KHALEEJ TIMES, Saturday, Dec 19, 2020 | Jamadi Al Awwal 4, 1442
UAE's GDP to grow 3.6% in 2021: Central Bank
Emirates:
The UAE’s non-oil gross domestic product is expected to grow by 3.6 per
cent in 2021, state news agency Wam reported on Saturday citing central bank
estimates, suggesting the economy will rebound from an expected contraction
in 2020.
The Central Bank of the UAE, in its second-quarter report on the economy, had
recently said the non-oil economy was projected to contract 4.5 per cent for
2020 as a whole due to the Covid-19 pandemic. Total packages worth Dh388 billion
($105.6 billion) have been announced to support the economy.
The report comes as the committee responsible for the coordination and follow up
of the implementation of the UAE’s economic recovery plan held its second
meeting on Saturday, in which it reviewed the progress in the 15 initiatives of
the first phase, revealing that 46 per cent of implementations has been
completed so far.
Major initiatives have been enacted to date, including amendments to the
bankruptcy law, allocation of grants and incentives to tourism establishments,
promotion of foreign direct investment through amendments to the commercial
companies law, amendments to the commercial transactions law and the
decriminalization of cheques without balance, reduction of fees and taxes on the
tourism sector, enhancing the flexibility of labour market, the comprehensive
targeted economic support plan directed by the central bank to enhance liquidity
in the financial and banking sector in the country.
The committee, under the chairmanship of Minister of Economy Abdulla bin Touq Al
Mari, was briefed on the efforts of the concerned authorities in coordinating
and following up the implementation of the initiatives of this stage and
enhancing their outputs. Therefore, they are keen to measure their impact in
order to ensure the desired immediate support for various economic sectors and
contribute to accelerating the pace of the national economy’s recovery.
The committee focused on the accomplishments under each of the six tracks of the
initiatives package, which include empowerment of the new economy and
development of priority sectors; opening of new markets locally and
internationally; provision of financing support and facilitation of lending;
tourism promotion; attraction and retention of talent; and stimulation of
innovation.
Al Mari said: “Thanks to the unlimited support and visionary guidance of our
wise leadership, the UAE has made new and important strides in supporting the
national economy and accelerating the pace of recovery of various vital sectors
from the impact of the Covid-19 pandemic. Economic support packages and
initiatives… have contributed to business continuity, increased momentum of
commercial activities, and have strengthened their ability to grow and compete
in various vital sectors.”
“The wise leadership has affirmed that protecting, supporting and further
developing the economy according to a sustainable model is a priority within the
strategy and plans of the UAE government. We are continuing our efforts to
complete the implementation of initiatives of the recovery plan according to the
approved schedule.
Other members of the committee are Nasser bin Thani Juma Al Hamli, Minister of
Human Resources and Emiratisation; Dr Ahmad bin Abdullah Humaid Belhoul Al
Falasi, Minister of State for Entrepreneurship and SMEs; Dr Thani bin Ahmed Al
Zeyoudi, Minister of State for Foreign Trade; Sarah bint Yousif Al Amiri,
Minister of State for Advanced Technology; Omar bin Sultan Al Olama, Minister of
State for Artificial Intelligence, Digital Economy and Remote Work Applications;
Abdulla Mohammed Al Basti, Secretary-General of the Dubai Executive Council;
Saif Hadef Al Shamsi, Deputy Governor of the Central Bank of the UAE; and Dr
Mohamed Rashed Al Hameli, Secretary-General of the Abu Dhabi Executive Council,
with the participation of Ahmed bin Lahej Al Falasi, Director-General of the
Federal Customs Authority.
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