[ad_1]
Abu Dhabi Department of Economic Development (Add to) launched a program to incentivize manufacturers in high-priority industries to use land to drive industrial growth.
Under the initiative – part of the recently launched Abu Dhabi Industrial Strategy and administered by the Additional Industrial Development Authority – incentives will allow land to be sold for AED 5 ($1.36) per square metre, Abu Dhabi Government Information Office said in a statement statement on Wednesday.
Beneficiaries can also opt for long-term contracts.
The plan will “bring a wide-ranging knock-on effect that will benefit all aspects of the economy,” the statement said.
Despite the pandemic upending traditional professional behaviour, Abu Dhabi’s resilient businesses and entrepreneurs maintain cautious growth during this turbulent time
Mohammad al-Shorafa, Chairman of Added
Manufacturing and industrial sub-sectors currently covered by the incentive scheme include logistics, food, energy, heavy industry, healthcare and biopharmaceuticals, and information and communications technology.
“Incentivizing land use is an important strategic subsidy for businesses, boosting their growth and development goals and enhancing their capital expenditure and cash flow management,” said Mohamed Al Shorafa, Chairman of Added.
The Abu Dhabi Department of Economic Development has launched the Land Incentive Scheme to incentivize manufacturers in high-priority industries to use land and drive industrial growth. pic.twitter.com/utuR4XxaGt
— Abu Dhabi Media Office (@admediaoffice) August 17, 2022
“We have listened to our private sector partners and have added relief benefits to the roster of support schemes we already have in place,” he added.
“Abu Dhabi prides itself on supporting global businesses and our investor community…Our efforts help balance the economic equation and ensure businesses have a path to continued growth.”
Companies applying for land award privileges should have active business plans; adopt sustainable business practices and technological advancements in manufacturing technologies; plans to emirate and further develop highly skilled workforce and work force; contribute to Abu Dhabi’s macro economy, the statement said Roadmap criteria.
The UAE’s economy recovered rapidly in 2021 from the disruption caused by the Covid-19 pandemic, and a similar trend has continued into this year.
Economic support measures and government initiatives – such as providing residence permits for retirees and remote workers, and expanding the 10-year golden visa scheme – also helped improve sentiment.
various initiatives such as rental rebate Approved workouts during the pandemic help businesses in Abu Dhabi perform well.
“Although the pandemic has upended traditional professional behaviour, Abu Dhabi’s resilient businesses and entrepreneurs have maintained cautious growth during these turbulent times, thanks to the emirate’s agility and very rewarding ecosystem of public-private business partnerships,” Al Mr Shorafa said.
Updated: August 17, 2022 at 3:00 pm
[ad_2]
Source link