Abu Dhabi is drawing up incentives to attract foreign investors, including changes to corporate ownership laws, as the emirate seeks to boost foreign direct investment growth beyond 14.5 per cent a year, a government official said on Monday.
“What you can expect is further opening of ownership in the emirate of Abu Dhabi in coordination with the [UAE] Ministry of Economy,” Ahmad Bin Ghannam, acting executive director of international economic relations at Abu Dhabi’s Department of Economic Development, told the media during an event in Dubai.
“The other part is specific incentives for sectors, of course manufacturing is an important sector for us, and others…Expect major changes in Abu Dhabi in the coming year with regard to investment incentives and investment protection policies."
Asked whether these changes would take the form of legislative reforms, Mr Bin Ghannam replied: “Yes, exactly…Abu Dhabi is about to announce new policies.” More details will be revealed at the Annual Investment Meeting (AIM) global forum taking place in Dubai next week, he said.
The federal Ministry of Economy is working on a long-awaited UAE investment law expected to dramatically change the commercial landscape of the country, particularly in the non-oil sector, by allowing 100 per cent foreign equity ownership in certain sectors. The law was expected to be ratified in the first quarter of 2018.
The UAE's efforts to boost FDI flows is part of measures aimed at boosting the contribution of the non-oil sector to the economy to 80 per cent by 2021 from the current 70 per cent.
Mr Bin Ghannam said Abu Dhabi wants to introduce further measures to incentivise business development and increase FDI levels beyond the 14.5 per cent year-on-year growth registered in the emirate alone in 2017.
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Read More:
Abu Dhabi eyes FDI to grow double-digit with new investment body
UAE working on laws to boost non-oil sector contribution to 80% by 2021
UAE leads in the race to the post-oil, knowledge-based economy
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The UAE recorded $10.3 billion of inward FDI in 2017, up 6.7 per cent from $9.6bn in 2016, according to the Federal Competitiveness and Statistics Authority.
The government is working to position Abu Dhabi as an “international focus point” for foreign direct investment, he said, in line with UAE-wide plans to increase FDI levels as the global economy rebounds after a sluggish few years.
A further increase in FDI is expected this year, said Abdullah Al Saleh, undersecretary for foreign trade at the UAE Ministry of Economy, during Monday’s press conference. He didn't exact figures for the forecast increase.
Traditional sectors such as petrochemicals and industrial have seen large volumes of FDI but emerging business areas such as e-commerce and blockchain present fresh opportunities for foreign investors, Mr Al Saleh added.
Rising protectionism in some global markets is a potential barrier to FDI as US President Donald Trump embarks on imposing 25 per cent tariff on steel imports and 10 per cent tariff on imports of aluminium.
Like many countries, the UAE has asked Washington to exempt it from the new policy, fearing a detrimental impact. Mr Al Saleh did not comment directly on the tariff, but said the UAE does not believe "protectionism is a tool" to protect an economy and ensure its sustainable economic growth. For its part, the UAE seeks to “cooperate with other countries to remove obstacles” to trade and business growth.
Meanwhile, Egypt, China, Russia, India and Greece are attractive destinations for outbound FDI from the UAE, said Jamal Al Jarwan, secretary-general of the UAE International Investors Council. “We are seeing growth [in those markets], and Egypt is one of the most favoured investment destinations for Emirati investors,” he said.
One in nine do not have enough to eat
Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.
One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.
The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.
Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.
It is currently estimated that one in nine people globally do not have enough to eat.
On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.
Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
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Everybody%20Loves%20Touda
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Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
MATCH INFO
Uefa Champions League semi-final, second leg result:
Ajax 2-3 Tottenham
Tottenham advance on away goals rule after tie ends 3-3 on aggregate
Final: June 1, Madrid
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
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Sweet%20Tooth
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MO
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The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
The biog
Favourite films: Casablanca and Lawrence of Arabia
Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins
Favourite dish: Grilled fish
Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.
A%20QUIET%20PLACE
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APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
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The specs
Price, base / as tested Dh1,470,000 (est)
Engine 6.9-litre twin-turbo W12
Gearbox eight-speed automatic
Power 626bhp @ 6,000rpm
Torque: 900Nm @ 1,350rpm
Fuel economy, combined 14.0L / 100km
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Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
Women%E2%80%99s%20T20%20World%20Cup%20Qualifier
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England's lowest Test innings
- 45 v Australia in Sydney, January 28, 1887
- 46 v West Indies in Port of Spain, March 25, 1994
- 51 v West Indies in Kingston, February 4, 2009
- 52 v Australia at The Oval, August 14, 1948
- 53 v Australia at Lord's, July 16, 1888
- 58 v New Zealand in Auckland, March 22, 2018
Company%20Profile
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