Foreign investment in Abu Dhabi grew significantly last year, following efforts from the Government to attract outside money.
However, the emirate still receives only a quarter of the nation's total foreign investment, even though it contributes to 58 per cent of gross domestic product (GDP), according to a report from the Department of Planning and Economy.
"The emirate of Abu Dhabi is going through a hectic process for improving the general investment climate in order to attract foreign investment," the report said.
Foreign investment in Abu Dhabi reached Dh17.8 billion (US$4.85bn) last year, up from Dh16.1bn in 2006. The report listed the finance and insurance sector as the largest recipient of foreign investment, receiving 36 per cent last year. Next was construction, with 19 per cent.
The report said that until recently the investment environment in Abu Dhabi gave too little of what the private sector desired. Among the most significant difficulties facing investors last year were the requirement of having a local partner or sponsor and the complexity of administrative procedures. The Government needed to take steps to remove these obstacles, the report said.
It said the emirate was taking particular measures to increase foreign direct investment, or at least investments large enough to guarantee the investor some control of a local company's management.
"Abu Dhabi is seeking to share experience with other countries of the world that have success stories in this area," including Malaysia, Singapore and China, the report said.
However, unlike other countries, Abu Dhabi's drive to attract foreign investment is not motivated by a need for extra capital. Instead, it is meant to attract technological knowledge, management skills and access to foreign markets.
According to the report, the emirate should quickly enact new laws to attract foreign investments that "would complement and augment local investments, rather than compete with or replace them". This would require giving priority to investments that use advanced technology and technical expertise in order to "create a mechanism for gradual indigenisation of technology in a manner that suits the needs of the local economic environment".
tpantin@thenational.ae
How the UAE gratuity payment is calculated now
Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.
The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.
1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):
a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33
b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.
2. For those who have worked more than five years
c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.
Note: The maximum figure cannot exceed two years total salary figure.
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
if you go
The flights
Flydubai offers three daily direct flights to Sarajevo and, from June, a daily flight from Thessaloniki from Dubai. A return flight costs from Dhs1,905 including taxes.
The trip
The Travel Scientists are the organisers of the Balkan Ride and several other rallies around the world. The 2018 running of this particular adventure will take place from August 3-11, once again starting in Sarajevo and ending a week later in Thessaloniki. If you’re driving your own vehicle, then entry start from €880 (Dhs 3,900) per person including all accommodation along the route. Contact the Travel Scientists if you wish to hire one of their vehicles.
Stats at a glance:
Cost: 1.05 billion pounds (Dh 4.8 billion)
Number in service: 6
Complement 191 (space for up to 285)
Top speed: over 32 knots
Range: Over 7,000 nautical miles
Length 152.4 m
Displacement: 8,700 tonnes
Beam: 21.2 m
Draught: 7.4 m