Abu Dhabi will invest $13.6bn (AED50bn) over three years to grow the economy, create thousands of jobs, spur construction projects, and slash building costs.
HH 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, announced a huge stimulus package and 10 initiative to accelerate economic growth in the UAE over the next three years.
To increase the competitiveness of the private sector, Abu Dhabi's strategy covers infrastructure and legislative projects, small and medium-sized enterprises, industrial, and social projects.
HH Sheikh Mohamed bin Zayed Al Nahyan has ordered a detailed spending plan to be drawn up within 90 days.
In addition to the $13.6bn (AED50bn) economic package, an audit of building regulations for infrastructure, residential, commercial and industrial projects to reduce costs and encourage development has been called for.
To increase tourism numbers, HH Sheikh Mohamed bin Zayed Al Nahyan called on developers to build eco-tourism destinations, camping sites, and sports areas.
He also called for new policies within six months to support public-private partnerships in Abu Dhabi.
Dual licenses for companies operating in Abu Dhabi's four free zones will also be made available to let firms work outside of free zones and participate in government tenders.
A new body to attract investments and technologies, called the Abu Dhabi Accelerators and Advanced Industries Council (Ghadan), will also be created.
Up to 10,000 jobs for Emirati citizens within the next five years may also be created as a result of the policy.
This major economic package and legislative shake-up comes in the wake of the UAE's overhaul of the visa system, which will see sought-after professionals granted a 10-year visa system. This, just like Abu Dhabi's economic stimulus plan, is designed to grow the economy and elevate the UAE's position on the global stage.