Abu Dhabi plans investment in strategic sectors amid coronavirus: Crown Prince

Abu Dhabi has put in plans to “stimulate strategic investment sectors,” said the emirate’s Crown Prince Sheikh Mohammed bin Zayed Al Nahyan in a thread on Twitter.

Global economies have been hit hard as fallout from the coronavirus plummets markets. Middle East central banks have moved to support their respective economies. The UAE announced a 100 billion dirham ($27.2 billion) program to assist lenders Saturday.

“I’ve given directives to continue with all approved capital expenditure and development projects in the emirate, and to take furthermeasures to preserve Abu Dhabi’s economic gains, prioritizing startups and SMEs,” the Crown Prince said on Twitter.

The Crown Prince added that a new committee will be formed head by the Department of Finance, with members from the Department of Economic Development and local banks to review lending options in support of local companies.

Small and medium-sized businesses are the most vulnerable to the coronavirus fallout as businesses without cash reserves face an uncertain future while demand for products and services is dampened.