The UAE official said that officials want to develop the “knowledge and innovation sector by attracting technology companies,” pointing to spending “on capital projects and investment in emerging companies and strategic industries, especially agricultural science, and their aspiration (officials) to reduce the costs of entry and residence in the emirate.”
He added, “Competition does not mean only reducing fees. But having the right aspects for living for the people coming, education and retirement in Abu Dhabi.” Bloomberg said education, housing and even entertainment costs are being studied.
The report pointed out that Abu Dhabi will not follow the example of Saudi Arabia, which tripled the value-added tax to increase the country’s revenues after the pandemic.
Abu Dhabi is currently ranked 39th on the list of the most expensive cities to live in for expats, according to the American Mercer classification.
The pandemic led to the layoff of a large number of workers in the UAE, and the sectors of trade, tourism and aviation were severely affected with the measures of closure during the outbreak of the virus.
The official expected in the interview that the economy of Abu Dhabi will shrink this year between 3 and 4 percent before returning to growth in 2021, and the International Monetary Fund has predicted that the UAE economy will decrease by 3.5 percent this year.
With the lifting of the closures imposed last March to limit the spread of the virus, Dubai reopened its borders to foreign visitors, but Abu Dhabi requires visitors to certify that the virus is free.
The UAE, which has recorded about 52,000 cases and 324 deaths from the virus, plans to carry out tests on two million people within the next two months after the rate of infections rises again in the wake of the easing of restrictions.