Abu Dhabi government suspends tourism fees, road tolls

Abu Dhabi government has taken a number of steps to protect the economy from the effects of the novel coronavirus.

In a series of Tweets, the Abu Dhabi Government Media Office said motorists in the emirate will be exempt from paying road toll for the entire year.

Exempting all vehicles from traffic tariff from road tolls to the end of 2020.

— مكتب أبوظبي الإعلامي (@ADMediaOffice) March 16, 2020

Tourism and municipality fees for tourism and entertainment sectors will also be suspended for 2020, with rebates up to 20 per cent on rentals offered.

Suspending tourism and municipality fees for tourism & entertainment sectors for this year.

— مكتب أبوظبي الإعلامي (@ADMediaOffice) March 16, 2020

Offering up to 20% rebate on rental values for the restaurants and tourism and entertainment sectors.

— مكتب أبوظبي الإعلامي (@ADMediaOffice) March 16, 2020

They added that a new committee headed by the Department of Finance, with members from the Department of Economic Development and local banks, will be established to review lending options to support local companies.

That's not all. They have allocated AED 5 billion to subsidise water and electricity for citizens, and commercial and industrial activities, AED 3 billion to the SME credit guarantee scheme managed by Abu Dhabi Investment Office, and AED1 billion to establish a market maker fund.

Suspending real estate registrations fees for this year.

— مكتب أبوظبي الإعلامي (@ADMediaOffice) March 16, 2020

Allocating AED 3bn to the SME credit guarantee scheme managed by Abu Dhabi Investment Office to stimulate financing by local banks and enhance SME’s ability to navigate the current market environment.

— مكتب أبوظبي الإعلامي (@ADMediaOffice) March 16, 2020

Allocating AED 1bn to establish a market maker fund, to enhance liquidity and sustain balance between supply and demand for stocks.

— مكتب أبوظبي الإعلامي (@ADMediaOffice) March 16, 2020

Suspending bid bonds and exempting startups of performance guarantees for projects up to AED 50 million.

— مكتب أبوظبي الإعلامي (@ADMediaOffice) March 16, 2020

Directed by Mohamed bin Zayed, Abu Dhabi Executive Council announces 16 new initiatives to support businesses and the community. The fast-tracked #Ghadan21 initiatives to be implemented immediately will enable Abu Dhabi to adapt swiftly to both current and future challenges pic.twitter.com/UYNrdDHxBl

— مكتب أبوظبي الإعلامي (@ADMediaOffice) March 16, 2020

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