Coronavirus: Abu Dhabi Announces $4.1bn Tenders For Local Businesses

Abu Dhabi Local Content programme includes 1,244 tenders, aimed at boosting productivity and strengthening supply chains

Coronavirus: Abu Dhabi announces $4.1bn tenders for local businesses

IHS Markit’s UAE Purchasing Managers’ Index, a gauge tracking operating conditions in the non-oil private sector, fell to the lowest ever in March.

Abu Dhabi has directed AED15 billion ($4.1bn) worth of government tenders to local businesses as the coronavirus pandemic weighs on the Gulf Arab emirate’s non-oil economy.

The Abu Dhabi Local Content programme includes 1,244 tenders, “with the goal of “boosting productivity and strengthening supply chains”, the Abu Dhabi Media Office said in a tweet on Wednesday.

Business conditions in the United Arab Emirates, a federation that includes Abu Dhabi, worsened at a record pace in March as the government took emergency steps to stop the spread of the coronavirus.

IHS Markit’s UAE Purchasing Managers’ Index, a gauge tracking operating conditions in the non-oil private sector, fell to the lowest ever in March.

Earlier this week, the UAE Central Bank announced a targeted economic support scheme’ of $70bn to support the economy amid the coronavirus pandemic - double what it announced the previous month. 

The country has reported 2,359 cases of coronavirus and 12 deaths. Its business hub Dubai has imposed a 24-hour restriction on the movement of people.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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