Economic Growth and Reforms in UAE 2019

19 Sep 2018

Tomorrow 2021 of UAE, business leaders predicted a better and stronger coming year. The Emirati businessman Ahmad says that endowment will support the economy and particularly the contracting division. The strong next year has been predicted by the business leader of Abu Dhabi. This year will be stronger with the more 20 billion investment towards the economy that is under the landmark, Tomorrow 21. According to the experts, the confidence in Emirates will top additional with the announcement that will be made by the Mohammed bin Salman, the millennial prince and the deputy prime minister of the kingdom.

Now you might be wondering what the Tomorrow 21 is and how will UAE get a stronger better 2019? Well, worry not about these things because we are here to answer all of these questions. First of all Tomorrow 21. What is it? Is the name applied to the sweeping economic reforms of Abu Dhabi, in June? What, what was that? Did not get a single word! Sheikh Mohammad bin Zayd announces the amount of 50 billion for Abu Dhabi to invest. The officials have been given only three months of time to make an execution plan of how and where would the money will be spent. The details plan to seek the transformations and ease in doing business, this will fetch long-lasting benefits with it to the investors, residents, and to Emirates itself.

What is the plan? The Tomorrow 21 plan is a four point one. The purpose is to shape the economy and development for small businesses, the private sector, and to secure the future by powering its economy. Following are the main key points in the plan.

  • Encourage people to invest and do business here.
  • Encourage the development of small businesses and the private sector.
  • Support and encouragement of renewable energy projects and that sector.
  • Providing quality education at an affordable cost, launching housing schemes and thus as a result of improving the quality of living for the residents.
  • Development and improvement of information and technology sector by improving the encouraging tech sector, research and development centers.
  • Training and development of talent and expertise.

 

This is what he said regarding the investment on his Twitter account: the amount of AED 50 billion packages are approved in order to support the economy of Abu Dhabi. Development and advancements are expected as the outcome of these investments and help being provided. There is a total of ten initiatives to fulfill this investment one of which is the acceleration of the economy within the next three years. It would allow people to work from home for the first time. The news has not made it yet that how and where exactly this amount will be spent.

Usually, these types of construction and other developmental projects consume lots of the budget and another thing to note afterward is that the work done does not meet the satisfactory requirements. In addition to not meeting the requirements, it also is below the grade of the precautionary measures. What is then the benefit of such development and all the budget and everything that we worked for is lost. Sometimes even the country, instead of moving forward towards some progress and advancements goes backward. So to not let these mistakes happen and to assure, not just the future for the better and strong future of UAE and especially Abu Dhabi there will be a detailed review for the construction of commercial and private property’s rules and regulations. The basic and sole purpose of this review will be to encourage developers and designers and shrink the amount that will be spent on construction meanwhile and in upcoming projects.

Industrial projects in Abu Dhabi:

Sheikh Mohammad has also ordered for the analysis of the time the public division takes to pay the private contractors. This comprehensive analysis will also include the fines that are collected from the delays of the construction business, which is due to a slow processor non-payment. These fine that gets collected will be managed that how it can be spent on education and healthcare. A deadline of first days of September has been given to the council that has to provide the details of the execution plan. The initiatives are to cover the following areas: infrastructure, legislative projects, small and medium-sized enterprises, social, and last but not the least industrial projects. The sheik is also giving significance towards creating new jobs in Abu Dhabi.

This investment and development will increase the number of jobs that are around 10,000 more new jobs than before. The jobs will be in the public and private sector. From then onward dual licenses will be available for companies in free zones which will allow them to work as government bidders for their tenders, even out of the free zones. This all is the part of 2019 development project Abu Dhabi.