Economy Minister Abdullah bin Touq Al-Marri said the proposals would provide ‘studied’ stimulus packages.
The United Arab Emirates will deliver a three-stage “flexible package” of measures to bolster the economy, including steps to support the labour market and encourage investment, state-run WAM reported on Wednesday.
Economy Minister Abdullah bin Touq Al-Marri said the proposals would provide “studied” stimulus packages. The UAE’s central bank had provided more than 256 billion dirhams ($70bn) of stimulus by March to aid businesses amid the coronavirus pandemic. The minister didn’t provide further details.
Small- and medium-sized enterprises will get support in the first stage of the plan, including through efforts to promote tourism, WAM reported. The following two stages will focus on sustainable long-term economic growth.
The UAE expects its non-oil economy to contract 4.1 per cent this year due to the pandemic, the central bank said in June.
