Abu Dhabi Executive Council has launched a new set of initiatives under Ghadan 21

Abu Dhabi Executive Council (ADEC) has launched a new set of initiatives under “Ghadan 21” on Monday, including a series of stimulus packages to boost small and medium enterprises (SMEs) and ease the availability of loans to local companies.

The initiatives include the following:

1. Allocating AED 5bn to subsidise water and electricity for citizens, and commercial and industrial activities.
2. Subsidising electricity connection fees for startups until the end of this year.
3. Exempting all commercial and industrial activities from Tawtheeq fees this year.
4. Allocating AED 3bn to the SME credit guarantee scheme managed by Abu Dhabi Investment Office to stimulate financing by local banks and enhance SME’s ability to navigate the current market environment.
5. Allocating AED 1bn to establish a market maker fund, to enhance liquidity and sustain balance between supply and demand for stocks.
6. Settling all approved government payables & invoices within 15 working days.
7. Suspending bid bonds and exempting startups of performance guarantees for projects up to AED 50 million.
8. Reducing industrial land leasing fees by 25% on new contracts.
9. Suspending real estate registrations fees for this year.
10. Waiving current commercial and industrial penalties.
11. Exempting commercial vehicles from annual registration fees to the end of 2020.
12. Exempting all vehicles from traffic tariff from road tolls to the end of 2020.
13. Suspending tourism and municipality fees for tourism & entertainment sectors for this year.
14. Offering up to 20% rebate on rental values for the restaurants and tourism and entertainment sectors.
15. Establishing a new committee headed by the Department of Finance, with members from the Department of Economic Development and local banks to review lending options to support local companies.