Abu Dhabi has unveiled a range of programmes aimed at boosting its economic standing, pledging to empower businesses and encourage greater involvement as the UAE capital accelerates its future development.
The four initiatives are designed to “drive collective ambitions forward”, said Ahmed Al Zaabi, chairman of Abu Dhabi Department of Economic Development, at the inaugural Abu Dhabi Business Week on Wednesday.
The event is being held under the patronage of Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council.
The programmes are geared “to empower business leaders and equip the younger generation to explore opportunities, design solutions, start and grow businesses … delivering impact and create further impact”, Mr Al Zaabi said.
The initiatives include the Abu Dhabi Chamber of Commerce and Industry's new strategic road map, “designed for the private sector by the private sector” that will support the growth of businesses in key sectors.
It will primarily focus on boosting small and medium enterprises and family businesses, alongside prioritising the ease of doing business and accelerating private sector growth.
The plan is “a result of extensive discussions over the past few months between key stakeholders from both public and private sectors”, Mr Al Zaabi said.
In addition, the Abu Dhabi Family Business Council was announced, aimed at supporting one of the UAE's crucial entrepreneurial segments.
The council will focus on “enhancing Abu Dhabi's legacy, driving excellence and empowering a new generation of leaders for future readiness”, Mr Al Zaabi said.
Abu Dhabi will also streamline business activities further with the introduction of the Abu Dhabi Registry Authority, designed to simplify processes and encourage more entrepreneurs to contribute to the economy.
The “milestone” entity will centralise and streamline business registration across the emirate, including free zones. It will also promote transparency and help companies take advantage of Abu Dhabi's economic incentives, Erfan Al Hashmi, senior manager at Adra, told The National.
"Our centralised registration will be offering investors the sureness and confidence that everything ... is compliant in accordance with international standards," he added.
And to further develop the start-up community, the Khalifa Fund for Enterprise Development introduced MZN Hub, aimed at providing support to these companies that are crucial to advancing the economy through technology.
MZN Hub comprises three units: MZN Venture Studios, Light Manufacturing and MZN Venture Capital, which grants start-ups access to business development support, working and prototyping spaces, and funding, respectively.
MZN Venture Studios, which is new cornerstone strategy, will offer tailored support programmes, access to digital tools and sustainable finance models.
“This strategy reflects a bold yet balanced vision – one that empowers growth and opens new horizons of possibilities for entrepreneurs everywhere,” Mr Al Zaabi said.
Abu Dhabi's economy has maintained its strength, supported by several government initiatives aimed at spurring entrepreneurship and attracting investments.
The emirate's gross domestic product grew by an annualised 4.1 per cent in the second quarter of this year, driven by a boost from the non-oil sector as the emirate continues to focus on economic diversification.
The value of Abu Dhabi’s economic output for the three months ending June 30 reached a record Dh297 billion ($80.87 billion), the Statistics Centre – Abu Dhabi said in October.
For the first six months of this year, Abu Dhabi's economy recorded a 3.7 per cent increase on an annual basis, with the non-oil sector expanding by 6.6 per cent in the second quarter of 2024, reaching a record Dh164.2 billion.
The non-oil sector's share of the emirate's economy rose to more than 55.2 per cent, its highest since late 2014.
Abu Dhabi has also focused on the use of advanced and emerging technologies, in preparation for the economy and society of the future, in line with the overall goals of the UAE, the Arab world's second-biggest economy.
The UAE capital, along with Dubai, has also been ranked first globally for ease of entry for global talent in this year's Global Cities Index, as the country's open immigration policies seek to attract and retain foreigners in a bid to diversify its economy.
“We are accelerating [economic] momentum. These four strategic initiatives collectively form the foundational core of the broader economic landscape of Abu Dhabi,” Mr Al Zaabi said.
They are “catalysts that encourage the growth of existing businesses and those that are yet to exist”, he added.
Abu Dhabi Business Week, which runs until Friday, will highlight new investment opportunities and collaboration between the public and private sectors to drive growth and diversification of Abu Dhabi’s economy.
More than 150 speakers and 8,000 policymakers, business executives, international investors and entrepreneurs will take part in the three-day event.
Ways to control drones
Countries have been coming up with ways to restrict and monitor the use of non-commercial drones to keep them from trespassing on controlled areas such as airports.
"Drones vary in size and some can be as big as a small city car - so imagine the impact of one hitting an airplane. It's a huge risk, especially when commercial airliners are not designed to make or take sudden evasive manoeuvres like drones can" says Saj Ahmed, chief analyst at London-based StrategicAero Research.
New measures have now been taken to monitor drone activity, Geo-fencing technology is one.
It's a method designed to prevent drones from drifting into banned areas. The technology uses GPS location signals to stop its machines flying close to airports and other restricted zones.
The European commission has recently announced a blueprint to make drone use in low-level airspace safe, secure and environmentally friendly. This process is called “U-Space” – it covers altitudes of up to 150 metres. It is also noteworthy that that UK Civil Aviation Authority recommends drones to be flown at no higher than 400ft. “U-Space” technology will be governed by a system similar to air traffic control management, which will be automated using tools like geo-fencing.
The UAE has drawn serious measures to ensure users register their devices under strict new laws. Authorities have urged that users must obtain approval in advance before flying the drones, non registered drone use in Dubai will result in a fine of up to twenty thousand dirhams under a new resolution approved by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai.
Mr Ahmad suggest that "Hefty fines running into hundreds of thousands of dollars need to compensate for the cost of airport disruption and flight diversions to lengthy jail spells, confiscation of travel rights and use of drones for a lengthy period" must be enforced in order to reduce airport intrusion.
UAE currency: the story behind the money in your pockets
About Takalam
Date started: early 2020
Founders: Khawla Hammad and Inas Abu Shashieh
Based: Abu Dhabi
Sector: HealthTech and wellness
Number of staff: 4
Funding to date: Bootstrapped
COMPANY%20PROFILE%20
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Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
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.
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
Killing of Qassem Suleimani
Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Ovasave%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20November%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Majd%20Abu%20Zant%20and%20Torkia%20Mahloul%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Healthtech%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%20Three%20employees%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-seed%3Cbr%3E%3Cstrong%3EInvestment%3A%3C%2Fstrong%3E%20%24400%2C000%3C%2Fp%3E%0A
PROFILE OF STARZPLAY
Date started: 2014
Founders: Maaz Sheikh, Danny Bates
Based: Dubai, UAE
Sector: Entertainment/Streaming Video On Demand
Number of employees: 125
Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners
UAE currency: the story behind the money in your pockets
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi
Yadoo’s House Restaurant & Cafe
For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.
Golden Dallah
For the cappuccino, luqaimat and aseeda.
Al Mrzab Restaurant
For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.
Al Derwaza
For the fish hubul, regag bread, biryani and special seafood soup.
Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
Why does a queen bee feast only on royal jelly?
Some facts about bees:
The queen bee eats only royal jelly, an extraordinary food created by worker bees so she lives much longer
The life cycle of a worker bee is from 40-60 days
A queen bee lives for 3-5 years
This allows her to lay millions of eggs and allows the continuity of the bee colony
About 20,000 honey bees and one queen populate each hive
Honey is packed with vital vitamins, minerals, enzymes, water and anti-oxidants.
Apart from honey, five other products are royal jelly, the special food bees feed their queen
Pollen is their protein source, a super food that is nutritious, rich in amino acids
Beewax is used to construct the combs. Due to its anti-fungal, anti-bacterial elements, it is used in skin treatments
Propolis, a resin-like material produced by bees is used to make hives. It has natural antibiotic qualities so works to sterilize hive, protects from disease, keeps their home free from germs. Also used to treat sores, infection, warts
Bee venom is used by bees to protect themselves. Has anti-inflammatory properties, sometimes used to relieve conditions such as rheumatoid arthritis, nerve and muscle pain
Honey, royal jelly, pollen have health enhancing qualities
The other three products are used for therapeutic purposes
Is beekeeping dangerous?
As long as you deal with bees gently, you will be safe, says Mohammed Al Najeh, who has worked with bees since he was a boy.
“The biggest mistake people make is they panic when they see a bee. They are small but smart creatures. If you move your hand quickly to hit the bees, this is an aggressive action and bees will defend themselves. They can sense the adrenalin in our body. But if we are calm, they are move away.”
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
The biog
Name: Atheja Ali Busaibah
Date of birth: 15 November, 1951
Favourite books: Ihsan Abdel Quddous books, such as “The Sun will Never Set”
Hobbies: Reading and writing poetry
MATCH INFO
West Ham United 2 (Antonio 73', Ogbonna 90 5')
Tottenham Hotspur 3 (Son 36', Moura 42', Kane 49')
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
