UAE: MOE Announces Reduction in Service Fees in an effort to minimize the impact of the COVID-19 pandemic

In an effort to minimize the impact of the COVID-19 pandemic, the Ministry of Economy (MOE) of the United Arab Emirates (UAE) has announced a new list of service fees, reflecting a reduction across 94 of its services provided to individuals, companies and the business sector.

According to the MOE, reductions in certain fees reach up to 98% while the financial impact to the business sector due to these reductions is forecast at AED 113 million in 2020.

The MOE stated that these reductions cover a variety of its services, particularly the ones related to innovation, business activities, investment, production, trade, import and export activities. The most prominent of these services in...