The UAE has witnessed a significant increase in its overseas investments, with the total assets managed by the UAE International Investors Council (UAEIIC) reaching $2.5 trillion. This surge in overseas investments reflects the UAE's growing presence in the global economy and its strategic approach to diversifying investment portfolios.

UAE International Investors Council (UAEIIC)

The UAEIIC plays a pivotal role in managing the UAE's overseas investments, providing strategic guidance, risk management, and investment opportunities for UAE-based investors. The council focuses on enhancing the UAE's international investment footprint and fostering economic growth through diversified investment strategies.

Total Assets and Investments

The UAEIIC manages a substantial portfolio of assets totaling $2.5 trillion, spread across various sectors and regions globally. The council's investments encompass a diverse range of industries, including technology, real estate, infrastructure, and emerging markets, reflecting a balanced and strategic approach to portfolio management.

Factors Driving Overseas Investments

Several factors have contributed to the rise in UAE's overseas investments, including favorable economic conditions, political stability, and strategic partnerships with key global players. The UAE's proactive investment strategy, coupled with a focus on long-term growth and risk management, has positioned the country as a prominent player in the international investment landscape.

Investment Strategies

The UAEIIC employs a range of investment strategies to optimize returns, mitigate risks, and capitalize on emerging opportunities in global markets. Diversification across sectors and regions, active portfolio management, and a focus on sustainable growth are key pillars of the council's investment approach, ensuring resilience and long-term value creation.

Key Sectors and Regions

The UAEIIC targets key sectors and regions for investments based on market trends, growth potential, and strategic alignment with the UAE's economic priorities. Emerging markets, technology-driven industries, real estate developments, and infrastructure projects are among the focus areas for the council, reflecting a forward-thinking and diversified investment strategy.

Impact on the UAE Economy

The surge in overseas investments has had a positive impact on the UAE economy, contributing to economic growth, job creation, and sectoral diversification. The influx of capital from overseas investments has bolstered the country's position as a global investment hub and facilitated the development of strategic partnerships and business collaborations on an international scale.

Global Investment Trends

UAE's investment trends align with global patterns, reflecting a strategic approach to capital deployment, risk management, and market opportunities. The country's investments in diverse sectors and regions mirror international investment strategies, demonstrating a keen understanding of market dynamics and a proactive stance in navigating global economic trends.

Challenges and Opportunities

While UAE investors face challenges in overseas markets, such as regulatory complexities, market volatility, and geopolitical risks, they also encounter opportunities for growth, expansion, and strategic partnerships. By leveraging its expertise, resources, and network of connections, the UAE is well-positioned to capitalize on emerging opportunities and navigate challenges in the global investment landscape.

Government Support and Policies

The UAE government plays a crucial role in supporting overseas investments through policies, incentives, and initiatives that facilitate investment activities and promote economic growth. By creating a conducive regulatory environment, offering financial incentives, and fostering a culture of innovation and entrepreneurship, the government encourages UAE investors to explore new markets and expand their global footprint.

Industry Response and Stakeholder Perspectives

Industry stakeholders have responded positively to the rise in UAE's overseas investments, recognizing the country's strategic vision, investment acumen, and global impact. Investors, analysts, and business leaders view the UAE's increasing presence in international markets as a testament to its economic strength, resilience, and commitment to sustainable growth.

Future Outlook

Looking ahead, the future of UAE's overseas investments appears promising, with opportunities for continued growth, expansion, and strategic partnerships on a global scale. By leveraging its financial resources, expertise, and market insights, the UAE is poised to navigate evolving market dynamics, capitalize on emerging trends, and solidify its position as a key player in the global investment landscape.

The rise in UAE's overseas investments, with total assets at $2.5 trillion managed by the UAEIIC, underscores the country's strategic approach to international investment and economic diversification. By fostering a culture of innovation, embracing global opportunities, and leveraging its financial capabilities, the UAE is well-positioned to drive economic growth, create value for investors, and shape the future of the global economy.

International investors no longer have to visit a Saudi embassy to get a visa to travel to the Kingdom after the process for applying for the permit was moved online.

The government have introduced the second phase of the “Investor Visitor” e-visa service, expanding its coverage from nearly 60 nations to include all countries worldwide, as reported by the Saudi Press Agency.

This e-visa can be used for multiple entries and has a validity period of up to one year. Some beneficiaries may receive access immediately, enabling them to explore investment opportunities in the Kingdom directly.

This service is part of the Kingdoms’s ongoing efforts to align with the Vision 2030 initiative, with a focus on improving the investment environment and facilitating the start of business activities.

Mohammed Abahussain, deputy of Integrated Investors Services at the Ministry of Investment, explained that the visa is designed to provide international prospects and employees of foreign entities the opportunity to apply for an electronic visitor visa through the ministry’s platform.

It will manage the application process and digitally issue the authorization through the unified national visa platform of the Ministry of Foreign Affairs, eliminating the need for physical visits to Saudi missions abroad for biometric data collection.

This expansion includes individuals from countries listed on the “Invest in Saudi Arabia” platform, those holding valid tourist or business visas from the US, the UK, or Schengen countries, and those with permanent residency in the US, the UK, or EU countries.

Additionally, individuals holding valid residency for a minimum of three months in the Gulf Cooperation Council countries and entities licensed by the Ministry of Investment for three immediate visas per year can also benefit.  

The Kingdom has seen a surge of over 135 percent in foreign investment licenses, reaching 2,192 permits during the third quarter of 2023 as part of a push to attract global businesses to set up operations in the Kingdom.

According to the Ministry of Investment, this is an increase of 1,261 licenses compared to the same period in 2022, excluding permits issued under the “Tasattur” anti-concealment campaign.

In the second quarter of 2023, the direct foreign investment balance in the Kingdom increased by 0.6 percent compared to the previous quarter, as shown in the ministry’s report for November 2023.

Total fixed capital formation experienced a 7 percent increase in the second quarter of 2023 annually, attributed to growth in both government and non-government sectors by 3.5 percent and 7.6 percent, respectively, during the same period.

The report also revealed that the capital of newly licensed factories in 2023 grew by 215 percent in the second quarter due to efforts to enhance industrial competitiveness, boost local content value, and support locally manufactured products.

Meanwhile, foreign trade experienced a 3.1 percent decline in the third quarter of 2023 annually, leading to a 55.4 percent decrease in the trade balance during the same period. This was mainly a result of a 31.8 percent decrease in total exports.

The data also indicated that government revenues reached approximately SR258.5 billion ($68.93 billion) in the third quarter of 2023, marking a 14.4 percent decrease on an annual basis, while government expenses totaled around SR294.3 billion in the third quarter, representing a 2.3 percent increase on an annual basis.

Source: Saudi Press Agency

Bahrain - The total assets of the Future Generations Reserve Fund amounted to $614.3 million during 2022 and increased to $680.1m during the first half of this year, the Cabinet heard yesterday.

It discussed and approved a memorandum submitted by the Finance and National Economy Minister regarding the fund’s annual report and audited financial statements for the fiscal year ending December 31, 2022, with preliminary estimated performance indicators until June 30 this year.

His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, chaired the weekly meeting at Gudaibiya Palace.

The session also highlighted the importance of the meeting held between His Majesty King Hamad and Egyptian President Abdel Fattah Al Sisi in El Alamein city on Egypt’s northern coast.

The Cabinet noted the importance of bilateral co-operation to achieve common aspirations of development, stability, and prosperity.

The session congratulated Her Royal Highness Princess Sabeeka bint Ibrahim Al Khalifa, wife of His Majesty and Supreme Council for Women president, on the 22nd anniversary of the council’s establishment, which falls on August 22 of each year.

The Cabinet commended the achievements of Bahraini women and their remarkable contributions to government work, following the council’s adoption of ambitious programmes for them.

The Cabinet expressed its condolences to the US government and the families of the victims of the devastating forest fires in Hawaii, wishing a speedy recovery to those injured.

Source: Zawya

Under the strategic alliance, Network will empower emaratech-owned noqodi’s existing payment channels

Fintech company noqodi has collaborated with Network International to expand digital payments offering that can cover various segments beyond just government and private sector services.

The partnership will enable the Dubai-based firm to provide micro, small, and medium enterprises (MSMEs) with access to additional digital payment solutions while driving shared goal of boosting the UAE’s cashless economy, according to a press release.

Under the strategic alliance, Network will empower emaratech-owned noqodi’s existing payment channels like e-commerce, point of sale (POS), and software point of sale (SoftPOS) to accept card payments.

It will further introduce support to new unbanked segments, including retail and commerce.

General Manager at noqodi, Zahi Kallab, said: “Together with Network, and leveraging noqodi’s unique value proposition, we are committed to supporting MSMEs and simplifying their business operations with accessible and innovative digital payment solutions.”

Kallab added: “This alliance reinforces our dedication to advancing digital payments in line with Dubai’s vision of becoming a fully cashless economy.”

The fintech company is currently integrated with different banks and payment options that come under one payment platform for government and selected private merchants. This includes direct debit, online banking, and cash through partner exchange houses, besides full automation of collections, reconciliation, settlement, and transaction-related services.

Group Managing Director – Acquiring at Network, Andrew Key, said: “Digital payments are becoming more commonplace in the UAE with businesses of all sizes now shifting toward cashless transactions. Given this, there is a growing need for easily accessible innovative digital payment solutions that help simplify business operations.”

Key concluded: “Our partnership further reaffirms our commitment to boosting digital payments in the region in line with Dubai’s bid to become a fully cashless economy.”

Recently, Network joined forces with SerVme, a reservation and guest customer relationship management (CRM) platform for restaurants and hospitality operators, to endorse food and beverage (F&B) merchants in the UAE.

Source: Zawya

The Kingdom of Bahrain has recently launched a new initiative known as the Golden Licence. This scheme offers a range of incentives, such as corporate income tax exemption for consolidated projects for five years, corporate income tax deferral during the investment period and personal income tax exemption for foreign employees.  

In addition, interested parties will receive simplified assistance and services during the investment process. The launch of the Golden Licence is an important part of Bahrain's efforts to attract and retain investment, and its implementation will help projects achieve long-term success.

This new licence is part of Bahrain's strategy to provide a safe, secure, reliable and competitive business environment for companies.

The new licence is the result of the Government's efforts to attract foreign investment and foster the country's economic development. This measure seeks to increase Bahrain's attractiveness to new investors by providing them with greater flexibility and ease in establishing and operating their businesses in the country.

Benefits offered include the automatic granting of visas to foreign employees, tax exemptions and freedom to import and export products.  

In addition, companies obtaining the Licence will also be able to access a variety of other facilities, such as financing, office rentals, accommodation and consultancy services.

Moreover, through the Licence, companies will be able to rely on the assistance of the Bahrain Investment Agency to help them connect with suppliers of products and services, as well as to find business partners.

This licence will also allow companies to access financial incentives, such as bank loans at preferential rates, business loan guarantees and exemption from import and export taxes. Companies with a Golden Licence will also enjoy additional benefits, such as exemption from property, transport and telecommunications taxes.

The Bahrain Investment Licence is a tax and economic reform introduced in 2021 by the Bahrain Council of Ministers. The licence offers local and international companies a number of incentives to invest in the country, such as integrated cooperation with various government departments, an account manager appointed by the Bahrain Economic Development Board, as well as the possible revision of existing laws or regulations where necessary and applicable.

This initiative is part of the Bahrain Economic Recovery Plan, led by Prince Salman bin Hamad al-Khalifa, Crown Prince and Prime Minister of Bahrain, and aims to attract investment and create jobs locally.

The Bahrain Economic Development Board (EDB) is the main driver of foreign direct investment in the country, working to attract investment from around the world to Bahrain and supporting initiatives that improve the investment climate.  

EDB offers advice to outside companies wishing to establish business or invest in Bahrain, and also provides information and services to foreign investors to help them develop their businesses.

In addition, EDB is committed to the development of quality infrastructure, such as improved transportation, housing construction and energy modernisation, to create an attractive investment environment.

The EDB also strives to promote transparency in government and financial markets, as well as to promote investment in Bahrain's human resources industry, stressing that it is a vital part of economic development and is a key partner for investors seeking a secure and stable environment for their investments.

Source: Atalayar

The incentives offered to companies operating in the four newly launched Special Economic Zones (SEZs) in Saudi Arabia cover both fiscal and non-fiscal concessions, including competitive corporate tax rates, duty-free imports of machinery and raw materials, 100% foreign ownership, seamless set-up procedures, and flexibility in employing foreign labor.

Chairman of the Board of Directors of the Special Economic Cities and Zones Authority and Minister of Investment Eng. Khalid Al-Falih said: “This is an exciting moment.

We are proud to see the launch of these four special economic zones that offer the chance for foreign investors to have a stake in the world’s fastest-growing economy.”

The new zones, strategically situated across the Kingdom, are ‘King Abdullah Economic City (KAEC), Jazan, Ras Al Khair and Cloud Computing SEZ located in King Abdulaziz City for Science and Technology (KACST).

The SEZs reinforce further Saudi Arabia’s position as a global business hub and will play a major role in achieving Saudi Arabia’s economic development goals under the Crown Prince’s Vision 2030 strategy.

The Secretary-General of the Authority, Nabil Khoja, added, “With hugely attractive financial incentives, world-class infrastructure, business-friendly regulations and streamlined procedures for investors, there has never been a better time to be part of Saudi Arabia’s economic success story.

The zones will become engines of growth, increasing the Kingdom’s export competitiveness, attracting talent, boosting technology and improving our global links.”

Special economic zones – or SEZs – are geographically defined areas that facilitate specific economic activities, such as investment, trade and employment, by providing competitive advantages and legislative frameworks that differ from the base economy. With a bespoke regulatory and incentive scheme, SEZs constitute an attractive proposition in the increasingly attractive context of foreign investment.

This important program will enable Saudi Arabia to fast-track certain reforms and facilitate the ease of doing business across the country.

King Abdullah Economic City (KAEC) SEZ will serve as the premier destination for advanced manufacturing and logistics, from automobile supply chain and assembly to consumer goods, ICT to MedTech. Set in a prime location on the Red Sea, less than 90 minutes from Jeddah Airport, this 60km2 site offers unrivaled access to global trade routes through King Abdullah Port, ranked the world’s most efficient by the World Bank in 2022. Anchor investor Lucid, a leader in the global EV industry, will produce 150,000 EVs a year from its base in KAEC SEZ.

Jazan SEZ will be an industrial center and key platform for trade with fast-growing markets in Africa and Asia. Jazan SEZ offers access to the largest port in the region for the export of goods and import of materials, helping investors benefit from and contribute to large-scale infrastructure projects in Saudi Arabia and around the world, backed by easy access to both natural and industrial resources. Jazan is part of the Kingdom’s fertile southwestern region, providing opportunities for manufacturing, processing and distribution of food products to cater for growing regional demand and meet food security challenges across the region.

Ras Al-Khair SEZ is a launchpad on the Arabian Gulf for leaders in the maritime industry, Ras Al-Khair SEZ is a fully integrated marine ecosystem, with a rich network of existing investors – 40% of the zone is already spoken for – and myriad opportunities across shipbuilding and repair, offshore drilling and maritime value chains.

Cloud Computing SEZ, located in King Abdulaziz City for Science and Technology (KACST), will serve as a hub for emerging and disruptive technologies.

A direct manifestation of the Kingdom’s ‘Cloud First’ policy, the Cloud Computing SEZ underlines the Kingdom’s commitment to digital innovation and the fast-growing tech sector.

The Zone is based around an innovative hybrid model that allows investors to establish physical data centers and cloud computing infrastructure in multiple locations within the Kingdom.

Saudi Arabia’s favorable geographic location, at the heart of major trade routes and supply chains, with access to more than 70% of the world’s population within 8 hours, adds to the zones’ appeal, along with the Kingdom’s young, highly educated population of more than 34 million, expansive natural resources and stable, rapidly growing capital markets.

Source: Zawya

Qatar has the fifth largest economy in the Arab World (After Saudi Arabia, Egypt, UAE and Iraq). The country's GDP has been growing steadily between 2010 and 2014, increasing from $125 billion to more than $206 billion in four years. Qatar's economy is driven primarily by the oil and gas industry. It holds the third largest gas reserves in the world (estimated at 12% of the global total in 2021) behind Russia and Iran. The Emirate’s economy is thus heavily concentrated in the gas industry, which represents two-thirds of its GDP and almost 80% of export earnings. Qatar's liquefied natural gas (LNG) industry has attracted tens of billions of dollars in foreign investment and made Qatar the world’s largest exporter of this commodity.

The country enjoys one of the highest GNI per capita in the world (about $65,000 according to IMF projections for 2022) and has a high-spending consumer population. By boosting its liquified natural gas (LNG) capacity by about 40% in the coming years, Qatar’s wealth will keep increasing.

Although economic diversification represents a long-term challenge, Qatar has a large resource base that can be used to boost development of non-hydrocarbon sectors.

Source: 1. seco, 2. OECD, data for 2021 (oecd), 3. OECD, data for 2022.

Qatar is hosting the World Cup which serves as a vehicle to achieve the Qatar National Vision 2030 (QNV 2030), a government initiative to transform Qatar into a global society and provide a higher standard of living. According to this plan, the projects to be performed are intended to promote post-tournament sustainability. The World Cup is expected to positively contribute to the country's domestic economic activity, the construction sector in particular is booming.

Investment climate in Qatar

Among the major advantages of Qatar's investment climate are the country's competitive economy, national currency (that is characterized by a very stable exchange rate), high quality infrastructure, and a very favourable tax environment. In addition, Qatar has two economic zones that offer special benefits to foreign businesses - the Qatar Financial Center (QFC) and the Qatar Science and Technology Park (QSTP). Qatar's well-developed financial sector can also be regarded as an advantageous feature of the country's investment climate. The country has big interest in attracting high-tech products and services to its market. Among the main disadvantages of Qatar's investment climate are relatively small market size and strong reliance of the economy on the public sector. (Reserve your copy of the Doing Business Guide for Qatar link).

Qatar-Switzerland Economic Relations

Qatar and Switzerland will celebrate 50 years of diplomatic ties in 2023. Culturally, the two are worlds apart, but both are small countries that play an outsized role in international politics and business.

According to State Secretariat for Economic Affairs (SECO) Qatar is Switzerland's 5^th largest trading partner in the Middle East (the United Arab Emirates tops the list) (or 63^rd place internationally), with a trade volume totalling CHF708 million ($715 million) in 2021 (trade was down a whopping 52% compared to 2020). According to SECO the volume of trade for the first nine months of the current year already amounts to around two billion francs. Historically trade volume has increased considerably with an upward trend during the last two decades.


Source: Swiss Federal Office for Customs.

The flow of goods mainly goes in one direction, from Switzerland to Qatar. Imports from Qatar, on the other hand, are negligible, in particular because Switzerland is not a buyer of the main Qatari export resource: gas. The two countries have created the necessary framework conditions for increased economic exchanges through a set of agreements such as investment protection, double taxation, free trade (through the GCC and the EFTA) and air transport.

Benefiting from a free trade agreement (through the Gulf Cooperation Council and the European Free Trade Association), a double taxation agreement and an investment protection agreement, economic relations between Switzerland and Qatar come under comprehensive bilateral framework conditions.
Watches and jewellery, precious metals and pharmaceuticals accounted for most exports to the emirate (Federal Office for Customs).


Source: Swiss Federal Office for Customs.



Source: Swiss Federal Office for Customs.

In a sign of the importance it attaches to doing business in Qatar, the Swiss Business Hub, which offers help to Swiss companies looking to establish a presence in foreign markets, has its Middle East office in the Qatari capital. Some 30 Swiss firms in Qatar employ around 1,000 people in the country. The majority of Swiss companies present in Qatar are suppliers in the field of infrastructure and energy. The customer base includes the oil and gas sector, the petrochemical industry as well as water and wastewater management. There we can find for example Endress + Hauser, the specialist in measuring instruments, Nestlé, industrial group ABB, Holcim, Georg Fischer for Watches, Sika in the chemical industry (Watson) and Glencore¹ Switzerland is interested to launch a dialogue with the local companies and the authorities on new technologies, such as in the area of cybersecurity.

Recently top officials from both countries have held meetings during a forum called the Swiss-Qatar Mixed Commission in September 2022. The Federal Councilor Ueli Maurer and Finance Minister Ali bin Ahmed Al Kuwari, met in Zurich, to talk economic opportunities according to the business federation economiesuisse. In the midst of an energy crisis and the war in Ukraine, the purchase of liquefied natural gas from the world’s biggest exporter was a major topic, with the Qataris reportedly open to supplying the Swiss market (economiesuisse). Also different aspects of the real economy were discussed during the different meetings. Qatar is very interested in Swiss know-how. In view of the Football World Cup, Qatar is planning to modernize the construction sector and make it more sustainable, as significant sums will continue to be invested in infrastructure. A large water recycling plant is currently planned. This is exciting news for Swiss companies that are at the forefront of this field. Closer collaboration has also been established in the area of intellectual property protection in particular to better identify counterfeit watches.

Swiss banks are also interested to expand in the Qatari market. UBS announced plans to establish a services hub. Credit Suisse, meanwhile, is willing to open a new tech centre in partnership with the Investment Promotion Agency Qatar. Other sectors too want to further entre the market in the emirate. Swiss hospitals and hotels are looking for partnerships in Qatar and to boosting medical tourism in Switzerland.

What are Qatar’s interests in Switzerland?

Qatar has different investments in Switzerland through the Qatari sovereign wealth fund, the Qatar Investment Authority (QIA), with investments in several sectors totalling close to CHF1 billion, such luxury hotels like the Schweizerhof in Bern and the Bürgenstock Resort on Lake Lucerne. During the financial crisis, it helped shore up Credit Suisse by buying convertible bonds and taking a 5% share in the bank (swissinfo).

The Geneva International Motor Show also signed a deal with Qatar Tourism to bring the popular event to Doha. In 2023 the motor show will take place exclusively in the Qatari city (Gims.swiss).

The World Cup as a driver for economic diversification

Qatar wants to diversify its economy away from fossil fuels, toward a sustainable economy. Hosting the World Cup is part of Qatar National Vision 2030, which aims to diversify the economy and provide a high standard of living for the people. In total, it would be more than 200 billion dollars invested by Qatar to organize one of the biggest sporting events. An event that is expected to generate new activities and boost economic growth.

The State of Qatar has spent 220 billion dollars on infrastructure and giant development projects that have been spent in the 11 years since it won the hosting of the World Cup, and this is the highest number ever spent in the system of this world championship (Al-Jazeera).


Source: DW *Includes spending on infrastructure projects. Values not adjusted for inflation - as of April 2022
For Qatar: The cost of constructing of stadiums, according to official data, is about $7 billion.

Qatar built 8 stadiums according to the latest international standards, namely: Al-Bayt (hosting the opening of the World Cup), Khalifa International, Lusail, Al-Janoub, Education City, Ahmed bin Ali, Al-Thumama, and 974. The cost of constructing of stadiums, according to official data, is about $7 billion.

The Qatari government expects that tourism spending and economic activities associated with this World Cup will add the equivalent of 1.5% to gross domestic product. It is expected that tourism revenues from this tournament will reach about $7.5 billion, according to Capital Economics. Between 1.2 million and 1.7 million fans are expected to arrive in Qatar.

The International Monetary Fund and Bloomberg Agency say that the Qatari economy will reap financial revenues from organizing the World Cup estimated at tens of billions of dollars, including a jump in foreign direct investment in Qatar before and after that world championship. The International Monetary Fund expects economic growth in Qatar to reach 3.4% in 2022 and 2.4% in 2023; Supported and driven by many basic economic factors, including the country's hosting of the World Cup.

Such expectations prompted the Qatari government to aspire to the country becoming a regional centre for business, and even to increase the number of tourists to reach to reach 6 million tourists annually by 2030. Doha is actually a city with one of the fastest-growing hotel and hospitality markets in the world. Over 150 new hotels have been built for the FIFA World Cup. In fact, the World Cup is only one point in the long history of Qatar as a hub for sports and other kinds of cultural activities, all of which makes it an attractive tourist destination (Euronews).

According to Sheikha Alanoud Al Thani, Deputy CEO and Chief Business Officer of the Qatar Financial Centre, a successful World Cup in Qatar is a kind opportunity to put Qatar on the international business and economic map, adding that Qatar's financial commitments into building an infrastructure capable of hosting the World Cup has given many companies a boost, especially in the field of sports technology (Euronews).

The World Cup is a highly effective international marketing platform, that reaches millions of people in over 200 countries around the world. Not all countries have benefited in the same way. The list of the official FIFA partners includes: Adidas (ADS), Coca Cola (KO), Wanda, Hyundai, Kia, Qatar Airways, Qatar Energy and Visa². Switzerland has been able to pull out of the game, in particular thanks to the Swiss company Nüssli, active in the construction of stands. The company has set up a system of air-conditioned and removable stands. The estimated budget is around $700 million.

Criticisms directed at Qatar concerning labour force and relevant regulations

World Cup in Qatar is an object of boycott calls from some politicians and human rights organizations in European countries concerning foreign workers rights.

But Qatar has undergone serious significant domestic reforms. It is the first country in the region to introduce a minimum wage last year and formally abolished the kafala (sponsorship) system for migrant workers.

According to ILO reports, Qatar had undertaken substantial efforts in the areas of labour migration governance, the enforcement of the labour law and access to justice, and strengthening the voice of workers and social dialogue, which have improved the working and living conditions for hundreds of thousands of workers.

In March 2021, Qatar became the first country in the Gulf region to adopt a non-discriminatory minimum wage that applies to all workers, of all nationalities, in all sectors, including domestic work, in addition to legislations concerning occupational safety and health & labour inspection such as the prohibiting of outdoor work between 10 a.m. and 3:30 p.m., access to justice, concerning the labour unions, new legislation has led to the establishment of joint worker-management committees at the enterprise level (ILO).

Qatar’s labour minister responded to the allegations about the conditions of migrant workers involved in construction work for the World Cup, saying a mechanism is already in place for those seeking compensation. “At least $350 million has been given as compensation to workers,” he said.

Rita Schiavi, a former trade unionist with Unia (the largest workers' union in Switzerland), who is familiar with the case of stadium construction sites in Qatar for the World Cup, finds criticism of Qatar too harsh. In an interview published in the daily newspapers of CH Media, she finds that there are many misconceptions about Qatar, before highlighting the evolution of working conditions that she has seen during her visits to Qatar. She pointed out that there are many misconceptions in the West, and prejudices against the Arab-Muslim world, such as the obligation to wear the headscarf (20min)(also look at the reports on SRF of 04.11.2022 and SRF of 10.11.2022).

In a fiery news conference in the Qatari capital on the eve of the tournament, FIFA President Gianni Infantino, attacked European critics on Qatar regarding issues of migrant workers and gay rights. He said, “Who cares about workers’ rights?!, “We in Europe close our borders and do not allow any worker from developing countries to work in our lands legally” he said, noting that there are many who work illegally, while Qatar provides them with this opportunity.

He added: “I have difficulties understanding the criticism. We have to invest in helping these people, in education and to give them a better future and more hope. We should all educate ourselves, many things are not perfect but reform and change takes time”, “I am European. For what we have been doing for 3,000 years around the world, we should be apologising for the next 3,000 years before giving moral lessons,” (Swissinfo³).

Swiss population vision on the World Cup in Qatar
The feeling of the Swiss population has been mixed, with concerns for the welfare of migrant workers, who make up the majority of workers in Qatar (95%). Many Swiss cities have chosen not to install fan zones or public viewings, justifying this decision by Qatar’s workers’ rights record.

Future vision
Finally, whatever scepticism and criticism prevail in the Western countries, Qatar was able to enter history as the first Arab and Muslim country to organize the World Cup, though sending a bright message about the history of the region and the importance of peace and cooperation between the people. Moreover, the World Cup represents a golden opportunity for the country to put itself on the world map changing the country’s image, and cliché about the Arab world, and most importantly, it is a strong tool to transform its economy into a modern, more diversified, highly digitised, and integrated into the global value chain. More is still needed to be done to achieve various urban development projects to achieve the country’s 2030 national vision’s sustainability goals, so creating opportunities and favourable conditions for foreign investors and visitors.

We, at Swiss Arab Entrepreneurs Platform, will be helping the different partners in order to seize the very interesting opportunities offered by the World Cup in Qatar today and in the future.

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1. British company with headquarter in Switzerland, The Guardian (Link).
2. Admiralmarkets (Link).
3. Swissinfo (https://bit.ly/3GWhbyA).

Abu Dhabi’s AD Ports Group, which is owned by sovereign wealth fund ADQ, posted a 41 percent year-on-year rise in net profit for the first quarter of 2022, as the company’s core businesses rebounded from supply chain bottlenecks.

Total net profit for the period ended March 31, 2022 reached 306 million dirhams ($83 million), compared to 218 million dirhams a year ago, the company reported on Friday.

Revenue rose 15 percent year-on-year to 1.047 billion dirhams, while adjusted EBITDA jumped 34 percent to 524 million dirhams.

“The Group’s core businesses are rebounding from the supply chain disruptions of the recent period,” said Mohamed Juma Al Shamsi, Managing Director and Group CEO at AD Ports Group.

Rated A+ by S&P, AD Ports has a portfolio of 10 ports and terminals and more than 550 square kilometres of economic zones.

The company also reported a 23 percent year-on-year growth in container volumes, with Ro-Ro and cruise passenger volumes showing healthy recovery post COVID-19 disruption.

Also during the quarter, the company’s new maritime business initiatives, such as feedering, transhipment, offshore logistics and supply, as well as vessel chartering services, grew by 167 percent, contributing around 168 million dirhams to total revenue.

source: zawya

The emirate of Dubai has adopted its first law governing virtual assets and established a regulator to oversee the sector, its ruler Sheikh Mohammed Bin Rashid said on Wednesday.

The United Arab Emirates, a federation of seven emirates and the region's financial capital, has been pushing to develop virtual asset regulation to attract new forms of business as regional economic competition heats up.

Virtual assets generally encompass products including crypto currencies and NFTs, but the announcement did not specify which assets would come under the new law.

The Dubai Virtual Asset Regulation Law aims to position Dubai and the UAE as a regional and global destination for the virtual assets sector, Sheikh Mohammed said in a statement carried by state media.

The Dubai Virtual Assets Regulatory Authority will oversee the development of the business environment for virtual assets in terms of regulation, licensing and governance, he said.

The new law will apply throughout Dubai except for the state-owned financial free zone DIFC. DIFC's regulator, the Dubai Financial Services Authority (DFSA), is working on its own regulation for the virtual asset sector.

In October, DFSA released the first part which governs digital tokens, and this week launched a consultation on regulation for crypto tokens, which includes crypto currencies.

The UAE as a whole is getting closer to issuing virtual asset investment regulation, the UAE's Securities and Commodities Authority (SCA) said on Tuesday.

Source: Reuters

Golden Residency Visa, announced by the Interior Ministry, will be renewed indefinitely

Bahrain on Monday introduced a new permanent residency visa to attract talent and investment, part of a trend in Gulf states to offer more flexible and longer-duration visas amid regional economic competition and as Bahrain works to fix its finances.

Foreigners in Gulf states have traditionally had renewable visas valid for just a few years tied to employment, limiting their stay.

The Golden Residency Visa, announced by the Interior Ministry, will be renewed indefinitely, include the right to work in Bahrain, unlimited entry and exit, and residency for close family members.

"(The visa) is aimed at attracting investors, entrepreneurs, and highly talented individuals who can contribute to Bahrain's ongoing success," the statement said.

The move is part of measures the small Gulf state is taking to resolve its heavily indebted finances. In October, it announced a new economic growth and fiscal balance plan, including major infrastructure projects.

To qualify for the visa, a person must have resided in Bahrain for at least five years and earned an average salary of at least BHD 2000 ($5,306) per month.

Those who own properties above a certain value, and retirees and "highly talented" individuals who meet certain criteria will also qualify.

Gulf neighbour and regional tourism and business hub the United Arab Emirates has, over the past couple of years, introduced longer-duration and more varied visas, and the chance to be granted Emirati citizenship, in a bid to retain professionals and their families.

source: zawya