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Abu Dhabi - In response to the UAE Cabinet's decision to allocate 10% of government spending towards supporting SMEs; the Ministry of Finance (MoF) announced today the activation of the free registration for local Small and Medium-sized Enterprises (SMEs) owned by UAE nationals in the federal register of suppliers within the first two years of 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.
Commenting on this launch, HE 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.
HE Al Amiri said: "The Ministry strongly believes in SMEs' role in supporting the national economy as they account for 92% of the total workforce, and is keen to achieve its strategic objective on developing legislative and fiscal policies as well as providing a competitive environment. The Ministry continuously works on preparing recommendations to provide support to SME projects and raising them to the UAE Cabinet."
The UAE Cabinet's decision allocatespurchase 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 AED 200,000 per contract or transaction; as well as direct transactions up to AED 15,000 for SMEs within the first two years of establishment.
The latest statistics show that the UAE has around 300,000 SMEs, which represent 86% of jobs in the UAE market. These SMEs contribute to 60% of the UAE's GDP. The National Agenda, established to help the country achieve its UAE Vision 2021, aims to ensure that SMEs' contribution to non-oil GDP reaches 70% by 2021.
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For more information:
Osama Dagamseh / Mira Assaf
Weber Shandwick
Phone: +971 55 744 3346 / +971 50 3123518
Fax: + 971 2 449 4833
Email: odagamseh@webershandwick.com; massaf@webershandwick.com
© Press Release 2015
