Abu Dhabi's new stimulus package to help tourism sector
Tourism and entertainment sectors in Abu Dhabi will benefit from fee waivers this year as part of the new dynamic economic stimulus package that fast-tracks the implementation of key Ghadan 21 economic initiatives to support economic activity, reduce the costs of living, and facilitate business in the emirate, said a report.
The newly launched stimulus package in Abu Dhabi and those launched recently by the UAE Central Bank and local governments provide a solid foundation to accelerate and advance the economy, as well as protect the UAE's economic stability, the Wam news agency said.
It said up to 20 per cent rebate will be offered on rental value for restaurant, tourism and entertainment sectors, and tourism and municipality fees for the tourism and entertainment sectors will be suspended for this year.
The stimulus measures include an allocation of Dh5 billion ($1.36 billion) for water and electricity subsidies for citizens and the commercial and industrial sectors, intended to reduce the cost of living and support businesses, as well as subsidising electricity connection fees for startups until the end of the year.
For SMEs, an additional Dh3 billion ($816.5 million) has been allocated to the SME Credit Guarantee Scheme managed by Abu Dhabi Investment Office (ADIO) to stimulate the ability of SMEs to navigate the current market environment.
As for the financial markets, the Executive Council has allocated Dh1 billion ($272 million) to establish a market maker fund, to enhance liquidity and sustain balance between supply and demand for stocks.
Other initiatives announced today include exemption of all commercial and industrial activities from Tawtheeq fees, as well as exempting individual and commercial real estate registration fees for this year, suspension of bid bonds, and exempting startups of performance guarantees for projects up to Dh50 million ($13.6 million).
Further, there will be no annual vehicle registration fees for commercial vehicles and no traffic tariffs at toll gates in Abu Dhabi for all vehicles.
