Abu Dhabi is considering lowering electricity tariffs for the industrial sector as part of efforts to boost its contribution to the emirate’s gross domestic product, an official told state-run Wam news agency.
Abu Dhabi could “establish preferential tariffs based on specific economic criteria”, Wam reported on Sunday, quoting Awaidha Al Marar, chairman of the Abu Dhabi Department of Energy
"All segments of the sector will be reviewed to place suitable tariffs and increase its contribution to the emirate’s GDP," the agency added.
Mr Al Marar said the department is supporting programmes that aim to stimulate the industrial sector and investment in Abu Dhabi and attract more investors.
Abu Dhabi is lowering the cost of doing business as part of economic diversification efforts, attracting foreign direct investments and creating jobs.
It announced a slew of measures last year aimed at boosting the private sector’s contribution to economic output.
These include exempting “establishments whose licences have expired for more than 24 months – and which have applied for renewal, liquidation or cancellation of trade licence – from paying all delayed and accumulated fees”, Khalifa Al Mansouri, acting undersecretary of the Department of Economic Development (DED) in Abu Dhabi, said in May.
The DED is currently undertaking seven initiatives out of 10 announced in June as part of a three-year Dh50 billion stimulus package. It has also worked on improving employment opportunities for Emiratis and aims to help in the creation of no less than 10,000 jobs in the private and public sector for citizens over the next five years.