Economy ministry to implement flexible package to support growth

The UAE ministry of economy is poised to implement a “flexible package and general plan” to support the country’s economy.

The plan, which will be implemented in three phases includes 33 major initiatives focusing on development of sectors, support for labor market, stimulation of trade, enhanced flexibility of financing activities, increased productivity, support for digital transformation, acceleration of green economy growth and enhanced food security, the ministry said in a statement.

Global developments in the fields of health and economy, the UAE's openness to global markets as well as forecasts on various sectors, including energy will form part of the plan.

"The economic plan’s scope focuses on developing policies and initiatives, thereby aiding the transition of the economy to a more flexible and sustainable model, especially in the final stages of the plan’s implementation,” said economy minister Abdulla bin Touq Al Marri.

"During this stage, intensified digital transformation and investments in future industries and advanced technological applications in the business sector in the country will be encouraged,” he added.

The government of Dubai last month announced Dh1.5 billion worth of economic measures for non-free zone companies in the emirate, raising the total value of stimulus packages so far to Dh6.3bn.

The Central Bank of the UAE also rolled out a comprehensive Dh100bn economic stimulus package in March to offset the impact of the coronavirus pandemic.

The latest package being considered by the ministry of economy will include policies undertaken at the federal and local levels and aligning them with national strategies and priorities.

Reviving trade, enhancing flexibility fo financing activities through sustainable incentive measures as well as increasing productivity by exploring opportunities for investment are among the "axes of change" identified under the plan.