UAE to stimulate investment amid coronavirus concerns – MbZ

© Reuters. Abu Dhabi’s Crown Prince Sheikh Mohammed bin Zayed al-Nahyan attends the Gulf Cooperation Council (GCC) summit in Mecca

DUBAI (Reuters) – Abu Dhabi’s Crown Prince Sheikh Mohammed bin Zayed al-Nahyan (MbZ) said on Monday that United Arab Emirates authorities will support the economy by easing investment laws and regulations as the coronavirus spreads in the country.

On Saturday, the UAE’s central bank announced a $27 billion package to counter the impact of the coronavirus outbreak.

MbZ, the UAE’s de facto ruler, said authorities also plan to stimulate strategic investment. A new committee headed by the Department of Finance and including local banks will review lending options to support local companies, he said.

He also said stimulus programmes in Abu Dhabi are the “solid pillars that will support and protect the UAE’s economic stability.”

“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,” he added.

The UAE on Sunday reported 12 new coronavirus cases, taking its total confirmed cases to 98.

Abu Dhabi shut entertainment venues and major tourism attractions on Saturday, including the Louvre Abu Dhabi museum and the Ferrari (NYSE:) World theme park.

The UAE will stop issuing visas, except for foreign diplomats, from Tuesday, state news agency WAM reported.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

READ  Lucky's Market reportedly closing the majority of its stores, including 20 Florida locations

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Please enter your comment!
Please enter your name here