Abu Dhabi will host the “Make it in the Emirates” Forum on June 21 and June 22 as part of the UAE's plans to boost the local industrial sector.
The event will provide an “important platform for presenting local investment opportunities in the industrial sector”, a key enabler of the UAE’s economic diversification efforts, the Ministry of Industry and Advanced Technology said on Wednesday.
The event is being hosted by the ministry, in partnership with the Abu Dhabi Department of Economic Development (Added), under the theme “Invest, Partner, Grow”.
More than 1,300 representatives from investment companies, financial institutions, national companies and public sector entities will participate in the forum.
Major national companies will present “billions of dirhams of investment opportunities in various fields, including defence, petrochemicals, metals, electrical appliances and equipment, rubber and plastics, pharmaceuticals and medical supplies, among others”, the ministry said.
Government entities will also provide incentives such as significant access to capital financing with flexible repayment terms, low interest rates and other financial solutions.
A number of commercial agreements and industrial partnerships will be signed at the event, the ministry said.
The UAE seeks to widen the contribution of its non-oil sector and boost its local industrial sector.
Business activity in the UAE's non-oil private sector economy recorded its highest reading for the year in May as output and new orders rose to 55.6 in May, from 54.6 in April, amid rising client demand.
The latest reading signals one of the strongest improvements in the health of the non-oil economy in the past three years.
Last year, the UAE launched the Operation 300bn strategy to increase the sector's contribution to the country's gross domestic product to Dh300 billion ($81.6bn) by 2031, from Dh133bn in 2021.
As part of the strategy, it also unveiled the “Make it in the Emirates” campaign to support the local manufacturing industry.
The ministry, which is driving the country's industrial strategy, also has launched the national In-Country Value Programme, which has redirected more than Dh41bn to the national economy during its first year.
The “Make it in the Emirates” forum next week will include sessions focusing on topics such as investment opportunities in the industrial sector, expected demand for products and services, and the future of industry.
Participating entities include Added, Adnoc, Mubadala Investment Company, Etisalat, ADQ, Aldar Group, Edge Group, Taqa, Emirates Steel, Etihad Rail, Emirates Global Aluminium, Etihad Airways, Masdar, the Emirates Nuclear Energy Corporation, the Tawazun Economic Council, Pure Health and chambers of commerce from across the country.
Seven financial institutions including Emirates Development Bank, First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Etihad Credit Insurance, the Abu Dhabi Fund for Development, Abu Dhabi Islamic Bank and Standard Chartered will also exhibit their financial solutions.
More than 24 companies will also participate in an exhibition area where they will highlight the investment opportunities in their businesses.
The UAE economy is set to expand by an annual 5.4 per cent this year, driven by higher oil prices and the country’s success in containing the impact of the coronavirus pandemic, the UAE Central Bank said.
The economy expanded 3.8 per cent in 2021 and is forecast to grow 4.2 per cent in 2023.
Andor
%3Cp%3E%3Cstrong%3ECreator%3A%3C%2Fstrong%3E%20Tony%20Gilroy%3Cbr%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EDiego%20Luna%2C%20Genevieve%20O'Reilly%2C%20Alex%20Ferns%3Cbr%3E%3Cstrong%3ERating%3A%205%3C%2Fstrong%3E%2F5%3C%2Fp%3E%0A
F1 2020 calendar
March 15 - Australia, Melbourne; March 22 - Bahrain, Sakhir; April 5 - Vietnam, Hanoi; April 19 - China, Shanghai; May 3 - Netherlands, Zandvoort; May 20 - Spain, Barcelona; May 24 - Monaco, Monaco; June 7 - Azerbaijan, Baku; June 14 - Canada, Montreal; June 28 - France, Le Castellet; July 5 - Austria, Spielberg; July 19 - Great Britain, Silverstone; August 2 - Hungary, Budapest; August 30 - Belgium, Spa; September 6 - Italy, Monza; September 20 - Singapore, Singapore; September 27 - Russia, Sochi; October 11 - Japan, Suzuka; October 25 - United States, Austin; November 1 - Mexico City, Mexico City; November 15 - Brazil, Sao Paulo; November 29 - Abu Dhabi, Abu Dhabi.
The Bio
Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
Formula%204%20Italian%20Championship%202023%20calendar
%3Cp%3EApril%2021-23%3A%20Imola%3Cbr%3EMay%205-7%3A%20Misano%3Cbr%3EMay%2026-28%3A%20SPA-Francorchamps%3Cbr%3EJune%2023-25%3A%20Monza%3Cbr%3EJuly%2021-23%3A%20Paul%20Ricard%3Cbr%3ESept%2029-Oct%201%3A%20Mugello%3Cbr%3EOct%2013-15%3A%20Vallelunga%3C%2Fp%3E%0A
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
