The UAE’s Ministry of Economy has announced a reduction in fees for 94 of its services in order to counterbalance the coronavirus pandemic’s impact on the business sector.

The fee reduction, which will see Dh113 million in savings for businesses in 2020, covers services that include those related to innovation, business, investment, production, trade, import and export activities, with a decrease in rates reaching up to 98 per cent, according to the ministry statement made on Sunday.

The collective management license fee, as well as the annual renewal of collective management license and lost replacement of collective management license fees, have been slashed to Dh75,000, Dh37,500 and Dh750 respectively. The fee of the translation license of a workbook is now Dh750, the MOE said.

The move is being made in accordance with UAE Cabinet Resolution No. 20 of 2020 regarding services fees provided by the ministry.

Sultan bin Saeed Al Mansoori, UAE Minister of Economy said, “Reducing fees for services provided by the Ministry of Economy to individuals and companies will reduce the cost of establishing and conducting business in the country and will reduce the burden on commercial and investment institutions, which is to support the main and affected sectors stimulating the economic environment and ensuring the sustainability of the pioneering structure of the national economy and business continuity.”

Stressing on the Ministry and its partners’ commitment to dealing the “negative effects that Covid-19” on the national economy, the minister that they would be closely monitoring the market to come up with “urgent solutions as well as medium and long-term incentive plans” to insulate and bolster the economy.