UAE has completed the first phase of coronavirus economic recovery plan in 46 percent

The official Emirates News Agency (WAM) reported that the United Arab Emirates has achieved 46 percent of the first phase of its coronavirus economic recovery plan.

On Saturday, the economic recovery committee gathered and related that 46 percent of the 15 initiatives in the plan’s first phase had been completed.

WAM also reported: Major initiatives have been implemented to date, including amendments to the bankruptcy law, allocation of grants and incentives to tourism establishments, promotion of foreign direct investment (FDI) through amendments to the commercial companies law, amendments to the commercial transactions law and the decriminalization of cheques without balance, reduction of fees and taxes on the tourism sector, enhancing flexibility of labor market, the comprehensive targeted economic support plan directed by the Central Bank to enhance liquidity in the financial and banking sector in the country.

Moreover, the UAE Central Bank expects a predicted growth of 3.6 percent in the country’s non-oil GDP by the end of 2021. Indeed, the UAE’s economic recovery plan has concentrated on developing priority sectors, opening new local and international markets, facilitating lending, promoting tourism, attracting talent, and stimulating innovation.

It should be noted that the UAE was classified this year as the third most innovative economy in the region. The novel coronavirus pandemic wrecked oil demand globally, which causes the reduction of the prices. However, in the UAE, officials have performed programs and updated legislation to improve non-oil growth.

 WAM also stated what the Minister of Economy, Abdulla Bin Touq Al Marri, said: Thanks to the unlimited support and visionary guidance of our wise leadership, the UAE has made new and important strides in supporting the national economy and accelerating the pace of recovery of various vital sectors from the impact of the COVID-19 pandemic.

Furthermore, in Dubai, perhaps a new 10-year golden visa offered to residents in certain professions or who have specialized degrees would boost economic growth by 0.25 to 1 percent.

In all the country, foreigners would currently own 100 percent of registered companies, changing the earlier law in which companies needed an Emirati shareholder.

Dubai has also launched a one-year work-from-home visa to individuals and families who want to live in the emirate while keeping their employment outside.