Dubai(ANN)-The authorities in Abu Dhabi, the capital of the UAE, are searching for urgent solutions to save the economy from collapse due to the devastating effects of the coronavirus pandemic locally and around the world.

The losses incurred by the UAE during the past few days have prompted the Crown Prince of Abu Dhabi, Mohammed Bin Zayed, to meet with members of the Abu Dhabi Executive Council to discuss the current economic conditions. Bin Zayed has ordered all capital projects to continue and the development of new plans to stimulate investment in the emirate, despite the Covid19 crisis.

“I have directed all capital projects according to the approved plans not to cancel or postpone any project within the framework of Abu Dhabi’s development agenda, to take additional measures to preserve the economic gains in the emirate and to give priority to emerging companies in light of the current challenges,” the Crown Prince said on Twitter. “I directed [the concerned parties] to work on new plans to stimulate strategic investment sectors, and ordered the formation of a committee headed by the Finance Department, members of the Department of Economic Development and local banks to follow up borrowing programmes for local companies in Abu Dhabi under the current circumstances.”