Abu Dhabi's Mubadala Investment Company on Sunday announced an investment in Europe's biggest pet care provider IVC Evidensia. Chris Whiteoak / The National
Abu Dhabi's Mubadala Investment Company on Sunday announced an investment in Europe's biggest pet care provider IVC Evidensia. Chris Whiteoak / The National
Abu Dhabi's Mubadala Investment Company on Sunday announced an investment in Europe's biggest pet care provider IVC Evidensia. Chris Whiteoak / The National
Abu Dhabi's Mubadala Investment Company on Sunday announced an investment in Europe's biggest pet care provider IVC Evidensia. Chris Whiteoak / The National

Abu Dhabi forms new council to regulate free zones


Mary Sophia
  • English
  • Arabic

Abu Dhabi issued a resolution to form a free zone council, which will oversee regulations that govern the respective areas in the emirate.

The Free Zone Council will begin with proposing general policies for free zones and will submit them to the Executive Council, the Abu Dhabi Government Media Office said in a statement on Tuesday.

Mohammed Al Shorafa, chairman of the Abu Dhabi Department of Economic Development (Added), will also assume the chairmanship of the council.

The council will conduct research related to free zones’ operational affairs, propose suitable solutions to develop and support them, and co-ordinate with entities within free zones to exchange knowledge, experience, expertise and practices.

"The council will start by establishing a system to conduct its meetings and vote on decisions," the media office said.

The entity will also create an integrated database for the affairs of free zones.

The Free Zone Council will have the authority to approve free zones’ non-financial key performance indicators along with Added.

Operational entities within the free zones are to co-operate with the council and provide it with all required information to help it establish the overall policy for the emirate's free zones.

The launch of the Free Zones Council follows studies and free zones’ benchmarking and aims to keep pace with the rapid growth of free zones and their role in supporting economic growth.

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The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

Global Fungi Facts

• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil

While you're here

Company profile

Name: The Concept

Founders: Yadhushan Mahendran, Maria Sobh and Muhammad Rijal

Based: Abu Dhabi

Founded: 2017

Number of employees: 7

Sector: Aviation and space industry

Funding: $250,000

Future plans: Looking to raise $1 million investment to boost expansion and develop new products

THE CLOWN OF GAZA

Director: Abdulrahman Sabbah 

Starring: Alaa Meqdad

Rating: 4/5

Types of policy

Term life insurance: this is the cheapest and most-popular form of life cover. You pay a regular monthly premium for a pre-agreed period, typically anything between five and 25 years, or possibly longer. If you die within that time, the policy will pay a cash lump sum, which is typically tax-free even outside the UAE. If you die after the policy ends, you do not get anything in return. There is no cash-in value at any time. Once you stop paying premiums, cover stops.

Whole-of-life insurance: as its name suggests, this type of life cover is designed to run for the rest of your life. You pay regular monthly premiums and in return, get a guaranteed cash lump sum whenever you die. As a result, premiums are typically much higher than one term life insurance, although they do not usually increase with age. In some cases, you have to keep up premiums for as long as you live, although there may be a cut-off period, say, at age 80 but it can go as high as 95. There are penalties if you don’t last the course and you may get a lot less than you paid in.

Critical illness cover: this pays a cash lump sum if you suffer from a serious illness such as cancer, heart disease or stroke. Some policies cover as many as 50 different illnesses, although cancer triggers by far the most claims. The payout is designed to cover major financial responsibilities such as a mortgage or children’s education fees if you fall ill and are unable to work. It is cost effective to combine it with life insurance, with the policy paying out once if you either die or suffer a serious illness.

Income protection: this pays a replacement income if you fall ill and are unable to continue working. On the best policies, this will continue either until you recover, or reach retirement age. Unlike critical illness cover, policies will typically pay out for stress and musculoskeletal problems such as back trouble.

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Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments

The biog

Favourite food: Tabbouleh, greek salad and sushi

Favourite TV show: That 70s Show

Favourite animal: Ferrets, they are smart, sensitive, playful and loving

Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can

Name of first pet: Eddy, a Persian cat that showed up at our home

Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big