Of the $13.6 billion earmarked for Abu Dhabi's economic stimulus package, $5.45 billion will be spent in 2019
Dozens of economic initiatives designed to stimulate Abu Dhabi’s economy will be brought together under the umbrella of the multi-phase “Ghadan 21” plan, Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, revealed on Sunday.
On Twitter, Sheikh Mohamed said the first phase ‘Ghadan’ plan – Arabic for ‘tomorrow’ – “has the aim of improving the business environment” and is made up of 50 initiatives “that reflect the priorities of citizens, residents and investors.”
“We have approved a three year, AED 50 billion [$13.6 billion} budget for the Abu Dhabi Government Accelerator’s Program ‘Ghadan 21’,” the Crown Prince wrote on Twitter. “AED 20 billion [$5.45 billion] will be allocated to the 2019 development package.”
Sheikh Mohamed said the initiative is based on four main tenets: business and investment, society, knowledge and innovation, and lifestyle.
In June, Sheikh Mohamed instructed Abu Dhabi’s Executive Council to draw up a detailed execution plan for the stimulus package within 90 days.
At the time, Abu Dhabi officials said that the plan will accelerate Abu Dhabi’s economic growth over the course of three years, improve the ease of doing business and enhance the work experience of UAE national and residents alike.
As part of the plan, Abu Dhabi plans to create at least 10,000 jobs for Emiratis in the private and public sectors over the next five years, in addition to taking steps to boost the competitiveness of SMEs on the local and regional levels.