The UK's finance ministry is accepting bids from cities and towns across England for the country's first seven freeports, which aim to drive investment, create jobs and regenerate communities in post-Brexit Britain.
The bidding process, which opened on Monday, allows ports and their communities to apply for freeport status in a bid to transform existing sea, air and rail ports into national hubs for trade, innovation and commerce next year.
UK finance minister Rishi Sunak said the new freeports will level up communities across the UK, create new jobs and turbo-charge the country's economic recovery.
“As we embrace our new opportunities as an independent trading nation, we want to deliver lasting prosperity to the British people and freeports will be key to delivering this,” he said.
The first seven freeports will be open for business in England next year, with a further three planned in Wales, Scotland and Northern Ireland at a later date. Sea, air and rail ports are encouraged to apply in tandem with local leaders, businesses and other communities. But what is the criteria for applying for freeport status?
How to qualify
To qualify for the scheme, bidders must submit their application to the government by February 5, with the bids assessed by a panel and a final decision made in the spring.
The proposal must outline how the applicant will become a national hub for global trade and investment, how they will promote regeneration in their community and create jobs, and how they will create hotbeds for innovation, according to the government’s bidding prospectus.
Boosting trade and investment
The UK attracted 1,852 foreign direct investment projects in 2019-2020, creating 56,117 new jobs, and bidders must demonstrate how they will add to that tally by attracting new investment into the region and increasing trade through their freeport.
“Bidders should also demonstrate how they will work with local and international business to enhance the impact of increased investment in the wider region, and the country as a whole, to level up the economy,” the prospectus said.
The tenders must also outline how their freeport will generate trade growth, ensure trade processes are more efficient and increase trade and investment.
Regenerating the economy
The government’s second objective is to use freeports to regenerate the local economy through investment from the private sector and the creation of jobs.
Bidders must supply evidence of new private sector investment to support emerging industries and highlight how commercial property development will enhance the local community. They must also show how their plan will integrate with the local transport system to ensure they avoid traffic congestions and outline how they will use the skills available in the local labour market to support the needs of the sectors the freeport plans to enhance.
Ultimately, bidders must boost the number of jobs and average wages in deprived areas in and around the hub and increase economic activity.
Creating hotbeds of innovation
The final government objective is for freeports to attract innovators through private and public-sector investment in research and development.
The three areas of focus for innovative activity include port-specific innovation that directly benefits air, rail or maritime ports such as customs software that can track goods across a broader area; port-related innovation where modern methods of construction or new supply chain concepts are explored; and non-port-related innovation such as pharmaceuticals, advanced materials, robotics and Ai.
To qualify as a “hotbed for innovation”, a freeport proposal must consider the area's capabilities in research and development, its ability to collaborate and commercialise skills development and data sharing, and its supply of novel solutions for problems faced by the hubs.
Tax relief
Successful areas awarded freeport status will benefit from a wide package of tax reliefs, simplified customs procedures, streamlined planning processes to boost redevelopment and government support to promote regeneration and innovation.
The tax reliefs will link to the purchase of land, the construction or renovation of buildings, investing in new plant and machinery assets and employer National Insurance contributions.
Also at the centre of the new freeports policy is a new customs model that will allow firms to import goods into a hub without paying tariffs. They can then process the goods into a final good and then either pay a tariff on the products sold into the domestic market or export the final goods without paying UK tariffs.
Applications must also demonstrate how the areas will contribute towards the government’s decarbonisation agenda, with bidders outlining how the freeports will reach net zero carbon emissions by 2050 or earlier.
UAE currency: the story behind the money in your pockets
Tributes from the UAE's personal finance community
• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style
“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.
Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term.
From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”
• Sam Instone, director of financial advisory firm AES International
"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed. Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."
• Demos Kyprianou, a board member of SimplyFI.org
"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."
• Steve Cronin, founder of DeadSimpleSaving.com
"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.
His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.
Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."
• Zach Holz, who blogs about financial independence at The Happiest Teacher
"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen. He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”
• Tuan Phan, a board member of SimplyFI.org
"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."
DUBAI SEVENS 2018 DRAW
Gulf Men’s League
Pool A – Dubai Exiles, Dubai Hurricanes, Bahrain, Dubai Sports City Eagles
Pool B – Jebel Ali Dragons, Abu Dhabi Saracens, Abu Dhabi Harlequins, Al Ain Amblers
Gulf Men’s Open
Pool A – Bahrain Firbolgs, Arabian Knights, Yalla Rugby, Muscat
Pool B – Amman Citadel, APB Dubai Sharks, Jebel Ali Dragons 2, Saudi Rugby
Pool C – Abu Dhabi Harlequins 2, Roberts Construction, Dubai Exiles 2
Pool D – Dubai Tigers, UAE Shaheen, Sharjah Wanderers, Amman Citadel 2
Gulf U19 Boys
Pool A – Deira International School, Dubai Hurricanes, British School Al Khubairat, Jumeirah English Speaking School B
Pool B – Dubai English Speaking College 2, Jumeirah College, Dubai College A, Abu Dhabi Harlequins 2
Pool C – Bahrain Colts, Al Yasmina School, DESC, DC B
Pool D – Al Ain Amblers, Repton Royals, Dubai Exiles, Gems World Academy Dubai
Pool E – JESS A, Abu Dhabi Sharks, Abu Dhabi Harlequins 1, EC
Gulf Women
Pool A – Kuwait Scorpions, Black Ruggers, Dubai Sports City Eagles, Dubai Hurricanes 2
Pool B – Emirates Firebirds, Sharjah Wanderers, RAK Rides, Beirut Aconites
Pool C – Dubai Hurricanes, Emirates Firebirds 2, Abu Dhabi Saracens, Transforma Panthers
Pool D – AUC Wolves, Dubai Hawks, Abu Dhabi Harlequins, Al Ain Amblers
Gulf U19 Girls
Pool A – Dubai Exiles, BSAK, DESC, Al Maha
Pool B – Arabian Knights, Dubai Hurricanes, Al Ain Amblers, Abu Dhabi Harlequins
Squad
Ali Kasheif, Salim Rashid, Khalifa Al Hammadi, Khalfan Mubarak, Ali Mabkhout, Omar Abdulrahman, Mohammed Al Attas, Abdullah Ramadan, Zayed Al Ameri (Al Jazira), Mohammed Al Shamsi, Hamdan Al Kamali, Mohammed Barghash, Khalil Al Hammadi (Al Wahda), Khalid Essa, Mohammed Shaker, Ahmed Barman, Bandar Al Ahbabi (Al Ain), Al Hassan Saleh, Majid Suroor (Sharjah) Walid Abbas, Ahmed Khalil (Shabab Al Ahli), Tariq Ahmed, Jasim Yaqoub (Al Nasr), Ali Saleh, Ali Salmeen (Al Wasl), Hassan Al Muharami (Baniyas)
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Starring: Jamie Foxx, Angela Bassett, Tina Fey
Directed by: Pete Doctor
Rating: 4 stars
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
ODI FIXTURE SCHEDULE
First ODI, October 22
Wankhede Stadium, Mumbai
Second ODI, October 25
Maharashtra Cricket Association Stadium, Pune
Third ODI, October 29
Venue TBC
Race 3
Produced: Salman Khan Films and Tips Films
Director: Remo D’Souza
Cast: Salman Khan, Anil Kapoor, Jacqueline Fernandez, Bobby Deol, Daisy Shah, Saqib Salem
Rating: 2.5 stars
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
