Committee holds meet to finalise post-COVID recovery measures

Business Bureau, Gulf Today

The Interim Committee responsible for the coordination and follow up with regard to the implementation of the flexible package and the general plan consisting of 33 initiatives to support the economic sectors, held a virtual meeting.

The Committee approved the initiative’s implementation plan, which is divided into three main phases. The first phase aims to provide immediate support for business sectors and the economy through 15 major initiatives, while the second phase is to launch complementary support for sectors to enable rapid economic recovery. The third phase will provide integrated support to vital sectors and will open up a sustainable and flexible development path for the economy and future.

The meeting was chaired by Abdulla Bin Touq Al Marri, UAE Minister of Economy, with the participation of Nasser bin Thani Al Hamli Minister of Human Resources and Emiratisation;  Dr Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs;  Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade;  Sarah bint Yousif Al Amiri, Minister of State for Advanced Technology;  Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications;  Abdulla Mohammed Al Basti, Secretary General of the Dubai Executive Council; Younis Haji Al Khouri, Undersecretary of Ministry of Finance; SaifHadef Al Shamsi, Deputy Governor of the Central Bank of the UAE; and  Dr. Mohamed Rashed Al Hameli, Secretary General of the Abu Dhabi Executive Council.

In addition, the Committee reviewed the initiatives that are currently in the implementation stage, their progress rates and the mechanisms that have been approved. The formation of an executive team, headed by  Dr. Ahmad Belhoul Al Falasi, was approved as well. This team will be further divided into sub working teams that will be responsible for each initiative and will follow up throughout their launch, implementation, evaluation, impact assessment, in addition to making necessary revisions to them. The teams will also define the financing mechanisms, address implementation requirements, and ensure coordination and complementarity of roles between the concerned authorities.

The Committee approved six main work streams to implement the initiatives packages which include: empowering the new economy and developing priority sectors; opening new markets locally and internationally; providing financing support and facilitating lending; tourism promotion; attracting and retaining talent; and stimulating innovation.

Abdulla Bin Touq Al Marri said: “In light of the unlimited support and the guidance from our wise leadership, since the spread of the COVID- 19 pandemic until today, we have come a long way in driving forward economic recovery efforts, working on business continuity in many vital sectors in the country and supporting the private sector and stimulating trade and investment by following up the implementation of the first phase of the package of initiatives, led by a vision to work in a way that balances public health and economy.

Bin Touq added: “Through the Interim Committee, we continue to implement the 33 initiatives packages designed to enhance the growth, sustainability and competitiveness of the country’s economic sectors.” Following up on the implementation of initiatives, the Committee focuses on developing policies and legislations that raise the UAE’s future readiness, enhance opportunities, and attract advanced industries and strategic sectors that support the country’s 50-yearEconomicPlan.

He further noted the importance of the Committee’s efforts in ensuring the implementation of the initiatives within the established time frame and to continuously evaluate the outcomes and impacts on the market and business sectors. This helps ensure the flexibility of the initiatives and their ability to adapt to developments in the national and global health and economic conditions, adding that these characteristics will also enhance the plan’s ability to provide required support to the economy and its long-term sustainability.

Nasser bin Thani Al Hamli said that since the outbreak of the COVID-19 pandemic, efforts were focused on supporting the stability of the labor market in the private sector and ensuring business continuity through an integrated system of packages to support employers and workers in private enterprises, citizens and residents.

This is in addition to stimulating and encouraging private sector entities to attract international talents in parallel with the implementation of initiatives to support job security for citizens working in the private sector.

Dr. Ahmad Belhoul Al Falasi said that the Committee will serve as an effective platform through which the entities’ efforts are combined to implement the 33 flexible package initiatives. He underlined that the outputs of the first phase of the initiatives will support the continuity and growth of SMEs as it will enhance sales and facilitate access to finance, encourage technology and digital applications, and stimulate innovation in business activities. It will also provide support to the tourism sector and hotel establishments in the country.