06 Jul
Imposition of fines on UBO violators to start on July 8
The MoE, in cooperation with the concerned licensing authorities in the country, announced that it has already begun implementing the first phase of administrative penalties.
Imposition of fines up to Dh100,000 and other penalties for non-compliance with the “ultimate beneficiary owner (UBO) procedures” will begin from July 8, the Ministry of Economy (MoE), warned on Monday.
The MoE, in cooperation with the concerned licensing authorities in the country, announced that it has already begun implementing the first phase of administrative penalties, including written warnings to non-compliant establishments from July 1, 2021.
The ministry said the implementation of the second phase of administrative penalties on establishments that fail to adopt the necessary measures to correct their status during this period will start on Thursday. In this phase, fines stipulated by Cabinet Resolution No.53 of 2021 will be imposed on non-compliant establishments.
In a statement, the MoE confirmed that the submission of ultimate beneficial owner data by licensed and registered establishments in the country to the licensing authorities is an obligatory legal requirement and that non-compliance in this regard will lead to the imposition of administrative penalties stipulated in Cabinet Resolution No. (53) of 2021.
“The penalties begin with the issuance of a written warning and if the non-compliance by an establishment continues, including but not limited to, a fine of Dh100,000, as well as additional administrative penalties such as the suspension of the license for a year or restrictions on the powers of the board of directors. Establishments can appeal against the punitive measures within the specified legal period of 30 days from the date of notification of the violation, in accordance with the decision,” said the statement.
The ministry explained that the detection of violations will be carried out through a desk inspection, which is the examination of an establishment’s records with the licensing authority to ascertain the extent of its commitment to providing the required ultimate beneficial owner data.
“If a violation is found during this examination, administrative penalties will be imposed, starting with the issuance of a written warning in the first stage. Apart from that, field inspections will also be conducted to detect violations, during which, visits will be conducted to offices of the establishments within the framework of the inspection campaigns of the relevant authorities,” the MoE said.
All establishments that have not yet adopted the required ultimate beneficial owner procedures should immediately prepare ultimate beneficial owner data and maintain it within their records in order to avoid violations, the MOE said.
The statement urged establishments’ cooperation with the relevant government entities in supporting the strengthening of the anti-money laundering systems, combating the financing of terrorism and the financing of illegal organisations, and strengthening the overall systems of governance, disclosure and transparency in the business environment.
“These measures enhance confidence in the national economy and support the country’s efforts in providing a safe and stable environment for businesses and investments,” it said.
The ultimate beneficial owner procedures include the creation of a record of the ultimate beneficial owner data and maintaining it within the establishment; verification of the accuracy and validity of the data and updating it on an ongoing basis; and submission of the real beneficiary owner data to the licensing authorities through the designated channels.
In the event of any changes to the ultimate beneficial owner data of an establishment, the establishment is required to notify the relevant licensing authority within 15 days about the changes in order to avoid the administrative penalties resulting from that. “The establishments shall also appoint a person residing in the country with whom the licensing authority can communicate with, in relation to the establishment’s basic information, ultimate beneficial owner data and other information,” the MOE said.
Source:https://www.khaleejtimes.com/business/imposition-of-fines-on-ubo-violators-to-start-on-july-8
05 Jul
UAE’s liberalisation policy will continue to attract FDI to region: UN
The UAE also received more foreign direct investment in the year of the Covid-19 pandemic when the Emirates was ranked among the world’s top 20 FDI recipient countries
The UAE’s decision to further liberalise its foreign investment regime will continue to attract more foreign direct investment in to the Middle East, according to a new UN report.
“The UAE is further liberalising its foreign investment regime and expanding foreign investors’ access to the domestic economy. This move, combined with continued acquisitions in the oil and gas sector and the implementation of major announced projects in innovative industries is likely to ensure that the country will continue driving FDI to the region,” said World Investment Report 2021 released recently by the United Nations Conference on Trade and Development.
The UAE continued to liberalise its FDI regime with the promulgation of the 2020 FDI Decree, which further facilitated foreign investment by extending some of the free zone incentives to the broader economy. The UAE allowed 100 foreign ownership in mainland businesses from June 1, 2021, eliminating the need for a UAE national to hold the majority share.
The UAE also received more foreign direct investment in the year of the Covid-19 pandemic when the Emirates was ranked among the world’s top 20 FDI recipient countries.
According to UNCTAD total FDI inflows into the UAE reached $20 billion in 2020 as compared to $18 billion in 2019, an increase of over 11 per cent. While FDI outflows from the UAE slowed down from $21 billion in 2019 to $19 billion last year.
Natural resources transactions drove investments in the country, primarily Adnoc’s $10 billion sale of a 49 per cent stake in its natural-gas pipelines to a group of six investors including Global Infrastructure Partners, Brookfield Asset Management and Singapore’s sovereign wealth fund.
The UAE also received investments in other industries. For example, some 53 per cent of FDI to the emirate of Dubai in the first half of 2020 was in medium- and high-tech sectors. A key deal was realised in the pharmaceuticals industry, with CCL Pharmaceuticals (Pakistan) acquiring a majority stake in StratHealth Pharma for an undisclosed sum.
The UAE was recently ranked 15th globally and first in the region in Kearney’s 2021 FDI Confidence Index, emerging more favourite destination for foreign investment than Singapore, Norway, Belgium, Austria, South Korea, Denmark, Brazil and Finland, Ireland and Portugal.
According to UNCTAD FDI flows to Middle East increased by nine per cent to $37 billion in 2020.
A significant rise in M&As – 60 per cent to $21 billion – drove this growth, particularly some key acquisitions in natural resource-related projects in some of the region’s main economies. By contrast, the pandemic combined with low energy prices and commodity prices significantly curtailed greenfield investment projects. The impact was particularly severe in the region’s relatively smaller economies, where the needs for investment are the greatest, the UN report said.
Source:https://www.khaleejtimes.com/business/uaes-liberalisation-policy-will-continue-to-attract-fdi-to-region-un
03 Jul
UAE, Austria look to build stronger ties
The UAE and Austria are looking to build on existing ties in the field of healthcare and education, in light of the challenges posed by the Covid-19 pandemic, experts said at a webinar on Thursday.
Speaking at the ‘Sharaka Experts Talk: Adjusting to “New Normal” in Education and Healthcare sectors in UAE & Austria’, experts highlighted how both countries had risen to tackle the challenges posed by the pandemic. The event was presented by the Sharjah Chamber of Commerce & Industry, in cooperation with Austro-Arab Chamber of Commerce.
Senator Dr. Richard Schenz, president of the Austro-Arab Chamber of Commerce and vice president of the Austrian Federal Economic Chamber, said that Austria was “hard hit” by the outbreak of Covid-19. “However, thanks to the government’s strict measures and the rapid and long lockdown and national vaccination strategy, and despite the recent alarming rise of the Delta variant, the country has been able to slow down the infection rate and the number of cases which have dropped significantly. Austria has recently started reopening shops, restaurants, museums and easing travel restrictions for tourists coming from various countries.”
The government’s precautionary measures implemented since the start of the pandemic came hand in hand with a set of economic assistance measures and aid packages that were rapidly designed and implemented to support the private sector, he added. “The economy has been doing quite well since we opened. We are a little bit cautious with regards to the autumn season, but I hope that in the meantime, many Austrians are vaccinated so that we can have a smooth autumn.”
Abdulla Sultan Al Owais, chairman of Sharjah Chamber of Commerce and Industry, noted that the UAE’s healthcare sector performed extremely efficiently during 2020. “The procedures taken by the government at the international and domestic level were amazing. It was a challenging year for all of us in the private and public sector to keep people safe and businesses going as normal.”
Fatema Khalifa Al Muqarrab, director of the International Relations Department, Sharjah Chamber of Commerce & Industry, highlighted how authorities had reacted to tackle the challenges of the pandemic, especially the response in the healthcare sector.
“The Sharjah Chamber of Commerce & Industry mobilised all the resources available to support the Ministry of Health and Prevention in the UAE,” she said, adding that Expo Centre Sharjah, operating under the umbrella of the Sharjah Chamber of Commerce, was key to the response. The centre responded to the challenge in three stages to meet the needs of the hour.
“The first stage involved using Expo Centre Sharjah as a Covid-19 testing centre where free tests were offered for three weeks to encourage people to test for symptoms,” she said. “The second stage involved turning the space into a field hospital set up by the Ministry of Health and Prevention. The last involved turning the centre into a vaccination centre with over 50 booths ready to administer the vaccine.”
Ibrahim Al Musharrakh, ambassador of United Arab Emirates in Austria, added that the UAE had launched a UAE Volunteers platform to consolidate volunteering efforts nationwide to fight the Covid-19 pandemic. “The platform is a result of the collaboration of various government and semi-government entities, as well as the public and private sector associations, to promote volunteerism across the country and utilize the talent of community members.”
He also explained that the UAE is looking forward to the establishment of comprehensive strategic partnerships with Austria, which will allow both sides to work on possible joint projects in the fields of education, heath, technology, green energy, and the environment.
Source:https://www.khaleejtimes.com/business/local/uae-austria-look-to-build-stronger-ties
02 Jul
Dubai is second most popular global city for ‘digital nomads’
In October 2020, Dubai launched an innovative programme that allowed overseas telecommuting professionals to live in the city while continuing to serve their employers in their home country.
Dubai is the second most popular destination in the world for “digital nomads” who prefer to live and work remotely from home, according to a work-from-anywhere index released on Thursday.
While Melbourne topped the list of 75 global cities, Dubai scored impressively due to its game-changing one-year residency permit for remote workers, according to the Work-from-Anywhere Index report from Nestpick.
Other global cities among the top ten most sought-after destinations for work-from-anywhere include Sydney, Tallinn (Eston), London, Tokyo, Singapore; Glasgow, Montreal and Berlin.
The cities have been assessed based on a variety of factors related to working from home, including costs and infrastructure, taxes, freedoms, safety and livability.
“As remote work becomes the new normal for millions of people worldwide, some countries are creating ‘work-from-anywhere’ legislation, opening up the possibility for workers to relocate to cities which appeal best to their lifestyles”, Nestpick said in its report.
In October 2020, Dubai launched an innovative programme that allowed overseas telecommuting professionals to live in the city while continuing to serve their employers in their home country. The move offers remote workers — and their families — the opportunity to relocate, on an annual basis, to one of the world’s leading tourist and business destinations and enjoy a safe and high-quality lifestyle supported by a solid digital infrastructure that offers connectivity.
“Very few countries have enacted legislation designed to attract foreign-employed workers. Instead, they only offer visas to those who take jobs on location, therefore missing the opportunity to bring high-wage earners to their cities without the need to generate new jobs”, said Nestpick.
Omer Kucukdere, founder and CEO of Nestpick, said the global pandemic has caused many people to reassess their personal priorities, revealing the benefits of remote working flexibility and prompting the question ‘is it really possible to work from home, anywhere.’
He said the last year really proved to many companies that remote working is not only a possibility, but actually something that can be beneficial to everyone involved.
“What we saw through our study, however, is that technology and employers have evolved faster than infrastructure, with many legal barriers still in place for migrants who want to bring their work with them”, said Kucukdere.
The Work-from-Anywhere Index also used data in its study to determine which cities are not only the most attractive to foreign workers, but which also have the infrastructure and legislation in place to make it easier for them to find jobs. life and work. The resulting index offers insight into a wide range of factors encompassing cost, infrastructure, legislation, and livability to reveal which cities are best prepared to attract this new breed of residents working from anywhere.
“High income earners are leaving business-oriented cities to live in places that offer better everyday lifestyles, taking their purchasing power with them. This trend will only gain in popularity over time, so we believe that we will see more and more cities adapt to these new working conditions and benefit from the economic boost these workers are injecting into their economies”, Kucukdere said.
Source:https://www.khaleejtimes.com/business/dubai-is-second-most-popular-global-city-for-digital-nomads
