United Arab Emirates (AP) — The United Arab Emirates has relaxed and removed a range of limits on foreign ownership of companies, state-run media reported Monday, in the country’s latest bid to boost its global status and attract foreign investors. The overhaul signals yet another startling change for the federation of seven desert sheikhdoms as it grapples with the economic fallout of the pandemic.
Earlier this month, the UAE announced a series of reforms to its Islamic legal code, allowing unmarried couples to cohabitate, improving protections for women and loosening restrictions on alcohol consumption.
The country's Islamic “personal” laws had at times flown in the face of the freewheeling image that the UAE, with its 8 million foreigners and just 1 million Emiratis, sought to project to the world.
The dramatic changes come as the UAE has spent billions of dollars preparing to host some 25 million visitors for the World Expo, which was pushed back to 2021 because of the pandemic. The emirates also expect Israelis to join the legions of foreigners who have opened up businesses and bought apartments in the coastal cities of Dubai and Abu Dhabi following a breakthrough U.S.-brokered normalization deal between the countries.
Dubai in particular, which was teetering on the brink of an economic downturn before the pandemic thanks to a weak real estate market, is eager for the influx of capital and travelers. COVID-19 has battered its economy, which draws largely from the tourism, hospitality and aviation industries.
The presidential decree that alters the corporate law helps the UAE “strengthen its leading position regionally and globally as an attractive destination for projects and companies,” state-run WAM news agency reported.
The reforms allow foreign entrepreneurs and investors to set up their own companies without involving local shareholders, the agency said. That's a welcome development for the country’s many expatriates who long had their ownership capped at 49% in firms outside free zones.
Other legal amendments remove quotas requiring that Emiratis hold the majority of board positions and serve as chairs for onshore companies. Companies that want to be publicly traded will be able to sell up to 70% of their shares instead of the current 30% limit.
The amendments will certainly diminish the appeal of 45 “free” zones across the UAE, where those wanting to avoid local-hiring quotas and retain full foreign ownership would set up shop.
The move deals a major blow to longstanding rentier benefits for Emirati citizens, many of whom made their livings as figurehead company partners. Still, no one expects public resistance from locals.
Some 80% of Emiratis work in the public sector and receive generous salaries and subsidies. They closely hew the government line in the hereditarily ruled sheikdom. Political parties and labor unions remain illegal.
State-linked newspaper The National reported the decree in further detail, saying the foreign ownership amendments would take effect within six months. Companies could take an entire year to start complying with the changes, it added.
source: usnews
Egypt’s Minister of Trade and Industry Nevine Gamea announced that investors applying for industrial units in the seven new industry clusters will be granted a six-month reprieve from rent.
The six-month reprieve will come into effect once the investors receive their units at the industry clusters recently offered by the Industrial Development Authority (IDA).
Gamea said that the decision aims to relieve the burdens on small enterprises and investors, whilst giving them the opportunity to start their projects.
The minister also announced a two-week extension on the submission period for applications to obtain industrial units in the seven new clusters. The period will now come to a close on 12 December, to give investors an opportunity to prepare feasibility studies for their projects.
Gamea said that the rent set for new units are very affordable for small manufacturers and investors, and that the state has been keen to provide these units at a lower price than the cost. The governmental move aims to support young people, as these clusters were not launched for making a profit.
She also said that the executive regulations under the Micro, Small and Medium-Sized Enterprise Development Law are being drawn up. This represents a significant improvement in terms of facilities, advantages, and investment opportunities that will provide help for young investors working in this promising sector to develop their projects.
Moreover, IDA Chairperson Mohamed Al-Zalat said that the authority is keen to constantly communicate with investors working in all industrial areas and complexes. This aims to help them overcome all the obstacles they may face, and to ensure collaboration to solve their problems.
Al-Zalat said that the IDA is committed to providing all necessary facilities to help investors in the new industrial complexes to obtain all necessary licences for their projects.
He added that units available in the new industry custers will be very distinctive, with each unit equipped with all utilities, including sanitation and water networks.
source: zawya
Bahrain expects to achieve a growth of five per cent next year. This is based on expectations that the impact of Covid-19 will subside, according to the Finance and National Economy Ministry. The economy has registered a drop of 5.8pc this year.
The financial and economic statement for the state’s general budget draft law 2021-2022 shows Bahrain’s oilfield is estimated to produce 46,000 and 43,000 barrels per day for 2021 and 2022, respectively. The Abu Saafa Oilfield is expected to produce 150,000 barrels daily.
Revenues from gas sales are estimated on the basis of an average price of $3.91 and $4 for the two fiscal years. Annual gas production is estimated at 543.5 billion cubic feet and 586.5bn cubic feet for the two years, respectively.
The total budget allocated for government projects for 2021 and 2022 reached BD1.312bn covering more than 64 projects, in addition to other projects (BD530 million from the state’s general budget and BD782.4m as part of the GCC Development Fund).
Housing projects got the largest share (27pc), other projects (23pc), works and roads (20pc), electricity and water network upgrade (15pc), sports (6pc), education, health and social services (5pc), and transport infrastructure (4pc).
Housing projects mainly include Deerat Al Oyoun (Diyar Al Muharraq), Wadi Al Sail and Galali, East Hidd, Ramli project and Al Louzi in partnership with the private sector.
Health projects feature health insurance implementation, establishment of a cardiology centre, a kidney dialysis centre in Riffa and a long-stay care centre in Muharraq.
Education projects include establishing and developing facilities at Bahrain University and Bahrain Polytechnic, setting up Abdulla Bin Khalid College for Islamic Studies and schools across the kingdom. Public order and safety sector features the implementation of the second phase of e-Customs system for single window “Ofoq”.
Shura Council financial and economic affairs committee chairman Khalid Al Maskati said a legislative-executive joint meeting will be held soon to discuss the budget draft law.
source: zawya
Dubai Customs played a major role in supporting the prosperity of foreign trade and economic growth, during its history of achievements, as Dubai’s non-oil foreign trade witnessed a significant growth and its value doubled about 10 times between 2000 and 2019, rising from 143 billion dirhams in The year 2000, to reach in the year 2019 of 1.371 trillion dirhams, while the value of Dubai’s foreign trade in the first half of this year reached about 551 billion dirhams.
The march of Dubai Customs witnessed successive stages of work and completion. In the seventies of the last century, Dubai Customs established customs centers in various sea, air and land ports of the Emirate of Dubai, which include coastal customs centers in Dubai Creek, Port Rashid Customs Center in addition to Jebel Ali customs centers and with the expansion of Dubai. In the construction of airports, customs centers were established in the buildings of Dubai International Airport and the Al Maktoum Airport building.
Air customs centers specialized in air freight have also been established. Land customs centers have witnessed a great development that enhances Dubai’s role in the trade movement transported by land to local markets and transit from Dubai to neighboring countries.
On April 1, 2001, Dubai Customs entered a new development phase with the establishment of the “Ports, Customs and Free Zone Corporation” and since 2006, Dubai Customs has witnessed a significant improvement in the level of performance as the development of customs services provided by the department has actively contributed to the UAE’s acquisition of the status. The first in the world in the index of effectiveness of customs authorities.
Ahmed Mahboob Musabih, Director General of Dubai Customs said that the department is keen to play its vital role in performing the tasks entrusted to it in protecting society, facilitating trade and supporting travel and tourism. The department has worked to continuously develop its capabilities and kept pace with all stages of development witnessed by the country, guided by the vision of our wise leadership in future foresight and planning.
The right to achieve the most important achievements with diligence, perseverance and careful study of the projects and initiatives launched by the department to develop customs work and consolidate its position in the global forefront by providing the best commercial and customs services to dealers through leadership in customs innovation at the international level.
He added that with the celebration of the 49th National Day of the UAE, Dubai Customs continues to prepare for the future plans for the next 50 years in the country’s march and is working on developing new projects and initiatives that enable it to make new leaps in improving the level of its services provided to customers in order to make them happy and enable them to achieve the added value of their choice. Dubai is a destination for their commercial operations to support the economic development of the UAE by transforming challenges into achievements and opportunities that enable us to continuously achieve new achievements.
Dubai Customs achieved many achievements and sought to provide the best services to customers by developing and innovating new methods that facilitate customs procedures. The department’s achievements in this field include the launch of the integrated customs system Mersal 2, the electronic business channel, the smart risk engine system, and smart services.
The department strengthened its efforts to achieve more communication with the private sector. And the business community through the advisory board to enhance cooperation with trade groups and the “engagement” initiative to coordinate with diplomatic bodies and foreign business councils.
Out of its keenness to make customers happy, the department launched the “Our 7-Star Centers” project with the aim of raising the efficiency and classification of customer service centers according to the international star rating system to provide a welcoming and comfortable service environment for customers in order to make them happy and encourage them to expand their trade through Dubai and Dubai Customs kept pace with the developments witnessed by the world in the year 2020 In terms of the Covid 19 pandemic crisis, it supported the ability of dealers to complete their customs transactions through smart services, and the department also took all precautionary measures to confront the pandemic, with the completion of inspections without delay to enable dealers to complete customs clearance quickly, which supports their ability to deliver their goods directly to the market.
source: uae24x7
The Federal Authority of Identity and Citizenship (ICA) on Thursday explained procedures of benefitting from the grace period granted to the visa violators.
In a tweet on its official account, the authority said the violators of residency laws can avail of exemption from all fines and other administrative restrictions.
This is applicable only to the violations occurred before March 1 and the last date of exemption is December 31.
Residence visa violators should book an air ticket with a departure date before December 31 and arrive at the airport with the ticket and passport four hours before the departure time.
Visit visa holders with their visas expired before March 1, who travel out of Abu Dhabi, Sharjah and Ras Al Khaimah airports, should reach the airport at least six hours before the departure time to avail of the amnesty programme.
Those who travel through Dubai and Al Maktoum airports will have to report at the Dubai Civil Aviaion Security Centre 48 hours before the departure time.
The authority also said that the violators who have dependants under their sponsorship should depart with their dependants.
source: zawya
The Dubai Silicon Oasis Authority announced yesterday the agenda for the Dubai Technology Entrepreneurship Center (DTEC) forum, which is organized in cooperation with the Arab Entrepreneur Magazine.
The last session of this year’s Dtech forum is scheduled to take place on December 8 at 3 pm UAE time, in digital format, through the application of the virtual Holover platform, developed by OutReal XR, under the title ‘The reality of retail business in 2020: from Traditional to online selling.
Edward Sabbagh, General Manager of Farfetch Middle East, will chair the first session entitled ‘Digitization of the luxury experience’, where he will provide an overview of the impact of the Corona pandemic on the luxury and fashion sector, and the change of online buying habits in the Middle East and the world.
It will also address what small and medium-sized companies have learned from international brands operating in this sector.
In a panel discussion titled ‘From Traditional Selling to Online Selling – Leveraging the E-Commerce Boom, Tamara Bubik of Arab Entrepreneur Magazine hosts Khalil Al-Alami, CEO of Teller, Ryan Osseiran, founder of Shoreags, and Renault de Gonverville, CEO of Zuo.
To analyze the opportunities that the rapid growth of e-commerce has brought to the companies supporting the sector from distribution partners, payment gateways, and logistics service providers, due to ‘Corona’.
source: alkhaleejtoday
Zain Saudi Arabia announced the provision of fifth generation (5G) services in the cities of Qurayyat, Ras Tanura and Tabarjal, thus completing the process of continuous expansion of its network and services for the fifth generation throughout the Kingdom, which now covers 38 cities; This enhances the comprehensive digital transformation journey in the Kingdom in accordance with the Kingdom’s Vision 2030 on the one hand, and confirms Zain Saudi Arabia’s commitment as a leading national provider of advanced communications and internet services on the other hand.
Zain Saudi Arabia’s expansion in its fifth generation network (G5) map coincides with the beginning of the new school year, for which the company had allocated new packages and special offers for distance learning in the “prepaid” and “postpaid” categories.
In this context, the CEO of Zain Saudi Arabia, Eng.
Sultan bin Abdulaziz Al-Daghaither, said, “The company is keen to deliver the fifth generation network (5G) to all regions of the Kingdom without exception, in a way that contributes to consolidating economic, social and cognitive development, at the same time.
Effectively contributing to the access of every Saudi student to good educational opportunities by improving the quality of distance education services, and we will continue, in “Zain Saudi”, to invest in the support of distance education in order to contribute our role in providing our children with the knowledge and skills necessary for the jobs of the smart future and pushing towards a digital transformation. There is no doubt that the fifth generation (5G) services from Zain will open new horizons for these cities and regions, as we are proud to put at its service new tools for innovation and development, and support the efforts of the wise leadership towards achieving economic diversification and raising the efficiency and competitiveness of the national economy. ”
Eng. Al-Deghaither praised the efforts made by “Zain Saudi Arabia” in the field of developing the Kingdom’s digital infrastructure, through the injection of quality investments and the adoption of a strategy based on modernization and adoption of the best technologies. “We are starting to see the fruits of this strategy at the national level, through the effective contribution of Zain Saudi Arabia in terms of the level of digital services provided and their effectiveness, and the continuous progress that the Kingdom is achieving in the relevant international and local reports.”
With the addition of the cities of Qurayyat, Ras Tanura and Tabarjal to the coverage of the fifth generation network, Zain Saudi Arabia continues to provide the widest coverage of the fifth generation (5G) network to reach 38 cities, as its uniqueness in spreading the fifth generation network made it occupies the first place in 12 out of 13 administrative regions in the Kingdom, as part of the “Meqyas” report issued by the Communications and Information Technology Commission.
The company recently announced the launch of the frequency integration feature for its 5G network, to be the first telecom operator in the world to provide this feature to its customers, which enables the internet speed to reach 2.4 gigabits per second, which provides a better and faster experience in using the Internet of Things, electronic games and the business sector in a way. Unprecedented.
The fifth generation network of “Zain Saudi Arabia”, according to the same report, was the fastest in accessing the two applications Zoom and Microsoft Teams, and also ranked first in the speed of access to 4 out of 5 electronic games, according to the report, including: Fortnite, FIFA20, APEX, League And Legends.
These achievements coincide with the international recognition of the level of excellence achieved by “Zain Saudi Arabia”, in obtaining the award for the fastest home Internet in the Kingdom from the global company Ookla, the owner of the famous SpeedTest website and a specialist in measuring Internet speeds globally.
source: saudi24news
On December 6--10, Dubai will host five major technology events, namely GITEX Technology Week, GITEX Technology Stars, GITEX Future Stars, Gulf Information Security Exhibition and Conference, Future Blockchain Summit and Marketing Minya.
These events will be held in the presence of major global technology companies and startups who will showcase the latest innovations from 5G technology, artificial intelligence and electronic security..And according to the Dubai Chamber of Commerce, more than 60 countries have confirmed their participation to date.
For more information: https://www.gitex.com/
اختتمت اليوم أعمال مؤتمر قمة العشرين (G20) في دورته الخامسة عشر التي عقدت يومي 21 و22 من شهر نوفمبر الجاري بحضور قادة مجموعة العشرين برئاسة المملكة العربية السعودية، بالإضافة إلى كل من الأردن واسبانيا وسويسرا وعدد من المنظمات الدولية كضيوف، وجرت اعمال المؤتمر عبر الفيديو.
صورة جماعية "افتراضية" تجمع قادة مجموعة العشرين برئاسة المملكة العربية السعودية
ولقد صدر عن المؤتمر في ختام اعماله يوم الاحد 22 نوفمبر بيان ختامياً ركزاً على عدد من التحديات والقضايا الراهنة، والتي كان من أهمها:
مواجهة التحديات والالتزام بقيادة عالمية لحقبة ما بعد كورونا
أكد قادة مجموعة العشرين على ضرورة تنسيق الإجراءات العالمية والتضامن متعدد الأطراف في الوقت الحالي لمواجهة التحديات الراهنة واغتنام فرص القرن الحادي والعشرين للجميع، والالتزام بقيادة العالم نحو تشكيل حقبة ما بعد جائحة فيروس كورونا قوية ومستدامة متوازنة وشاملة.
وصول لقاحات فيروس كورونا إلى الجميع
وتعهد قادة القمة عبر البيان ببذل كل الجهود لضمان وصول لقاحات فيروس كورونا للجميع بطريقة عادلة وبتكلفة ميسورة، وبتلبية الاحتياجات التمويلية المتبقية لهذه اللقاحات. كما وشدد البيان على الحاجة إلى تعزيز فعالية منظمة الصحة العالمية في التنسيق ودعم الاستجابة العالمية لجائحة كورونا.
النشاط الاقتصاد العالمي عاود الارتفاع جزئياً
وجاء في البيان بان النشاط الاقتصاد العالمي قد عاود ارتفاعه جزئياً على خلفية معاودة فتح اقتصاد الدول تدريجياً والسياسات المهمة التي أخذت تؤتي ثمارها، على الرغم من انكماش الاقتصاد العالمي في عام 2020 نتيجة اثار جائحة كورونا. إلا ان التعافي يكتفنه عدم اليقين بسبب المخاطر المرتفعة، منها مخاطر عودة تفشي الفيروس في بعض الاقتصاديات.
مبادرة تعليق مدفوعات الدين حتى يونيو/حزيران 2021
واقرا قادة مجموعة العشرين في البيان التزامهم بتطبيق مبادرة تعليق مدفوعات خدمة الدين حتى يونيو/حزيران 2021 والتي ساعدة على تحسين الإنفاق على الجوانب المتعلقة بمكافحة جائحة فيروس كورونا والتي يستفيد منها أكثر من مليار انسان في الدول المدينة.
اصلاح منظمة التجارة العالمية
أكد البيان على دعم الجهود السياسية المستمرة الضرورية للإصلاح لمنظمة التجارة العالمية، والالتزام المتكرر بضمان شبكة أمان مالية عالمية أقوى من خلال صندوق النقد الدولي، فضلاً عن دعم الدول النامية والأقل نمواً.
دعم الاقتصاد الرقمي
ثمن البيان دور الاتصالات والتقنيات الرقمية في تعزيز استجابة الدول لجائحة كورونا وتسهيل استمرار النشاط الاقتصادي، واكد دعمه إيجاد بيئة مفتوحة وعادلة وغير تمييزية..مع الإدراك لأهمية مواجهة التحديات المتعلقة بالخصوصية وحماية البيانات وحقوق الملكية الفكرية والأمن.
وفي ختام اعمال القمة سلم العاهل السعودي الملك سلمان بن عبد العزيز آل سعود رئاسة القمة لرئيس الوزراء الإيطالي جوزيبي كونتي الذي ابدا استعداد بلاده لتنظيم القمة بدءاً من الشهر المقبل، مؤكداً أنهم حددوا ركائز الدورة الـ16 التي ستتمحور حول "حماية البشر والحفاظ على البيئة وتحقيق الازدهار".
المصدر: وكالات
لتحميل البيان كاملاً: https://bit.ly/3fA7F4J
The Islamic Development Bank (IsDB) Group hosted a webinar on the impact of the COVID-19 pandemic on the global investment outlook, which was organized in collaboration between the United Nations Conference on Trade and Development (UNCTAD) and the Country Strategy and Cooperation (CSC) Department, IsDB on 17th November 2020 to discuss the impact of COVID-19 on FDI and trade in OIC member countries.
The main objective of the webinar is to present the key findings of the World Investment Report 2020 - International Production Beyond the Pandemic with a highlight on FDI trends in foreign direct investment (FDI) worldwide, at the regional and country levels and emerging measures to improve its contribution to development.
In addition to presenting IsDB Group Strategy during COVID-19 and its impact on OIC Member Countries and Investment Promotion Agencies (IPAs).
The Webinar also proposed adopting policies and strategies to revive investment and trade in member states to advance investment promotion activities, in order to support the IsDB Group efforts to assist Investment Promotion Agencies (IPAs) in member countries by assisting them in devising appropriate investment and trade policy responses to the ongoing pandemic
Mr. Oussama Kaissi, CEO of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), stated that “the COVID-19 pandemic has created a devastating global health crisis. According to UNCTAD’s 2020 World Investment Report, global flows of foreign direct investment (FDI) will be under acute pressure this year as a direct result of the pandemic.
In order to combat these implications in member countries, IsDB and its group members have implemented a number of initiatives to maintain trade and investment flows. ICIEC will be an important part of the long-term recovery, supporting the growing demand for risk mitigation solutions”.
Mr. James Zhan, Director, Investment & Enterprise Division, UNCTAD, made a presentation which highlighted the key findings and policy recommendations found in its World Investment Report 2020: International Production Beyond the Pandemic.
Mr. Amadou Diallo, the Acting Director-General, Global Practices at the Islamic Development Bank in his speech stated that during COVID-19, the Bank provided technical assistance programs for the Islamic Development Bank Group such as RCI and ITAP to support the Member Countries by assisting them in developing suitable plans for investment and trade policy to confront the ongoing Corona pandemic.
This is in the framework of a tripartite approach centered around the "response, recovery and rebuilding" pillars.
Mr. Mohammed Bukhari, Senior Investment Promotion & Regional Cooperation Specialist, CSC Dept., IsDB delivered a presentation on the impact of COVID-19 on MCs, particularly in foreign direct investment (FDI), domestic investment and investment promotion agencies (IPAs).
It is noteworthy that the private sector institutions of the Islamic Development Bank Group played an important role during COVID-19, as Mr. Asheque Moyeed, Division Head, Infrastructure & Corporate Finance, the Islamic Corporation for the Development of the Private Sector (ICD) made a presentation which focused on the efforts related to promoting investment in member countries, where the IsDB Group private sector institutions pledged with IsDB to provide $ 700 million to stimulate investment, finance trade, investment insurance and export credit in member countries.
Two D-8 Egypt and Turkey are going to utilize around $270 million of this package.
The webinar brought together over 500+ participants from 113 countries, including government officials, Presidents & CEOs of local/international private sector companies, multilateral and financial institutions, individual investors, entrepreneurs, chambers of commerce & Industry, business associations, and investment promotion agencies
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