MoF offers free registration of SMEs owned by UAE nationals.
Summary: The initiative is part of the National Agenda, established to help the country achieve its UAE Vision 2021, and aims to ensure that SMEs' contribution to non-oil GDP reaches 70 per cent by 2021.
The Ministry of Finance (MoF) is offering free registration of SMEs owned by UAE nationals with the federal register of suppliers, to benefit from government tenders and contracts.
In line with the UAE Cabinet's decision allocating 10 per cent of government spending towards supporting SMEs; the Ministry of Finance has activated the free registration for SMEs owned by UAE nationals in the federal register of suppliers within the first two years of their establishment, in addition to the activation of free registration for government-owned companies.
The federal register of suppliers allows registered SMEs to deal with all federal ministries within the UAE by being able to review the latest tenders and practices issued by federal ministries.
It permits suppliers to purchase tenders directly via the internet, obtain pricing requests and entering prices in accordance with each item. The federal register of suppliers also allows them to be linked with any catalogue related to the offer. The federal register of suppliers also shows approved and closed tenders, in addition to repealing or amending those that were not yet issued, in addition to modifying the data of companies and institutions.
The UAE Cabinet's decision allocates purchase and tender requests as well as direct contracting for SME owners during the first two years from the date of the company's establishment. The decision also specifies that funding will also be allocated for purchases and tenders including publications, stationery, gifts and electronics for up to Dh200,000 per contract or transaction; as well as direct transactions up to Dh15,000 for SMEs within the first two years of establishment.
The latest statistics show that the UAE has around 300,000 SMEs, which represent 86 per cent of jobs in the UAE market. These SMEs contribute to 60 per cent of the UAE's GDP.
Commenting on this launch, Mariam Mohammad Al Amiri, assistant undersecretary for the management of financial resources at MoF, emphasised the Ministry's commitment in encouraging small and medium enterprises owned by UAE nationals.
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|Publication:||Khaleej Times (Dubai, United Arab Emirates)|
|Date:||Aug 25, 2015|
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