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PRO Partner Group Regional News and Updates - Abu Dhabi, Dubai, Wider UAE, Oman & Qatar

  • UAE seeks investment in various sectors to diversify economy -

    The UAE aims to attract investment in a number of new sectors to diversify its economy away from oil, the country’s Minister of State for Foreign Trade said.

    “As the UAE strives to push forward its economic diversification agenda, we are encouraging investments in scientific research, logistics, health care, food security, manufacturing and advanced technologies, and renewable energy, among many other areas,” Dr Thani Al Zeyoudi told the World Investment Forum.

    “Additionally, we are focused on driving innovation and empowering small businesses and start-ups by improving access to finance and encouraging public-private collaboration.”

    The UAE, the Arab world's second-largest economy, is undertaking various measures to attract more FDI into the country. This year, it unveiled a new industrial strategy to boost the contribution of the industrial sector to Dh300 billion ($81.68bn) in the next 10 years from Dh133bn.

    The country overhauled its commercial companies' law last year to attract more foreign capital and annulled the requirement for onshore companies to have an Emirati shareholder.

    Country is encouraging investment in scientific research, logistics, health care, food security and renewable energy.

    For the full article click here

  • Abu Dhabi unveils virtual business licences to boost foreign direct investment -

    The Abu Dhabi Department of Economic Development (ADDED) unveiled a virtual licence for non-resident foreign investors as part of its efforts to attract new investment and stimulate FDI.

    The new licence will let non-resident foreign investors conduct business in the emirate before proceeding with their residence visas, as well as allow them to conduct business from outside the UAE, ADDED said on Thursday.

    It will facilitate the "economic activity, licensing procedures and requirements, regardless of the location of the investor", said Mr Al Shorafa chairman of ADDED. He said that the initiative is in line with the directions of the UAE government to enable cross-border digital trade. Abu Dhabi has been enacting measures to support its economy and reduce its reliance on hydrocarbons.

    In August, ADDED introduced new professional licences that would allow foreigners to have full ownership of businesses related to 604 activities as the Emirate.

    The virtual licence allows applicants to obtain a permit within 13 economic sectors that are considered the top strategic industries targeted by the Abu Dhabi government to attract FDI, said Rashid AbdulKarim Al Blooshi, undersecretary of ADDED.

    For the full article click here

  • Abu Dhabi Grand Prix returns to maximum attendance -

    The Formula One Etihad Airways Abu Dhabi Grand Prix will see a return to full capacity for spectators at Yas Marina Circuit, organisers have announced.

    Aligned with the latest government regulations, a maximum attendance will get to see the action from December 9-12 at the last race of the season.

    The event will showcase motorsport’s biggest stars, including Lewis Hamilton, Max Verstappen, Valterri Bottas, and Lando Norris, taking on the newly reconfigured track for the first time.

    Modifications have been made to set up more dramatic spectacle and increased opportunities for overtaking, with Yas hosting what could be the championship decider between Mercedes’ Hamilton and Red Bull’s Verstappen.

    Fans attending this year’s event can also look forward to the return of after-race concerts. Grammy nominated artists Khalid and Lewis Capaldi are the first to be announced.

    For the full article click here

  • How to obtain a police clearance certificate in Abu Dhabi and Dubai -

    Obtaining a police clearance certificate (PCC) is crucial for many people seeking work in the UAE – it is an essential requirement for teachers and those working in the public sector.
    This article details the steps and requirements to obtain the police clearance certificate in Abu Dhabi, Dubai and for those people who no longer live in the UAE.

    For the full article click here

  • Abu Dhabi to open AI research centre to drive high-tech innovation -

    Abu Dhabi is to launch a dedicated artificial intelligence research centre to help cement the UAE's growing status as a global centre for technological innovation.

    The state-of-the-art complex will be central to the work of the capital's Technology Innovation Institute, which already is home to the Middle East's first quantum computer and to teams of researchers developing advanced materials, drones and robots for commercial use. The centre aims to bridge the gap between the research centre's seven labs and the spreading field of AI, providing oversight and technical know-how.

    The Technology Innovation Institute's new chief executive Ray Johnson says the AI centre will hire 50 people in 2022.

    For the full article click here

  • UAE raises $4bn through first federal sovereign bonds -

    The UAE raised $4 billion through the issuance of multi-tranche sovereign bonds with part of the proceeds earmarked for financing infrastructure projects, according to the Ministry of Finance. This is the first time the country has issued bonds at the federal level, as it seeks to raise fresh funding amid a global low-interest rate environment.

    “The UAE issued these bonds to achieve the country's strategy to build the Treasury yield curve and start issuing in the future Emirati dirham-denominated bonds,” Younis Al Khoori, undersecretary at the Ministry of Finance, said on Wednesday.

    “Some proceeds of the issuance will be used to provide financing to infrastructure projects according to the government’s relevant needs, while not exceeding 15 per cent of the direct and indirect public debt.”

    The bond package, which is denominated in US dollars, included conventional medium and long-term 10 and 20-year tranches, as well as 40-year dual-listed bonds.

    The latest development comes as Moodys assigned an AA2 foreign currency rating to the UAE government’s global medium-term note programme last month, citing the country's high per capita income, large hydrocarbon reserves and domestic political stability.

    The UAE plans to issue more bonds in 2022.

    For the full article click here

  • How to get a digital Emirates ID while you wait for your new generation Emirates ID card -

    In August, officials unveiled the new generation Emirates ID card. The new card includes a 3D picture, showing the date of birth of the cardholder, along with enhanced protection of “non-visible data” and a longer service life of more than 10 years. The card also now stores extra data, such as employment information and has contactless NFC technology within it.

    Anyone who is waiting for their new card, or still has an old card until renewal can now download a digital version of the card. The ICA has stated that services and businesses that require Emirates ID cards have been instructed to accept the digital version.

    For the full article click here

  • Oman announces long-term residence visas for investors -

    Oman will be announcing details of long-term residency programme to investors on October 29. Oman’s Ministry of Commerce, Industry and Investment Promotion said that the programme aims to facilitate granting residency for a period of 5 or 10 years to investors wishing to invest or reside in the Sultanate, renewable after the period.

    This decision comes with the aim of supporting the efforts of the country to enhance the investment environment in the Sultanate and also to attract investments and investors into Oman.

    For the full article click here

  • The process to apply for the UAE five-year multiple entry tourist visa is announced -

    The Federal Authority for Identity and Citizenship (ICA) has informed applicants of how they can apply for a five-year multiple entry tourist visa for all nationalities through the ICA website.

    The ICA has provided detailed steps that an applicant needs to complete in order to apply for the visa.

    For the full article click here


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