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Monday / March 18.

Mohammad announces new economic stimulus plans

Dubai has announced new economic initiatives, including setting up a consultative council that will include international companies, to boost the emirates’s economy.

Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, tweeted that the stimulus plans also include proposals to allocate 20 per cent of government tenders to small and medium-sized businesses, developing low-cost family tourism systems through a “time sharing” system, and the enact a mortgage law.

“Developing the competitiveness and resilience of our economy is a continuous journey whose goal is always to maintain the first positions,” Shaikh Mohammad tweeted.

A consultative council will be set up as part of the incentives to “enhance the contribution of international companies in shaping the legislative atmosphere and investing in infrastructure as well as boosting their role in building the local economy while focusing on creative industries,” according to a statement from WAM.