The Commercial Compliance & Consumer Protection (CCCP) Sector in Dubai Economy has imposed fines on 148 companies in the emirate that did not register their Beneficial Owner data by June 30, 2021 as was required by law. Violators will have to pay a fine of Dh15,000 each.

The disciplinary measure being adopted now follows an intensive awareness campaign that was launched across traditional and digital media to educate companies in Dubai on the importance of registering their Beneficial Owner data in the commercial registry in accordance with the UAE Cabinet Decision No: (58) of 2020, as well as the relentless efforts of Dubai Economy to uphold global best practices in doing business.

Dubai Economy has also called on companies registered in Dubai to provide their Beneficial Owner data on its eServices page or via the call centre.

Source:https://www.khaleejtimes.com/business/dubai-economy-fines-148-businesses-for-not-registering-beneficial-owner-data

Organisations that are looking to achieve sustainable growth over the coming years will need to prioritize their digitisation initiatives, talent drives, and future of work policies, new research by the Boston Consulting Group (BCG) has shown.

The report, titled ‘Creating People Advantage 2021: The Future of People Management Priorities’, noted that HR leaders need to have a clear set of objectives on which to concentrate their efforts, especially as the post-pandemic era approaches and workplace environments undergo rapid change.

“No matter the vertical in which they operate, every company today shares a common goal – building a workforce and workplace capable of thriving well into the future,” said Dr. Christopher Daniel, managing director and partner, BCG Middle East: “To create and capture such success, organizational strategies must be implemented without delay, frameworks that consider different aspects and deliver on internal priorities.”

The authors surveyed 106 UAE respondents – 64 per cent of which currently hold HR positions – with 57 holding managerial or senior managerial positions at leading companies and startups nationwide. When it comes to identifying areas where innovative action is essential, the report pointed to digitisation, including the implementation and continuous use of new technologies such as people analytics, cloud-based applications, AI, and robotics.

This was followed by talent, comprising strategic workforce planning, leadership development, upskilling and reskilling, and working with an ecosystem of employees, contractors, and other types of labor. Crucially, UAE respondents ranked future importance of talent ecosystem management much higher in comparison to the global average. Lastly, the report identified the future of work, including more agile HR, and the incorporation of smart work, and change management as crucial to sustainable growth.

“Companies today must navigate an exceedingly challenging business environment and strong, proactive people management is the only way to ensure that companies have the right talent in place to succeed,” said Bob Morton, president of the World Federation of People Management Associations, and a coauthor of the report. “A data-driven, objective approach that places people at the front and center of work can help HR leaders allocate scarce resources to the most urgent priorities.”

Dubai’s new waivers and reduction in fees of 88 services provided by government entities is part of a series of initiatives undertaken to boost economic growth in the emirate and it certainly brought cheer to the business community.

The waivers and reductions relate to fees for services provided by the Dubai Land Department (DLD), Dubai Maritime City Authority (DMCA), the Roads and Transport Authority, Dubai Municipality, Department of Tourism and Commerce Marketing, Dubai Courts, Dubai Economy and the Dubai Health Authority.

The DMCA waive some fees related to various types of residency visas. Fees will also be reduced on issuance and renewal of annual representative office licenses and replacement of lost certificates and licences, among others.

Leroy Dias, managing director of SteelCorr, said: “The waivers and reduction in fees decree will be welcomed with open arms by the maritime community. It is a sound testimonial to the leadership’s vision of retaining Dubai’s position as a leading global maritime hub. The maritime industry has had its share of challenges with regards to its ship crew changes and onboard personnel vaccinations. So, easing some of the financial burdens is a good token of gratitude to the industry that has continued to move 90 per cent of the world’s goods even during the pandemic.”

The DLD, meanwhile, will waive fees related to replacement of broker cards for real estate agents, and amendment of information on real estate brokers, among others.

Farooq Syed, CEO of Springfield Properties, said: “I believe removing the fees for replacement of broker cards will be a huge relief for companies like ours that have close over 80 brokers as these fees amount to huge amounts. It will definitely make the business more attractive and reduce the pressure on business owners.”

Fees that will be waived by Dubai Tourism include those for tourism permits and replacement of lost tourism permits, tourism permits for people under 16 years, and permits for fashion shows, among others.

Hemali Shah, managing director of City One Tourism and Travel, said: “We welcome this move; the tourism permits are for people who have faced major setback of this interesting times. This move will help boost the events and hotel industry, and it will attract more people to come to the country and helping tourism.”

Dubai Economy will reduce fees related to issuing and renewing licences of business centres and issuance of licenses for providing government services, among others.

Kamal Vachani, group director and partner at Al Maya Group, said: “Dubai’s attractiveness as a business and investment hub is evident with business-friendly policies it has introduced, giving a confidence-booster to businesses. The waivers and reduction in fees is a positive move which would provide a great relief, spurring economic growth in key sectors.”

“This is a great decision… [that] will pave the way for greater ease of doing business and further enhance Dubai’s position as a preferred destination for business. As a company with strong presence in Dubai for the last 15 years, we stand to benefit from this decision as it will ensure more seamless deployment of modern digital networks. Also, our plans to expand our portfolio and market share will get great push with the increased flexibility that comes with this decision,” added Ankit Agarwal, CEO of connectivity solutions business at Sterlite Technologies.

Source:https://www.khaleejtimes.com/business/local/revamped-dubai-fees-a-token-of-gratitude

The latest economic growth projection for India is lower than the 11 per cent growth forecast in the ADO in April this year.

The Asian Development Bank (ADB) on Tuesday revised down its growth projection for the Indian economy to10 per cent during the current fiscal (2021-22) as it lowered developing Asia’s economic growth to 7.2 per cent this year, citing the resurgence of Covid-19 infections in the region.

The Manila-based ADB said in its flagship economic publication, Asian Development Outlook (ADO) 2021, released on Tuesday that recovery was underway in “developing Asia”, referring to the bank’s 46 members, including China and India.

In 2022, the bloc’s combined economy is projected to expand 5.4 per cent compared with the April forecast of 5.3 per cent.

The latest economic growth projection for India is lower than the 11 per cent growth forecast in the ADO in April this year. The bank maintained its growth forecast for China at 8.1 per cent this year and 5.5 per cent in 2022.

However, for the next fiscal 2022-23, ADB has, in the latest supplement, raised the economic growth projection for India to 7.5 per cent from 7.0 per cent estimated earlier.

“Asia and the Pacific’s recovery from the Covid-19 pandemic continues, although the path remains precarious amid renewed outbreaks, new virus variants, and an uneven vaccine rollout,” said ADB Chief Economist Yasuyuki Sawada. “On top of containment and vaccination measures, phased and strategic rejuvenation of economic activities — for instance, trade, manufacturing, and tourism — will be key to ensure that the recovery is green, inclusive, and resilient.”

The Covid-19 pandemic remains the biggest risk to the outlook, as outbreaks continue in many economies. Daily confirmed cases in the region peaked at about 434,000 in mid-May. They narrowed to about 1,09,000 at the end of June, concentrated mainly in South Asia, South-East Asia, and the Pacific. Meanwhile, the vaccine roll-out in the region is gaining pace, with 41.6 doses administered per 100 people by the end of June — above the global average of 39.2, but below rates of 97.6 in the US and 81.8 in the European Union.

In Southeast Asia, the ADB revised 2021 growth forecasts to 4.1 per cent from 4.5 per cent for Indonesia; 2.0 per cent from 3.0 per cent for Thailand; 5.5 per cent from 6.0 per cent for Malaysia; and 5.8 per cent from 6.7 per cent for Vietnam.

It raised Singapore’s growth projection for this year to 6.3 per cent from 6.0 per cent, but kept the growth outlook for the Philippines at 4.5 per cent.

For 2022, the ADB maintained its growth forecasts for most Southeast Asian economies: 5.0 per cent for Indonesia, 5.7 per cent for Malaysia, 5.5 per cent for the Philippines, 4.1 per cent for Singapore, and 7.0 per cent for Vietnam.

But it raised the growth projection for Thailand to 4.9 per cent for next year from 4.5 per cent.

“On top of containment and vaccination measures, phased and strategic rejuvenation of economic activities – for instance, trade, manufacturing, and tourism – will be key to ensure that the recovery is green, inclusive, and resilient,” Sawada said.

Source:https://www.khaleejtimes.com/business/adb-sees-indian-economy-growing-at-10