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UAE: Stimulus packages of Dh395b to support economic recovery

Business|Government|: Abu Dhabi: The total economic stimulus packages and initiatives provided by the federal and local governments since the beginning of the COVID-19 pandemic has reached Dh395 billion to date, thanks to the unlimited support by the wise leadership, Humaid Al Muhairi, official spokesperson of the Ministry of Economy, said. "The Cabinet adopted a general economic recovery plan in August 2020 to support economic sectors and activate business activities under the supervision of the Ministry of Economy,” Al Muhairi, said during the weekly media briefing on Tuesday. Through the three-phase plan, including 33 initiatives, UAE aimed to mitigate the effects of the pandemic on the private sector, ensure business continuity, maintain the competitiveness of the national economy and accelerate the transition towards a more flexible, developed and sustainable model of economic work, he said. It also aims to create new opportunities and encourage investment in future sectors. “We have achieved 80 per cent of the first phase, 25 per cent of the second one, and work is underway to achieve 100 per cent of the plan by the end of this year,” Al Muhairi said. He said that the UAE was ranked first in the Arab world in the COVID Economic Recovery Index Ranking issued by the Horizon Research Group, thanks to the country’s wise leadership. Meanwhile, the National Emergency Crisis and Disaster Management Authority urged all community members to take the COVID-19 vaccine as soon as possible to support the health sector’s efforts for a safe return to normality.