Abu Dhabi Crown Prince announces measures to protect UAE economy

His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has announced a number of measures to stimulate the UAE's economy amidst the coronavirus crisis.

In a series of Tweets, Sheikh Mohamed said he has directed officials to ease investment laws and regulations, and applauded the Central Bank's AED 100 billion economic stimulus package.

I’ve discussed with officials in Abu Dhabi the current economic and business climate...The existing stimulus programmes in Abu Dhabi and those launched recently by the Central Bank & local governments are the solid pillars that will support & protect the UAE's economic stability.

— محمد بن زايد (@MohamedBinZayed) March 16, 2020

His Highness also announced the introduction of a new committee headed by the Department of Finance "to review lending options to support local companies" and directed officials to continue development projects.

I’ve given directives to continue with all approved capital expenditure and development projects in the emirate, and to take further measures to preserve Abu Dhabi’s economic gains, prioritising startups and SMEs.

— محمد بن زايد (@MohamedBinZayed) March 16, 2020

I’ve given further directives to put plans to stimulate strategic investment sectors, and to form a new committee headed by the Department of Finance, with members from the Department of Economic Development and local banks to review lending options to support local companies.

— محمد بن زايد (@MohamedBinZayed) March 16, 2020

Our authorities will continue developing and easing the investment laws and regulations, making them more flexible to maintain our economic development.
We are confident in the resilience of our national economy & its ability to navigate market fluctuations.

— محمد بن زايد (@MohamedBinZayed) March 16, 2020

"We are confident in the resilience of our national economy & its ability to navigate market fluctuations," he added.