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. Total value of economic support in the form of packages and incentives has crossed Dhs388bn, contributing to business continuity, commercial activities and the ability to grow in vital sectors. Efforts to complete the implementation of initiatives of the recovery plan according to the approved schedule. The overall completion rate of the initiatives under the first phase is estimated today at more than 46 per cent. Our efforts will continue with the concerned partners during the coming period to complete the implementation according to the timeframe specified for each stage.
Initiatives have been implemented 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 company’s law, amendments to the commercial transactions law and the decriminalization of cheques without balance, reduction of fees and taxes on the tourism sector, enhancing flexibility of labor market and the Targeted Economic Support Scheme. Central Bank maintains its role in following up the measures taken by extending the implementation period of the main elements of the targeted Comprehensive Economic Support Scheme package for an additional six months until the end of June 2021. Banks and financing companies benefiting from the zero-cost central bank facilities will be able to grant new loans and facilities to their clients economically affected by the epidemic.