Day: March 18, 2024

DUBAI: Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, has revealed that 50 percent of the Multinational Corporations (MNCs) it successfully attracted to Dubai during 2023 are based in Asia and Australia. The growing number of major international businesses attracted from countries across the globe underlines the emirate’s importance as a key trade and investment hub.

The figures illustrate the diversity of markets represented among the MNCs the chamber has attracted to Dubai through its network of international representative offices around the world. Latin America and Europe accounted for 23.5 percent of the total number of MNCs attracted during 2023, with the Middle East and Eurasia accounting for an equal share of 23.5 percent. Companies from Africa represented 3 percent of the total number of corporations attracted by the chamber.

The chamber also revealed that 18 percent of the MNCs attracted to Dubai in 2023 operate within the financial services
sector in areas including banking, asset and wealth management, and fintech. The trade and logistics sector ranked second with 15 percent, followed by the IT sector in third place, which accounted for 12 percent with MNCs specialising in artificial intelligence, blockchain, robotics, and software.

The retail, fashion, and travel and tourism sector ranked in fourth place, accounting for 9 percent of the total number of MNCs attracted to the emirate. The manufacturing, mobility (including aerospace, space, and autonomous and conventional vehicles), and real estate sectors shared fifth place on the list, with each sector accounting for 6 percent of the total.

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented, ‘Dubai is globally recognised as one of the most attractive cities for multinational corporations operating in all sectors. This attraction is driven by the emirate’s numerous competitive advantages, which include a business-friendly environment; economic and cultural openness; fa
vourable legislation, economic strategies, and policies; and the exceptional ease of doing business.”

He added, ‘We are committed to further enhancing Dubai’s attractiveness as a destination for investments through our growing network of international representative offices. This is further supported by Dubai International Chamber’s efforts to connect the global business community to the exciting opportunities for growth, expansion, and prosperity Dubai offers to businesses and investors.’

Dubai International Chamber successfully attracted 34 MNCs to the emirate during 2023, achieving an annual growth rate of 580 percent compared to the previous year. This impressive increase reflects the chamber’s ongoing contribution to achieving the objectives of the Dubai Economic Agenda (D33), which aims to double the size of the emirate’s economy over the coming decade and consolidate Dubai’s position among the world’s top three economic cities.

The total number of international representative offices operated by Dub
ai International Chamber now stands at 31, with 16 new offices launched during 2023 alone. This growing network comes as part of the ‘Dubai Global’ initiative, which aims to establish 50 representative offices worldwide by 2030 to support efforts to attract international investments, companies, and talent to Dubai.

Source: Emirates News Agency

ABU DHABI: The Abu Dhabi Chamber of Commerce and Industry (ADCCI) has signed a Collaboration Agreement with the Registration Authority (RA) of Abu Dhabi Global Market (ADGM) to support the business and investment environment and promote the business sectors that fosters growth and innovation in Abu Dhabi.

This agreement will further develop the private sector and financial services ecosystem in the emirate, while supporting national economic diversification in alignment with the directives of the Abu Dhabi Government.

The Collaboration Agreement constitutes an extension and update to the partnership agreement signed between ADCCI and the RA in 2018 to extend their collaboration to align with the latest developments and the changing requirements of the dynamic business environment in Abu Dhabi. This includes provisions related to registration and licensing procedures free zone companies, as well as facilitating their membership with the Chamber.

Additionally, the Agreement outlines their collaboration in ar
eas such as the exchange of information, statistical data sharing, economic reports, expertise collaboration, marketing initiatives, and media engagement. Furthermore, both parties commit to organising conferences and forums to foster dialogue and enhance business opportunities.

The agreement was signed by Ahmed Khalifa Al Qubaisi, CEO of ADCCI, and Hamad Sayah Al Mazrouei, CEO of ADGM Registration Authority, at the Chamber’s headquarters, in the presence of a number of officials from both sides.

Ahmed Al Qubaisi said, ‘By expanding the framework of partnership and cooperation with Abu Dhabi Global Market, the Abu Dhabi Chamber aims to enhance its contribution to advancing comprehensive and sustainable development in Abu Dhabi. This strategic collaboration aligns with the emirate’s economic diversification strategies, by supporting the private business community in its various sectors. Furthermore, it contributes to establishing a modern and competitive financial and business environment, reinforcing Abu Dh
abi’s position as a global economic and financial hub that attracts private investment companies.’

‘The financial services sector represents one of the vital and leading sectors in the Abu Dhabi economic system. Abu Dhabi Global Market, one of the largest financial institutes in the world, serves as a powerful motivator for us. We are committed to providing all the necessary support, facilitations, and innovative solutions that enhance the growth and success of companies specialising in financial services, technology, and asset management that are operating in the market. As the primary supporter of the private sector in the emirate, our efforts contribute to attracting more companies and foreign direct investments to the market, and making the emirate the first choice in the Middle East and North Africa region in terms of doing business by the year 2025,’ Al Qubaisi added.

Hamad Al Mazrouei said, ‘In our commitment to advancing the goals and vision of Abu Dhabi, ADGM is proud to strengthen its collaboratio
n with the Abu Dhabi Chamber of Commerce and Industry through this agreement. We aim to foster an ecosystem that not only enhances the ease of doing business but also cultivates a thriving community in Abu Dhabi, bolstering its growing economy. Working with well-embedded entities in Abu Dhabi, such as the ADCCI opens doors to countless opportunities across diverse business clusters and expands the horizon of ADGM’s value proposition for entities looking to set up here, in a dynamic, progressive, and unparalleled business environment attracting FDI.”

Through the agreement, the two sides also seek to explore opportunities and possibilities to integrate their registration systems as well as cooperate in transferring technical, organisational, and institutional expertise to help achieve their shared goals and visions.

Source: Emirates News Agency

ABU DHABI: The United Arab Emirates has joined the Response and Assistance Network (RANET), a network established by the International Atomic Energy Agency (IAEA), to provide international assistance to countries during a nuclear or radiological emergency.

RANET was established in 2000, and since then 43 countries have registered their capabilities in the network, on areas including medical support, radiation survey, and other technical aspects. Through the UAE’s registration in the RANET, the country’s capabilities are now available for any IAEA Member State to request assistance in the case of a nuclear or radiological emergency, which may be provided following UAE approvals process.

RANET capabilities registered by the UAE include radiation survey, sampling and analysis, radiological assessment and advice, medical support, and nuclear installation assessment and advice. In addition to FANR, four UAE entities have had their capabilities registered under RANET: Nawah Energy Company; Abu Dhabi Quality and C
onformity Council; Al Dhannah Hospital; and Medinat Zayed Hospital.

‘The addition of the UAE into the RANET showcases the exemplary standard that the country has reached in the field of emergency preparedness and response, and points to the confidence of the IAEA and its Member States in the UAE’s capabilities in this field, following years of close cooperation with the IAEA through the hosting of workshops and the country’s participation in a variety of exercises organised by the Agency,’ said Christer Viktorsson, FANR’s Director-General.

The UAE’s cooperation with the IAEA in emergency preparedness and response encompasses joint exercises, including the UAE’s hosting of the IAEA’s ConvEx-3 exercise in 2021, an international nuclear and radiological emergency exercise involving more than 75 countries and 12 international organisations.

Furthermore, the UAE is a member of the Convention on Assistance in the Case of a Nuclear Accident or Radiological Emergency, which it joined in 1987, and it is part of the
Convention on Early Notification of a Nuclear Accident and Request of Assistance. FANR is designated as UAE’s National Warning Point and Competent Authority under the said conventions; and FANR, alongside its national partners, plays also a key role in responding to nuclear or radiological incidents as per exiting approved national and local levels plans.

Since its inception in 2009, FANR developed, issued and revised regulations and regulatory guides for nuclear and radiological emergency preparedness and response matters, in line with its mandate to protect the public and the environment. To that end, FANR operates its Emergency Operations Centre through which it takes part in exercises and drills that aim to develop the UAE’s capacity to respond to nuclear or radiological emergencies.

Source: Emirates News Agency

ABU DHABI: The Abu Dhabi Real Estate Centre (ADREC) – the custodian and regulator of Abu Dhabi’s world-class real estate sector – has signed a Memorandum of Understanding (MoU) with two leading real estate portals, Bayut and Dubizzle and Property Finder, to enhance transparency, efficiency, and decision-making in Abu Dhabi’s real estate sector.

Rashed Al Omaira, ADREC Acting Director General, said, ‘We are pleased to sign these two MoUs with our partners. This move reflects ADREC’s belief in the importance of forging partnerships with both the public and private sectors, aiming to contribute to the development of an integrated system that serves the centre’s vision of positioning Abu Dhabi as a preferred investment destination. This entails providing innovative services, flexible legislation that aligns with sector needs, and ensuring transparent and accessible data for all stakeholders to support investment decisions.’

The centre welcomed the signing of two MoUs with its partners to ensure that the end use
r is presented with accurate, non-conflicting purchase-related information through the combination of these websites. In addition, it will help streamline the efforts of the channel partners within the customer purchase journey. The MoU signing is also useful for enhancing sector services and elevating real estate transparency levels.

The MoUs aim to enhance real estate market quality and efficiency, introduce advanced solutions for stakeholder security, provide transparent data to customers, and support future sector growth in Abu Dhabi. This includes coordinating programmes and workshops for industry professionals to ensure legal compliance and gather market insights, and monitor real estate advertisements, ensuring compliance with Abu Dhabi’s Real Estate Regulatory Law. As well as addressing regulatory challenges and promoting real estate services locally and globally. Central to this partnership is leveraging data-driven cooperation to enable sector partners to gain valuable insights that support the inv
estment decision-making process and enhance real estate transparency.

Haider Ali Khan, CEO of Bayut and dubizzle and the Head of Dubizzle Group MENA, expressed his enthusiasm about the partnership, stating, “As we initiate this impactful collaboration with the Department of Municipality and Transport in Abu Dhabi, it serves as evidence of our commitment to nurturing innovation, transparency and sustainable advancement within the real estate sector. In tandem with the DMT, our collective goal is to generate meaningful effects that impact the wider community, thereby contributing to the ongoing success of the UAE.”

‘We are proud of this partnership which is a testament to Abu Dhabi’s vision, alongside our own at Property Finder, in providing the commitment to promoting trust and transparency in the real estate market. At Property Finder, we have experienced many similar and successful partnerships, and we are looking forward to this joint force helping to pave the way for a vibrant real estate sector, driving
sustainable growth and prosperity for the nation becoming is the destination of choice for regional and international capital investment,” said Fouad Bekkar, Group Vice President – Data and A.i. at Property Finder.

Source: Emirates News Agency

ABU DHABI: The Federal Tax Authority (FTA) has reported a 14.41 percent increase in tax refund transactions for tourists, totalling 4.18 million transactions in 2023, with a daily average of transactions of 11,460.

Khalid Ali Al Bustani, Director-General of FTA, stated to the Emirates News Agency (WAM) that the electronic system for refunding value-added tax to tourists has exceeded expectations in recent years, with a significant rise in tax refund transactions. The FTA’s data indicates that approximately 14 million electronic transactions for tax refunds to tourists have been processed since the system’s launch in November 2018 until the end of the previous year.

He noted that the daily average of electronic transactions executed for tax refunds to tourists has consistently increased over the past four years, rising from 4,130 transactions as a daily average in 2020 to about 7,390 transactions daily in 2021, and jumped significantly to about 10,020 transactions daily in 2022, and continued to rise, with t
he daily average of tax refund transactions for tourists executed during 2023 reaching about 11,460 transactions.

FTA DG said, “With the tourism recovery witnessed by the UAE, and the continuous development operations carried out by the Authority for the electronic system for VAT refunds to tourists; the total annual number of electronic transactions executed for tax refunds to tourists has witnessed continuous growth in recent years, rising from 1.51 million transactions in 2020 to 2.7 million transactions in 2021, with an increase of 78.54 percent. The increase continued to 3.66 million transactions in 2022, with an increase of 35.44 percent. It rose again to 4.18 million transactions in 2023, with an increase of 14.41 percent.”

Regarding the electronic linkage of retail systems with the digital system for VAT refunds to tourists, Al Bustani clarified that this linkage constitutes a key element in the significant achievements made during the past period, noting that the digital system developed for VAT re
funds to tourists, launched in 2022, is considered the latest of its kind globally.

He added, “The digital system primarily relies on dealing with electronic invoices issued by registered retailers (point of sale) with the Authority’s system instead of traditional paper invoices, through electronic linkage between these outlets and the system, to issue, send, modify, and store invoices electronically between the seller, the tourist (buyer), and the system, in accordance with the best standards, and to enhance the country’s competitiveness in all sectors, including the tourism sector.”

He stated that the electronically linked retail base to the tourist VAT refund system witnessed significant expansion across the country in recent years, surpassing a total of 16,480 stores by the end of last year, with a total increase of 60.62 percent compared to around 10,260 stores at the end of 2020.

He pointed out that the expansion of the digital tourist VAT refund system in the UAE aligns with the government’s digital
strategy for smart transformation of services. The system focuses on proactive and innovative services that aim to meet user aspirations by facilitating transactions with ease and speed. Users highly appreciate the system for its user-friendly interface and quick refund procedures for eligible tourists.

Al Bustani emphasised the Authority’s commitment to deploying a large number of self-service devices through which tourist VAT refund procedures are fully automated upon their departure from the country in about two minutes. He noted that the current number of self-service VAT refund devices is 85, compared to 71 devices at the end of 2020, representing an increase of 19.72 percent.

These devices are deployed in many major commercial centres (malls) and hotels and are available at tourist departure points from the country. He clarified that Planet (the service provider for the Tourist Tax Refund Scheme) is the entity authorised by the FTA to operate the system by managing these devices equipped with all the
necessary technological means to complete VAT refund procedures fully automatically, while employees from the operating company are present near the self-service devices to provide support to tourists when needed.

Source: Emirates News Agency

ABU DHABI: Aldar, the leading real estate developer, investor, and manager in the UAE, announced today the landmark sale of Abu Dhabi’s most expensive apartment, a three-bed penthouse at Nobu Residences on Saadiyat Island valued at AED137 million. The sale represents the highest price per square metre achieved in the emirate, at more than AED96,000 per sqm.

This milestone price point reflects the continually growing appeal of the UAE capital as a sought-after place to live and a mature investment destination. Driving the desirability of Abu Dhabi is a transparent and business-friendly environment, enriching entertainment, beachside living on one of 200 natural islands, and incentives like the 10-year Golden Visa programme.

Reflecting a strong desire for luxury living, the record sale of the Nobu Residences Abu Dhabi penthouse follows a recently sold four-bed duplex sky villa at the same development for AED130 million.

Talal Al Dhiyebi, Group Chief Executive Officer at Aldar, said, ‘This milestone transacti
on at Nobu Residences not only sets a new benchmark for residential property in Abu Dhabi but also underscores the maturity of the real estate market. Year on year, we are seeing healthy increases in both the volume and value of homes purchased, driven by supportive government policies and initiatives that have increased the attractiveness of Abu Dhabi as a place where people want to live and see real opportunity for investment. We expect this trend to continue as we bring some of the UAE’s most luxurious lifestyle concepts to life on Saadiyat Island and across Abu Dhabi’s prime locations.’

Rashed Al Omaira, Acting Director General at ADREC, said, “Abu Dhabi’s real estate sector continues to gain significant momentum with a sustained surge in demand across property types. This new record reflects the resilience and maturity of our real estate market, reaffirming the solid growth of Abu Dhabi as a preferred place in which to live, work, and invest. By steadily expanding new horizons, our mission remains to de
velop outstanding residential projects that incorporate the unique and diverse cultural ambience of the emirate of Abu Dhabi, concurrently positioning it as an exceptional destination at the heart of the real estate market worldwide for living and investment.’

Nobu Residences Abu Dhabi is set to become one of the first branded residences for the globally renowned Nobu hospitality brand in the Middle East. The community promises an elevated lifestyle, seamlessly integrating Nobu’s Japanese design and hospitality with contemporary luxuries to offer an elevated living experience. It is conveniently located within walking distance of Saadiyat Grove and Mamsha Al Saadiyat, offering an elegant waterfront promenade with more than 60,000 sqm of premium shopping, dining, and hospitality experiences.

Source: Emirates News Agency