New initiatives unveiled by the UAE serve as a “qualitative shift” designed to make its ecosystem more competitive, resilient and sustainable as it prepares for the next 50 years of growth, the country's minister of economy said.
The programmes underpin a “proactive approach and innovative policies", enabling the Emirates to keep pace with new economic trends, said Abdullah bin Touq, according to a report by state news agency Wam.
The initiatives were announced by Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, during a visit to the ministry.
They are part of the ministry's Fifty Economy Plan that aims to double the country’s gross domestic product by 2030.
The five initiatives – an accelerator for family-owned businesses, the UAE Growth Lab, the Skill-Up Academy, the Scale-up Platform and the Investopia Investment Summit – complement other economic programmes such as the UAE Strategy for Talent Attraction and Retention, said Mr bin Touq.
They also pave the way for a “new phase of economic development in the UAE”, said Ahmad Al Falasi, Minister of State for Entrepreneurship and SMEs.
The measures buttress government and private sector efforts to drive economic growth. The initiatives highlight the “importance of entrepreneurship in enhancing the new economic model through the Skill-Up Academy and the Scale-Up Platform" to improve the country's standing as champion of entrepreneurship and small and medium enterprises, he said.
The accelerator will boost the performance of family businesses that account for about 90 per cent of private companies in the UAE. It will also support the efforts of such companies to enter new markets, develop their brands and forge partnerships, said Mr Al Falasi.
The Investopia Investment Summit and the UAE Strategy for Talent Attraction and Retention will improve the country's attractiveness as a destination for foreign direct investment and a global centre for partnerships, he said.
FDI inflows to the UAE, the Arab world's second-largest economy, surged by 44 per cent to about $20 billion in 2020 despite coronavirus-induced headwinds around the world. The country plans to double the size of its economy over the coming decade to Dh3 trillion.
The UAE economy is expected to grow by 2.4 per cent in 2021 while the size of its non-oil sector is set to expand by 4 per cent this year and in 2022.
Overall economic growth has been forecast at 3.8 per cent in 2022, according to estimates from the UAE Central Bank.
The country has also introduced a series of measures to enhance its standing as an investment-friendly destination. They include new rules that allow full foreign ownership of onshore companies from June 1, 10-year investor visas and a path to citizenship for talented people.
The Ministry of Economy and its partners are focused on amending “all economic legislation in the UAE” and significant progress has already been achieved in updating the Commercial Companies Law, the Commercial Transactions Law and the Consumer Protection Law, said Mr bin Touq.
The country in the future will unveil many “new or updated laws such as [a] family-owned companies law, co-operative societies law, commercial registry law and industrial property rights law … that will transform the economy into a more flexible, sustainable and globally competitive ecosystem”, he said.
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Total eligible population
About 57.5 million people
51.1 million received a jab
6.4 million have not
Where are the unvaccinated?
England 11%
Scotland 9%
Wales 10%
Northern Ireland 14%
The essentials
What: Emirates Airline Festival of Literature
When: Friday until March 9
Where: All main sessions are held in the InterContinental Dubai Festival City
Price: Sessions range from free entry to Dh125 tickets, with the exception of special events.
Hot Tip: If waiting for your book to be signed looks like it will be timeconsuming, ask the festival’s bookstore if they have pre-signed copies of the book you’re looking for. They should have a bunch from some of the festival’s biggest guest authors.
Information: www.emirateslitfest.com
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
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Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
Company profile
Date started: December 24, 2018
Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer
Based: Dubai Media City
Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)
Sector: ConsumerTech and FinTech
Cashflow: Almost $1 million a year
Funding: Series A funding of $2.5m with Series B plans for May 2020
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
UAE currency: the story behind the money in your pockets
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
