By: Mahmoud Gamal
Abu Dhabi – Mubasher: Abu Dhabi’s reported AED 50 billion ($13.6 billion) investment package will boost the emirate’s economy and help small- and medium-sized enterprises (SMEs) recover and grow, analysts told Mubasher.
Earlier in June, Sheikh Mohamed bin Zayed Al Nahyan, crown prince of Abu Dhabi, stated that the plan would aim at enhancing economic growth of the UAE’s capital through 10 economic initiatives stretching from infrastructure and legislative projects to SMEs.
These measures are projected to accelerate Abu Dhabi’s economic growth in addition to supporting SMEs, which suffered a lot due to high costs and tough competition, MindCraft Consultants’ CEO Fadi Al Ghattis commented.
They will also promote local products, which in return will strengthen the purchasing power in the Emirate, Al Ghattis added.
The effect of such stimulus will not be immediate, however, it will up investors’ morale, technical analyst Gamal Agag said.
The recently-unveiled government investment package in the emirate of Abu Dhabi will brighten up the image of the real estate sector, the potential biggest beneficial from it, senior financial analyst at Mena Corp Issam Kassabieh noted.
In May, the UAE cabinet decided to level up the foreign shareholding ceiling to 100% and grant doctors, engineers, and top-achieving students among others 10-year visas.
Translated by: Muhammad Khalid
