UAE: Announces new incentives for SMEs; certification fee slashed to Dh500 – News

By joining the scheme, SMEs can increase their competitiveness in tenders with the government and large corporations

UAE authorities on Tuesday announced new fee reductions for small and medium enterprises (SMEs) wishing to obtain a National Domestic Value (ICV) certificate.

This applies to companies registered under the National SME Scheme, according to an announcement issued by the Ministry of Industry and Advanced Technology (MoIAT) in collaboration with the Ministry of Economy (MoE).

The new incentives are aimed at encouraging SMEs to join the ICV program to promote growth and sustainable development of the national economy.

Registered companies can now obtain ICV certification for only Dh500.

By joining the scheme, SMEs can enhance their competitiveness in bidding with the government and large companies, thereby helping to promote their development.

The move supports MoIAT in creating an attractive business environment for local and international investors and supports the growth and competitiveness of the national industry.

Since its launch in 2021, the National Connected Vehicle Initiative has made a significant contribution to the UAE economy. Last year, the plan put Dh53 billion back into the economy, a 25 percent increase over 2021.

MoIAT welcomes several new entities to the national ICV program in 2022, bringing the total membership to 26 federal and local government entities and companies. In addition to promoting business growth, it also creates quality employment opportunities for citizens.

Omar Al Suwaidi, Undersecretary, MoIAT, said: “In line with the National Industrial Strategy, MoIAT is adopting an integrated approach to empower the industrial sector and increase its contribution to GDP. We are implementing various measures and incentives to support the business ecosystem and promote” Made in the UAE” program to create an attractive environment for entrepreneurs and open up new global markets for local products.”

He added that the national ICV program is one of 50 projects in the UAE, “which aim to support the localization of supply chains, develop new industries, help diversify the national economy and create quality jobs in the private sector”.

Abdullah Al Saleh, Undersecretary of the Ministry of Education, said: “The Ministry has launched innovative initiatives to support UAE entrepreneurs so that they can grow their businesses. The program objectives are crucial to building a knowledge-based economy in the UAE.”