UK Finance Minister Rishi Sunak has unveiled a new fast-track visa scheme designed to boost Britain's Covid-hit economy.
He told the Financial Times in a pre-Budget interview on Friday that he wanted to "scale up" sectors such as fintech in a bid to attract talent from around the world.
The scheme is an endorsement of the government-backed Kalifa Review which said the UK should overhaul its stock listing rules and visa requirements to help the country’s fast-growing fintech industry compete after Brexit.
It also warned that Britain’s departure from the European Union gave Paris, Berlin and other cities “a window to capitalise on uncertain messaging” around immigration and other regulatory changes
“Without additional action, the UK risks having its market share eroded,” the review found.
The review was led by former Wordplay chief Ron Kalifa and is the first of several intended to aid Prime Minister Boris Johnson's government as it considers easing regulations on the financial industry. The UK's crown jewel was largely excluded from the British trade deal struck last year with the EU.
Mr Sunak believes the 75,000-strong UK fintech sector serves as a model of the flexible economy he wants to create.
“We want to be innovative, entrepreneurial, agile,” he told the Financial Times.
“We can do things differently after Brexit. We want to be open to the world, we want to be world class at things.”
The UK already invests heavily in fintech, which accounts for nearly half of venture capital investment in Europe with $4.1 billion in 2020, according to the trade group Innovate Finance.
Fintech contributes £7 billion ($10bn) a year to the UK economy with some of its darlings like Wise, Monzo and Revolut already attracting billion-dollar valuations.
And UK FinTech firm Paymentology expanded to the Middle East in October last year.
The Kalifa review of UK fintech review: recommendations
The Kalifa Review supports changing stock-listing rules to allow dual-class shares for fintech companies, a change meant to entice founders to list their companies in London while allowing them to retain control over their firms.
Allowing companies to join the top tier of London’s market by selling just 10 per cent of their shares, down from 25 per cent, is recommended.
As is relaxing rules that give existing shareholders first refusal during fundraising, known as pre-emption rights, to allow companies to raise more capital quickly.
The creation of stock indices for fintech companies to attract investors is also backed.
The Investment Association, which represents asset managers, welcomed the proposed reforms.
“Any changes should, however, consider minority shareholder protections so that these fintechs can attract long-term investment,” said Andrew Ninian, director for stewardship and corporate governance.
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
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UAE v Ireland
1st ODI, UAE win by 6 wickets
2nd ODI, January 12
3rd ODI, January 14
4th ODI, January 16
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
Global state-owned investor ranking by size
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1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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7.
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Singapore
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8.
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Australia
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9.
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Saudi Arabia
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10.
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South Korea
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The specs: 2018 Opel Mokka X
Price, as tested: Dh84,000
Engine: 1.4L, four-cylinder turbo
Transmission: Six-speed auto
Power: 142hp at 4,900rpm
Torque: 200Nm at 1,850rpm
Fuel economy, combined: 6.5L / 100km
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EMILY%20IN%20PARIS%3A%20SEASON%203
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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
T20 World Cup Qualifier
Final: Netherlands beat PNG by seven wickets
Qualified teams
1. Netherlands
2. PNG
3. Ireland
4. Namibia
5. Scotland
6. Oman
T20 World Cup 2020, Australia
Group A: Sri Lanka, PNG, Ireland, Oman
Group B: Bangladesh, Netherlands, Namibia, Scotland
ANATOMY%20OF%20A%20FALL
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'The Batman'
Stars:Robert Pattinson
Director:Matt Reeves
Rating: 5/5
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
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
The specs: 2019 Aston Martin DBS Superleggera
Price, base: Dh1.2 million
Engine: 5.2-litre twin-turbo V12
Transmission: Eight-speed automatic
Power: 725hp @ 6,500pm
Torque: 900Nm @ 1,800rpm
Fuel economy, combined: 12.3L / 100km (estimate)
The%20specs
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BIRD%20BOX%20BARCELONA
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UAE currency: the story behind the money in your pockets
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
UAE%20Warriors%2045%20Results
%3Cp%3E%3Cstrong%3E%0DMain%20Event%0D%3A%20Lightweight%20Title%3C%2Fstrong%3E%0D%3Cbr%3EAmru%20Magomedov%20def%20Jakhongir%20Jumaev%20-%20Round%201%20(submission)%0D%3Cbr%3E%3Cstrong%3ECo-Main%20Event%0D%3A%20Bantamweight%3C%2Fstrong%3E%0D%3Cbr%3ERany%20Saadeh%20def%20Genil%20Franciso%20-%20Round%202%20(submission)%0D%3Cbr%3E%3Cstrong%3ECatchweight%20150%20lbs%3C%2Fstrong%3E%0D%3Cbr%3EWalter%20Cogliandro%20def%20Ali%20Al%20Qaisi%20-%20Round%201%20(TKO)%0D%3Cbr%3E%3Cstrong%3EBantamweight%3C%2Fstrong%3E%0D%3Cbr%3ERenat%20Khavalov%20def%20Hikaru%20Yoshino%20-%20Round%202%20(TKO)%0D%3Cbr%3E%3Cstrong%3EFlyweight%3C%2Fstrong%3E%0D%3Cbr%3EVictor%20Nunes%20def%20Nawras%20Abzakh%20-%20Round%201%20(TKO)%0D%3Cbr%3E%3Cstrong%3EFlyweight%3C%2Fstrong%3E%0D%3Cbr%3EYamato%20Fujita%20def%20Sanzhar%20Adilov%20-%20Round%201%20(submission)%0D%3Cbr%3E%3Cstrong%3ELightweight%3C%2Fstrong%3E%0D%3Cbr%3EAbdullo%20Khodzhaev%20def%20Petru%20Buzdugen%20-%20Round%201%20(TKO)%0D%3Cbr%3E%3Cstrong%3ECatchweight%20139%20lbs%3C%2Fstrong%3E%0D%3Cbr%3ERazhabali%20Shaydullaev%20def%20Magomed%20Al-Abdullah%20-%20Round%202%20(submission)%0D%3Cbr%3E%3Cstrong%3EFlyweight%3C%2Fstrong%3E%0D%3Cbr%3ECong%20Wang%20def%20Amena%20Hadaya%20-%20Points%20(unanimous%20decision)%0D%3Cbr%3E%3Cstrong%3EMiddleweight%3C%2Fstrong%3E%0D%3Cbr%3EKhabib%20Nabiev%20def%20Adis%20Taalaybek%20Uulu%20-%20Round%202%20(submission)%0D%3Cbr%3E%3Cstrong%3ELight%20Heavyweight%3C%2Fstrong%3E%0D%3Cbr%3EBartosz%20Szewczyk%20def%20Artem%20Zemlyakov%20-%20Round%202%20(TKO)%3C%2Fp%3E%0A
'Top Gun: Maverick'
Rating: 4/5
Directed by: Joseph Kosinski
Starring: Tom Cruise, Val Kilmer, Jennifer Connelly, Jon Hamm, Miles Teller, Glen Powell, Ed Harris
