Media ININ Economy We Trust
Media In – Abu Dhabi
The Cabinet, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has adopted new initiatives to boost the national economy in the coming years. His Highness Sheikh Mohammed bin Rashid Al Maktoum said: “We launched today the initiative to support the industry sector to emphasize the UAE’s position on the global industry map as an attractive country for investment that provides an integrated environment suitable for growth and sustainability.” “We are investing in a sustainable industrial renaissance through joint government action and our goal is to be a successful model for the green economy to preserve our environment for future generations. The initiative envisages the introduction of a new mechanism to reduce electricity tariffs for the industrial sector from the fourth quarter of this year in order to support this sector and encourage investment in it, while achieving sustainable growth by reducing dependence on non-environmental sources such as liquid fuels, To accommodate the future generation capacity of new plants. Large factories will be subsidized by directing the Federal Electricity and Water Authority by reducing electricity charges by 29%, supporting small and medium factories by reducing electricity charges by 10% to 22%, eliminating the delivery fees for new factories, and calculating a simple usage fee for the network. Investors in the industrial sector The total number of industrial consumers, which currently stands at 2%, is higher in the coming years. Long-term visa for retirees The Council also approved the granting of visa privileges to people over the age of fifty-five who allow long-term residence in the country. The new facilities aim at providing long-term accommodation options and the suitable environment for retirees wishing to reside in the country for prosperity and investment through a stable and high-quality financial and health system. The law provides for special residence privileges for 5 years automatically renewed for retired retirees of the age of 55 and above according to specific conditions, such as that the pensioner has an investment in a property worth two million dirhams or that his savings are not less than one million dirhams or proof of income not less than 20,000 dirhams per month To be implemented at the beginning of 2019
