The UAE will announce a list of sectors that will be open to up to 100 per cent foreign ownership under a new law in the first quarter of 2019, as the country seeks to boost investments in non-oil industries and create jobs for nationals.
Increased foreign ownership will be permitted in technology, outer space, renewable energy and artificial intelligence, among other sectors under consideration such as manufacturing, UAE Minister of Economy Sultan Al Mansouri said on Monday.
"There is an investment committee that will hammer the details of these sectors; these are a priority for us. We feel these sectors are the ones we need to pay maximum attention to, to attract investment from overseas for the reason we don't have solid capacity in these areas," he said.
Last month, the UAE issued a foreign direct investment law allowing overseas investors to own up to 100 per cent of UAE companies in selected sectors, up from the 49 per cent limit permitted in businesses outside free zones. The law is the latest in a series of reforms aimed at reducing the economy's reliance on oil, stimulating economic growth and creating jobs for nationals following a three-year slump in oil prices.
The FDI law is expected to increase capital inflows to the country by up to 20 per cent in 2019, from an average annual growth rate of about 8 per cent, Mr Al Mansouri said. Foreign investment is forecast to rise to $11.5 billion (Dh42.4bn) in 2018 from $10.8bn last year.
A committee is being formed to study which sectors should open up for larger foreign ownership and is expected to hold its first meeting in December. The body will submit recommendations to the Cabinet for approval, following which the list of sectors will be released early next year.
Under the FDI law, foreign ownership of companies would range from more than 49 per cent to 100 per cent, depending on the sector, Mr Al Mansouri said.
The Ministry of Economy will establish an FDI unit and task it with proposing related policies, plans and programmes. The authority will facilitate procedures for registering and licensing projects and maintaining a database of investments.
"The FDI law could be used to boost activity and attract investment in industries seen to be essential regarding elements such as job creation, broadening the economic base and supporting technology transfer," said Monica Malik, chief economist at Abu Dhabi Commercial Bank.
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The UAE is targeting an increase of FDI inflows to 5 per cent of its gross domestic product by 2021, according to a presentation by the Ministry of Economy.
Last year, the UAE ranked second in the Middle East and North Africa in terms of attracting FDI inflows to the region, following Turkey, the ministry data showed. The Emirates attracted 23 per cent of total FDI put into Mena in 2017.
WE NO LONGER PREFER MOUNTAINS
Director: Inas Halabi
Starring: Nijmeh Hamdan, Kamal Kayouf, Sheikh Najib Alou
Rating: 4/5
Fire and Fury
By Michael Wolff,
Henry Holt
COMPANY PROFILE
Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures
The Hunger Games: The Ballad of Songbirds & Snakes
Director: Francis Lawrence
Stars: Rachel Zegler, Peter Dinklage, Viola Davis, Tom Blyth
Rating: 3/5
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
THE HOLDOVERS
Director: Alexander Payne
Starring: Paul Giamatti, Da'Vine Joy Randolph, Dominic Sessa
Rating: 4.5/5
Brolliology: A History of the Umbrella in Life and Literature
By Marion Rankine
Melville House
Movie: Saheb, Biwi aur Gangster 3
Producer: JAR Films
Director: Tigmanshu Dhulia
Cast: Sanjay Dutt, Jimmy Sheirgill, Mahie Gill, Chitrangda Singh, Kabir Bedi
Rating: 3 star
The drill
Recharge as needed, says Mat Dryden: “We try to make it a rule that every two to three months, even if it’s for four days, we get away, get some time together, recharge, refresh.” The couple take an hour a day to check into their businesses and that’s it.
Stick to the schedule, says Mike Addo: “We have an entire wall known as ‘The Lab,’ covered with colour-coded Post-it notes dedicated to our joint weekly planner, content board, marketing strategy, trends, ideas and upcoming meetings.”
Be a team, suggests Addo: “When training together, you have to trust in each other’s abilities. Otherwise working out together very quickly becomes one person training the other.”
Pull your weight, says Thuymi Do: “To do what we do, there definitely can be no lazy member of the team.”
ABU DHABI'S KEY TOURISM GOALS: BY THE NUMBERS
By 2030, Abu Dhabi aims to achieve:
• 39.3 million visitors, nearly 64% up from 2023
• Dh90 billion contribution to GDP, about 84% more than Dh49 billion in 2023
• 178,000 new jobs, bringing the total to about 366,000
• 52,000 hotel rooms, up 53% from 34,000 in 2023
• 7.2 million international visitors, almost 90% higher compared to 2023's 3.8 million
• 3.9 international overnight hotel stays, 22% more from 3.2 nights in 2023
The specs: Lamborghini Aventador SVJ
Price, base: Dh1,731,672
Engine: 6.5-litre V12
Gearbox: Seven-speed automatic
Power: 770hp @ 8,500rpm
Torque: 720Nm @ 6,750rpm
Fuel economy: 19.6L / 100km
Match info
Athletic Bilbao 0
Real Madrid 1 (Ramos 73' pen)
The 12 breakaway clubs
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
COMPANY PROFILE
Company name: Klipit
Started: 2022
Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant
Based: Dubai, UAE
Industry: Digital receipts, finance, blockchain
Funding: $4 million
Investors: Privately/self-funded
COMPANY PROFILE
Name: Kinetic 7
Started: 2018
Founder: Rick Parish
Based: Abu Dhabi, UAE
Industry: Clean cooking
Funding: $10 million
Investors: Self-funded
Company Profile
Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000
Messi at the Copa America
2007 – lost 3-0 to Brazil in the final
2011 – lost to Uruguay on penalties in the quarter-finals
2015 – lost to Chile on penalties in the final
2016 – lost to Chile on penalties in the final
The specs: 2018 Audi Q5/SQ5
Price, base: Dh183,900 / Dh249,000
Engine: 2.0L, turbocharged in-line four-cylinder / 3.0L, turbocharged V6
Gearbox: Seven-speed automatic / Eight-speed automatic
Power: 252hp @ 5,000rpm / 354hp @ 5,400rpm
Torque: 370Nm @ 1,600rpm / 500Nm @ 1,370rpm
Fuel economy: combined 7.2L / 100km / 8.3L / 100km
The specs: 2019 Chevrolet Bolt EV
Price, base: Dh138,000 (estimate)
Engine: 60kWh battery
Transmission: Single-speed Electronic Precision Shift
Power: 204hp
Torque: 360Nm
Range: 520km (claimed)
Secret Pigeon Service: Operation Colomba, Resistance and the Struggle to Liberate Europe
Gordon Corera, Harper Collins
Set-jetting on the Emerald Isle
Other shows filmed in Ireland include: Vikings (County Wicklow), The Fall (Belfast), Line of Duty (Belfast), Penny Dreadful (Dublin), Ripper Street (Dublin), Krypton (Belfast)
SERIE A FIXTURES
Saturday Spezia v Lazio (6pm), Juventus v Torino (9pm), Inter Milan v Bologna (7.45pm)
Sunday Verona v Cagliari (3.30pm), Parma v Benevento, AS Roma v Sassuolo, Udinese v Atalanta (all 6pm), Crotone v Napoli (9pm), Sampdoria v AC Milan (11.45pm)
Monday Fiorentina v Genoa (11.45pm)