UAE begins carrying out 33 initiatives to boost economic growth

The framework will be divided into three phases, with the first phase consisting of 15 initiatives

Changes to the Commercial Companies' law are expected to boost FDI to the UAE and spur business activity. Reem Mohammed/The National

The UAE 's Ministry of Economy said on Sunday that it will begin to carry out 33 initiatives to help boost economic growth and attract investment in the wake of the coronavirus pandemic that has slowed the global economy.

The framework of initiatives, which were announced in August, focus on the development of trade, the green economy and food security, as well as the finance, energy and health sectors, among others.

The plan will be divided into three phases and aims to provide immediate support to business sectors and the economy through 15 major initiatives, while the second phase will provide complementary support that enables the rapid economic recovery of sectors, the ministry said.

The third phase will focus on supporting vital sectors and pave the way for "sustainable and flexible development".

The initiative aims to develop priority sectors, provide financing support and facilitate lending, promote tourism and stimulate innovation among others.

“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," said Abdulla bin Touq, the UAE's Minister of Economy.

The initiatives within the first phase of the plan are being carried out by 12 ministries as well as federal and local entities.

The UAE has introduced several measures to support its economy and intends to recover faster than other economies, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said earlier this year.

Sheikh Mohammed said an economic recovery remained the top priority in the short term, with plans to make it the most stable and diversified economy in the long-term.

“We want a competitive national economy, well integrated, acting proactively, and make quality strides,” he said at the time.