Dubai’s foreign direct investment flows soared 26 per cent in the first half of this year to $4.84 billion (Dh17.76bn), in a firm sign that diversification efforts and support for start-up companies are bolstering the emirate's economy.
The number of FDI projects also surged 40 per cent to 248, according to data from the Dubai Investment Development Agency, which is part of the emirate’s Department of Economic Development.
"The rise in FDI capital and projects reinforces Dubai’s leading position as the preferred global location for global businesses and startups pursuing growth and expansion and clearly reflects investor confidence in Dubai’s economy,” said Sheikh Hamdan bin Mohammed bin Rashid, Crown Prince of Dubai and chairman of the Executive Council, in a statement.
The Dubai government has taken a number of steps to attract more foreign investment, relax regulations and lower the cost of doing business. The UAE has also announced plans to grant permanent residency under certain conditions and issue 10-year visas to help attract more investors and entrepreneurs to the country.
Jihad El Eit, founder and chief executive of the restaurant chain Man'oushe Street, said entrepreneurs and start-ups have seen the benefits - such as waiving fees and relaxing regulations - first hand.
“We believe it is much cheaper to start a business than three years ago and the investment environment is much better because of the cost of doing business," he said.
"Today the government is making a lot of incentives for people to do business, things we haven’t seen before, such as cancelling guarantees for labour insurance and supporting trade licences."
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Read more:
UAE non-oil private sector growth remained steady in September
Higher oil prices and increased government spending prompt IMF to raise UAE growth outlook
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Mona Ataya, founder and chief executive of Mumzworld, a Dubai online retailer for mother and baby products in the Middle East, said more companies are choosing the city as their base.
"Dubai's central location is perfect and at strategic arms lengths to east and west. It connects MENA, Asia, Africa and Europe. Its outstanding location makes accessing suppliers, distributors, and brands so easy," said Ms Ataya, whose company raised $20 million in its latest funding round.
"Dubai and the UAE are known to be safe haven in the region, with the best security in place, making life easier for businesses, and making it safer to attract talent from around the globe and from the region.
"Due to Dubai's very strategic location, and outstanding business environment, Mumzworld, has been able to grow and attract investment."
She also said that the "quality of life and diverse population" makes it easier to hire and retain talented professionals.
New figures released on Saturday also showed that strategic projects made up 56 per cent of total investments, according to government data.
The US, India, Thailand, Spain and the UK led the list of source countries for FDI capital, while the US, France, UK, India and Switzerland held the top spots for investment projects.
“FDI flows in the first half of 2018 reaffirm the sustained growth of Dubai economy, and the diversity, competitiveness and attractiveness of the emirate,” said Sami Al Qamzi, director general of the DED.
Last year, Dubai attracted Dh23.7bn in FDI flows, a 7 per cent increase from 2016.
Fahad Al Gergawi, chief executive of Dubai FDI, said he was “confident about the future prospects for enhancing FDI flows, especially following the issuance of new laws that enhance Dubai's competitiveness as a preferred global destination for investment".
He said new laws that allow 100 per cent foreign ownership of companies and 10-year residency visas are key to attracting investors, professionals and top-performing students.
COMPANY%20PROFILE%20
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Company%20profile
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Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Company%20Profile
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The Gandhi Murder
- 71 - Years since the death of MK Gandhi, also christened India's Father of the Nation
- 34 - Nationalities featured in the film The Gandhi Murder
- 7 - million dollars, the film's budget
SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
Why does a queen bee feast only on royal jelly?
Some facts about bees:
The queen bee eats only royal jelly, an extraordinary food created by worker bees so she lives much longer
The life cycle of a worker bee is from 40-60 days
A queen bee lives for 3-5 years
This allows her to lay millions of eggs and allows the continuity of the bee colony
About 20,000 honey bees and one queen populate each hive
Honey is packed with vital vitamins, minerals, enzymes, water and anti-oxidants.
Apart from honey, five other products are royal jelly, the special food bees feed their queen
Pollen is their protein source, a super food that is nutritious, rich in amino acids
Beewax is used to construct the combs. Due to its anti-fungal, anti-bacterial elements, it is used in skin treatments
Propolis, a resin-like material produced by bees is used to make hives. It has natural antibiotic qualities so works to sterilize hive, protects from disease, keeps their home free from germs. Also used to treat sores, infection, warts
Bee venom is used by bees to protect themselves. Has anti-inflammatory properties, sometimes used to relieve conditions such as rheumatoid arthritis, nerve and muscle pain
Honey, royal jelly, pollen have health enhancing qualities
The other three products are used for therapeutic purposes
Is beekeeping dangerous?
As long as you deal with bees gently, you will be safe, says Mohammed Al Najeh, who has worked with bees since he was a boy.
“The biggest mistake people make is they panic when they see a bee. They are small but smart creatures. If you move your hand quickly to hit the bees, this is an aggressive action and bees will defend themselves. They can sense the adrenalin in our body. But if we are calm, they are move away.”
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
MATCH INFO
Burnley 0
Man City 3
Raheem Sterling 35', 49'
Ferran Torres 65'
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
EMIRATES'S%20REVISED%20A350%20DEPLOYMENT%20SCHEDULE
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
Company%20Profile
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Crops that could be introduced to the UAE
1: Quinoa
2. Bathua
3. Amaranth
4. Pearl and finger millet
5. Sorghum
Results
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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)
COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
Company%20Profile
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JAPAN SQUAD
Goalkeepers: Masaaki Higashiguchi, Shuichi Gonda, Daniel Schmidt
Defenders: Yuto Nagatomo, Tomoaki Makino, Maya Yoshida, Sho Sasaki, Hiroki Sakai, Sei Muroya, Genta Miura, Takehiro Tomiyasu
Midfielders: Toshihiro Aoyama, Genki Haraguchi, Gaku Shibasaki, Wataru Endo, Junya Ito, Shoya Nakajima, Takumi Minamino, Hidemasa Morita, Ritsu Doan
Forwards: Yuya Osako, Takuma Asano, Koya Kitagawa
