Home Industry Economy UAE plots new stimulus measures to bolster economy The UAE’s central bank had provided more than $70bn of stimulus by March to aid businesses by Bloomberg August 6, 2020 The United Arab Emirates will deliver a three-stage “flexible package” of measures to bolster the economy, including steps to support the labour market and encourage investment, state-run WAM reported on Wednesday. Economy Minister Abdullah bin Touq Al-Marri said the proposals would provide “studied” stimulus packages. The UAE’s central bank had provided more than Dhs256bn ($70bn) of stimulus by March to aid businesses amid the coronavirus pandemic. The minister didn’t provide further details. Business conditions in the UAE saw a second straight monthly improvement, according to Purchasing Managers’ Index surveys compiled by IHS Markit published on Wednesday. But that hasn’t yet translated into job gains. Read: Jobless recovery from virus takes shape for top 3 Arab economies Employment continued to fall in the UAE, as well as Saudi Arabia and Egypt, despite a stronger pickup in non-oil private sector activity in July, according IHS Markit. Small- and medium-sized enterprises will get support in the first stage of the plan, including through efforts to promote tourism, WAM reported. The following two stages will focus on sustainable long-term economic growth. The UAE expects its non-oil economy to contract 4.1 per cent this year due to the pandemic, the central bank said in June. Tags Covid-19 Economy stimulus UAE UAE Central Bank 0 Comments You might also like Flying Taxis: How Archer aims to revolutionise travel in the UAE UAE to announce petrol, diesel prices for January; will rates drop in 2024? How REITs are unlocking the potential of UAE real estate GCC region M&A blazes trail as global deals decline