UAE companies will find it easier to establish businesses in other GCC states under a deal signed by regional leaders meeting in Abu Dhabi.
Currently, high licence fees and red tape are obstacles for Gulf-based companies setting up branches in the region which saw US$76 billion (Dh279.14bn) worth of internal trade last year.
"The intention is to allow GCC companies to be treated the same as national firms when they set up branches elsewhere in the GCC," said Dr Abdel Aluwaisheg, the GCC director general of international economic relations. "It will reduce costs and encourage smaller companies to set up branches."
The GCC common market was set up in 2008 to boost growth through closer ties.
So far, it has enabled GCC nationals to work, buy houses, trade shares, attend schools and receive medical treatment in all six states.
But problems have beset other important aspects of the market, such as border disputes that have hampered the free flow of goods, raising costs for exporters in the private sector. The UAE has been pressing for greater progress in enabling GCC companies to conduct business and register companies in other states.
Faisal Belhoul, the managing director of the private equity firm Ithmar Capital, based in Dubai, and a board member of Dubai Chamber of Commerce and Industry, said the relaxation of existing rules was a breakthrough.
Ithmar has invested about $650 million over the past five years in healthcare, oil and gas, construction and engineering. Yet the company has found hurdles to expansion in other GCC states such as fees and administrative issues.
"The GCC is becoming a business cluster and a combined cultural experience," said Mr Belhoul. "Any easing of transparency and costs associated with the learning curve and procedures as well as cost and time delays will be beneficial to business."
Under the agreement, any GCC company wanting to launch in another state has to be fully owned and managed by nationals and registered in a member state for at least three years. However, the restrictions on management and registration can be amended by the host nation.
Officials hope the new rules will help to boost trade within the GCC. Inter-GCC trade rose to a peak of about $76bn last year, from almost $65bn in 2008.
No progress was revealed in the region's efforts to reach a free trade agreement (FTA) with the EU. Discussions ended in deadlock two years ago over the issue of export duties. EU members disagree with GCC proposals to allow members the right to impose limits on their own exports in case of domestic shortages or other circumstances.
"We are awaiting for them to show flexibility on this issue as we have done by reducing tariffs," said Dr Aluwaisheg. "The FTA will benefit Europe more than us as they have more to export."
Members were also given an update about the GCC's progress in arranging meetings of strategic dialogue between the GCC and the Association of South East Asian Nations, China and Turkey spanning trade, tourism, culture and politics. Similar meetings are planned with Russia and Australia.
tarnold@thenational.ae
MATCH INFO
Delhi Daredevils 174-4 (20 ovs)
Mumbai Indians 163 (19.3 ovs)
Delhi won the match by 11 runs
Why your domicile status is important
Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.
Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born.
UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.
A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.
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The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
What is the definition of an SME?
SMEs in the UAE are defined by the number of employees, annual turnover and sector. For example, a “small company” in the services industry has six to 50 employees with a turnover of more than Dh2 million up to Dh20m, while in the manufacturing industry the requirements are 10 to 100 employees with a turnover of more than Dh3m up to Dh50m, according to Dubai SME, an agency of the Department of Economic Development.
A “medium-sized company” can either have staff of 51 to 200 employees or 101 to 250 employees, and a turnover less than or equal to Dh200m or Dh250m, again depending on whether the business is in the trading, manufacturing or services sectors.
How tumultuous protests grew
- A fuel tax protest by French drivers appealed to wider anti-government sentiment
- Unlike previous French demonstrations there was no trade union or organised movement involved
- Demonstrators responded to online petitions and flooded squares to block traffic
- At its height there were almost 300,000 on the streets in support
- Named after the high visibility jackets that drivers must keep in cars
- Clashes soon turned violent as thousands fought with police at cordons
- An estimated two dozen people lost eyes and many others were admitted to hospital
Killing of Qassem Suleimani
MATCH INFO
England 19 (Try: Tuilagi; Cons: Farrell; Pens: Ford (4)
New Zealand 7 (Try: Savea; Con: Mo'unga)
More on animal trafficking
More on animal trafficking
More from Rashmee Roshan Lall
A little about CVRL
Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.
One of its main goals is to provide permanent treatment solutions for veterinary related diseases.
The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery.
Match info
Champions League quarter-final, first leg
Liverpool v Porto, Tuesday, 11pm (UAE)
Matches can be watched on BeIN Sports
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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
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The flights: South African Airways flies from Dubai International Airport with a stop in Johannesburg, with prices starting from around Dh4,000 return. Emirates can get you there with a stop in Lusaka from around Dh4,600 return.
The details: Visas are available for 247 Zambian kwacha or US$20 (Dh73) per person on arrival at Livingstone Airport. Single entry into Victoria Falls for international visitors costs 371 kwacha or $30 (Dh110). Microlight flights are available through Batoka Sky, with 15-minute flights costing 2,265 kwacha (Dh680).
Accommodation: The Royal Livingstone Victoria Falls Hotel by Anantara is an ideal place to stay, within walking distance of the falls and right on the Zambezi River. Rooms here start from 6,635 kwacha (Dh2,398) per night, including breakfast, taxes and Wi-Fi. Water arrivals cost from 587 kwacha (Dh212) per person.
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TUESDAY'S ORDER OF PLAY
Centre Court
Starting at 2pm:
Elina Svitolina (UKR) [3] v Jennifer Brady (USA)
Anastasia Pavlyuchenkova (RUS) v Belinda Bencic (SUI [4]
Not before 7pm:
Sofia Kenin (USA) [5] v Elena Rybakina (KAZ)
Maria Sakkari (GRE) v Aryna Sabalenka (BLR) [7]
Court One
Starting at midday:
Karolina Muchova (CZE) v Katerina Siniakova (CZE)
Kristina Mladenovic (FRA) v Aliaksandra Sasnovich (BLR)
Veronika Kudermetova (RUS) v Dayana Yastermska (UKR)
Petra Martic (CRO) [8] v Su-Wei Hsieh (TPE)
Sorana Cirstea (ROU) v Anett Kontaveit (EST)
