Statement of H.E. Ebrahim Obaid Al Zaabi, Director General of the Insurance Authority On the Occasion of Launching a Package of Initiatives to Support the Economy in Abu Dhabi

: 3/17/2020

​The economic and financial package of stimulus initiatives launched by Abu Dhabi Executive Council (ADEC) basedon the directives of H.H Sheikh Mohammed bin Zayed Al Nahyan , Crown Prince of Abu Dhabi , Deputy SupremeCommander of the UAE Armed Forces confirms the insightful vision of the wise leadership and its strategy instrengthening the economic and financial fundamentals to maintain the economic gains and increase capabilities tomeet the external and global challenges .

The package of initiatives and stimulus means declared under "Ghadan 21" programme is a comprehensive and diverse for the vital sectors. The package aims to support investment and stimulate the performance of the privatesector. Further, it gives priority to emerging companies and boosts small and medium enterprises (SMEs). As well as,enabling vital sectors to overcome the impacts of the consequences of the challenges that are posed by the instability health condition worldwide.

The financial support and economic stimulus plan in the Emirate of Abu Dhabi is introduced in the right time, as itholds more than a message to investors and international corporate on the solidity of Abu Dhabi economy and thedurability of its competitiveness, as well as, the leading role of the UAE economy globally.

Moreover, the impacts of this stimulus plan and its outcomes will be effective and powerful on the various sectors of Abu Dhabi economy and the national economy. The initiative coincides with the stimulus plans launched by some federal and entities within the proactive step pursued by the UAE to protect the economic system in the state and promote the sustainability of the national economy growth.

The plan of support and stimulus launched by the emirate of Abu Dhabi is at the same time a reinforcement plan for the development of the economicand financial system  in the emirate , especially that decisions included stimulating the financing of SMEs by local banks and supporting the establishment of the market-maker fund, to provide liquidityand create a continuous balance between supply and demand of equity .In addition to other procedures and initiativesto mitigate the financial burden on companies and exempt emerging companies and support the industrial , commercial ,real estate , tourism and entertainment sector .

Certainly the economic diversification policy and supporting the non-oil sectors pursued by the emirate of Abu Dhabiand the UAE, in addition to the developed and competitive economic regulations and financial and investment laws, give the economy of Abu Dhabi and the UAE the sufficient flexibility and capability to address the different challenges and global changes.



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