Dubai is ready to host the world at Expo Dubai 2020 with only 170 days left until the world fair opens, Sheikh Mohammed bin Rashid, UAE Prime Minister and Ruler of Dubai, said.
“The success of the Expo after the Covid pandemic will be a success for the world and optimism for the global economic recovery,” Sheikh Mohammed said after he chaired a Cabinet meeting at Qasr Al Watan Palace in Abu Dhabi on Wednesday.
"Expo 2020 is a mirror of the UAE's long history and culture, a testament to its achievements and the most sincere expression of its ambitions that do not and will not know the limits," said Sheikh Mohammed.
He instructed all federal ministries to play leadership roles during Expo 2020 to expand international co-operation and contribute to the global agenda on key issues.
“We reviewed our preparations for the largest event that our country will host in 2021," Sheikh Mohammed said.
He said it had taken years of construction, with almost 230,000 workers toiling tirelessly.
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Expo site approaches completion
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“One hundred and ninety countries are participating and 170 days are left for its launch. We are ready to host the world in Expo Dubai 2020."
The Cabinet also approved the national strategy for attracting and retaining talent, which will help to place the UAE among the top countries in the world for hosting the best international brains to support development.
The strategy's three main objectives are: to consolidate the UAE's position as one of the world's leaders, in terms of competition for talent; to ensure the availability of talent in sectors related to the knowledge economy; and to build the UAE's image as a preferred destination for global talent.
The UAE aims to be among the world's top 10 countries for high-level skills and top three for "brain gain" and ease of recruiting skilled employees.
The Cabinet also approved changes to tax and bankruptcy laws, making it easier for businesses to file taxes.
Creditors can pursue insolvency in court if the amount owed is at least Dh1 million ($272,000).
A debtor must owe at least Dh250,000 to be obliged to apply for insolvency proceedings.
The deadline for reporting taxes will be extended from 10 to 40 working days.
The deadline for the Federal Tax Authority to issue a decision to reduce or exempt administrative fines is amended from 20 to 40 working days from the date of receiving the order.
Sheikh Mohammed said legislation in the UAE would remain flexible to adapt to any circumstances.
The Cabinet also adopted a new policy to boost Emirati exports.
The country aims to increase nationally produced goods and services to reach 50 per cent of non-oil foreign trade.
Agreements will be signed with key strategic markets around the world to support exports.
New rules that will allow building and development works to be carried out sustainably were approved, and a national policy was cleared to help make services more accessible to people with autism, and their parents.
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Three trading apps to try
Sharad Nair recommends three investment apps for UAE residents:
- For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
- If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
- Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
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The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
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.
THE TWIN BIO
Their favourite city: Dubai
Their favourite food: Khaleeji
Their favourite past-time : walking on the beach
Their favorite quote: ‘we rise by lifting others’ by Robert Ingersoll
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
The specs
Engine: 2.9-litre, V6 twin-turbo
Transmission: seven-speed PDK dual clutch automatic
Power: 375bhp
Torque: 520Nm
Price: Dh332,800
On sale: now
States of Passion by Nihad Sirees,
Pushkin Press
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Pathaan
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