Abu Dhabi acts to cushion the blow of coronavirus on UAE companies

An abra driver wears protecting gloves and a encounter mask on March 18, 2020 in Dubai, United Arab Emirates.

Francois Nel | Getty Photos

Abu Dhabi is placing its advancement ideas “on steroids” in spite of low oil selling prices and the international coronavirus outbreak, according to the chairman of the city’s division of financial enhancement.

“Just one of the most essential points is that Abu Dhabi as a government is continuing building its capital investments … which was planned for 2020,” Mohammed Ali al-Shorafa explained to CNBC’s “Capital Link” on Thursday.

“Abu Dhabi has the methods, even at these levels of crude oil charges, to proceed with its planned development,” he explained.

That could consist of fiscal reform, monetary policy initiatives and new jobs. “We have not moved away from the designs, we’re actually placing these options on steroids,” he extra.

His feedback appear as economies all-around the environment grapple with the ongoing health disaster that has sickened additional than 207,000 individuals and killed at least 8,600.

The United Arab Emirates has near to 100 confirmed cases, and on Thursday carried out stringent limits that bar even residency visa holders who are abroad from entering the state for two weeks.

Abu Dhabi has also announced a raft of actions to help its economy in this time period. That incorporates a 5 billion dirham ($1.36 billion) water and electrical energy subsidies for citizens and firms. Rental rebates are also being supplied to places to eat, as perfectly as the tourism and amusement sectors.

“The govt is hoping now to make (the overall economy) as resilient as probable,” he explained. It is also searching outside of the crisis for options and initiatives that will enable the place, he included.

Requested if there would be a lot more steps planned for roll out, al-Shorafa stated Abu Dhabi is wanting at it “pretty carefully.”

“It can be a world-wide disaster, but at the similar time, we have to search at what are the initiatives to allow the financial system and give it that drive.”

— CNBC’s Natasha Turak contributed to this report.

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