Al Maryah Island, the commercial free zone in Abu Dhabi. The emirate's economy is set to grow steadily, S&P said. Courtesy Mubadala
Al Maryah Island, the commercial free zone in Abu Dhabi. The emirate's economy is set to grow steadily, S&P said. Courtesy Mubadala

By supporting the stimulus, we can be well-prepared for long term growth and the prosperity of future generations



At Abu Dhabi Global Market (ADGM), we were excited by the announcement that Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, made recently of a massive stimulus package of Dh50bn for Abu Dhabi’s economy.

As an International Financial Centre tasked with overseeing Abu Dhabi’s financial free zone, ADGM views the stimulus package as a significant boost to the overall competitiveness Abu Dhabi’s economy; one that is bound to provide a positive sense of direction to local and international investors.

To support Abu Dhabi’s ambitious economic diversification and growing role as a financial and commercial hub, ADGM was established in October 2015. It provides a platform for mutual growth and success, working with a wide range of partners – through a financial hub underpinned by internationally recognised regulations and standards, that puts innovation first.

Co-operation and innovation are central to our work. Alongside various local authorities and partners, we have established a comprehensive financial sector and innovation ecosystem, which support the financial services of Abu Dhabi and the UAE.

Comprising three independent authorities: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM governs Al Maryah Island, which is the designated financial free zone.  

We have issued more than 900 commercial registrations to firms spanning the full ambit of the financial sector, from banking and insurance to professional service providers and foundations. They operate within an English Common Law framework, with world leading regulation and unparalleled infrastructure on Al Maryah Island.

The priorities of the Dh50bn stimulus programme reassured us that ADGM is on the right path of development and growth for the nation.

The Government’s decision to allow companies operating in Abu Dhabi free zones to obtain dual licences will significantly boost the competitiveness of the Emirate’s business environment.

Indeed, it was only recently that ADGM’s Registration Authority and the Abu Dhabi Department of Economic Development began a dual licensing framework for non-financial firms, to make doing business easier.

We are also working closely with national financial services regulators with a view to harmonise regulatory frameworks and foster capital flows between the Financial Free Zone and the broader UAE. We eagerly await more detailed plans and information about how we can make necessary changes to support the overall initiative.

In addition, ADGM is a firm believer in small and medium-sized enterprises (SMEs) and the core need to stimulating this sector as part of the UAE’s economic transformation plans. To support Abu Dhabi’s innovation ambition, ADGM aims to establish an environment where entrepreneurs, financiers and the wider start-up community can convene to foster a vibrant interactive ecosystem.

In 2016 we launched our Regulatory Laboratory (Reglab), the sandbox for innovative startups to test their financial technology solutions in a safe and controlled environment. It is focused on promoting inclusion and access to quality financial services for the SME sector. 

In our third batch of applications, we received a record 36 local and international submissions. ADGM RegLab firms have the real advantage of being able to live-test their solutions with real consumers. 

Moreover, our hosting of Plug and Play, the world’s largest start-up accelerator based in Silicon Valley, and KPMG Digital Village, a global ecosystem builder dedicated to facilitating collaboration between start-ups and major corporations, will serve to support the new stimulus plans.

Finally, in reinforcing Abu Dhabi’s openness to technology and innovation, the establishment of the Abu Dhabi Accelerators and Advanced Industries Council (Ghadan) by Sheikh Mohammed couldn’t have been timelier. They will stimulate technological creation and attract extra investment to increase the pace of economic diversification.

ADGM recently began developing an electronic-Know-Your-Customer (e-KYC) service, in collaboration with an industry consortium comprising Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Al Ansari Exchange, Al Fardan Exchange, First Abu Dhabi Bank and UAE Exchange.

The consortium will facilitate the use of blockchain – the secure distributed ledger technology – to improve the competitiveness of Abu Dhabi’s financial institutions in meeting regulatory requirements when familiarising new customers with their services.

In addition, In April, ADGM proposed the world’s first crypto-asset regulatory framework, to make it safer for investors to gain exposure to crypto investments. The framework supports the development of the wider crypto industry by addressing key risks including anti-money-laundering and counter-terrorist financing, consumer protection and technology governance.

These two initiatives are also bound to enhance the use of new technologies, transforming the way we do business in the UAE and supporting the economic competitiveness of Abu Dhabi.

The UAE and indeed the wider Mena region are experiencing a dynamic period – one that raises both challenges and opportunities across the board.

At ADGM we are committed to, and will continue to support, the Government’s initiatives as Abu Dhabi’s International Financial Centre, through our internationally-recognised legislative framework, comprehensive financial ecosystem and commitment to innovation. 

By doing so, we are honoured to play a part in supporting the development of the Emirate’s economy, and towards the prosperity of future generations.

Ahmed Al Sayegh is chairman of Abu Dhabi Global Market

Company%20profile
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Company%20Profile
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Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

The specs
Engine: 3.0-litre 6-cyl turbo

Power: 374hp at 5,500-6,500rpm

Torque: 500Nm from 1,900-5,000rpm

Transmission: 8-speed auto

Fuel consumption: 8.5L/100km

Price: from Dh285,000

On sale: from January 2022 

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The specs

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

VEZEETA PROFILE

Date started: 2012

Founder: Amir Barsoum

Based: Dubai, UAE

Sector: HealthTech / MedTech

Size: 300 employees

Funding: $22.6 million (as of September 2018)

Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC

MATCH INFO

West Ham United 2 (Antonio 73', Ogbonna 90 5')

Tottenham Hotspur 3 (Son 36', Moura 42', Kane 49')

box

COMPANY PROFILE

Company name: Letstango.com

Started: June 2013

Founder: Alex Tchablakian

Based: Dubai

Industry: e-commerce

Initial investment: Dh10 million

Investors: Self-funded

Total customers: 300,000 unique customers every month

Australia tour of Pakistan

March 4-8: First Test, Rawalpindi  

March 12-16: Second Test, Karachi 

March 21-25: Third Test, Lahore

March 29: First ODI, Rawalpindi

March 31: Second ODI, Rawalpindi

April 2: Third ODI, Rawalpindi

April 5: T20I, Rawalpindi

What is cyberbullying?

Cyberbullying or online bullying could take many forms such as sending unkind or rude messages to someone, socially isolating people from groups, sharing embarrassing pictures of them, or spreading rumors about them.

Cyberbullying can take place on various platforms such as messages, on social media, on group chats, or games.

Parents should watch out for behavioural changes in their children.

When children are being bullied they they may be feel embarrassed and isolated, so parents should watch out for signs of signs of depression and anxiety

COMPANY%20PROFILE%20
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Sun jukebox

Rufus Thomas, Bear Cat (The Answer to Hound Dog) (1953)

This rip-off of Leiber/Stoller’s early rock stomper brought a lawsuit against Phillips and necessitated Presley’s premature sale to RCA.

Elvis Presley, Mystery Train (1955)

The B-side of Presley’s final single for Sun bops with a drummer-less groove.

Johnny Cash and the Tennessee Two, Folsom Prison Blues (1955)

Originally recorded for Sun, Cash’s signature tune was performed for inmates of the titular prison 13 years later.

Carl Perkins, Blue Suede Shoes (1956)

Within a month of Sun’s February release Elvis had his version out on RCA.

Roy Orbison, Ooby Dooby (1956)

An essential piece of irreverent juvenilia from Orbison.

Jerry Lee Lewis, Great Balls of Fire (1957)

Lee’s trademark anthem is one of the era’s best-remembered – and best-selling – songs.

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

Business Insights
  • Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
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Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

Citadel: Honey Bunny first episode

Directors: Raj & DK

Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon

Rating: 4/5

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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
West Asia Premiership

Dubai Hurricanes 58-10 Dubai Knights Eagles

Dubai Tigers 5-39 Bahrain

Jebel Ali Dragons 16-56 Abu Dhabi Harlequins

Mica

Director: Ismael Ferroukhi

Stars: Zakaria Inan, Sabrina Ouazani

3 stars

The Perfect Couple

Starring: Nicole Kidman, Liev Schreiber, Jack Reynor

Creator: Jenna Lamia

Rating: 3/5

The details

Heard It in a Past Life

Maggie Rogers

(Capital Records)

3/5

THE SPECS

Engine: 6.75-litre twin-turbocharged V12 petrol engine 

Power: 420kW

Torque: 780Nm

Transmission: 8-speed automatic

Price: From Dh1,350,000

On sale: Available for preorder now

Business Insights
  • As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses. 
  • SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income. 
  • Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
COMPANY%20PROFILE
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Abaya trends

The utilitarian robe held dear by Arab women is undergoing a change that reveals it as an elegant and graceful garment available in a range of colours and fabrics, while retaining its traditional appeal.

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