The UAE's recent economic reforms indicate that the "country's business environment is flexible" and it is committed to providing investors with some of the best incentives to start their ventures, according to a senior government official.
New legislation will spur growth, stimulate innovation, strengthen intellectual property and increase the country’s attractiveness to global investors, entrepreneurs and innovators, Abdullah Al Saleh, undersecretary of the Ministry of Economy, said at a media briefing on Tuesday.
President Sheikh Khalifa formally approved the most extensive legal reforms in the country’s history last month, before the Golden Jubilee celebrations of its formation.
These are expected to help the country attract more foreign direct investment and support the growth of small and medium-size enterprises to strengthen its economy.
Amendments to more than 40 laws, including to legislation on commercial companies, commercial registry and trademarks, were unveiled.
“These three laws, in addition to the laws and legislations previously announced by the government, are an open invitation. The UAE’s business environment is flexible and advanced, which will provide them [the companies] with the best possibilities and incentives to start their business and practice economic and trade activities,” Mr Al Saleh said.
“The new laws that were launched in conjunction with the UAE’s Golden Jubilee represent an important milestone in the development of the legislative system to drive national economic growth in line with the Principles of the 50. It puts in place proactive legislative frameworks that drive economic growth in the country over the next 50 years.”
The new laws put in place proactive legislative frameworks that drive long-term economic growth in the country over the next 50 years
Abdullah Al Saleh,
undersecretary of the Ministry of Economy
The move is in line with the UAE’s ambitions to become a global business hub and further continue to diversify its economy.
The Arab world’s second-largest economy is undertaking measures to boost its economy. This year, it unveiled a strategy to boost the contribution of the industrial sector to Dh300 billion ($81.68bn) in the next 10 years, from Dh133bn currently.
The country also overhauled its commercial companies law last year to attract more foreign capital and annulled the requirement for onshore companies to have an Emirati shareholder.
Amendments to this law ensure an advanced investment environment enabling investors to implement vital projects for the economy, increase the attraction of foreign companies and attract foreign investments to the country’s vital economic sectors, the ministry said on Tuesday.
The law amendments include development of financing solutions for companies and restructuring operations and finding solutions to the challenges facing business activities in the country, it added.
The latest updates, announced on Tuesday in co-operation with the Securities and Commodities Authority, are “an additional step towards enhancing the business climate in the country to support the competitiveness of the national economy and the dynamism of the business environment”, Mr Al Saleh said.
Among other benefits, the new legislation allows companies to transform into a public joint stock company and sell its shares or offer new shares in a public subscription without being restricted to a certain percentage, by following the price-building mechanism of the security, the ministry said.
It also allows branches of foreign companies licensed in the country to transform into a commercial company with UAE citizenship.
All these amendments are aimed at transforming the country’s economic and legal environments, according to Maryam Al Suwaidi, chief executive of the SCA.
“I believe it [the amendments] will have a huge impact on the SCA, in terms of keeping up with global regulators, and also being an international hub or a financial centre for international companies,” she told The National on the sidelines of the media briefing.
“We have to be able to compete with other regulators and we are helping to make the UAE an attractive destination for international companies.”
Meanwhile, the commercial register law would help investors and companies develop their businesses based on documented, integrated and accurate information, according to the ministry.
The amendments to this law aim to make the Economic Register a comprehensive reference to help investors and companies develop their businesses based on documented, integrated and accurate information, the ministry said, detailing the new legislation. It will also enable the use of the unified economic register number as a digital identity for companies.
“The registry will serve as a leading platform that accelerates the growth of economic sectors and enhances the position of the UAE as a destination for future investments and innovative ideas in new economic sectors,” it added.
It will also support the UAE strategy 2021-2025 for digital transformation in terms of providing an enhanced digital infrastructure and a unified digital platform to support the integration of economic data for business sector services in the UAE, according to the ministry.
Amendments to the trademark law, the third economic reform highlighted by the ministry, would accelerate the issuance of licenses for businesses as well as speed up the completion of government approvals and procedures for companies.
This would contribute to enhancing integration in the work of service providers, increasing their contribution to SMEs, the ministry said.
The changes will also make available the database of trademarks to the public for free, which was formerly a paid service.
The move enhances confidence in the UAE’s markets and the business sector, and contributes to combating fraud and counterfeiting, preserving the rights of institutions, companies and individuals, according to the ministry.
MATCH INFO
Sheffield United 2 Bournemouth 1
United: Sharp (45 2'), Lundstram (84')
Bournemouth: C Wilson (13')
Man of the Match: Jack O’Connell (Sheffield United)
How to become a Boglehead
Bogleheads follow simple investing philosophies to build their wealth and live better lives. Just follow these steps.
• Spend less than you earn and save the rest. You can do this by earning more, or being frugal. Better still, do both.
• Invest early, invest often. It takes time to grow your wealth on the stock market. The sooner you begin, the better.
• Choose the right level of risk. Don't gamble by investing in get-rich-quick schemes or high-risk plays. Don't play it too safe, either, by leaving long-term savings in cash.
• Diversify. Do not keep all your eggs in one basket. Spread your money between different companies, sectors, markets and asset classes such as bonds and property.
• Keep charges low. The biggest drag on investment performance is all the charges you pay to advisers and active fund managers.
• Keep it simple. Complexity is your enemy. You can build a balanced, diversified portfolio with just a handful of ETFs.
• Forget timing the market. Nobody knows where share prices will go next, so don't try to second-guess them.
• Stick with it. Do not sell up in a market crash. Use the opportunity to invest more at the lower price.
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
More from Neighbourhood Watch:
F1 2020 calendar
March 15 - Australia, Melbourne; March 22 - Bahrain, Sakhir; April 5 - Vietnam, Hanoi; April 19 - China, Shanghai; May 3 - Netherlands, Zandvoort; May 20 - Spain, Barcelona; May 24 - Monaco, Monaco; June 7 - Azerbaijan, Baku; June 14 - Canada, Montreal; June 28 - France, Le Castellet; July 5 - Austria, Spielberg; July 19 - Great Britain, Silverstone; August 2 - Hungary, Budapest; August 30 - Belgium, Spa; September 6 - Italy, Monza; September 20 - Singapore, Singapore; September 27 - Russia, Sochi; October 11 - Japan, Suzuka; October 25 - United States, Austin; November 1 - Mexico City, Mexico City; November 15 - Brazil, Sao Paulo; November 29 - Abu Dhabi, Abu Dhabi.
'The worst thing you can eat'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
Company name: Play:Date
Launched: March 2017 on UAE Mother’s Day
Founder: Shamim Kassibawi
Based: Dubai with operations in the UAE and US
Sector: Tech
Size: 20 employees
Stage of funding: Seed
Investors: Three founders (two silent co-founders) and one venture capital fund
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
THE POPE'S ITINERARY
Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport
Tax authority targets shisha levy evasion
The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.
Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".
The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.
He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.
"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.
As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.
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Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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The biog
Full name: Aisha Abdulqader Saeed
Age: 34
Emirate: Dubai
Favourite quote: "No one has ever become poor by giving"
What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
