UAE to stimulate investment amid coronavirus concerns - MbZ

Abu Dhabi's Crown Prince Sheikh Mohammed bin Zayed al-Nahyan (MbZ) said on Monday that United Arab Emirates authorities will support the economy by easing investment laws and regulations as the coronavirus spreads in the country.

On Saturday, the UAE's central bank announced a $27 billion package to counter the impact of the coronavirus outbreak. MbZ, the UAE's de facto ruler, said authorities also plan to stimulate strategic investment. A new committee headed by the Department of Finance and including local banks will review lending options to support local companies, he said.

He also said stimulus programs in Abu Dhabi are the "solid pillars that will support and protect the UAE's economic stability." "I've given directives to continue with all approved capital expenditure and development projects in the emirate, and to take further measures to preserve Abu Dhabi's economic gains, prioritizing startups and SMEs," he added.

The UAE on Sunday reported 12 new coronavirus cases, taking its total confirmed cases to 98. Abu Dhabi shut entertainment venues and major tourist attractions on Saturday, including the Louvre Abu Dhabi museum and the Ferrari World theme park.

The UAE will stop issuing visas, except for foreign diplomats, from Tuesday, state news agency WAM reported.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)