Source: WAM
His Excellency Sultan bin Saeed Al Mansoori, Minister of Economy and Chairman of the Board of Directors of the Securities and Commodities Authority, said that the directives of His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, to launch a package of new initiatives within the program \”Tomorrow 21\” represents an important message from the wise leadership of the state It would provide support and give priority to startups in addition to the various commercial and industrial sectors.
His Excellency added that this package will be a reason to stimulate the financing of small and medium companies through local banks, in addition to establishing a market maker fund to provide liquidity to find a continuous balance between supply and demand for shares, reduce financial burdens on companies, and exempt startups from ensuring proper implementation of projects, With support for electricity connection fees for startups until the end of the year.
His Excellency added that this package of initiatives will have a significant impact, which will be reflected positively in providing liquidity in the market, enhancing its flexibility and reducing expenditures on the startup, SME sector.
His Excellency said that these initiatives and previous initiatives of the Central Bank to provide liquidity amounting to $ 100 billion to support the economy of the country and the subsequent initiatives at various levels play an important role in absorbing and containing the repercussions resulting from the spread of the Coronavirus in many countries of the world, as well as the recent change in markets Oil in the world… These initiatives will all contribute to enhancing the confidence of investors and dealers in the markets and give a big boost to various sectors of the economy.