Dubai, April 09, 2018: Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister  of United Arab Emirates (UAE)  at the Annual Investment Meeting at the world trade centre in Dubai. Satish Kumar for the National /Story by Deena Kamel
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, drew the infinity sign of the bridge on an electronic screen at the event. (Satish Kumar for the National)

Dubai proposes new economic plans as it aims to boost growth and lower costs



Dubai plans to implement new measures to help boost economic growth, attract new investments and cut the cost of doing business across sectors ranging from tourism to financial services.

Sheikh Mohammed bin Rashid, UAE's Vice President and Ruler of Dubai, discussed the initiatives on Saturday with a group of government officials, the Dubai government’s media office said in a statement.

“We have instructed the relevant entities to facilitate business procedures, reduce the cost of doing business and dedicate all possible resources to ease investment activities without complications or hindrances,” Sheikh Mohamed said in the statement.

Dubai, the commercial and trading hub of the Arabian Gulf region and the most diversified GCC economy, is undertaking a series of measures to help boost growth to off set the impact of a slowdown in trade with regional peers.

Dubai’s economy, which fared relatively better than the other Gulf states during oil price slump, is forecast to accelerate in 2019 and reach 3.7 per cent as infrastructure development and diversification policies continue apace, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai said in December.

Real GDP, which grew 2.85 per cent in 2016, is projected to grow 3.5 per cent in 2018.

The initiatives announced on Saturday include payment of certain government fees in instalments, earmarking 20 per cent of government tenders to small and medium-sized enterprises and waiving commercial penalties and fines imposed by the Department of Economic Development on companies’ violations.

The department also presented a proposal to lower the operational costs for the retail sector in order to contain the increase in expenditures and boost investments in this sector.

The DED also proposed an initiative to offer incentives to some 1000 start-ups, particularly in the technology sector from emerging markets, to set up base in Dubai in order to make the emirate a hub for entrepreneurs.

The Department of Tourism and Commerce Marketing presented a plan to attract more transit passengers to visit Dubai, a measure that could bring in an extra 1 million tourists.

The department also suggested introducing the time share concept to woo more families to visit the emirate, by listing between 500 to 1000 time share properties, a move that could help boost tourist numbers and encourage them to stay longer.

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The department also proposed new steps to help attract more private yachts and boats to visit the emirate and be serviced there as well.

The Dubai Land Department proposed plans to help attract international investment funds and Nasdaq-listed companies to invest in the real estate sector. The department also proposed coming up with alternative financing schemes for property investors, particularly small and medium-sized ones.

The Ports, Customs and Free Zone Corporation also put forward plans to facilitate foreign trade procedures to help boost foreign trade by Dh27 billion and use blockchain technology to help advance the industry.

The corporation also announced plans to develop an aluminium downstream industry that uses products manufactured by Emirates Global Aluminium, one of the world’s biggest producers of the metal.

The Dubai Islamic Economy Development Centre, which is tasked with turning Dubai into a capital for Islamic finance and Sharia-compliant economic activities, proposed plans to boost the listing of Islamic bonds in the emirate by creating platforms such as secondary market for listing sukuk of small and medium-sized enterprises.

Currently Nasdaq Dubai has $58.8bn worth of Islamic debt instruments listed, $7.35bn of which are new issues listed in the first quarter of this year.

The specs

Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)

The Specs

Engine: 1.6-litre 4-cylinder petrol
Power: 118hp
Torque: 149Nm
Transmission: Six-speed automatic
Price: From Dh61,500
On sale: Now

Company Profile

Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government

Three ways to limit your social media use

Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.

1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.

2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information. 

3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.

Company Profile

Company name: EduPloyment
Date started: March 2020
Co-Founders: Mazen Omair and Rana Batterjee
Base: Dubai, UAE
Sector: Recruitment
Size: 30 employees
Investment stage: Pre-Seed
Investors: Angel investors (investment amount undisclosed)

THE BIO

Ms Davison came to Dubai from Kerala after her marriage in 1996 when she was 21-years-old

Since 2001, Ms Davison has worked at many affordable schools such as Our Own English High School in Sharjah, and The Apple International School and Amled School in Dubai

Favourite Book: The Alchemist

Favourite quote: Failing to prepare is preparing to fail

Favourite place to Travel to: Vienna

Favourite cuisine: Italian food

Favourite Movie : Scent of a Woman

 

 

MEDIEVIL (1998)

Developer: SCE Studio Cambridge
Publisher: Sony Computer Entertainment
Console: PlayStation, PlayStation 4 and 5
Rating: 3.5/5

Director: Nag Ashwin

Starring: Prabhas, Saswata Chatterjee, Deepika Padukone, Amitabh Bachchan, Shobhana

Rating: ★★★★

Bio:

Favourite Quote: Prophet Mohammad's quotes There is reward for kindness to every living thing and A good man treats women with honour

Favourite Hobby: Serving poor people 

Favourite Book: The Alchemist by Paulo Coelho

Favourite food: Fish and vegetables

Favourite place to visit: London

Watch live

The National will broadcast live from the IMF on Friday October 13 at 7pm UAE time (3pm GMT) as our Editor-in-Chief Mina Al-Oraibi moderates a panel on how technology can help growth in MENA.

You can find out more here

The Roundup : No Way Out

Director: Lee Sang-yong
Stars: Don Lee, Lee Jun-hyuk, Munetaka Aoki
Rating: 3/5

Kill Bill Volume 1

Director: Quentin Tarantino
Stars: Uma Thurman, David Carradine and Michael Madsen
Rating: 4.5/5

UAE athletes heading to Paris 2024

Equestrian
Abdullah Humaid Al Muhairi, Abdullah Al Marri, Omar Al Marzooqi, Salem Al Suwaidi, and Ali Al Karbi (four to be selected).
Judo
Men: Narmandakh Bayanmunkh (66kg), Nugzari Tatalashvili (81kg), Aram Grigorian (90kg), Dzhafar Kostoev (100kg), Magomedomar Magomedomarov (+100kg); women's Khorloodoi Bishrelt (52kg).

Cycling
Safia Al Sayegh (women's road race).

Swimming
Men: Yousef Rashid Al Matroushi (100m freestyle); women: Maha Abdullah Al Shehi (200m freestyle).

Athletics
Maryam Mohammed Al Farsi (women's 100 metres).

Name: Brendalle Belaza

From: Crossing Rubber, Philippines

Arrived in the UAE: 2007

Favourite place in Abu Dhabi: NYUAD campus

Favourite photography style: Street photography

Favourite book: Harry Potter

Company Profile

Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8

Company profile

Company: Verity

Date started: May 2021

Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif

Based: Dubai

Sector: FinTech

Size: four team members

Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000

Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors

Hotel Silence
Auður Ava Ólafsdóttir
Pushkin Press

UAE currency: the story behind the money in your pockets
COMPANY PROFILE

Name: Carzaty, now Kavak
Based: Dubai
Launch year: Carzaty launched in 2018, Kavak in the GCC launched in 2022
Number of employees: 140
Sector: Automotive
Funding: Carzaty raised $6m in equity and $4m in debt; Kavak plans $130m investment in the GCC

EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE

Edinburgh: November 4 (unchanged)

Bahrain: November 15 (from September 15); second daily service from January 1

Kuwait: November 15 (from September 16)

Mumbai: January 1 (from October 27)

Ahmedabad: January 1 (from October 27)

Colombo: January 2 (from January 1)

Muscat: March 1 (from December 1)

Lyon: March 1 (from December 1)

Bologna: March 1 (from December 1)

Source: Emirates

Marathon results

Men:

1. Titus Ekiru(KEN) 2:06:13 

2. Alphonce Simbu(TAN) 2:07:50 

3. Reuben Kipyego(KEN) 2:08:25 

4. Abel Kirui(KEN) 2:08:46 

5. Felix Kemutai(KEN) 2:10:48  

Women:

1. Judith Korir(KEN) 2:22:30 

2. Eunice Chumba(BHR) 2:26:01 

3. Immaculate Chemutai(UGA) 2:28:30 

4. Abebech Bekele(ETH) 2:29:43 

5. Aleksandra Morozova(RUS) 2:33:01  

Porsche Macan T: The Specs

Engine: 2.0-litre 4-cyl turbo 

Power: 265hp from 5,000-6,500rpm 

Torque: 400Nm from 1,800-4,500rpm 

Transmission: 7-speed dual-clutch auto 

Speed: 0-100kph in 6.2sec 

Top speed: 232kph 

Fuel consumption: 10.7L/100km 

On sale: May or June 

Price: From Dh259,900  

Family reunited

Nazanin Zaghari-Ratcliffe was born and raised in Tehran and studied English literature before working as a translator in the relief effort for the Japanese International Co-operation Agency in 2003.+

She moved to the International Federation of Red Cross and Red Crescent Societies before moving to the World Health Organisation as a communications officer.

She came to the UK in 2007 after securing a scholarship at London Metropolitan University to study a master's in communication management and met her future husband through mutual friends a month later.

The couple were married in August 2009 in Winchester and their daughter was born in June 2014.

She was held in her native country a year later.+

Kill

Director: Nikhil Nagesh Bhat

Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal

Rating: 4.5/5

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