Electricity Tariff Incentive Programme will improve competitiveness of companies, says ADDED Chairman
The Electricity Tariff Incentive Programme, ETIP, which was launched in line with the Abu Dhabi Development Accelerators Programme, “Ghadan 21”, is expected to contribute to the increase in capital of companies, which will enable them to further develop their industrial products, enhance their business value, and improve their competitiveness across the local and wider markets, according to Saif Mohamed Al Hajeri, Chairman, Abu Dhabi Department of Economic Development, ADDED.
Al Hajeri’s statement was part of his speech given at a workshop organised today at the ADDED’s headquarters by the IDB for industrial investors, which was aimed at increasing their awareness and understanding about the new programme.
Hajeri stated that the “Electricity Tariff Incentive Programme”, ETIP, took effect at the start of July 2019, while the reduced costs will be applied retroactively from April 1, 2019, for the benefit of the companies.
“Abu Dhabi’s robust and growing economy is due in part to the unwavering support of the emirate’s forward-thinking leaders, who continue to develop and implement growth-driving strategies. This visionary approach is epitomised by the ‘Ghadan 21’ programme, which was unveiled by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces, and Chairman of the Abu Dhabi Executive Council.
The three-year programme, which will run from 2019 to 2021, includes an AED50 billion fund that is being invested in across four strategic areas, economic, knowledge, livability and social, all in support of Abu Dhabi’s vision to become one of the best places in the world to do business, invest, live, work and visit,” said Al Hajeri.