Potential Positive Implications for the Securities Sector and Establishment of More Companies

H.E. Dr. Obaid Al Zaabi on the Dh50 billion economic stimulus package approved yesterday by H.H. Sheikh Mohammed bin Zayed

The economic stimulus package approved by H.H. Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces, and Chairman of the Abu Dhabi Executive Council, aims to grease the wheels of economic growth, accelerate the pace of Abu Dhabi’s economic development, and achieve the Abu Dhabi Vision 2030.

The new decisions reflect the insight of our wise leadership, led by President H.H. Sheikh Khalifa bin Zayed Al Nahyan, in enhancing investor confidence, attracting more investments, injecting more capital into the economy, increasing financing opportunities for economic projects, and enhancing Abu Dhabi’s competitiveness by easing procedures and launching meaningful initiatives to improve the business environment. This will attract yet more small and medium enterprises (SMEs), thus resulting in a strong recovery for the UAE economy as a whole.

This package reiterates that Abu Dhabi is in race against time and that empowering Emiratis is a high priority for our wise leadership and for economic planners. The decisions ensure the creation of 10,000 employment opportunities for UAE nationals in the private and public sectors, thus making the best use of human capital and paving the way for university graduates to join the entrepreneurship world, especially if we take into consideration that permanent home licenses have now been permitted and that having a physical office or workplace is no longer a requirement for all new licenses in Abu Dhabi.

Undoubtedly, the package announced to support SMEs, establish the Abu Dhabi Accelerators and Advanced Industries Council, develop ecotourism programs, ensure that payment of contracts for private suppliers are made in a timely manner, and launch projects to enhance cooperation between the private and public sectors will have clear, positive implications for capital markets and the securities sector in general.

Announced in the Year of Zayed, these decisions carry special significance. They reiterate that the UAE has been, since its establishment by the late Sheikh Zayed and the founding fathers, and will remain a land of opportunities.