Dubai will open a network of 50 representative offices across five continents over the next few years for the commercial promotion of the emirate as it seeks to become one of the world's leading business centres.
The Dubai Global network aims to attract additional investments, open markets and provide national companies with international exposure, Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and Chairman of the Dubai Council, said on Twitter on Tuesday.
It also aims to support Dubai-based companies in expanding their operations to more than 30 more markets.
Dubai handles 11 per cent of the total global freight traffic through its ports and invests tens of billions in expanding its shipping lanes and air routes with more than 400 cities, Sheikh Hamdan said.
“We are the most rapidly growing, diversified and fast-growing city,” he said.
“Our goal through Dubai Global is to convey our story to the world … and that the world communicates commercially and economically through Dubai.”
Dubai's economy grew 6.3 per cent year-on-year in the first nine months of 2021, according to preliminary data from the Dubai Statistics Centre.
Emirates NBD estimates Dubai's economy grew about 5.5 per cent for the full year 2021 — an upwards revision from its forecast of 4 per cent. With slower global growth, higher interest rates and a stronger US dollar, the lender expects growth of 4 per cent to 4.5 per cent in 2022.
The Dubai Global network will operate as part of Dubai Chambers and in partnership with several government and semi-government entities in Dubai, Dubai Media Office said in a statement.
The commercial representative offices will provide services such as market research and information on legislative procedures to help companies make informed decisions, the statement said. They will also provide logistical support to Dubai companies that seek to expand in global markets.
“Our goal is to globalise our national companies, attract global investments, and add new markets to our global business lines,” Sheikh Hamdan said.
“Our goal is to open 30 new markets, attract thousands of investors, and build the world’s best economic environment.”
In March, Dubai had announced plans to attract 50 multinational companies within the next three years and also encourage them to list on the Dubai Financial Market, as part of the Dubai International Chamber's strategy.
The three-year strategy (2022- 2024) will also focus on supporting the expansion of 100 local companies to “priority” international markets in two years, Dubai International Chamber, which is part of Dubai Chambers, said at the time.
As part of the latest initiative, the emirate also aims to diversify trade by preparing studies on business opportunities in vital markets and establishing and maintaining reliable local and regional business relationships, the statement said.
The offices will work to increase the competitiveness of Dubai’s foreign trade by supporting export and re-export operations.
Dubai Global will also create cross-border opportunities by organising business-to-business meetings, corporate and government meetings, and global and regional events such as international business forums, the statement said.
The network will contribute to sustainable economic growth in Dubai and boost the competitiveness of its commercial sector, it said.
The Old Slave and the Mastiff
Patrick Chamoiseau
Translated from the French and Creole by Linda Coverdale
Company profile
Name: Steppi
Founders: Joe Franklin and Milos Savic
Launched: February 2020
Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year
Employees: Five
Based: Jumeirah Lakes Towers, Dubai
Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings
Second round raised Dh720,000 from silent investors in June this year
At Everton Appearances: 77; Goals: 17
At Manchester United Appearances: 559; Goals: 253
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Russia's Muslim Heartlands
Dominic Rubin, Oxford
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Brief scores:
Kashima Antlers 0
River Plate 4
Zuculini 24', Martinez 73', 90 2', Borre 89' (pen)
The%20Woman%20King%20
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Gina%20Prince-Bythewood%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Viola%20Davis%2C%20Thuso%20Mbedu%2C%20Sheila%20Atim%2C%20Lashana%20Lynch%2C%20John%20Boyega%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
Asia Cup Qualifier
Final
UAE v Hong Kong
TV:
Live on OSN Cricket HD. Coverage starts at 5.30am
Frankenstein in Baghdad
Ahmed Saadawi
Penguin Press
MATCH INFO
Manchester United 2 (Heaton (og) 42', Lindelof 64')
Aston Villa 2 (Grealish 11', Mings 66')
Global state-owned investor ranking by size
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1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
More on Quran memorisation:
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E4-litre%20flat-six%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E525hp%20(GT3)%2C%20500hp%20(GT4)%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E465Nm%20(GT3)%2C%20450Nm%20(GT4)%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESeven-speed%20automatic%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh944%2C000%20(GT3)%2C%20Dh581%2C700%20(GT4)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%0D%3Cbr%3E%3C%2Fp%3E%0A
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
What is type-1 diabetes
Type 1 diabetes is a genetic and unavoidable condition, rather than the lifestyle-related type 2 diabetes.
It occurs mostly in people under 40 and a result of the pancreas failing to produce enough insulin to regulate blood sugars.
Too much or too little blood sugar can result in an attack where sufferers lose consciousness in serious cases.
Being overweight or obese increases the chances of developing the more common type 2 diabetes.
