The UAE has reduced the fee for certain small and medium enterprises to obtain a national in-country value certificate as it seeks to create an attractive business environment for local and international investors and support the growth of national industries.
The reduced fee will apply to companies registered in the National Programme for Small and Medium Enterprises, according to the Ministry of Industry and Advanced Technology (MoIAT) and the Ministry of Economy.
The fee for the National ICV certificate has been cut to Dh500 ($136.14), MoIAT said in a statement on Tuesday.
The National ICV Programme, launched in 2021, redirects spending into the UAE economy. It enhances the competitiveness of UAE products in regional and international markets, attracts foreign investments, supports the UAE’s Fourth Industrial Revolution (4IR) programme and incentivises the technological transformation of the industrial sector.
Last year, the programme redirected Dh53 billion into the economy, a 25 per cent increase compared with the previous year.
Several new entities also joined the programme last year, bringing the total number of members to 26 federal and local government entities and corporations.
The programme also created new job opportunities for UAE citizens.
SMEs can enhance their competitiveness in tenders with government and major companies, helping to boost their growth by joining the National ICV Programme, the ministry said.
"The National ICV Programme is one of the projects of the 50 and is designed to support supply chain localisation, develop new industries, help diversify the national economy, and create quality job opportunities in the private sector," said Omar Al Suwaidi, undersecretary at the MoIAT.
"Over the past two years, the programme has achieved tremendous milestones through the increasing integration between MoIAT and federal and local bodies, which has helped to stimulate entrepreneurship and innovation, especially among start-ups and SMEs."
SMEs account for about 98 per cent of companies operating in the UAE. Developing the sector and accelerating the growth of the start-up ecosystem are priorities for the UAE government, under its development strategy for the next 50 years.
“SMEs in the UAE have access to many incentives, including competitive financing solutions through MoIAT's strategic partners, including the Emirates Development Bank (EDB) and a number of other banks and financing institutions in the country," Mr Al Suwaid said.
EDB provides direct and indirect financing to start-ups, SMEs and large corporates in five priority sectors – manufacturing, infrastructure, advanced technology, food security and health care.
The company has set aside Dh30 billion for direct and indirect lending to more than 13,500 companies in priority sectors by 2025.
The bank approved Dh6.1 billion in financing in 2022, a nearly eightfold jump compared with the previous year, and aims to offer at least Dh6 billion in funding this year, its chief executive Ahmed Al Naqbi told The National in a recent interview.
“The National SME Programme aims to empower entrepreneurs and small business owners by providing them with support through financing, marketing, and exposure as well as training and development," said Abdullah Al Saleh, undersecretary of the Ministry of Economy.
The ministry supports Emirati entrepreneurs by teaming up with institutions in the government and private sectors, in addition to strengthening regional and international co-operation with its partners to "drive sustainable growth and promote the contribution of SMEs to GDP", he said.
The National Programme for SMEs was established by the Ministry of Economy in 2014. and aims to support UAE-based entrepreneurs to grow and sustain their businesses.
How the bonus system works
The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.
The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.
There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).
All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.
Zayed Sustainability Prize
Expert advice
“Join in with a group like Cycle Safe Dubai or TrainYAS, where you’ll meet like-minded people and always have support on hand.”
Stewart Howison, co-founder of Cycle Safe Dubai and owner of Revolution Cycles
“When you sweat a lot, you lose a lot of salt and other electrolytes from your body. If your electrolytes drop enough, you will be at risk of cramping. To prevent salt deficiency, simply add an electrolyte mix to your water.”
Cornelia Gloor, head of RAK Hospital’s Rehabilitation and Physiotherapy Centre
“Don’t make the mistake of thinking you can ride as fast or as far during the summer as you do in cooler weather. The heat will make you expend more energy to maintain a speed that might normally be comfortable, so pace yourself when riding during the hotter parts of the day.”
Chandrashekar Nandi, physiotherapist at Burjeel Hospital in Dubai
Empty Words
By Mario Levrero
(Coffee House Press)
RESULT
Huddersfield Town 2 Manchester United 1
Huddersfield: Mooy (28'), Depoitre (33')
Manchester United: Rashford (78')
Man of the Match: Aaron Mooy (Huddersfield Town)
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
How to donate
Text the following numbers:
2289 - Dh10
6025 - Dh 20
2252 - Dh 50
2208 - Dh 100
6020 - Dh 200
*numbers work for both Etisalat and du
MATCH INFO
Mumbai Indians 186-6 (20 ovs)
Kings XI Punjab 183-5 (20 ovs)
Mumbai Indians won by three runs
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
info-box
COMPANY PROFILE
Company name: Happy Tenant
Started: January 2019
Co-founders: Joe Moufarrej and Umar Rana
Based: Dubai
Sector: Technology, real-estate
Initial investment: Dh2.5 million
Investors: Self-funded
Total customers: 4,000
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Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
The years Ramadan fell in May
UAE currency: the story behind the money in your pockets
'The Sky is Everywhere'
Director:Josephine Decker
Stars:Grace Kaufman, Pico Alexander, Jacques Colimon
Rating:2/5
