The UAE has rolled out economic support packages worth more than Dh388 billion since the coronavirus pandemic began.
“These measures have contributed to business continuity, increased momentum of commercial activities and have strengthened their ability to grow and compete in various vital sectors,” said Abdulla bin Touq, Minister of Economy, on Saturday.
The government formed a committee to administer and oversee the economic support to support growth amid the pandemic.
The UAE Central Bank moved to stimulate the local economy as the outlook for the global economy darkened and introduced the Targeted Economic Support Scheme in March to boost liquidity in the financial and banking sectors.
The government unveiled other measures to improve the ease of doing business and attract foreign direct investment into the country.
These measures have contributed to business continuity, increased momentum of commercial activities and have strengthened their ability to grow and compete in various vital sectors.
The commercial companies' law was was reformed last month and the requirement for onshore companies to have an Emirati shareholder was removed.
Other initiatives include amendments to the commercial transactions and bankruptcy laws, and the allocation of grants and incentives to tourism establishments.
Bounced cheques were decriminalised, tourism sector fees and taxes were reduced and the flexibility of the labour market was enhanced.
The Dh50bn Tess programme offered zero-cost collateral funding to banks to encourage lending to the broader economy. It was extended to June 30 next year.
“We have successfully implemented the Central Bank’s comprehensive targeted economic support plan that helped the financial sector manage its liquidity and supported individual customers and companies affected by the repercussions of the Covid-19 pandemic,” said Saif Al-Shamsi, deputy governor of the UAE Central Bank.
“From January 1, 2021, banks and financing companies benefiting from the zero-cost central bank facilities will be able to grant new loans and facilities to their clients economically affected by the epidemic.”
More than 310,000 people, about 10,000 small and medium enterprises and more than 1,500 private sector companies benefited from the programme, according to the ministry.
The ministry said the first phase of the economic recovery plan was more than 46 per cent complete.
“Our efforts will continue with the concerned partners during the coming period to complete the implementation according to the timeframe specified for each stage,” Mr bin Touq said.
The pandemic has disrupted global trade and tipped the world economy into its deepest recession since the Great Depression.
The International Monetary Fund forecast that the world economy will contract by 4.4 per cent this year before making a sluggish recovery in 2021.
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Tank warfare
Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks.
“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.
“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
Who has been sanctioned?
Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
Zayed Sustainability Prize
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
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A cryptocurrency primer for beginners
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Available at Magrudy’s , Dh104
