23 Oct
Dubai Silicon Oasis Authority launches Sandbox programme to support early-stage tech startups
The programme operated by the Dubai Technology Entrepreneur Campus will offer services worth over Dhs550,000
The Dubai Silicon Oasis Authority (DSOA) has launched Sandbox, a startup programme that supports early-stage technology startups to scale and raise funds.
The 12-month programme run by the Dubai Technology Entrepreneur Campus (Dtec), DSOA’s wholly owned tech hub and coworking space, is open to early-stage startups from MVP to seed stage, with a rolling application process.
Enrolled entrepreneurs will follow a structured curriculum which includes theoretical and practical workshops, mentorship sessions and networking opportunities that will help them grow their startups.
Dtec has dedicated a funding purse to be invested in promising startups of the programme. Dtec is offering Sandbox participants exclusive company setup rates, equivalent to Dhs9,500. The programme will provide each participant access to leading venture capital funds, and broad services provided by DSOA’s partners worth more than Dhs550,000, according to the Dubai Media Office.
Sandbox is built on six key pillars: product development, traction, scaling, financial diagnostics, wellbeing and legal support.
Startups enrolled in the programme will benefit from over 200 hours of practical workshops and more than 100 hours of one-on-one mentorship from practitioners and field-experts.
Entrepreneurs will also have access to a full suite of diagnostic tools for financial efficiency and legal compliance.
Dtec offers coworking spaces, business accelerators, R&D facilities, event spaces and digital business setup support including licensing. It houses more than 1,000 startups from 75 countries. Through the centre, DSOA supports entrepreneurs, startups and innovators, especially those that operate in the technology, Ai and digitalisation spaces.
“The launch of the Sandbox startup programme coincides with the Projects of the 50, a strategic set of initiatives that will lay the foundations for a new development cycle in various economic sectors. All these projects position the nation as a destination for talents, skilled individuals, entrepreneurs, startup founders, innovators and investors,” said Dr. Mohammed Al Zarooni, vice chairman and CEO of DSOA.
“Dubai Silicon Oasis, and its wholly owned Dtec, have extensive experience as a tech hub and an incubator for entrepreneurs and startups, supporting them in transforming their innovative ideas into reality and empowering them in securing financing. The programme is the first of its kind in the region, founder-centric, addressing a gap in early-stage initiatives.”
Source:https://gulfbusiness.com/dubai-silicon-oasis-authority-launches-sandbox-programme-to-support-early-stage-tech-startups/
15 Oct
UAE – Best place to do Business
The UAE promises immense business opportunities as well as substantial rewards on investment across a diverse field of sectors, experts said at an event on Sunday.
In a knowledge session titled ‘UAE: Land of Opportunities’, organised by MBG Corporate Services along with the BeNeLux and Netherlands Business Council, several experts highlighted various opportunities for European businesses in the country. The session drew the participation of several high-level delegations, government representatives, and officials from various international trade councils who were in Dubai for the Expo 2020 exhibition.
Nienke Gelderloos, Economic Advisor for Expo at the Consulate-General of the Kingdom of the Netherlands in Dubai, started the session with a keynote on the Netherlands Pavilion at Expo 2020 Dubai.
“We think that there are plenty of opportunities here in the UAE, and we have taken an umbrella approach in selecting all the companies that will be exhibiting at Expo 2020 Dubai under the theme ‘Uniting Water, Energy and Food’,” she said. “Eight years ago, when the UAE won the bid to host the Expo, we decided on this theme because it was relevant, and it is still relevant today, and will be for the decades to come. Water, energy, and food are vital resources for life on earth, and we need to be smart about how we go about using them.”
“If we are to sustain a growing population of billions, then we really need to change things,” she added. “We think that the sustainable solutions that we are showcasing at the pavilion are smart and the approach that we have taken is to connect businesses and the opportunities that they see. Solar panels on the roof provide the energy to power a water making machine that harvests water from the air – we harvest up to 800 litres of clean water a day – which we then use to grow food such as edible plants on the exterior and oyster mushrooms in the interior of the pavilion’s 18m vertical farm.”
Shailendra Ranjan, director of MBG, in his presentation looked back on the history of the UAE and the strides that it had made since the formation of the union. He noted that the UAE leadership has already developed a vision of how to take the country forward from where it was today under the UAE Centennial 2071, which is based on four key pillars including: a future-focused government; excellent education; a diversified knowledge economy; and a happy and cohesive society.
The UAE Centennial 2071 is a five-decade vision for future generations that includes the development of a national strategy to enhance the country’s reputation and soft power; ensuring diverse sources of government revenue other than oil; investing in advanced technology based education; instilling ethics and values in future generations; increasing productivity of the national economy; and enhancing community cohesion.
“There are several factors that have gone into building the UAE into what it is today,” said Ranjan. “These include a stable political environment; its position as a strategic trade hub; multiple free zones; and business friendly ownership policies. All of these will go a long way in transforming the UAE over the next few years.”
The UAE, despite being a small nation, attracts the largest FDI, not only in the GCC region, but across the Mena region as well, he added. “All of this has led to a flurry of activity across various sectors. The oil and gas sector immediately comes to mind, but beyond this there are other sectors that see a healthy dose of activity such as financial services, e-commerce, hospitality, retail, education, manufacturing, logistics, and healthcare.”
Serious investors, he said, are spoiled for choice when choosing where to invest. One sector that has always proven to be popular with investors is the real estate sector in Dubai. “As of 2020, the UAE’s real estate sector was valued at $101.45 billion. Between 2020 and 2025, the sector is anticipated to grow at a rate of 3.8 per cent per year. The sector has its ups and downs and we know that if there is not a boom in the next two to three years, then there is going to be a boom in the next five to ten years.”
Another sector that promises good returns, he said, is the e-commerce sector, which saw accelerated growth during the lockdowns and the pandemic, as people took to shopping online for all their needs. The UAE’s e-commerce market is expected to grow to $17 billion by 2025. Ranjan predicted that there would be more balance in the sector moving forward as the UAE is a country which enjoys the brick and mortar shopping experience. However, the growth of the population in the country and the surrounding economies would result in steady growth for the sector.
Source:https://www.khaleejtimes.com/corporate/uae-best-place-to-do-business
12 Oct
Benefit from VAT refund, FTA tells Expo participants
Dubai – Participants can apply for a refund for expenses in direct connection with Expo 2020.
Official participants in Expo 2020 can claim Value Added Tax (VAT) refund for taxes paid on goods and services connected with Expo 2020 Dubai, the Federal Tax Authority (FTA) said on Monday.
In a statement, the FTA said it has facilitated speedy processing of eligible Expo participants’ requests for registration, tax refunds, and prompt response to their inquiries. It has also enabled a direct communication channel with Expo 2020 Dubai to provide full support with advanced tax solutions. The FTA also offers telephone service designed to ease procedures and give priority to the registration of international participants.
Participants can apply for a refund for expenses in direct connection with Expo 2020, for example VAT incurred on the construction, installation, alteration, dismantlement of the exhibition space for the Expo 2020 or VAT incurred on goods and services for the operation, presentation and events within the Expo site as per a Cabinet decision.
“The FTA has been cooperating with all relevant authorities to prepare for a smooth and efficient implementation of the procedures for the refund of Value Added Tax paid on goods and services connected with Expo 2020 Dubai,” explained Khalid Ali Al Bustani, director-general of the FTA.
“The FTA has established a daily direct communication channel with the Expo 2020 Bureau of International Participants to enhance coordination and ensure fast processing of applications from participants in Expo 2020 Dubai, whether in regard to VAT registration requests by the participating countries, or processing of refund requests, as well as promptly responding to their enquiries,” said Al Bustani.
The FTA’s telephone service to facilitate and expedite VAT registration procedures for international participants offers clear instructions and details about the registration requirements, delivered by the FTA Registration Department. Priority is given to VAT registration requests from international Expo participants.
Al Bustani clarified that the FTA had already completed VAT registration processes for several participating countries, and the FTA processes the requests submitted through the electronic system of the VAT refund scheme for goods and services connected with Expo 2020.
“The FTA also processes special VAT refund requests, submitted through the integrated platform office, dedicated to receiving and processing requests by participants not registered for VAT. The integrated platform office will appoint a tax agent to review the special refund requests and forward them to the FTA on expo2020@tax.gov.ae to be reviewed by FTA experts,” Al Bustani said.
“The FTA is applying the mechanism for the refund of VAT paid on goods and services connected with Expo 2020 Dubai through transparent, accurate and facilitated procedures according to best practices,” he said.
“This comes as part of its contribution to the intensive efforts of all relevant bodies in the UAE to ensure the success of this international event, which began on the 1st of October 2021 with the participation of 192 countries. Expo 2020 Dubai is an important international platform for the UAE as it brings the world together for six months and embodies its vision of international cooperation,” said Al Bustani.
The FTA has issued a comprehensive guide for Expo participants, which addresses five categories of taxes that can be refunded. The first category is VAT incurred by official participants on goods and services in direct connection with the construction, installation, alteration, decoration, and dismantlement of their exhibition space. The second category is the VAT incurred by the official participants on goods and services in direct connection with the works and activities of organizing and operating the official participant’s exhibition space, as well as any presentations and events taking place within the Expo 2020 site.
Source:https://www.khaleejtimes.com/business/benefit-from-vat-refund-fta-tells-expo-participants
17 Sep
Dubai adopts action plan outlining its digital economy ambitions
Plan revolves around three pillars – enhancing the digital business environment, supporting digital companies and attracting leading digital companies to Dubai
The Dubai Digital Economy Retreat concluded on Wednesday with the adoption of a new action plan designed to develop Dubai’s digital economy strategy.
Discussions at the event generated several practical recommendations to address existing challenges in the market.
The two-day retreat, organised by the Dubai Chamber of Digital Economy, supports the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to position Dubai as a global digital economy capital.
The event was attended by Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, and Chairman of the Dubai Chamber of Digital Economy; Hamad Buamim, president and CEO of Dubai Chamber; and members of the advisory board of the Dubai Chamber of Digital Economy who represent digital companies in Dubai.
Interactive workshops during the event identified key market issues and challenges, including the need to attract more digital companies and specialised talent to Dubai, high costs for companies operating in this sector, encouraging more digital startups and enhancing investments in growing these businesses, widening acceptance of e-commerce payments and removing barriers of entry and enhancing the quality of services operating in this space.
The action plan is structured around three pillars, namely enhancing the digital business environment, supporting the development of digital companies and attracting leading digital companies to Dubai.
The plan emphasises the importance of understanding the current and future infrastructure needs of the digital economy, facilitating access to funding and managing relationships and networks abroad with digital-related entities.
Addressing participants, Al Olama said the newly announced action plan lays the groundwork for developing Dubai’s digital economy strategy and ecosystem, while it is expected to create new jobs and growth opportunities.
He noted that the retreat achieved its objectives of involving private sector stakeholders in key discussions with their public sector counterparts that will shape Dubai’s future vision and enhance the emirate’s economic competitiveness in the long term.
Buamim said the retreat complements Dubai Chamber’s efforts to facilitate and streamline public-private sector cooperation, support and protect the interests of its members and meet the changing needs of Dubai’s fast-growing business community as it adapts to a new reality in the Covid-era and beyond.
Buamim described the retreat as an ideal platform for open and constructive dialogue that is crucial in paving the way for major initiatives that will accelerate the next phase of Dubai’s economic growth and development.
