Dubai has launched a new commercial identification project that aims to bring all economic establishments in the emirate and its free zones on to a single platform to streamline the process of data collection, management and sharing.
The Dubai Unified Licence project will serve as a reliable single digital information source and introduce a unified digital registry, the Dubai Media Office said on Monday.
Launched in collaboration with the Dubai Free Zones Council, the licence will be issued to both existing and new businesses in Dubai, operating with either a mainland or a free zone licence.
The scheme aims to standardise Dubai’s business processes in accordance with global practices and ensure that the latest company records, including licence details and data, are consistently maintained within the digital registry.
The initiative “exemplifies our dedication to facilitating ease of doing business, promoting transparency and embracing digital-first practices”, Helal Almarri, director general of the emirate's Department of Economy and Tourism, said.
“Seamlessly integrating with Dubai’s advanced digital technology infrastructure, it harnesses our smart city capabilities to drive business growth and strengthen Dubai’s position among the world’s top three global cities,” Mr Almarri said.
The DET, which was formed after Dubai's departments of economy and tourism were merged in November 2021, focuses on enhancing ease of doing business in the emirate and expanding investment and growth. It also promotes collaboration between the government and private sectors to advance the emirate’s economic development.
Thus far, it has issued more than 50,000 licences and it plans to issue more in the coming period, covering all registered companies in Dubai mainland and in free zones.
Under the new plan, the businesses will undergo thorough validation, verification and screening by the appropriate authorities before receiving their unique digital identity.
Beside boosting transparency and efficiency, the DUL will also reduce the time required for companies to establish and manage their operations.
The streamlined approach is expected to attract global investors and entrepreneurs seeking a hassle-free business environment, strengthening the emirate’s appeal as a preferred global business hub.
With a digital repository and consent capability, the DUL will facilitate easy access to company information for government entities, service providers and the public. It will also reinforce the compliance framework outlined in the national anti-money laundering and countering the financing of terrorism strategy.
Businesses are allocated a licence number specific to the mainland or free zone authority of their incorporation. They can use a unique QR code on their premises, websites and social media accounts instead of presenting the traditional trade licence certificates.
In the coming days, the DUL aims to facilitate banks in opening accounts for Dubai-based companies with enhanced ease and efficiency.
Dubai strengthened its status as a major global economic centre in the first half of 2023, continuing to perform strongly across sectors from tourism to property, Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, said in July.
Business activity in Dubai's non-oil private sector economy improved further in October as business optimism soared and sales hit a four-year high amid the emirate's continued economic momentum.
Dubai’s seasonally adjusted S&P Global purchasing managers' index reading rose to 57.4 in October, from 56.1 in September, remaining well above the neutral 50-mark separating an expansion from a contraction.
The successful completion of DUL initiative is a “testament to the teamwork and constructive co-operation among the Dubai Free Zones Council, the free zones authorities in Dubai and the DET team”, Mohammed Al Zarooni, secretary general of the Dubai Free Zones Council, said.
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The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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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.”
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