3.2 C
New York
Saturday, January 23, 2021

GCC: Government Funding Deficits May Rise Above $180b in 2020

Government funding deficit across the Gulf Cooperation Council, GCC is expected to rise above $180 billion in 2020 due to low oil...

Latest Posts

Black Panther Star, Chadwick Boseman Dies of Cancer

Chadwick Boseman, star of “Black Panther,” has lost the fight against cancer, he was announced to have died in his home on...

5 Ways to Get on Well With Distant Co-Workers

Imaginatively, you could probably create a mental picture of your office right now; perhaps it’s literally by the cafeteria, or maybe it’s...

Diego Costa to Reunite with Mourinho in Spurs as Matt Doherty Undergoes Medical

Having defeated Reading on Friday in the pre-season as they continue their preparations for the 2020/21 Premier League campaign, Spurs are looking for...

Ondo Election: No alternative to Governor Akeredolu

A governorship aspirant and the Executive Director of the Niger Delta Power Holding Company Limited, NDPHC, Engr. Ife Oyedele has claimed there...

COVID-19: UAE to Carryout ‘Flexible’ Economic Revitalisation Plans

- Advertisement -

In furtherance of the UAE’s economic relief measures, the UAE Ministry of Economy is to implement a “flexible package and plan” to support various sectors.

The plan seeks to create a more flexible economic environment “conducive to provide new opportunities and encourage investments in future sectors in support to the UAE’s strategic vision and direction,” the Minister said in a statement.

The timeframe of the plan involves three stages that will lead to “growth in vital sectors and set the country’s path towards sustainable development”.

During its last meeting, the UAE Cabinet had approved various aspects of the flexible package and general plan to support various economic sectors, along with the formation of a Committee headed by Abdulla Bin Touq Al Marri, UAE Minister of Economy. The Committee is following up on the implementation of the plan and is submitting its recommendations to the Cabinet.

The plan outlines 33 initiatives that will focus on “eight aspects” – support for the labour market, stimulation of trade, enhanced flexibility of financing activities, increased productivity, support for digital transformation, acceleration of “green economy”, and enhanced food security.

The plan also involves monitoring of global developments in health and economy; the vitality of the UAE economy and its openness to global markets; and changes in public behavior and the subsequent impact on business activity.

In a statement, Abdulla Bin Touq Al Marri, UAE Minister of Economy, said: “The plan offers specific initiatives that address the requirements of the economic situation, by offering thoughtful stimulus packages that support and enhance economic activity.”

The first stage will pay attention to small and medium-sized companies, encourage domestic tourism, and support industry and manufacturing. Plus, there will be more flexibility for the labor market and encourage investment in digital companies.

The second stage will see the rollout of more initiatives aimed at SMEs, as well as for trade and productivity. Employment will be assigned top priority, as would digital transformations.

A third stage will “prepare” the country towards sustainable development. These include initiatives to nurture young professionals, career counseling, rehabilitation of employment for future-facing jobs, and further investment in the areas of the digital economy and agricultural technology. Also on the agenda would be the promotion of blockchain and removing barriers to trade.

- Advertisement -

Latest Posts

Black Panther Star, Chadwick Boseman Dies of Cancer

Chadwick Boseman, star of “Black Panther,” has lost the fight against cancer, he was announced to have died in his home on...

5 Ways to Get on Well With Distant Co-Workers

Imaginatively, you could probably create a mental picture of your office right now; perhaps it’s literally by the cafeteria, or maybe it’s...

Diego Costa to Reunite with Mourinho in Spurs as Matt Doherty Undergoes Medical

Having defeated Reading on Friday in the pre-season as they continue their preparations for the 2020/21 Premier League campaign, Spurs are looking for...

Ondo Election: No alternative to Governor Akeredolu

A governorship aspirant and the Executive Director of the Niger Delta Power Holding Company Limited, NDPHC, Engr. Ife Oyedele has claimed there...

Don't Miss

Outside BBNaija; Yes, Yes, I Am in a Relationship – Laycon (Video)

Big Brother BBNaija housemate, Erica on Monday, said her choice of Deputy Head of House made her feel like she had betrayed...

BBNaija: I Will Beat Up Anyone Who Embarrasses Me On National TV – Kiddwaya

Big Brother Naija, BBNaija housemate and billionaire son, Kiddwaya, has blown hot threatening to beat up anyone who dares or makes any...

Bandits Kill Over 20 Villagers in Zamfara, Sate Governor Hometown

Unknown bandits have unleashed fresh attacks, killing many people in Maradun Local Government Area of Zamfara State, the hometown of the state...

Nigerians Fire Obasanjo Over Comments on Kashamu’s Death

Former President, Olusegun Obasanjo has come under fire over some comments made in the condolence letter he wrote to mourn the demise...

Lewandowski on the Brink of Breaking Ronaldo’s Record After Chelsea Win

Bayern Munich forward, Robert Lewandowski, needs five goals to break Cristiano Ronaldo’s record, after scoring twice in their 4-1 win over Chelsea...

Stay in touch

To be updated with all the latest news, offers and special announcements.