Under the terms of the agreement, DET and HSBC will promote to HSBC customers and employees the unparalleled quality of life in Dubai, its position as a global investment hub and the diverse features of the destination that everyone can enjoy

Dubai’s Department of Economy and Tourism (DET) and HSBC Bank Middle East have signed a memorandum of understanding (MoU), paving the way for increased cooperation in further enhancing Dubai’s position as a global liveability destination.

Under the terms of the agreement, DET and HSBC will promote to HSBC customers and employees the unparalleled quality of life in Dubai, its position as a global investment hub and the diverse features of the destination that everyone can enjoy.

The MoU also envisages collaboration in marketing activities designed to promote events and experiences across the tourism ecosystem to further amplify the city’s position as a leading international business, leisure and events destination.

Issam Kazim, chief executive officer, Dubai Corporation for Tourism and Commerce Marketing; and Abdulfattah Sharaf, CEO of HSBC UAE and head of International, HSBC Bank Middle East Limited, signed the MoU.

“We are pleased to partner with HSBC, a global brand that has played a significant role in the development of Dubai’s business, banking and finance sectors, in showcasing our multi-faceted business and tourism offering,” Issam Kazim said.

“This MoU reflects the trust and confidence reposed in Dubai by multinational corporations and will further enhance our efforts to support the aim of our visionary leadership to make Dubai the most sought-after international city and the most attractive location to live and work in,” he said.

“Our partnership with HSBC is also testament to the continued efforts being made in collaboration with our stakeholders to leverage the city’s strategic location, world-class infrastructure and its position as one of the world’s safest destinations to attract multinationals, entrepreneurs, investors and tourists to Dubai,” Kazim added.

Abdulfattah Sharaf said: “Opening up a world of opportunity is our purpose at HSBC and it is what we have been doing every day for our customers in the UAE since we became the first bank to open our doors for business here more than 75 years ago.

“In that time the UAE has built itself into a global trade and logistics hub, an international financial market, a leader in Sustainable Finance, a magnet for innovation, and a focus of global wealth creation. HSBC has been with the UAE on every step of that journey and this MoU reflects our commitment to the future of the UAE and our ambitious plans for growth here.”

With an increasing number of international firms choosing Dubai as their base of operations, DET and HSBC will work closely to support these companies with the aim of making it easier for them to set up their business in the city.

DET and HSBC will further elevate the city’s standing as a global liveability hub by highlighting and promoting the initiatives launched by Dubai to ease barriers to entry for business and leisure travellers, as well as the long-term residency initiatives that have been launched to offer pathways for deeper engagement and longevity with Dubai.

These include the new visas and programmes such as Golden Visa targeting investors, entrepreneurs and specialised talents, the five-year multi-entry visa for employees of multinational companies, and the Virtual working and Retire in Dubai Programmes.

Source:https://www.khaleejtimes.com/business/dubai-to-enhance-its-position-as-a-global-liveability-hub

Erikkson has spent 20 plus years working with premium brands and UHNW families.

Expo 2020 Dubai, Golden Visa programme, and a full schedule of upcoming global events position the UAE as a great place for people from around the world to relocate for business and residence, said Vanessa Eriksson, CEO of Ritossa Family Office, Dubai UAE.

Eriksson is responsible for spearheading Sir Anthony Ritossa’s Global Family Office Investment Summits in Dubai, Riyadh, and Monaco. She advises high profile families, leading entrepreneurs, fund managers, and established business owners on how to effectively communicate and network with their peers in the Summit’s private, closed-door setting.

Erikkson has spent 20 plus years working with premium brands and UHNW families. Prior to joining the Ritossa Family Office full-time, she worked for three family offices — GK Investment Holdings in Milano and Lugano, Majida El Roumi in Lebanon, and Fernand Schroeder Family Office in Luxembourg.

She is also Founding Partner of The Globe-Trotting PR, which she launched in 2014 as a public relations, investor relations, and marketing firm to promote and connect conscious names in Europe and the GCC. Additionally, she was General Manager of the Albert Premier Hotel, one of the Small Luxury Hotels of the World where she served primarily diplomats and business leaders in the financial sector. Previous positions also include work at Calvin Klein, Sotheby’s, Bulgari Hotels & Resorts, The Address Hotels & Resorts, and JG Black Book of Travel.

Erikkson is a member of the Advisory Board of The Majestic Group and a Consultant Volunteer for Save the Children. She earned a Master’s in Business Management at BSDA Bocconi, a B.A. in Art, History and Sociology at UCL, and attended the British School of Paris. She speaks seven languages fluently and is an avid world traveller.

“The UAE’s economy is vibrant indeed. Our region’s economic performance is on a strong upwards trajectory. Government programmes and incentives helped our region recovery quickly from the pandemic and our handling of the health pandemic led the world in terms of effectiveness and responsiveness. To help support growth, the governments in Dubai and throughout the region help small- to medium businesses and entrepreneurs and welcome public-private partnerships. The UAE works hard to attract talent and focuses on a superior quality of life based on solid infrastructure, healthcare systems, sustainability, safety, and resiliency,” she added.

Eriksson informs there is a trend toward women-founded and women-led businesses moving to Dubai and the UAE more broadly. “During our Summits, we hold panel discussions specifically geared to women’s issues and concerns and this topic often leads the conversation. This has also been discussed in detail in connection with Expo 2020 Dubai,” said Eriksson, who is currently busy with forthcoming Sir Anthony Ritossa’s 17th Global Family Office Investment Summit on December 12-14, 2021.

“New regulations support investors’ search for opportunities and growth is accelerating at a rapid pace. Dubai is producing unicorns and there is a strong focus on early growth stage companies as it expands its position as a technology hub. During our Summits, we hear from many important global businesses that they intend to either move their headquarters to the UAE or open a satellite office. Lifestyle is also an important part of their decision-making process as the UAE offers impressive opportunities in areas such as education, healthcare, infrastructure, recreation, shopping, travel, and more,” concludes Eriksson.

Source:https://www.khaleejtimes.com/business/uae-is-the-best-place-to-relocate-for-business-and-living-vanessa-eriksson-says

Dubai’s financial regulator has set up a task force to drive forward standards related to sustainable finance, which is becoming increasingly popular in the Gulf region.

Dubai Financial Services Authority (DFSA) said it has launched the Task Force on Sustainable Finance (TFSF) in the Dubai International Financial Centre (DIFC).

Comprised of members from 12 DIFC-based entities, the TFSF aims to drive forward discussions regarding sustainable finance in the DIFC with the aim of supporting the application and adoption of global regulatory standards.

DFSA said sustainability forms a key area of its regulatory focus and is actively involved in numerous sustainability-orientated regulatory groups, including the Network for Greening the Financial System (NGFS), the Sustainable Insurance Forum (SIF) and the UAE Working Group on Sustainable Finance.

In launching the TFSF in the DIFC, the DFSA aims to harness its involvement in global forums and the global experience of DIFC firms to bring global best-practice to the development of sustainable finance in the DIFC.

Christopher Calabia, chief executive of the DFSA, said: “The financial services sector has an important role to play in ensuring that we leverage the power of the purse to reduce emissions and funnel capital toward innovations in energy and carbon capture that will help us to flatten the curve of increases in average temperatures.”

He added that as a significant global hub for banking, securities, and insurance, the DIFC has a part to play in this work as well which is why the engagement of industry leaders in discussions with regulators and supervisors is so important.

Representatives from Blackrock, Credit Agricole Corporate and Investment Bank, HSBC Bank Middle East Limited, Lloyd’s of London, Moody’s Investors Service Middle East Limited, Natixis, PwC, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, and Zurich Insurance Company Ltd attended the meeting.

The SFTF will next meet in January to discuss the next steps and how the work could be progressed, a statement said.

Last month, HSBC CEO Noel Quinn forecast that 2021 is set to be the first trillion-dollar year for green bonds, with a “major industrial transformation” in the next decade pushing firms to become carbon neutral or carbon light.

Speaking at the Middle East Green Initiative Summit in Riyadh, Quinn said that in the first nine months of 2021, green social and sustainable bonds raised more than $777 billion.

Saudi British Bank (SABB) recently became the first Saudi institution to make a green deposit as the clamour for sustainable finance increases in the Gulf region.

The funds, deposited with HSBC in the UAE, will be used solely to finance green initiatives.

It was the first green deposit issued in UAE dirham and one of the first green deposits made by a financial institution in the Middle East.

The deal comes just a few months after HSBC launched green deposits in the UAE. The bank said interest in the sustainable financing option has been immediate, with this being the third green deposit issued so far.

Source:https://www.arabianbusiness.com/gcc/uae/dubai-sets-up-task-force-to-drive-green-finance-ambitions

The UAE non-oil sector posted a marked increase in new business during October, driven by rising spending and tourism amid the opening of Expo 2020.

According to IHS Markit UAE Purchasing Managers’ Index (PMI), economic indicators derived from monthly surveys of private sector companies, confidence regarding future activity also improved significantly.

The PMI surged to 55.7 in October, from 53.3 in September. This was the highest reading since June 2019.

An economist at IHS Markit, David Owen said that the Expo 2020 brought a highly welcome upsurge in growth across the non-oil private sector.

“The increases in both output and new business were sharp and the most marked since July 2019. In addition, the boost to sales led more companies to predict a rise in activity over the next 12 months, as optimism jumped to the highest level since the beginning of the pandemic,” he said.

“The key test for the UAE economy will be whether this initial uplift in demand from the Expo can be sustained over the coming months. We also wait to see whether this will strengthen employment growth, as latest data showed a subdued rate of hiring despite growing pressure on business capacity.”

According to panellists, Expo drove increased sales in several sectors as tourism strengthened and investment spending rose. In contrast to domestic sales, export orders ticked up only marginally at the start of the fourth quarter.

In addition to Expo, firms noted that the loosening of pandemic restrictions also helped to boost activity.

Source:https://www.khaleejtimes.com/expo/expo-2020-dubai-uae-private-sector-growth-surges