudi affirmed that the Committee will work towards intensifying efforts and cooperation between partner entities to bring about a positive transformation in the country’s economic development. He explained that efforts are currently being devoted to diversifying opportunities and addressing challenges in various economic sectors within the framework of the 33 initiatives package.
H.E said: “Through the initiatives of the first phase, we will follow up the promotion of investments in the sectors under the Foreign Direct Investment Law to attract leading international companies to our markets. Initiatives that support increased productivity in the private sector will also be launched, which will enhance the country's export capabilities and open new markets for the Emirati exports. In addition, these measures will attract global talents to the country; thereby supporting the transfer and localization of knowledge according to a long-term vision to build the future economy.”
Her Excellency Sarah bint Yousef Al Amiri, UAE Minister of State for Advanced Technology, mentioned that laying down practical plans is an essential first step towards implementing the initiatives designed to accelerate the UAE’s economic recovery. “They are a continuation of the strategic national vision to support vital sectors and allow them to maintain and exceed their levels of performance under any circumstances,” H.E. added.
“This economic recovery calls for a particular focus on research and development, in addition to integrating advanced technology across manufacturing and production processes,” H.E. Al Amiri explained.
H.E. Omar bin Sultan Al Olama emphasized the importance of capitalizing on technological solutions and building on them in a way that enhances the resilience of the economic sector and its ability to adapt to changes. He added that supporting efforts to achieve quick economic recovery in the next phase requires strengthening technology integration in the creation of new sectors; encouraging a culture of entrepreneurship among young people; and supporting local and international start-ups. Establishing necessary digital infrastructure to apply new practices and develop products and services based on artificial intelligence technology and digital economy technologies is also necessary.
As for H.E. Abdulla Mohammed Al Basti, he highlighted the need to exert all efforts and strengthen the integration between the federal government and local governments and work closely with partners to enhance opportunities. This is necessary to overcome various challenges and move towards achieving the objectives of the 33 flexible package initiatives.
H.E. Younis Haji noted the significance of the Committee’s plan to implement the initiatives in three main stages, so that these initiatives are implemented in a flexible and systematic manner that drives comprehensive and sustainable development. This approach will also help turn the challenges imposed by the pandemic into opportunities to enhance the growth and stability of the national economy.
From his side, H.E. Saif Hadef Al Shamsi, said: “The Central Bank will continue its work with key partners within the national plan for economic recovery, with initiatives aimed at facilitating lending to various economic sectors in order to help them overcome the current challenges.”
H.E. 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 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 for 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 33 initiatives plan to support the economic sectors on August 3, 2020. He also approved the formation of an Interim Committee to coordinate and follow up 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, 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.
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© Press Release 2020