New company registrations at Dubai International Financial Centre rose 59 per cent annually in the first half of this year.
About 492 new companies joined during the period, taking the total number of active registered companies in the financial free zone to 3,292 in the January-June period, the Dubai government media office said on Tuesday.
The record growth in membership allowed DIFC to achieve the targets set in its "2024 Strategy", which sought to triple its size from 2014 levels, three years ahead of schedule.
“The announcement of the H1 2021 results coincides with the launch of 50 new initiatives and projects in the UAE based on the ‘Principles of the 50’ document, which is set to serve as a strategic road map for the country's new era of political, economic and social development,” Sheikh Maktoum bin Mohammed, Deputy Ruler of Dubai and president of DIFC, said.
“These ambitious steps taken by the UAE will pave the way for continued growth within various vital sectors, including the financial sector - further accelerating Dubai’s reputation as a leading global financial centre and raising the trust of our stakeholders and partners.”
DIFC’s ability to maintain a high momentum of growth despite the global repercussions of the pandemic reflects the centre’s high levels of preparedness and commitment to realise the Dubai’s vision for the future of the financial sector, he said.
The DIFC is the biggest financial centre in the Middle East and Africa and the 19th-biggest worldwide, according to the Global Financial Centres Index ranking published in March.
“Our continued growth … reflects the success of our forward-thinking approach to focus on driving both the future of finance and technology and innovation more broadly, enabling DIFC to attract pioneering start-ups and best-in-class global institutions alike,” DIFC’s governor Essa Kazim said.
In May, DIFC also teamed up with the Mena FinTech Association to develop an innovation forum and other initiatives to advance the financial technology sector in the region.
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What drives subscription retailing?
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
The%20specs
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Glossary of a stock market revolution
Reddit
A discussion website
Redditor
The users of Reddit
Robinhood
A smartphone app for buying and selling shares
Short seller
Selling a stock today in the belief its price will fall in the future
Short squeeze
Traders forced to buy a stock they are shorting
Naked short
An illegal practice
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Fast%20X
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Louis%20Leterrier%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Vin%20Diesel%2C%20Michelle%20Rodriguez%2C%20Jason%20Statham%2C%20Tyrese%20Gibson%2C%20Ludacris%2C%20Jason%20Momoa%2C%20John%20Cena%2C%20Jordana%20Brewster%2C%20Nathalie%20Emmanuel%2C%20Sung%20Kang%2C%20Brie%20Larson%2C%20Helen%20Mirren%20and%20Charlize%20Theron%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
Sholto Byrnes on Myanmar politics
MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia scheduled for October 10
Meghan%20podcast
%3Cp%3EMeghan%20Markle%2C%20the%20wife%20of%20Prince%20Harry%2C%20launched%20her%20long-awaited%20podcast%20Tuesday%2C%20with%20tennis%20megastar%20Serena%20Williams%20as%20the%20first%20guest.%3C%2Fp%3E%0A%3Cp%3EThe%20Duchess%20of%20Sussex%20said%20the%2012-part%20series%2C%20called%20%22Archetypes%2C%22%20--%20a%20play%20on%20the%20name%20of%20the%20couple's%20oldest%20child%2C%20Archie%20--%20would%20explore%20the%20female%20experience.%3C%2Fp%3E%0A%3Cp%3ELast%20year%20the%20couple%20told%20Oprah%20Winfrey%20that%20life%20inside%20%22The%20Firm%22%20had%20been%20miserable%2C%20and%20that%20they%20had%20experienced%20racism.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%22I%20don't%20ever%20remember%20personally%20feeling%20the%20negative%20connotation%20behind%20the%20word%20ambitious%2C%20until%20I%20started%20dating%20my%20now-husband%2C%22%20she%20told%20the%20tennis%20champion.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3C%2Fp%3E%0A
Killing of Qassem Suleimani
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
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Champions League Last 16
Red Bull Salzburg (AUT) v Bayern Munich (GER)
Sporting Lisbon (POR) v Manchester City (ENG)
Benfica (POR) v Ajax (NED)
Chelsea (ENG) v Lille (FRA)
Atletico Madrid (ESP) v Manchester United (ENG)
Villarreal (ESP) v Juventus (ITA)
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Paris Saint-Germain v Real Madrid (ESP)
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Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
THE SPECS
Engine: Four-cylinder 2.5-litre
Transmission: Seven-speed auto
Power: 165hp
Torque: 241Nm
Price: Dh99,900 to Dh134,000
On sale: now
What went into the film
25 visual effects (VFX) studios
2,150 VFX shots in a film with 2,500 shots
1,000 VFX artists
3,000 technicians
10 Concept artists, 25 3D designers
New sound technology, named 4D SRL
Who is Allegra Stratton?
- Previously worked at The Guardian, BBC’s Newsnight programme and ITV News
- Took up a public relations role for Chancellor Rishi Sunak in April 2020
- In October 2020 she was hired to lead No 10’s planned daily televised press briefings
- The idea was later scrapped and she was appointed spokeswoman for Cop26
- Ms Stratton, 41, is married to James Forsyth, the political editor of The Spectator
- She has strong connections to the Conservative establishment
- Mr Sunak served as best man at her 2011 wedding to Mr Forsyth
