Major reforms to support Abu Dhabi businesses

Tuesday, 25 June 2019 19:09

Abu Dhabi has announced nine new initiatives to boost growth and diversify the economy.

The reforms include energy discounts for businesses, an 'instant licence' scheme and a rule that all government suppliers must have their invoices settled within 30 days.

It will also allow businesses in the capital to easier access to bank loans and a new AED 4 billion research and development fund.

The move is to support existing companies as well as attract more investment to the emirate from overseas.

The new measures, which are part of the AED50 billion ‪Ghadan 21‬ programme being introduced between 2019 and 2021, will also benefit SMEs to government-backed loans scheme.

The initiatives will be open to both local and expat run businesses.

More from Business News

UK's Jaguar Land Rover to halt US shipments over tariffs

Jaguar Land Rover will pause shipments of its Britain-made cars to the United States for a month, it said on Saturday, as it considers how to mitigate the cost of President Donald Trump's 25% tariff.
US starts collecting Trump's new 10% tariff

U.S. customs agents began collecting President Donald Trump's unilateral 10% tariff on all imports from many countries on Saturday, with higher levies on goods from 57 larger trading partners due to start next week.
Nasdaq set to confirm bear market as Trump tariffs trigger recession fears

The tech-heavy Nasdaq Composite index was set to confirm it was in a bear market on Friday, down more than 20 per cent from a recent record high, as investors fled riskier assets on fears that tariffs imposed by President Donald Trump could spark a trade war and tip the global economy into recession.
Dana Gas and Crescent Petroleum exceed 500M boe in Khor Mor field

UAE-based Dana Gas and Crescent Petroleum, alongside their partners in the Pearl Petroleum consortium, have said the cumulative production from their Khor Mor project, the largest non-associated gas field in Iraq, has exceeded 500 million barrels of oil equivalent (boe).