According to the Reuters news agency, the Abu Dhabi government media office said on his Twitter account that Abu Dhabi, the capital of the Emirates, allocated one billion dirhams ($ 272.27 million) to establish the Market Maker Fund, to provide liquidity and find a continuous balance between supply and demand for shares.
On Sunday, the UAE announced 12 new cases of coronavirus, bringing the total number of confirmed cases to 98.
The outbreak has begun to affect heavily the sectors of the UAE economy, such as tourism and aviation.
The stock exchanges in the UAE tumbled, the Dubai index fell about 30 percent, while the Abu Dhabi Stock Exchange lost 25 percent during the same period, and the fall in the price of oil exacerbated the pressure on the Gulf economies.
On Monday, the Dubai Stock Exchange followed its counterpart in Abu Dhabi and closed the trading floor as a precaution to counter the spread of the new Corona virus. In early trading, the Dubai Stock Exchange fell 3.7 percent and the Abu Dhabi market 4.3 percent.
Abu Dhabi said it will allocate an additional three billion dirhams to the credit guarantees program to stimulate financing for small and medium-sized companies through local banks and five billion dirhams to support utility bills.
Several fees have been canceled or reduced, and include fees for registering real estate, new companies and the tourism and hospitality sectors, according to the government on Twitter.
Earlier on Monday, Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed said on Twitter that the authorities in the United Arab Emirates would support the economy by facilitating investment laws and regulations.
He added that I have continuously directed all capital projects according to the approved plans and not to cancel or postpone any project within the framework of the development agenda of Abu Dhabi.
Abu Dhabi closed major leisure and entertainment centers on Saturday, including the Louvre Abu Dhabi and Ferrari World Abu Dhabi.
The Emirates News Agency (WAM) stated that the UAE will stop issuing entry visas, except for those designated for foreign diplomats, as of Tuesday.
