The number of new economic licences issued in Abu Dhabi rose about 22 per cent in 2021 to 25,427 as the emirate’s economy continued to recover from the effects of the coronavirus pandemic on the back of new government initiatives.
Nearly 16 more economic licences (83,484) were also renewed last year, indicating “continued post-pandemic recovery, growth, and development”, Abu Dhabi Department of Economic Development (Added) said in its Business Activity Report released on Thursday.
Foreign investor licences in the emirate surged to 273 in 2021 compared with six in 2020, while freelance licences increased to 1,749 from 279 in 2020. The department also issued 11 virtual licences for non-resident foreign investors last year.
“As a result of the emirate’s pre-emptive approach towards tackling the effects of the pandemic while prudently driving the macro-economy forward, Abu Dhabi was able to forge ahead successfully with its growth and diversification roadmap,” said Rashed Al Blooshi, undersecretary of Added.
Abu Dhabi was quick to respond to the economic challenges posed by the pandemic and launched a number of new projects to support the business sector. It cut business set-up fees by more than 90 per cent and introduced a professional licence offering 100 per cent foreign ownership of businesses related to 604 activities.
Abu Dhabi's non-oil economy grew an annual 4.1 per cent last year, driven by the government’s robust economic policies and the emirate’s speedy recovery from the pandemic, data from the Statistics Centre — Abu Dhabi (SCAD) showed.
“Initiatives such as the Investor Journey programme which was responsible for driving a 71 per cent reduction in business set-up requirements in co-ordination with 26 local and federal government entities, and the lowering of Added setup and renewal fees by 90 per cent, have facilitated ease of doing business for investors and entrepreneurs,” Mr Al Blooshi said.
Among the 25,427 licences issued in 2021, commercial sector licences accounted for 24,077, up more than 21 per cent annually, while professional sector licences rose nearly 36 per cent to 711. Tourism sector licences also grew more than 41 per cent to 126 in 2021.
Industrial sector licences increased more than 14 per cent to 206 and occupational sector licences rose 9 per cent to 243 last year, Added said.
“We are witnessing the gradual and calculated growth of businesses across all sectors and industries and this is testament to the efforts made towards taking Abu Dhabi’s economy through to the next level of its evolution,” said Mohammed Al Mansouri, executive director of the Abu Dhabi Business Centre.
Du Plessis plans his retirement
South Africa captain Faf du Plessis said on Friday the Twenty20 World Cup in Australia in two years' time will be his last.
Du Plessis, 34, who has led his country in two World T20 campaigns, in 2014 and 2016, is keen to play a third but will then step aside.
"The T20 World Cup in 2020 is something I'm really looking forward to. I think right now that will probably be the last tournament for me," he said in Brisbane ahead of a one-off T20 against Australia on Saturday.
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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
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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
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Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Uefa Nations League: How it works
The Uefa Nations League, introduced last year, has reached its final stage, to be played over five days in northern Portugal. The format of its closing tournament is compact, spread over two semi-finals, with the first, Portugal versus Switzerland in Porto on Wednesday evening, and the second, England against the Netherlands, in Guimaraes, on Thursday.
The winners of each semi will then meet at Porto’s Dragao stadium on Sunday, with the losing semi-finalists contesting a third-place play-off in Guimaraes earlier that day.
Qualifying for the final stage was via League A of the inaugural Nations League, in which the top 12 European countries according to Uefa's co-efficient seeding system were divided into four groups, the teams playing each other twice between September and November. Portugal, who finished above Italy and Poland, successfully bid to host the finals.
Uefa Nations League: How it Works
The Uefa Nations League, introduced last year, has reached its final stage, to be played over five days in northern Portugal. The format of its closing tournament is compact, spread over two semi-finals, with the first, Portugal versus Switzerland in Porto on Wednesday evening, and the second, England against the Netherlands, in Guimaraes, on Thursday.
The winners of each semi will then meet at Porto’s Dragao stadium on Sunday, with the losing semi-finalists contesting a third-place play-off in Guimaraes earlier that day.
Qualifying for the final stage was via League A of the inaugural Nations League, in which the top 12 European countries according to Uefa's co-efficient seeding system were divided into four groups, the teams playing each other twice between September and November. Portugal, who finished above Italy and Poland, successfully bid to host the finals.
MATCH INFO
Barcelona 2
Suarez (10'), Messi (52')
Real Madrid 2
Ronaldo (14'), Bale (72')
The biog
Age: 23
Occupation: Founder of the Studio, formerly an analyst at Cleveland Clinic Abu Dhabi
Education: Bachelor of science in industrial engineering
Favourite hobby: playing the piano
Favourite quote: "There is a key to every door and a dawn to every dark night"
Family: Married and with a daughter
Simran
Director Hansal Mehta
Stars: Kangana Ranaut, Soham Shah, Esha Tiwari Pandey
Three stars
Day 4, Abu Dhabi Test: At a glance
Moment of the day Not much was expected – on Sunday or ever – of Hasan Ali as a batsman. And yet he lit up the late overs of the Pakistan innings with a happy cameo of 29 from 25 balls. The highlight was when he launched a six right on top of the netting above the Pakistan players’ viewing area. He was out next ball.
Stat of the day – 1,358 There were 1,358 days between Haris Sohail’s previous first-class match and his Test debut for Pakistan. The lack of practice in the multi-day format did not show, though, as the left-hander made an assured half-century to guide his side through a potentially damaging collapse.
The verdict As is the fashion of Test matches in this country, the draw feels like a dead-cert, before a clatter of wickets on the fourth afternoon puts either side on red alert. With Yasir Shah finding prodigious turn now, Pakistan will be confident of bowling Sri Lanka out. Whether they have enough time to do so and chase the runs required remains to be seen.
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Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
