Economic Recovery Committee announces finishing 46٪ of economic plan

On Dec 13, 2020

Under the chairmanship of His Excellency Abdulla bin Touq, Minister of Economy, the Economic Recovery Committee handles the coordination and follows up on implementing the economic recovery plan held its second meeting today.

Economic Recovery Committee Meeting

The Economic Recovery Committee (ERC) members are Minister of Human Resources and Emiratisation, Nasser bin Thani Al Hamli, Minister of State for Entrepreneurship and SMEs, Dr. Ahmad Belhoul, Minister of State for Advanced Technology, Sarah bint Yousif Al Amiri, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, Omar Sultan Al Olama, Secretary-General of the Dubai Executive Council, Abdulla Mohammed Al Basti, Deputy Governor of the Central Bank of the UAE, Saif Hadef Al Shamsi, and Secretary-General of the Abu Dhabi Executive Council, Dr. Mohamed Rashed Al Hameli, with the participation of Director-General of the Federal Customs Authority, H. E Ahmed Abdulla Bin Lahej Al Falasi.

Economic Recovery Committee Initiatives

The ERC Committee reviewed the progress in implementing the 15 initiatives of the first phase, revealing that 46 percent of their implementation has been completed, and has implemented the Major initiatives that included amendments to the commercial transactions law, amendments to the bankruptcy law, promotion of Foreign Direct Investment (FDI) through amendments to the commercial companies law, the decriminalization of cheques without balance, enhancing the flexibility of the labor market, reduction of fees and taxes on the tourism sector, the targeted economic support plan directed by the Central Bank to enhance liquidity in the financial and banking sector in UAE.

The ERC was briefed on the concerned authorities’ efforts in following up and coordinating implementing the initiatives of this stage and enhancing their outputs. As the authorities are keen to measure their impact in order to ensure the desired immediate support for various economic sectors and contribute to speeding up the pace of the national economy’s recovery.

The ERC focused on the accomplishments under each of the six tracks of the initiatives package, which include the empowerment of the new economy, development of priority sectors, tourism promotion, attraction and retention of talent, and stimulation of innovation, opening of new markets locally and internationally, provision of financing support and facilitation of lending.

The UAE Central Bank (CBUAE) estimates that the expected growth of 3.6% in the country’s Non-Oil Real GDP Growth by the year 2021. The committee underlined the importance of further increasing the competitiveness of vital economic sectors and enhancing the confidence of investors and business owners in the country’s markets. The initiatives represent important steps towards the achievement of the development goals for the country’s economic advancement that include the amendments to the Commercial Transactions Law regarding the decriminalization of cheques without balance.