Cabinet decision to amend fees welcomed by CEO, Emirates Steel
The UAE Cabinet affirmed that it would further waive or reduce fees levied on businesses for government services as part of a strategy to attract more foreign investment.
“The cabinet adopts a decision to amend and waive fees for a number of federal services within the framework of the government’s effort to enhance the national economy, reduce costs to business owners and increase the UAE’s competitiveness,” the cabinet revealed in a recent tweet.
The latest decision by the UAE Cabinet to amend and waive fees for a number of federal services is likely to promote economic growth, reduce costs to business owners and increase competitive edge.
More than 1,500 government services provided by the Interior, Economy and ‘Human Resources and Emiratisation’ ministries will come under the purview of this decision. Over the past 12 months, the UAE has taken measures to strengthen its economy and further boost the private sector to mitigate against lower oil revenues.
Eng. Saeed Ghumran Al Remeithi, Chief Executive Officer, Emirates Steel, welcomed the recent announcement. “The UAE Cabinet’s decision comes at the right time to boost the UAE economy and will inevitably enhance the competitiveness of UAE businesses and attract increasing amounts of foreign investment. This decision reflects the wisdom of the UAE’s leadership who continually strive to enhance and maintain the country’s leading position regionally and internationally,” he affirmed in a press statement.
“At Emirates Steel we are already exporting products and services to more than 40 countries, and the amendment or cancellation of fees currently charged by the various concerned ministries will enhance our ability to enter foreign markets and continue to develop innovative new offerings that meet the demands of our international customers,” added Eng. Al Remeithi.
Last year, Abu Dhabi’s government announced an AED 50 billion economic stimulus, known as Ghadan 21, and the country has continually implemented reforms to help diversify the economy and encourage the creation of new businesses, including lowering business registration fees.
The decision aims to ‘promote foreign investments and make the UAE a distinctive destination for investments, by reducing administrative costs and fees and stabilising the business environment’, a statement in Arabic on the UAE’s state news agency WAM indicated.
