The United Arab Emirates has brought in a new measure to strengthen the economy by delivering a three-stage “flexible package”, which will include steps to support the labor market and to encourage investment as well.
The “studied” stimulus packages include 33 initiatives that are to be implemented by the end of the year 2020. The flexible packages are introduced in order to ensure the sustainability of the economy, to expand emerging sectors, and to create new ones, using the best available technology and as per the leadership visions.
The initiatives were introduced by the new Minister of Economy, Abdullah Bin Touq Al Marri. He will also lead the new committee that will monitor the implementation and progress of all the 33 initiatives. This was approved by the UAE cabinet in a meeting held at the presidential palace on 3rd August 2020.
The ministry has taken measures to protect jobs and to help businesses survive, including budget allocations to small and medium-sized enterprises, to reduce employer recruitment costs, to establish a virtual labor market, and to automate visa renewal of workers.
Business conditions for the non-oil private sectors in UAE has improved during the month of July as the lockdown restrictions were eased which was enabled to control the spread of the pandemic. Even though the businesses have shown signs of survival, job generation is still a hideous task in UAE, Saudi Arabia, and Egypt despite the improvements in the non-oil private sector, according to the HIS Markit.
The state news agency said that the first stage of the plan will focus on providing support for Small and Medium-sized Enterprises (SMEs), to promote tourism. The remaining two steps will be for sustainable long-term economic growth. The UAE Central Bank in June stated that the country’s non-oil economy is expected to contract 4.1% this year due to the pandemic.
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