Day: May 9, 2023

SHARJAH, 9th May, 2023 (WAM) — The Sharjah FDI Office (Invest in Sharjah) has emphasised to businesses, countries and regions represented at the 12th Annual Investment Meeting (AIM) that with impressive advancements in diversity, innovation and advancement across traditional, emerging and talent-based economic sectors, Sharjah is continuing its role as a regional powerhouse committed to empowering the global economy. Seven key sectors in particular, namely, Health and Well-being, Mobility and Logistics, Culture and Tourism, Agri-Food Technology, GreenTech, Human Capital and Innovation, and Advanced Manufacturing, have witnessed further growth and integration, are powering Sharjah’s sustainable growth by attracting top regional and global investors who are benefitting from the emirate’s offerings as one of the region’s leading incubators for long-term strategic investments. Sharjah participated in the key annual international event with a pavilion led by Invest in Sharjah, with the participation of Sharjah Media City (Shams), the Sharjah Chamber of Commerce and Industry (SCCI), and the Sharjah Investors Services Centre (SAEED), to offer regional and global players a comprehensive overview of the new developments in the emirate’s dynamic and innovation-driven economy highlight what the emirate has done to make its investor-friendly infrastructure and services more seamless and intuitive to their needs. The emirate’s announcement of new legislative policies, particularly in the past three years in response to the rapidly changing needs of global markets, maximising the potential of every business and fueling economic diversification has reaped tremendous results. The emirate attracted FDI worth US$220 million (AED808 million) in 2020, including a 60 percent growth in FDI projects in Q3 and Q4 compared to 2019, which led to the creation of 1,117 new jobs, according to an Invest in Sharjah – PwC report FDI Future Trends and Sector Potential published last year. The following high-performing sectors enabled this strong trajectory of growth: the ICT sector, which recorded 55.6 percent growth, followed by Food and Agriculture Industries at 49.7 percent, and the Life Sciences sector, which grew by 47 percent, and finally, Logistics and Distribution, which registered a 46.2 percent growth. During the event, the Sharjah pavilion welcomed VIPs, officials and experts, including Dr. Thani Bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade; Ahmed Jassim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development, and Abdulla Al Saleh, Under-Secretary of the Foreign Trade and Industry at the UAE Ministry of Economy, and briefed them on the new opportunities in Sharjah’s diversified market sectors aligned with realising the UAE’s vision to establishing itself as a leading knowledge economy. At the three-day international event being held from 8th to 10th May under the patronage of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, Invest in Sharjah held a panel discussion titled, “Sustainable Investment Opportunities in FDI”, highlighting challenges and opportunities, and zoomed in on the vast business operational network founded on strong collaboration between public and private sectors, the pro-investor laws and regulations, and other facets that are making Sharjah increasingly attractive as a regional gateway to businesses, investors and entrepreneurs with a wide range of commercial interests in the UAE and beyond. Mohamed Juma Al Musharrkh, CEO of Sharjah FDI Office (Invest in Sharjah), emphasised that investment talk is no longer limited to addressing short-term challenges and solutions but has become focused on the vital role of FDI in finding faster ways to build a modern, forward-looking economy with greater agility to cope with rapid economic changes. He also noted that the past three years had shown significant growth in new sectors that have emerged from the needs of societies, indicating that investment options today are based on modern scientific foundations that rely on data analysis, trend monitoring, and the development of appropriate plans. He said, “In Sharjah, we have learnt that the starting point for the success of any business or investment is building and empowering human capital with science and technology to address development challenges. All indicators confirm that the future economy relies on innovative ideas, talents and skilled human resources.” “Therefore, Sharjah considers investing in education and science as a foundation for sustainable investment in future generations. This enhances the emirate’s attractiveness in the current investment scene, which is focused on local markets’ talents and competencies. This is backed by Sharjah’s GDP returns in investing in education in 2021, which reached about AED3.5 billion with a growth rate of 4.8 percent, in addition to the Life and Sciences sector growth that reached 47 per cent in 2020.” Dr. Khalid Omar Al Midfa, Chairman of Sharjah Media City (Shams) highlighted that Shams’ participation in AIM Global was a valuable opportunity to meet with entrepreneurs, investors, government representatives and specialised institutions from different countries. “We have presented innovative investment opportunities in the media sector offered by Shams, including comprehensive services, world-class facilities, business packages and hassle-free set-up at our free zone. Through our approach, we seek to help establish a new entrepreneurial culture for creative industries.” Mohamed Ahmed Amin, Director-General of SCCI, stressed that the Chamber’s AIM Global 2023 participation was a key networking opportunity with heads of participating Arab and international delegations. “The participation was a key opportunity to introduce our future-focussed services that are currently enjoyed by Sharjah’s business community. We held extensive meetings with representatives of private companies interested in investing in Sharjah, where we highlighted the offerings of economic centres affiliated with the Chamber, including the Sharjah International Commercial Arbitration Centre, Expo Centre Sharjah Expo, Sharjah Exports Development Centre, sectoral working groups, and Sharjah Excellence Award.” Marwan Saleh Alichla, Director of Sharjah Investors Services Centre (SAEED), commented, “Sharjah keeps pace with the rapid development and innovation in the world, providing investors with a stable and secure investment environment that ensures long-term returns. This strategy provides a comprehensive overview of its investment advantages, including advanced legislation, administrative agility, advanced and integrated infrastructure, a distinguished geographical location that ensures easy access to regional and international markets, diverse and tolerant culture, and high quality of life”. “SAEED is committed to achieving the emirate’s vision by facilitating investments, strengthening Sharjah’s attractiveness, and identifying and realising each sector’s true potential. We believe that building a strong economy means forging strong relationships and sustainable partnerships with investors from around the world.” AIM Global 2023 was held under the theme “The Investment Paradigm Shift: Future Investment Opportunities to Foster Sustainable Economic Growth, Diversity and Prosperity”. Since its inception, the Annual Investment Meeting has established itself as a leading investment platform in the Middle East which aspires to ignite positive transformation by creating investment opportunities, upholding solidarity and developing economic relations among nations, as well as addressing the global ordeals that will make a profound impact to economic growth.

Source: Emirates News Agency

ABU DHABI, 9th May, 2023 (WAM) — Mariam Yaed Al Qubaisi, Spokesperson for the Crisis and Emergency Management Summit (CEMS) 2023, highlighted the UAE’s outstanding performance in crisis management during the COVID-19 pandemic, which sets it apart as a global model. The goal of CEMS is to create an international forum for sharing relevant knowledge, anticipating future challenges and enhancing resilience in crises, she said, noting that the summit will examine critical issues and experiences and find the best solutions and strategies to serve the national emergency, crisis and disaster system. The two-day summit brings together international experts in emergency and crisis management to explore the main challenges and international approaches of the emergency and crisis management system based on the strategic cooperation between the UAE and various countries and international organisations. Tariq Al Fahaam

Source: Emirates News Agency

ABU DHABI, 9th May, 2023 (WAM) The Executive Office of Anti-Money Laundering and Counter Terrorism Financing (EO AML/CTF) concluded a review of progress up until the end of the first quarter of 2023. The meeting was chaired by Hamid AlZaabi, Director General, and attended by the executive management team. Highlights include: To date, the UAE has signed a total of 44 international Mutual Legal Assistance Treaties, with more expected in 2023. From November 2022 to February 2023, law enforcement agencies sent out 327 requests for information to foreign counterparts through various channels, including INTERPOL, the GCC Police, Liaison Officer Networks, and special security MoUs with 110 foreign counterparts. Supervisors of financial institutions and Designated Non-Financial Businesses and Professions (DNFBPs) issued 161 fines to 76 entities amounting to over AED 115 million (USD 30 million), showing a clear increase over 2022, wherein supervisors issued fines amounting to over AED 76 million (USD 20 million). The UAE successfully confiscated over AED 925 million (USD 250 million) from November 2022 to February 2023, primarily from cases related to professional and trade-based money laundering. All businesses registered and licensed in Dubai will receive the Dubai Unified License, with the first of multiple phases scheduled to launch in Q2 2023. The Emirates of Abu Dhabi and Sharjah have already started work on legislative amendments to implement this important reform. The Executive Office for Control and Non-Proliferation carried out comprehensive outreach to the private and public sectors on terrorism financing and proliferation financing (TF/PF). In Q1 2023, 10 outreach sessions were conducted and attended by over 11,000 participants from the private and public sectors. In March 2023, the Executive Office of Anti-Money Laundering and Counter Terrorism Financing hosted the annual MENAFATF Typologies and Capacity Building Workshop with the attendance of over 100 experts from 21 countries. Hamid AlZaabi, Director General, said: “The strong progress that we see in the Q1 2023 review demonstrates the UAE’s enduring commitment to combating illicit finance and preserving the integrity of the global financial system. We have expanded our international engagement program on a bilateral basis with other countries and are working with and through multilateral organisations. Domestically, we can see that the UAE’s system has responded well to policy reforms and is more cohesive, dynamic, and effective than ever before. By updating the National Risk Assessment using the World Bank Group methodology, we are strengthening the risk-based approach that sits at the centre of the National Action Plan and National Strategy for AML/CTF. We continue to build long-term, sustainable capabilities and accelerate the development of the UAE’s ability to successfully combat financial crime.” Detailed Review International Cooperation The UAE has prioritized a sustained increase in international cooperation to combat financial and organized crime. This includes several high-profile cases of investigations, arrests, and extradition agreements between the UAE and other jurisdictions. The UAE has successfully signed 44 mutual legal assistance (MLA) treaties in line with Ministry of Justice guidance on international judicial cooperation in criminal matters. 7 of these treaties were signed in 2022 alone. In Q1 2023, the Ministry of Justice has successfully completed the negotiation of a further new Mutual Legal Assistance Treaty, with further treaties in development. The UAE focused its efforts on outbound MLA requests and other requests targeting trade-based money laundering, third-party money laundering, and foreign predicate offences, including international facilitators. Throughout 2022, the UAE sent 290 outgoing MLA requests to 72 foreign states. The MoU signed with the UNODC in October 2022 provides a framework for cooperation and understanding to facilitate and strengthen collaboration in the fight against financial crime. The MoU elevates the UAE’s support for national and international efforts to effectively disrupt illicit financing. Reporting of suspicious transactions and financial intelligence The UAE Financial Intelligence Unit (FIU) is the central agency that works closely with relevant competent authorities to determine links between possible proceeds of crime, money laundering, or terrorist financing. It has invested heavily in improving the team by hiring highly experienced professionals with relevant backgrounds in compliance, banking, law enforcement, and investigations. From January to February 2023, the FIU received nearly 7,000 suspicious transaction reports (STRs) and suspicious activity reports (SARs) from relevant entities across financial institutions and Designated Non-Financial Business and Professions (DNFBPs). By comparing data for 2021 with 2022, STR/SAR submissions increased by 81%. The FIU completed 3 strategic analysis projects in 2022 related to fraud crimes, trends, and typologies; dealers in precious metals and stones; and customs-related money laundering, in addition to a white paper on Far East typology patterns and schemes, which were disseminated to competent authorities and reporting entities. Supervision and Legal Persons and Arrangements UAE supervisors have conducted robust risk-based inspections based on coherent Targeted Financial Sanctions criteria. In Q1 2023, all supervisory authorities have been active, with the Central Bank of the UAE leading the way. It conducted 464 off-site inspections and 128 on-site inspections, applying fines reaching nearly AED 70 million. The Ministry of Economy was similarly active. It conducted 4,344 off-site inspections and 3,360 on-site inspections, applying fines amounting to AED 16.5 million. In Q1 2023, registrars conducted over 33,000 inspections, a significant increase from 2022, where the whole year saw 67,000 inspections take place. 59% of all inspections were conducted by authorities in the Emirate of Dubai, which constituted 46% of all UAE inspections in 2022. In addition to inspections carried out by supervisory authorities, the Ministry of Economy is working closely with registrars on a risk-based inspection program to ensure compliance with national Ultimate Beneficial Ownership (UBO) regulations. UBO is an area where the UAE has introduced an international standard-setting system, which centralizes beneficial ownership information collection and verification and AML/CTF procedures for the registration authorities. All businesses registered and licensed in Dubai will receive the Dubai Unified License, with the first of multiple phases scheduled to launch in Q2 2023. Money Laundering Investigations and Prosecutions The UAE’s system to effectively investigate money laundering offences and swiftly apply proportionate sanctions to dissuade further criminal behavior continues to mature. From November 2022 to February 2023, law enforcement agencies opened 122 new ML cases, and public prosecutors investigated 109 ML cases. During this period, the UAE maintaied a 94% conviction rate in money laundering cases, and 51 convictions involving 194 individuals and 81 legal entities were dealt out. The UAE has established and introduced more sophisticated investigation methods and techniques across investigative authorities to more effectively tackle highly complex ML typologies. As such, all investigations require the officer to formulate an investigation strategy and analyze the possible outcomes, threats, and vulnerabilities of that strategy. Terrorism Financing and Preventative Measures The UAE treats terrorist financing risks and risks of proliferation with the utmost seriousness. Highly prioritized efforts and activities ensure that terrorist financiers are prevented from raising funds either via the private or the non-profit sector and that the entities and individuals engaged in proliferation of weapons of mass destruction are prevented from doing so in accordance with the relevant UN Security Council resolutions.

Source: Emirates News Agency

DUBAI, 9th May, 2023 (WAM) H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, and President of Dubai International Financial Centre (DIFC), met with global financial industry leaders on the sidelines of the inaugural Dubai FinTech Summit. The meeting was attended by heads of some of the world’s largest financial service companies, including Bill Winters, Group Chief Executive, Standard Chartered PLC; Jenny Johnson, President and Chief Executive Officer, Franklin Templeton; and Piyush Gupta, Chief Executive Officer, Development Bank of Singapore. Also present were Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs; Essa Kazim, Governor of Dubai International Financial Centre (DIFC); and Arif Amiri, CEO of DIFC Authority. Maktoum bin Mohammed said, “Dubai continues to offer a base for the world’s leading financial companies to tap the vast opportunities emerging in the rapidly growing markets in the region by providing them a productive ecosystem and infrastructure that promote the creation of new economic value. As part of our strong ethos of partnerships with diverse industry stakeholders, Dubai constantly seeks new ways to work with international banking and financial companies to shape a new future for the industry in the region and contribute to the transformation of the global industry.” Noting that Dubai is one of the world’s top-ranked cities attracting foreign direct investment (FDI) to the financial services sector, he said that the Dubai FinTech Summit reflects the emirate’s commitment to advance excellence both in the regional and global industry. Aligned with the goals of the Dubai Economic Agenda D33 to consolidate its status as one of the world’s top three cities, the emirate has launched many initiatives to support the growth and adoption of next-generation financial technologies and innovations that are accelerating the evolution of the industry and shifting paradigms in diverse sectors. Sheikh Maktoum bin Mohammed opened the first-ever Dubai FinTech Summit, hosted by DIFC, the leading global financial centre in the Middle East, Africa, and South Asia (MEASA) region. He also toured the exhibition held on the sidelines of the Summit. Under the theme of ‘New Global Home to the Future of FinTech and Finance’, the two-day Summit held on 8th and 9th May brought together global policymakers, C-suite executives, entrepreneurs and investors to discuss emerging trends and future possibilities in the industry. The Summit featured more than 100 exhibitors, 120 speakers and delegates representing over 50 countries.

Source: Emirates News Agency

ABU DHABI, 9th May, 2023 (WAM) Etihad Cargo, the cargo and logistics arm of Etihad Airways, has partnered with Rotate to co-develop a sales optimisation tool that will identify sales initiatives to enable the carrier’s global commercial teams and sales representatives to add value to customer relationships. The first-of-its-kind tool–Sales Cockpit– will analyse data and, using sophisticated custom-built algorithms, will automatically generate recommendations on how Etihad Cargo can strengthen customer relationships, including an overview of current business and future opportunities The development of Sales Cockpit is the latest step taken by Etihad Cargo in its digitalisation journey, which aims to optimise the customer experience. The carrier is collaborating with Rotate, a Netherlands-based data-driven strategy consultancy with proven cargo expertise, to improve customer service through the enhanced use of data and machine learning. Etihad Cargo’s customers will benefit from the carrier’s representatives gaining a more in-depth understanding of their products, routes and requirements. Martin Drew, Senior Vice President Global Sales and Cargo, said, “Digitalisation is already revolutionising the air cargo sector. Etihad Cargo will use Sales Cockpit to further improve customer service and strengthen partnerships, enabling more meaningful interactions with customers and a more tailored approach to meeting customer requirements. Sales Cockpit will effectively put all the information Etihad Cargo’s sales representatives would need to develop stronger customer partnerships in the palms of their hands, providing actionable, algorithm-generated suggestions and initiatives based on customer-focused data. This depth of understanding into the carrier’s customers is critical to achieving Etihad Cargo’s vision of being the air cargo partner of choice.” Ryan Keyrouse, Managing Director at Rotate, said, “Partnering with Etihad Cargo to build the Sales Cockpit will give us unique access to an innovative team to validate the solution and maximise adoption. We are working as one team to unlock the full potential of digitalisation and enable Etihad’s sales teams to have more engaging discussions with their customers.” With the launch of Sales Cockpit, Etihad Cargo will further professionalise customer interactions via the smart adoption of technology. Etihad Cargo and Rotate have commenced development of Sales Cockpit, which is expected to launch within six months. Following the trials and launch, Sales Cockpit will be available to purchase by other cargo carriers, enabling the wider cargo community to benefit from the sales optimisation tool.

Source: Emirates News Agency