Since the discovery of oil in 1966, Dubai has grown into one of the world's leading financial centres, unparalleled in the Middle East. As such, it has become a destination of choice for entrepreneurs and international companies. However, a traditional legal framework suited for the twentieth century does not work for today's market dynamics. What was necessary in the early days of the emirate's economic development, is less applicable to the needs of today's start-up culture. Innovation, risk-taking and diversification all require protections and laws that create an enabling environment. After all, while no business owner aspires to it, a certain level of failure is an inevitable risk of innovation. Launching a new company, failing and learning from one's shortcomings is part and parcel of the way many do business today. That is why Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, has introduced a new insolvency law for companies operating in Dubai International Financial Centre (DIFC).
The new legislation will come into effect in August. In addition to enforcing stricter rules related to mismanagement, it aims to protect both companies and investors in cases of insolvency. This move reflects the path that countless trailblazers have followed before. Perhaps the best known example is the late Apple founder Steve Jobs. A university drop-out turned tech billionaire, Jobs repeatedly said that his early missteps shaped his later triumphs. Dubai's new law will foster creativity and disruptive thinking, as well as providing necessary safeguards.
This is part of an extensive plan for the UAE to enable businesses and their founders. The executives who have recently been awarded golden card permanent residency visas have similar backstories to Jobs: they are self-made millionaires who worked for decades to get where they are, and made the UAE a more prosperous place in the process. However, their success stories would be harder to replicate today, in a UAE economy that is far more crowded and competitive. In recognition of that fact, and in order to attract new companies, the Government announced in April that 100 of the top start-ups in the Middle East and North Africa will be given long-term visas. Taken together, these policies respond to the many challenges of a changing business environment. They will no doubt be cheered by the companies – both regional and international – that will shape the economic landscape of tomorrow.
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
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
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
The%20specs
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MATCH INFO
Euro 2020 qualifier
Norway v Spain, Saturday, 10.45pm, UAE
