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Combating coronavirus: MoF announces more relief measures for UAE firms

Dubai - The decisions will boost the national economy and stimulate business environment against coronavirus.

The UAE's Ministry of Finance (MoF) has announced more relief measures for companies to shield them from the impact of Covid-19 by halving and cancelling certain fees.

Fees of registering suppliers in the Federal Supplier Register at the Ministry of Finance and the Ministry of Infrastructure Development have been cut by 50 per cent - from Dh1,000 to Dh500 - while cancellation and renewal fees have been revoked.
In addition, MoF cancelled fees for selling tender documents in federal entities.

These decisions will boost the national economy and stimulate business environment against coronavirus. A number of other government entities have also announced measures on the similar lines to support private sector.

Younis Haji Al Khouri, Undersecretary of MoF, said that the move is aimed at enhancing the national economy, enable business growth and achieve economic balance in the country, especially in light of the repercussions of Covid-19 pandemic.

"The Ministry of Finance coordinates its efforts with all relevant federal ministries to review government fees that could be abolished or reduced. This is based on in-depth studies and benchmarks set to enhance the attractiveness of the national economy to investors and to reduce the cost of doing business, to strengthen the nation's standing in global competitiveness indicators, in line with the goals of UAE Vision 2021," said Al Khouri.
Local business community and Emirati businessmen were quick to comment on the latest government initiative and suggested more concrete steps to revive the economy.
"From 1000 to 500 for Supplier registration! This i assume is an automated service with a very low operational cost hence should be free to the supplier. Otherwise this cost gets recharged back to government through inflated pricing," tweeted by Abdulla bin Habtoor.


-waheedabbas@khaleejtimes.com