UAE ready to host world during Expo 2020 Dubai, Sheikh Mohammed bin Rashid says

At a Cabinet meeting, ministers also approved a national strategy for attracting and keeping talent

Sheikh Mohammed bin Rashid, Vice President, Prime Minister and Ruler of Dubai on Wednesday. Image: Twitter

Sheikh Mohammed bin Rashid, Vice President, Prime Minister and Ruler of Dubai, chairs a Cabinet meeting at Qasr Al Watan Palace in Abu Dhabi on Wednesday. Image: Twitter

Sheikh Mohammed bin Rashid, Vice President, Prime Minister and Ruler of Dubai, chairs a Cabinet meeting at Qasr Al Watan Palace in Abu Dhabi. Image: Twitter

The UAE Cabinet met at Qasr Al Watan Palace in Abu Dhabi on Wednesday. Image: Twitter

The Cabinet approved the national strategy for attracting and retaining talent. Image: Twitter

The Cabinet also approved changes to taxation and bankruptcy laws. Image: Twitter

It also adopted a policy to increase the level of the UAE's exports. Image: Twitter

The UAE Cabinet met at Qasr Al Watan Palace in Abu Dhabi on Wednesday. Image: Twitter

The UAE Cabinet met at Qasr Al Watan Palace in Abu Dhabi on Wednesday. Image: Twitter

Dubai is ready to host the world at Expo Dubai 2020 with only 170 days left until the world fair opens, Sheikh Mohammed bin Rashid, UAE Prime Minister and Ruler of Dubai, said.

“The success of the Expo after the Covid pandemic will be a success for the world and optimism for the global economic recovery,” Sheikh Mohammed said after he chaired a Cabinet meeting at Qasr Al Watan Palace in Abu Dhabi on Wednesday.

"Expo 2020 is a mirror of the UAE's long history and culture, a testament to its achievements and the most sincere expression of its ambitions that do not and will not know the limits," said Sheikh Mohammed.

He instructed all federal ministries to play leadership roles during Expo 2020 to expand international co-operation and contribute to the global agenda on key issues.

“We reviewed our preparations for the largest event that our country will host in 2021," Sheikh Mohammed said.

He said it had taken years of construction, with almost 230,000 workers toiling tirelessly.

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Expo site approaches completion

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“One hundred and ninety countries are participating and 170 days are left for its launch. We are ready to host the world in Expo Dubai 2020."

The Cabinet also approved the national strategy for attracting and retaining talent, which will help to place the UAE among the top countries in the world for hosting the best international brains to support development.

The strategy's three main objectives are: to consolidate the UAE's position as one of the world's leaders, in terms of competition for talent; to ensure the availability of talent in sectors related to the knowledge economy; and to build the UAE's image as a preferred destination for global talent.

The UAE aims to be among the world's top 10 countries for high-level skills and top three for "brain gain" and ease of recruiting skilled employees.

The Cabinet also approved changes to tax and bankruptcy laws, making it easier for businesses to file taxes.

Creditors can pursue insolvency in court if the amount owed is at least Dh1 million ($272,000).

A debtor must owe at least Dh250,000 to be obliged to apply for insolvency proceedings.

The deadline for reporting taxes will be extended from 10 to 40 working days.

The deadline for the Federal Tax Authority to issue a decision to reduce or exempt administrative fines is amended from 20 to 40 working days from the date of receiving the order.

Sheikh Mohammed said legislation in the UAE would remain flexible to adapt to any circumstances.

The Cabinet also adopted a new policy to boost Emirati exports.

The country aims to increase nationally produced goods and services to reach 50 per cent of non-oil foreign trade.

Agreements will be signed with key strategic markets around the world to support exports.

New rules that will allow building and development works to be carried out sustainably were approved, and a national policy was cleared to help make services more accessible to people with autism, and their parents.