On Thursday in Dubai, an informational event was held organized by the Ministry of Finance, dedicated to the implementation of the Law on Public Procurement.
During the press-conference, it was announced that the new law on public procurement, according to which government contracts must be awarded based on transparency and fairness, is extremely important for increasing the efficiency of public finances. As highlighted by a representative of the Ministry of Finance, this law will necessarily help in achieving the goals of sustainable development of the UAE and will improve the business environment in the country.
One of the key features of the new law is the introduction of digital technologies in the procurement process, which will allow streamlining procedures and making them more transparent. Additionally, ministry representatives noted that efforts to combat corruption will also be intensified within the new legislative framework.
During the informational event, questions were raised regarding the integration of electronic trading and the improvement of control mechanisms for the executed contracts. Representatives of the Ministry of Finance emphasized that the new law on public procurement aims to ensure more effective use of public resources and increase accountability of all parties involved in the procurement process.
In conclusion, the meeting expressed optimism regarding the impact of the new law on the UAE economy and the overall transparency of public finances, which, as expected, will lead to improvements in the business environment in the country.
