Over the past years, the UAE has succeeded in becoming one of the world’s most successful countries in attracting foreign investment due to a range of factors and incentives that earned it its status as a preferred destination for investors.

The UAE boasts a vibrant and prosperous business environment that excels at attracting foreign direct investment (FDI), as it is supported by a legal and legislative infrastructure that protects foreign capital.

In his statement to the Emirates News Agency (WAM), Mustafa Hemani, CEO of the Hemani Group and director of the Pakistan Business Council, stressed that the UAE is the land of promising investment opportunities, as it is powered by the vision of its wise leadership, which helped position it among the world’s fastest growing economies.

Hemani also pointed out that he has lived in Dubai for 36 years and his business in the herbs and spices trade continues to see year-on-year growth, adding that his company trades over 1,000 products and imports herbs from over 83 countries.

Since coming to Dubai in 1995, the Hemani Group now has grown to incorporate five companies in Pakistan, in addition to its headquarters and retail offices in the emirate and a sales office in the United States, he added, noting that the company has over 1,500 employees.

Hemani commended the UAE leadership’s support of investors, especially during the Covid-19 pandemic, affirming that the country has successfully dealt with the pandemic and held major conferences, exhibitions and events, while maintaining precautionary measures.

Expo 2020 Dubai, which will be held this year, will undoubtedly be a success thanks to the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, he stressed.

The Pakistan Business Council always strives to strengthen the bilateral trade between the UAE and Pakistan, Hemani said, noting that there are many alluring investment opportunities in the UAE, especially as it is one of the safest countries in the world.

He lauded the UAE’s new residency laws, as well as the laws allowing foreigners to fully own businesses in the country, a step that will surely impact the business community positively and boost investor confidence.

Source:https://www.khaleejtimes.com/business/local/uae-a-preferred-destination-for-investors-director-of-pakistan-business-council

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

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