...On May 6, Abu Dhabi (Aa2 stable) announced plans to implement a $13.6 billion stimulus package. The fiscal stimulus package will be spread over a period of three years, amounting to just over a 5% annual increase in government expenditure. Despite being a significant increase in spending, we expect that the package will be fully met by increased oil revenues. Sheikh Mohammed bin Zayed al-Nahyan, crown prince of Abu Dhabi gave orders to officials to draw up an execution plan for the spending within 90 days, meaning that the specific structure of the package has yet to be unveiled. However, the government has suggested that part of the funds would be used to generate 10,000 jobs for Emiratis in the public and private sector, as well as to speed up contract payments to the private sector. The government also announced a number of initiatives tied to the stimulus package, including new dual licences for free zone companies to allow them to operate outside of the zones and compete for government...