Abu Dhabi, UAEMonday 16 September 2019

Tomorrow 2021: Dh10 billion in bank lending for SMEs over next three years

More details emerge of initiatives to accelerate Abu Dhabi's economic growth

More details about how the emirate will be affected will be made over the coming days. Mona Al Marzooqi / The National
More details about how the emirate will be affected will be made over the coming days. Mona Al Marzooqi / The National

On Tuesday evening, it was announced that Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, had approved a number of initatives as part of the three year, Dh50 billion Abu Dhabi Government Accelerators Program ‘Ghadan 21’, or Tomorrow 2021.

These include:

  • A working capital credit guarantee programme to give small and medium-sized enterprises (SMEs) access to Dh10bn in financing over the next three years from local banks at reduced interest rates.
  • The establishment of a small claims court.
  • A new policy from the first quarter of 2019 which will give local companies preference in government tenders, accounting for more than 50 per cent of current government spending categories.
  • A Public-Private Partnership (‘PPP’) law that will be issued soon.
  • The launch of three to five projects tendered in the first quarter of 2019, in the housing, roads, infrastructure, energy and healthcare sectors, with a total value of over Dh3bn.
  • That all undisputed private sector dues and receivables will be settled before November 15.
  • Structural changes have been made in the approved payment process to ensure payments are made to private contractors on time.
  • Legislation to be issued within 30 days aimed at regulating the payment times of financial receivables in the public and private sectors.
  • The government will also hold a monthly forum for dialogue with the private sector.
  • All zoning and regulatory information for all plots across the emirate will be made available online by the end of October.
  • The process of issuing building permits will be streamlined to within 10 days.
  • A new Building Law to help lower the cost of building and owning property is in the final drafting stage.
  • In the tourism sector there will be a 2.5 per cent reduction in the tourism fee, 2 per cent in the municipality fee and a Dh5 reduction in the hotel fee.
  • A budget of over Dh500 million has been allocated over the next three years to promote Abu Dhabi as a tourism destination both regionally and globally.

More details are expected to be announced in the next few days, according to Wam.

Updated: September 19, 2018 09:41 AM