Economics
Abu Dhabi Plans $13.6 Billion Stimulus Program for Economy
- Freezone-based cos to be allowed to take part in govt tenders
- Gulf nations stepping up efforts to shift economies from oil
Abu Dhabi, United Arab Emirates.
Photographer: Alex Atack/Bloomberg
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Abu Dhabi plans to spend $13.6 billion over three years and allow freezone-based companies to take part in government tenders as the oil-rich emirate seeks to stimulate the economy.
The government will take steps to support new industries, encourage tourism and make it easier to do business, Crown Prince Mohammed Bin Zayed Al Nayhan said. Officials have been instructed to “draw up a working plan for allocations within 90 days,” he said. Abu Dhabi’s stock index gained as much as 1.1 percent and closed 0.8 percent higher Wednesday.