UAE economy hailed by regional business magazine

ABU DHABI, 13th August, 2018 (WAM) -- The AED 50 billion economic stimulus package approved recently by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, Chairman of Abu Dhabi Executive Council, to accelerate the economic growth over the next three years for Abu Dhabi, was cited by the 'Middle East - Entrepreneur', as one of the key decisions that have added to the competitive edge of the UAE economy. A report by the regional business magazine has recently listed down a number of initiatives that boosted the competiveness of the UAE economy. Featuring high among these initiatives is the 100% foreign ownership permission, which, the magazine said, has been among the key driving forces behind establishing a business-friendly and investment-conducive environment in the country. The report added that the stimulus plans taken by the government over the past period comprised a set of initiatives, covering infrastructure and legislative projects, as well as SMEs, and industrial and social projects that have helped boost the competitiveness of the private sector. The report cited in this respect other decisions, including those related to getting rid of red-tape, freezing federal fees for three years to attract investment, updating employment laws and regulations, and the five-year residency visas for students and the 10-year visas for exceptional students as well, to retain the talent pool within the UAE and bolster the UAE’s status as a leading education destination.