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Economy

First phase of UAE coronavirus economic recovery plan nearly 50 percent implemented

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The United Arab Emirates has completed 46 percent of the first phase of its coronavirus economic recovery plan, reported the official Emirates News Agency (WAM).

The economic recovery committee met on Saturday and said that 46 percent of the 15 initiatives in the plan’s first phase have been implemented.

“Major initiatives have been implemented to date, including amendments to the bankruptcy law, allocation of grants and incentives to tourism establishments, promotion of foreign direct investment (FDI) through amendments to the commercial companies law, amendments to the commercial transactions law and the decriminalization of cheques without balance, reduction of fees and taxes on the tourism sector, enhancing flexibility of labor market, the comprehensive targeted economic support plan directed by the Central Bank to enhance liquidity in the financial and banking sector in the country,” WAM reported.

The UAE Central Bank estimates an expected growth of 3.6 percent in the country's non-oil GDP by the end of 2021.

The UAE’s economic recovery plan has focused on developing priority sectors, opening new local and international markets, facilitating lending, promoting tourism, attracting talent and stimulating innovation.

The UAE was ranked this year as the third most innovative economy in the region.

The novel coronavirus pandemic wiped demand for oil globally, causing prices to tumble. But in the UAE, officials have implemented programs and updated legislation to promote non-oil growth.

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“Thanks to the unlimited support and visionary guidance of our wise leadership, the UAE has made new and important strides in supporting the national economy and accelerating the pace of recovery of various vital sectors from the impact of the COVID-19 pandemic,” WAM reported Minister of Economy Abdulla Bin Touq Al Marri as saying.

In Dubai, a new 10-year golden visa offered to residents in certain professions or with specialized degrees is expected to boost economic growth by 0.25 to 1 percent.

Countrywide, foreigners can now own 100 percent of registered companies, altering the earlier law that companies required an Emirati shareholder.

Dubai has also introduced a one-year “work-from-home” visa to individuals and families who want to live in the emirate while retaining their employment abroad.

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