Left Menu
Development News Edition

UAE to stimulate investment amid coronavirus concerns - MbZ

Reuters | Updated: 16-03-2020 11:21 IST | Created: 16-03-2020 11:14 IST
UAE to stimulate investment amid coronavirus concerns - MbZ
Sheikh Mohammed bin Zayed al-Nahyan (File photo) Image Credit: Wikipedia

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.


TRENDING

OPINION / BLOG / INTERVIEW

‘Discounted Deaths’ and COVID 19: Anthropology of Death and Emotions

Death is a social event rather than the mere cessation of biological functions. As seen by anthropologists, death is not just physical but intensely social, cultural, and political....

Indigenous knowledge of communities a must for maximizing impact of community work

Generally, it has been observed that the majority of the academicians in higher education institutions neglect the wisdom of community people and throw their weight around thinking that they know everything and the community knows nothing. ...

In rebuking FBR, Pakistan’s courts take a stand for public health

The system, if implemented effectively, will allow Pakistans revenue service to combat the illicit trade in tobacco products and potentially add hundreds of millions of dollars to the states budget each year. ...

Dissecting how COVID-19 is catalyzing the trajectory of New World Order

The ensuing pandemic of COVID-19 has hit the globalization in two ways firstly, shrinking the importance of globalization as an economic force by curtailing mobility through worldwide lockdowns, and secondly, rejuvenating the idea of indig...

Videos

Latest News

Report: OT Williams, 49ers restructure final year of deal

When Trent Williams takes the field with his new team, hell do so with a restructured contract. The offensive tackle and the San Francisco 49ers reworked the final year of his contract, NFL Networks Ian Rapoport reported Thursday. According...

Cricket-Twenty20 World Cup schedule under 'very high risk' - CA boss

Cricket Australia boss Kevin Roberts has downplayed the prospect of the Twenty20 World Cup going ahead in 2020, saying the October-November schedule was under very high risk due to the coronavirus pandemic.Obviously, weve been hopeful all a...

Costa Rican finance minister steps down amid government shakeup

Costa Rican Finance Minister Rodrigo Chaves stepped down on Thursday as part of a significant shakeup to President Carlos Alvarados Cabinet midway through his term. Chaves, who held the role for about six months, said differences with Alvar...

Los Angeles union, joined by 'Pandemic Pig,' demands meatpacking plant closure

The union representing workers at a meatpacking plant near Los Angeles where at least 153 employees have come down with COVID-19 called on Thursday for the plants immediate closure, saying measures to control the outbreak were not working.T...

Give Feedback