Abu Dhabi Government incentives in light of COVID-19
The Abu Dhabi Government has been swift to respond to the economic challenges caused by the global health pandemic. In March 2020, under the directives of H.H. Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces and Chairman of the Abu Dhabi Executive Council, key measures were announced in efforts to bolster the Abu Dhabi economy, businesses and individuals during this time.
The Abu Dhabi Economic Stimulus Package comprises of a series of 16 wide-ranging initiatives to support businesses and individuals across Abu Dhabi. Its key aims are to ensure continuous growth of the economy and preserve economic gains, lower cost of living and provide Financial relief.
The Central Bank of the UAE (CBUAE) has announced a comprehensive Targeted Economic Support Scheme (TESS) to contain the repercussions of the pandemic COVID-19. It has also decided on a range of measures to instil confidence and improve the business environment in the UAE.
The Targeted Economic Support Scheme caters for retail and corporate customers affected by COVID-19 and is allowing banks to free-up their regulatory capital buffers to boost lending capacity and support the UAE economy.