UAE approves 1st phase of 33-initiative strategy for economic revival

The first phase of UAE’s “33-initiative strategy” developed for recovering and turbo-charging the country’s economic growth got a green signal from a high-level interim committee headed by the UAE’s Minister of Economy Abdulla bin Touq Al Mari.

With the support of 12 ministries and federal and local entities, the first phase of the strategic plan targets to offer immediate support for business sectors and the economy through 15 major initiatives.

The second phase plans to bring complimentary support to accelerate economic recovery meanwhile the third phase offers integrated support to vital sectors and will open up a sustainable and flexible development path for the economy and future.

The virtual meeting held by the committee and chaired by Al Mari, approved six main workstreams to implement the 33 initiatives announced by the UAE Cabinet on August 3.

Further, the committee evaluated the programs which are in the implementation stage, their progress and the mechanisms that have been approved. An executive team, headed by Dr. Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs, was formed as well.

“We have come a long way in driving forward economic recovery efforts since the spread of the COVID-19 pandemic until today,” Al Mari said.

The unlimited support and the guidance from the UAE leadership have helped the government to create plans to enable business continuity in various sectors of the country and to support the private sector as well as to energize trade and investment, Al Mari added.

“Through the Interim Committee, we continue to implement the 33-initiatives packages designed to enhance the growth, sustainability and competitiveness of the country’s economic sectors. further the initiative seeks to develop policies and legislations that raise the UAE’s future-readiness, enhance opportunities, and attract advanced industries and strategic sectors that support the country’s 50-year Economic Plan”.

The first phase of the package of initiatives will focus on the aspect to work in a way that would generate a balance between the public health and economy, Al Mari stated.

He further added the committee would also overview the program to ensure a time-bound implementation as well as to assess its impact and result on the business sectors and that it will aid to check on the ability of initiatives to alter for developments in the national and global health and economic conditions.

The committee meeting was attended by Dr. Al Falasi, Nasser bin Thani Al Hamli (Minister of Human Resources and Emiratisation), Dr. Thani bin Ahmed Al Zeyoudi (Minister of State for Foreign Trade), Sarah bint Yousif Al Amiri (Minister of State for Advanced Technology), Omar bin Sultan Al Olama (Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications), Abdulla Mohammed Al Basti (secretary-general of the Dubai Executive Council), Younis Haji Al Khouri (under-secretary of the Ministry of Finance), Saif Hadef Al Shamsi (deputy governor of the Central Bank of the UAE) and Dr. Mohamed Rashed Al Hameli (secretary-general of the Abu Dhabi Executive Council).

Al Hamli said the country has focused on bringing stability in the private sector labor market and ensuring business continuity through various packages to support employers and workers in private enterprises, citizens and residents.

Dr. Al Falasi said that the first phase of the package would support the continuity and growth of SMEs as it will bring sales and facilitate access to finance, encourage technology and digital applications, and stimulate innovation in business activities while also supporting the tourism sector and hotel establishments in the country.