UPDATE 1-Abu Dhabi crown prince approves $13.61 billion in economic stimulus | Reuters

UPDATE 1-Abu Dhabi crown prince approves $13.61 billion in economic stimulus | Reuters:

"Abu Dhabi’s crown prince said on Tuesday he had approved 50 billion dirham ($13.61 billion) worth of measures to stimulate growth in the emirate and make it easier to do business, create jobs and boost tourism. Sheikh Mohamed Bin Zayed, de facto leader of the United Arab Emirates (UAE), tweeted that the new initiative would also speed up contract payments to the private sector and exempt new licenses from the requirement of having a physical presence in the emirate in the first two years. “Under the guidance of HH Sheikh Khalifa bin Zayed, I have approved a 3-year, 50 billion dirham economic stimulus package to support Abu Dhabi’s economic development and have tasked the Executive Council’s Executive Committee to draw up a working plan for allocations within 90 days,” Sheikh Mohammed tweeted."



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