Day: March 13, 2024

DUBAI: In his capacity as the Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, issued Decree No. (13) of 2024 on the Unified Digital Platform for establishing companies in Dubai. The Decree forms part of Dubai’s efforts to enhance its business environment and advance economic growth.

The platform seeks to integrate various licensing processes in Dubai including those managed by the Department of Economy and Tourism, the Authorities of special development zones and freezones, including the Dubai International Financial Centre (DIFC), and other relevant entities. The integration is aimed at significantly improving the investor experience in Dubai. By offering a streamlined channel for accessing information, obtaining licenses, and availing other services related to economic activities, the platform seeks to enhance the ease and convenience of investors.

The Decree, which applies to all economic activities in Dubai, also aims to regulate the issu
ance of licenses, permits and approvals in the emirate to enhance clarity and simplicity. It also seeks to help investors overcome obstacles in setting up or operating businesses in Dubai.

The Decree seeks to enhance electronic integration between licensing departments and other key entities to avoid duplication of procedures, and support Dubai’s digital transformation in line with the objectives of the Dubai Economic Agenda D33 to establish the city as a digital economy hub.

In a move that complements the new Decree, H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, issued Resolution No. (5) of 2024 of the Council, approving the key principles behind facilitating the investor’s journey in Dubai. These principles are applicable to the processes for all licenses, permits and approvals related to business activities in Dubai. The Resolution is effective from the date the new Decree goes into effect.

According to the Resolution, all li
censing entities and federal and local entities tasked with regulating and supervising business activities in Dubai, are responsible for facilitating a smooth journey for investors in Dubai and implementing the procedures required to facilitate this.

The Resolution also outlines various measures to provide a smooth experience for investors including registration on the ‘Invest in Dubai’ digital platform, unified digital data registration, instant licensing, instant license renewal, one-step fee payment, streamlining of licensing requirements, and the standardisation of procedures, rules and conditions.

According to Decree No. (13) of 2024, the Department of Economy and Tourism is responsible for operating, managing and developing the ‘Invest in Dubai’ platform in collaboration with relevant licensing bodies, in line with the digital transformation guidelines set by the Dubai Digital Authority.

According to the Decree, all requests related to licensing and permits should be processed through the ‘Invest in
Dubai’ digital platform in accordance with the procedures, requirements, timelines and fees mentioned in the ‘Guide’, an electronic document developed by the Department of Economy and Tourism, which outlines the requirements for operating a business in Dubai.

The Chairman of The Executive Council of Dubai will issue the decisions necessary to implement this Decree, which annuls any other legislation that may contradict it. This Decree is effective from the date of its publication in the Official Gazette.

Source: Emirates News Agency

ABU DHABI: Multiply Group, the Abu Dhabi-based investment holding company, has held its General Assembly Meeting (GAM), which has reflected on a year of strong growth momentum for the Group as well as the positive impact born out of its business activities and investments.

The event featured discussions on the company’s financial standing, its portfolio expansion, its investment strategies across the Group’s two arms, Multiply and Multiply+, and its commitment to positive impact across both the UAE economy and society. Multiply Group also outlined its strategic priorities for the year ahead mapping areas that would sustain progress for the Group into 2024.

Andre Sayegh, Chairman of the Board of Directors at Multiply Group, commented on the Group’s strategy in his opening remarks, ‘2023 rounded off another remarkable year of achievements for Multiply Group, with operating net profit, as well as revenue of our subsidiaries growing by 15 percent. Fundamentally, our portfolio companies are geared for future syn
ergies, revenue growth and cost optimization. These contributing factors as well as our overall performance means that we are well-positioned and laser focused on the path ahead, where we can continue driving strategic investments that will create lasting and meaningful impact across the UAE economy.’

He noted, ‘The combination of our financial strength with agile and dynamic investment and portfolio management teams, will ensure that we can generate significant growth into 2024 and in the coming years.’

In 2023, Multiply had a net profit excluding fair value changes of AED 1.1 billion, 2.4x last year. Its robust underlying profit growth was led by strong operational performance, higher investment income and increased share of profit from Kalyon JV. The reported net profit, including unrealized fair value changes on market volatility backdrop, came in at AED 552 million.

Group revenue increased by 15 percent YoY to AED 1.3 billion, reflecting the strength of the Group’s vertical building strategy, driven b
y organic growth across the four verticals (+5 percent YoY) and the consolidation of Media 247 under the Media vertical and each of Fisio and The Juice Spa and Salon under Beauty and Wellness vertical.

Internally, Multiply Group has been recognised as a Great Place to Work and for its efforts within climate action as well as its broader CSR activities.

Samia Bouazza, CEO and Managing Director of Multiply Group commented, ‘Throughout 2023, we diligently focused on building our verticals, adding new services, and identifying synergies across our portfolio. This effort has resulted in excellent growth across our subsidiaries, as reflected in our full-year earnings. In FY2023, we reported net profit excluding fair value changes of AED 1.1 billion, which more than doubled from that of last year. As we remain guardians of our, and our companies’, balance sheets, we will continue to organically grow our subsidiaries, integrate technology and AI tools to optimize operations and margins, while continuing to identi
fy cash-generating opportunities to invest in and preparing our media vertical for IPO.’

Agenda items for the General Assembly Meeting also included reviewing and approving the report of the board of directors on the company’s activity and financial position, releasing the board members and auditors from their liabilities for the fiscal year, and appointing the company’s auditors for the current fiscal year.

Source: Emirates News Agency

ABU DHABI: In the presence of Abdullah bin Touq Al Marri, Minister of Economy and Chairman of Investopia, Investopia signed a new Memorandum of Understanding (MoU) with EFG Consulting to enhance cooperation in the forthcoming round of Investopia Global Talks – Europe in Milan.

The dialogues aim to examine recent trends in investment and financing in European markets in the new economic sectors.

The new partnership is an extension of the previous agreement signed between the two sides through which Milan’s first edition of the Investopia Global Talks – Europe was co-organised.

The new partnership focuses on developing a joint framework between Investopia and EFG to achieve the Investopia Global Talks – Europe objectives, particularly the strengthening of UAE-Europe economic ties and stimulating investments in critical sectors between the UAE and Italy.

Dr. Jean Fares, Chief Executive Officer of Investopia, said, ‘The signing of this agreement affirms the remarkable success of the first edition of Invetopia
Global Talks – Europe, held in the Italian city of Milan. Through the renewal of this partnership, we will organise a new version of the talks to enhance the presence of Investopia in the Italian and European business communities as a prominent global investment platform. We will highlight promising opportunities for new and sustainable economic sectors, especially fintech, digital solutions, artificial intelligence, creative industries and the circular economy, and motivate participants in the latest edition to take advantage of them.’

Prof. Giovanni Bozzetti, the CEO of EFG Consulting, said, ‘We are pleased to announce the upcoming second edition of Investopia Global Talks – Europe in Milan. The event serves as a significant platform for entrepreneurs, investors, and institutions seeking to shape the future of investments and discover viable business opportunities. We believe our partnership with Investopia presents a valuable opportunity to boost investment flows between the UAE and Italy. In the new edit
ion of Investopia Global Talks – Europe, the talks will focus on promoting sustainability across diverse economic and social sectors.’

The inaugural edition of Investopia Global Talks – Europe was held in Milan in May 2023, attracting over 350 participants, including decision-makers, business professionals, investors, and economic experts from the UAE, Italy, and European companies.

Investopia, a leading platform, comprises three key pillars: Investopia Talks, Investopia Communities, and Investopia Marketplace. The third edition of Investopia, held in Abu Dhabi on February 28th and 29th 2024, brought together distinguished leaders, ministers, decision-makers, leading investors, economic experts, and media figures from both the public and private sectors. Over 90 speakers shared their insights. At the same time, more than 2500 participants from around the globe gathered to gain valuable knowledge on the latest global investment trends in new economy sectors.

Source: Emirates News Agency