The UAE's recent economic reforms indicate that the "country's business environment is flexible" and it is committed to providing investors with some of the best incentives to start their ventures, according to a senior government official.
New legislation will spur growth, stimulate innovation, strengthen intellectual property and increase the country’s attractiveness to global investors, entrepreneurs and innovators, Abdullah Al Saleh, undersecretary of the Ministry of Economy, said at a media briefing on Tuesday.
President Sheikh Khalifa formally approved the most extensive legal reforms in the country’s history last month, before the Golden Jubilee celebrations of its formation.
These are expected to help the country attract more foreign direct investment and support the growth of small and medium-size enterprises to strengthen its economy.
Amendments to more than 40 laws, including to legislation on commercial companies, commercial registry and trademarks, were unveiled.
“These three laws, in addition to the laws and legislations previously announced by the government, are an open invitation. The UAE’s business environment is flexible and advanced, which will provide them [the companies] with the best possibilities and incentives to start their business and practice economic and trade activities,” Mr Al Saleh said.
“The new laws that were launched in conjunction with the UAE’s Golden Jubilee represent an important milestone in the development of the legislative system to drive national economic growth in line with the Principles of the 50. It puts in place proactive legislative frameworks that drive economic growth in the country over the next 50 years.”
The new laws put in place proactive legislative frameworks that drive long-term economic growth in the country over the next 50 years
Abdullah Al Saleh,
undersecretary of the Ministry of Economy
The move is in line with the UAE’s ambitions to become a global business hub and further continue to diversify its economy.
The Arab world’s second-largest economy is undertaking measures to boost its economy. This year, it unveiled a strategy to boost the contribution of the industrial sector to Dh300 billion ($81.68bn) in the next 10 years, from Dh133bn currently.
The country also overhauled its commercial companies law last year to attract more foreign capital and annulled the requirement for onshore companies to have an Emirati shareholder.
Amendments to this law ensure an advanced investment environment enabling investors to implement vital projects for the economy, increase the attraction of foreign companies and attract foreign investments to the country’s vital economic sectors, the ministry said on Tuesday.
The law amendments include development of financing solutions for companies and restructuring operations and finding solutions to the challenges facing business activities in the country, it added.
The latest updates, announced on Tuesday in co-operation with the Securities and Commodities Authority, are “an additional step towards enhancing the business climate in the country to support the competitiveness of the national economy and the dynamism of the business environment”, Mr Al Saleh said.
Among other benefits, the new legislation allows companies to transform into a public joint stock company and sell its shares or offer new shares in a public subscription without being restricted to a certain percentage, by following the price-building mechanism of the security, the ministry said.
It also allows branches of foreign companies licensed in the country to transform into a commercial company with UAE citizenship.
All these amendments are aimed at transforming the country’s economic and legal environments, according to Maryam Al Suwaidi, chief executive of the SCA.
“I believe it [the amendments] will have a huge impact on the SCA, in terms of keeping up with global regulators, and also being an international hub or a financial centre for international companies,” she told The National on the sidelines of the media briefing.
“We have to be able to compete with other regulators and we are helping to make the UAE an attractive destination for international companies.”
Meanwhile, the commercial register law would help investors and companies develop their businesses based on documented, integrated and accurate information, according to the ministry.
The amendments to this law aim to make the Economic Register a comprehensive reference to help investors and companies develop their businesses based on documented, integrated and accurate information, the ministry said, detailing the new legislation. It will also enable the use of the unified economic register number as a digital identity for companies.
“The registry will serve as a leading platform that accelerates the growth of economic sectors and enhances the position of the UAE as a destination for future investments and innovative ideas in new economic sectors,” it added.
It will also support the UAE strategy 2021-2025 for digital transformation in terms of providing an enhanced digital infrastructure and a unified digital platform to support the integration of economic data for business sector services in the UAE, according to the ministry.
Amendments to the trademark law, the third economic reform highlighted by the ministry, would accelerate the issuance of licenses for businesses as well as speed up the completion of government approvals and procedures for companies.
This would contribute to enhancing integration in the work of service providers, increasing their contribution to SMEs, the ministry said.
The changes will also make available the database of trademarks to the public for free, which was formerly a paid service.
The move enhances confidence in the UAE’s markets and the business sector, and contributes to combating fraud and counterfeiting, preserving the rights of institutions, companies and individuals, according to the ministry.
Titanium Escrow profile
Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue
Stage: Early stage
Investors: Founder's friends and Family
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
Indika
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%2011%20Bit%20Studios%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Odd%20Meter%3Cbr%3E%3Cstrong%3EConsole%3A%3C%2Fstrong%3E%20PlayStation%205%2C%20PC%20and%20Xbox%20series%20X%2FS%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
PROFILE OF INVYGO
Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
War
Director: Siddharth Anand
Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor
Rating: Two out of five stars
Favourite book: ‘The Art of Learning’ by Josh Waitzkin
Favourite film: Marvel movies
Favourite parkour spot in Dubai: Residence towers in Jumeirah Beach Residence
Tom Fletcher on 'soft power'
The biog
Occupation: Key marker and auto electrician
Hometown: Ghazala, Syria
Date of arrival in Abu Dhabi: May 15, 1978
Family: 11 siblings, a wife, three sons and one daughter
Favourite place in UAE: Abu Dhabi
Favourite hobby: I like to do a mix of things, like listening to poetry for example.
Favourite Syrian artist: Sabah Fakhri, a tenor from Aleppo
Favourite food: fresh fish
COMPANY%20PROFILE%20
%3Cp%3EName%3A%20DarDoc%3Cbr%3EBased%3A%20Abu%20Dhabi%3Cbr%3EFounders%3A%20Samer%20Masri%2C%20Keswin%20Suresh%3Cbr%3ESector%3A%20HealthTech%3Cbr%3ETotal%20funding%3A%20%24800%2C000%3Cbr%3EInvestors%3A%20Flat6Labs%2C%20angel%20investors%20%2B%20Incubated%20by%20Hub71%2C%20Abu%20Dhabi's%20Department%20of%20Health%3Cbr%3ENumber%20of%20employees%3A%2010%3C%2Fp%3E%0A
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
Scores
Oman 109-3 in 18.4 overs (Aqib Ilyas 45 not out, Aamir Kaleem 27) beat UAE 108-9 in 20 overs (Usman 27, Mustafa 24, Fayyaz 3-16, Bilal 3-23)
Reading List
Practitioners of mindful eating recommend the following books to get you started:
Savor: Mindful Eating, Mindful Life by Thich Nhat Hanh and Dr Lilian Cheung
How to Eat by Thich Nhat Hanh
The Mindful Diet by Dr Ruth Wolever
Mindful Eating by Dr Jan Bays
How to Raise a Mindful Eaterby Maryann Jacobsen
UAE currency: the story behind the money in your pockets
