UAE economy ministry launches online tool to help businesses address Covid-19 impact

Platform aims to open direct communication between the ministry and businesses

The Ministry of Economy's platform provides information on requirements and procedures for dealing with customers and suppliers during the Covid-19 pandemic. AFP

The UAE's Ministry of Economy has set up an interactive online tool to help companies address the impact of the Covid-19 pandemic, support business continuity and promote sound business practices as part of efforts to shore up the private sector during the crisis.

The knowledge platform is geared towards easing the impact of the coronavirus on the country's commercial and investment climate, protecting consumers and companies, and establishing direct communication between the ministry and businesses, it said.

The platform will provide "the latest developments on the epidemic in the country by linking to the information centre for the UAE, and providing a set of proposals and guidelines that are in accordance with best practices in the field of conducting business in light of this pandemic in terms of precautionary measures and steps that companies and employers are required to continue to conduct their business, whether at the company's headquarters or through remote work", the ministry said.

Around the world, the pandemic has disrupted daily life, paralysed air travel, wiped out at least $17 trillion (Dh62.4tn) from stock markets globally and forced governments to introduce economic stimulus packages worth more than $8tn as countries went into lockdown. The UAE introduced a slew of measures to help ease the impact of the Covid-19 crisis on its private sector, which has included stimulus measures worth more than Dh282 billion.

The Ministry of Economy's platform provides information on requirements and procedures for dealing with customers and suppliers during the pandemic. It also offers suggestions on how to increase sales during this time and provides an overview of the most affected sectors and the most "promising" ones, the ministry said.

Additionally, it offers information on the incentive packages launched by the UAE at the federal and local levels for businesses to cope with the effects of the pandemic.

The online tool also allows the business community to submit general inquiries through direct communication with the Investment Department of the Ministry of Economy.

The digital service, which is available on the official website of the Ministry of Economy, contains a section for questions related to foreign direct investment and includes a set of reports about the impact of the coronavirus on foreign direct investment flows.

The Covid-19 outbreak represents the biggest challenge to the world economy since the Great Depression of the 1930s, as lockdown measures imposed to limit its spread hit industries such as aviation and tourism hard.

The International Monetary Fund said it expected the global economy to shrink 3 per cent in 2020, a sharp fall from its earlier forecast of 3.3 per cent growth. Lower oil prices also mean Middle East and Central Asia economies were projected to contract 2.8 per cent this year.