Global Family Business and Private Wealth Centre(news)

A  Global Family Business and Private Wealth Centre at DIFC

The Dubai International Financial Centre is planning to establish a Global Family Business and Private Wealth Centre by the year 2030.

UAE weekend change: All you need to know

UAE Weekend change: How will the UAE’s weekend shift impact businesses?

The United Arab Emirates is shifting its paradigm by switching to a 4.5-day work week with weekends to consist of Friday afternoon, Saturday, and Sunday with effect from January 1, 2022.

Expo 2020 boosts Dubai’s image as Global Torchbearer

Expo 2020, a gathering of festivities and a platform that brings people from all over the globe together to connect, share ideas, discover, and develop, has begun in Dubai.

UAE’s Golden Visa: What is it, and who is eligible to apply?

As part of a larger initiative to recruit talented people and promote foreign investment, the UAE government is undertaking a slew of measures.

UAE allows 100% Foreign Ownership in Mainlands; The effective date and activities included

Until recently complete ownership to foreign investors was the sole feature of free zones in UAE, but from June 1st onwards UAE mainland can also boast of this characteristic.

100% Ownership for Expats in 10 New Sectors

UAE to include 10 new sectors to companies’ law, offering 100% ownership to Expatriates

UAE’s Ministry of Economy is working on including 10 new sectors to the Commercial Companies Law which can be fully owned by a foreign national without the help of a local sponsor.

Dubai focuses on Restructuring the Government and to introduce Five-year Foreign Trade Plan

Dubai Council has decided to restructure the government by appointing senior officials within the emirate’s administration and has approved the five-year foreign trade plan to bring in more foreign investment.

The restructuring of the government aims to bring in foreign trade to AED 2 trillion from AED 1.4 trillion. The meeting pointed out three changes that are to be made in the emirate. “The new resolutions seek to raise Dubai’s status as a global economic and investment hub and improve the quality of life for our citizens and residents,” said Sheikh Mohammed.

Restructuring of the Dubai Chamber to three was one of the first resolutions taken by the council. Sheikh Mohammed during the meeting said that, “We will form three new chambers of commerce in Dubai, which will include the Chamber of International Trade that will work to support the interests of international companies based in Dubai, and the Chamber of Digital Economy that will seek to leverage technological trends of the future to promote growth and innovation”.

Dubai Chamber, Dubai Chamber of International Trade and Dubai Chamber of Digital Economy are the three chambers introduced. Juma Al Majid was appointed as the Honorary Chairman of Dubai Chamber, Abdulaziz Al Ghurair as the Chairman of Dubai Chamber, Sultan bin Sulayem as Chairman of Dubai Chamber of International Trade and Omar Al Olama as Chairman of Dubai Chamber of Digital Economy.

Dubai Chamber of International Trade was set up to focus on the emirate’s foreign trade and its expansion to the global markets. The chamber will also look into providing support for businesses to grow and to find place in the global market. The members of the chamber will be businessmen, entrepreneurs and investors.

The Dubai Chamber of Digital Economy on the other hand is assigned to launch projects and developing studies on the future economy as an aim to make Dubai an international technology hub and to bring in the world’s best digital infrastructure. With the goal of optimizing the interests of the technology companies, and advancing the role of digital economy, the chamber will thrive to achieve its goal by building a network with local and international tech entrepreneurs and investment funds. The members of the chamber will also be technology entrepreneurs and investors.

In addition to these, a higher committee to develop a strategic plan for the chambers headed by Abdulaziz Al Ghurair, will be formed with the three chairmen.

As part of restructuring the government, all the Dubai officials and department heads will have to sign three-year binding contracts which list the outcomes, duties and work accountability.

A new development plan has been added to the roadmap that is chartered for the next development phase, called the Dubai 2040 urban development strategy. In this strategy, 60% of the emirate’s total area will constitute the natural reserves and rural natural areas. While land used for hotels and tourism will be increased to 134%, land area for education and health facilities will be 25%. The length of the public beaches will go up to 400% in 2040. Two new centers and three existing urban centers are included for development and investment in the new Dubai Urban Master Plan.

Sheikh Mohammed stressed that the Dubai entities must work together for the next phase of development.

The final resolution included was the approval of five-year foreign trade plan. This will help in attaining the emirate’s goal as the international business hub, focusing more on the high-growth markets like Latin America, Africa and Asia. The government will do its best to bring in foreign investments by creating a more attractive business environment.

“We approved a new global trade map for Dubai that establishes routes to over 400 cities around the world, and we aim to expand this network to 200 additional cities to reinforce the UAE’s pivotal role as an international business hub,” said Sheikh Mohammed during the meeting.

The meeting of the Dubai Council had taken some historic decisions which will help the emirate in becoming a global leader in terms of digital economy, foreign investment and trade. The approval of restructuring the government, Dubai chamber and the introduction of the five-year foreign trade plan are all bound to bring more prosperity to the emirate and to achieve great heights.

UAE offers Citizenship for Expats

United Arab Emirates has never failed to surprise the world. As we move along fighting the global pandemic, the country has made an

Dubai Economy Regains Growth in 2021

Dubai Regains Growth as Businesses Recover

The year of 2020 ended on a good note for the Dubai economy as the business activities are back on track from the horror of the global

DMCC Witnessed 2,025 new Companies Registration last year

DMCC (Dubai Multi Commodities Centre), one of the leading free zones in UAE witnessed 2,025 new companies registration in the past year, which is the highest in five years amongst all the mayhem the pandemic caused.

The DMCC states that, the increase in the intake of companies was a result of the “Business Support Package” they introduced to help businesses to cope up with the situation at hand. DMCC added, “The ‘Business Support Package’ is the largest commercial offer to the business hub, with a wide range of incentives and value-added services to both new and existing companies in the free zone.”

There were a number of initiatives taken by the government to support the businesses and as per records, more than 8000 member companies took up 13,000 offers and incentives granted in 2020. Executive Chairman and CEO, Ahmed Bin Suleyam said, “2020 was a year like no other, as the pandemic impacted every society and business in the country, 2021 will have its obstacles but we are positive about the growth trajectory and our continued effort to bring in more foreign direct investment.”

The DMCC had introduced a limited period offer of allowing virtual licenses and issued them in five working days with zero advance fees during the end of 2020. With its association with Israel and Tel Aviv diamond exchange, the free zone is rated as the likely gainer.

The company’s free zone witnessed a 50% decline in the walk-ins and physical visits as the new and existing members prefer to do their transactions online. Feryal Ahmadi, Chief Operating Officer at DMCC said, “Beyond successfully reaching our targets, we made sure that both the new and existing members in the free zone received their reliefs and support during the past year.”

“By offering our largest business support package in history and by ensuring a fully digitalised set up process, we remained the business hub of choice, attracting companies of all sizes, sectors and origins”, said Ahmad Hamza, Executive Director of the free zone. Almost 95% of the new companies set up their business in the free zone digitally.

The incentives have had a positive effect on the Chinese investors as well, as there was a 20% hike in the number of Chinese companies joining in; the DMCC inaugurated a representative office in Shenzhen, in November 2020.

DMCC, ranked as the number one free zone in UAE, has the ideal location with its excellent sea, road and air links. There are more than 18,000 companies functioning in DMCC and has almost 170 companies joining in every month, 95% among them are new to Dubai. DMCC remains the most preferred work place considering its vibrant community and property, not to mention the incentives and support they provide to their member companies. Businesses of all size and status long to be a part of DMCC.