The UAE has invited French companies to explore investment opportunities, especially in the country’s new economy sectors, as ties between the two countries continue to strengthen.
The move came following a meeting between the Minister of Economy Abdulla bin Touq and investors, as well as chief executives of top French companies.
Mr bin Touq is leading a UAE delegation to France to discuss the strengthening of economic co-operation in key sectors, including renewable energy, tourism, aviation, entrepreneurship, artificial intelligence, space, intellectual property and the circular economy.
“The economic policies approved by the UAE over the last three years…have established a solid, fertile environment for the growth of major French companies, enabling their access to new markets,” Mr bin Touq said on Thursday.
“The UAE offers them various incentives and advantages, including advanced infrastructure and flexible legislation that ensure fair competition, in addition to a digital services system through which businesses can be easily set up.”
The Arab world’s second-largest economy introduced a number of new legislations as it aims to boost its economy and support the private sector.
The reforms are aimed at improving ease of doing business, attracting foreign investors, creating jobs and diversifying its economy away from oil.
The UAE has also allowed 100 per cent foreign ownership of companies, reduced visa restrictions, provided various incentives for small and medium enterprises and introduced laws to improve transparency for investors.
The country is also putting in place various measures to boost foreign direct investment. It aims to attract Dh550 billion ($149.7 billion) in FDI by 2030, and eventually reach Dh1 trillion by 2051.
"The country is continuously developing its economic legislation and launching innovative initiatives and programmes that support the economic climate and attract FDI, especially in the new economy sectors," the minister said.
These include the "issuance of legislation to protect intellectual property and the launch of an ambitious strategy to attract talent and minds to enhance the UAE’s position as a permanent hub for creativity and innovation".
The UAE is home to more than 600 French companies operating in various sectors including renewable energy, transportation, logistics, hotels, aviation, space, banking, and insurance, among others. They employ more than 30,000 people, according to Mr bin Touq.
“The UAE is the second largest GCC investor in France and has more than 50 of its companies operating in France, in various sectors. We will continue to work with our French partners to increase the number of companies operating in the markets of the two countries, contributing to the creation of thousands of job opportunities,” he added.
As part of his trip, Mr bin Touq also met with his French counterpart, Bruno Le Maire, to explore ways to build the partnership between the two countries in new economic sectors.
The UAE and French delegations also discussed opportunities to strengthen bilateral tourism and aviation relations. In 2022, the number of French tourists who visited the UAE surpassed 490,000, an increase of 20,000 on 2021.
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
Killing of Qassem Suleimani
THREE
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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
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THE DEALS
Hamilton $60m x 2 = $120m
Vettel $45m x 2 = $90m
Ricciardo $35m x 2 = $70m
Verstappen $55m x 3 = $165m
Leclerc $20m x 2 = $40m
TOTAL $485m
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PRISCILLA
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Why seagrass matters
- Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
- Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
- Biodiversity: Support species like sea turtles, dugongs, and seabirds
- Coastal protection: Reduce erosion and improve water quality
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
