- October 22, 2020
- Posted by: Waqas Siddiqui
- Category: Others
In an effort to contain and reduce the impact of the COVID-19 on the economy, the UAE government has taken several measures including allocation of flexible stimulus budget amounting to AED 256 billion (US$ 70 billion) and initiating the first phase of UAE’s “33-Initiative Strategy” to help recover the economy and draw investors in.
UAE’s 33-Initiative Strategy
On October 18th 2020, Under the leadership of UAE’s Ministry of Economy Abdulla bin Touq Al Mari; pioneered the first phase of 33-Initiative Strategy” for recovering and accelerating the country’s economic growth. With the support of 12 ministries, federal and local entities, a strategic plan aiming to provide immediate provision for business sectors and the economy through 15 major initiatives are being implemented initially. The six tracks of the plan include creating a new economy, opening of new markets, financing support, stimulating tourism, attracting talent & stimulating innovation.
The first phase is designed to generate a balance between the public health and economy, while the second phase plans on bringing support to accelerate economic recovery and the third phase will offer integrated support for vital sectors creating a development path for the economy and future.
Impact of 33-Initiative Strategy on UAE’s Economy
Implementing the first phase of “33-Initiative Strategy” is a good head start in ensuring that UAE’s economy recovers from the impact of the ongoing COVID-19 pandemic by providing support to SMEs in increasing their sales, providing accessibility to finance, latest technology and digital applications. While supporting the business activities of the SMEs, it will also focus on enhancing opportunities for advanced industries and critical sectors such as tourism, & hospitality, healthcare, IT, retail, etc. It is highly recommended to approach a Market Research company in UAE to understand the impact of 33-Initiatives Strategy in detail before considering to invest in the Emirates.
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