UAE markets gain on Abu Dhabi's 13.62-bln-USD economic stimulus package

Source: Xinhua| 2018-06-06 20:29:21|Editor: Li Xia
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DUBAI, June 6 (Xinhua) -- Stock-listed firms on the United Arab Emirates (UAE) exchanges ADX in Abu Dhabi and DFM in Dubai posted modest gains on Wednesday following the announcement of a stimulus package of 50 billion dirham (13.62 billion U.S. dollars) into the capital economy of the UAE.

The ADX General Index closed up 0.77 percent at a 4,652.12, representing a one-month high. The surge was mainly driven by market heavyweights like energy leader Taqa (4.17 percent higher) and telecom giant Etisalat (gaining 1.83 percent).

Earlier on Tuesday, Abu Dhabi Crown Prince Sheikh Mohamed Bin Zayed Al-Nahyan announced a stimulus package worth 13.62 billion U.S. dollars for the UAE's biggest emirate which is also the country's capital.

The package includes 10 initiatives which mainly aim at upgrading Abu Dhabi's infrastructure, business friendliness, tourism entities, role as a technology hub and as a place for creating jobs for Emirati nationals.

The various departments of the Abu Dhabi government have just 90 days to implement the 10 initiatives, UAE state news agency WAM reported.

Mohamed Khalifa Al Mubarak, Chairman of the Department of Culture and Tourism Abu Dhabi, said in a statement by e-mail Wednesday that this stimulus package "is highly significant given its direct impact on the government's strategy to diversify the economy and further grow non-oil sectors."