Recently, His Highness Sheikh Saud bin Rashid Al Mu’alla, Supreme Council Member and Ruler of Umm Al Quwain has issued Emiri Decree No. 02 for 2020 on an economic incentive package to support businesses and individuals, who suffered from effects of the global pandemic.
The decree will allow SMEs to receive a discount of 50 percent on fees related to new business licenses at the Department of Economic Development. Also, SMEs can expect cancellation of fines for expired licenses of commercial, industrial and professional companies, as well as a 50 percent discount on fees on activities related to the Umm Al Quwain Chamber of Commerce and Industry.
According to the Emiri Decree No. 02 for 2020, the Department of Economic Development in Umm Al Qaiwain will supervise the economic processes and will issue a plan on the incentives for the Executive Council that will take action on implementing appropriate incentives to improve economic situation in the region.
The main purpose of this decree is to provide a brief oversight of the measures introduced by UAE Government, both on a federal and emirate level, to help support businesses in light of the COVID-19 pandemic. The decree will come in force from the date of its issuance and will be published in the official media channels.
Novel Coronavirus (SARS-CoV-2, also known as COVID-19) is a new strain of coronavirus which is causing illness in humans and animals. Most people infected with the COVID-19 coronavirus will feel mild to moderate respiratory illness and recover without any special treatment. Older people, as well as those with underlying medical problems like cardiovascular disease, chronic respiratory disease, cancer or diabetes, are more likely to develop serious illness, and require immediate assistance. Novel Coronavirus was first identified in a cluster with pneumonia symptoms in Wuhan city, Hubei province of China, quickly spreading around the world. On early March 2020, the coronavirus COVID-19 pandemic had officially started, becoming the defining global health crisis of our time. Today, it is the greatest challenge people have faced since World War II, worsened by subsequent lockdowns of whole countries, collapse of entire industries, and a major economic recession.