Dubai Economy

Dubai Economy and Dubai International Financial Centre (DIFC) Authority have signed an agreement to consolidate efforts and expand the UAE KYC (Know Your Customer) Blockchain Consortium positioning it as the national corporate e-KYC Platform, making it the first such platform in the region. It will facilitate faster, more secure and streamlined customer onboarding and allow sharing of verified e-KYC data between licensing authorities and financial institutions through advanced distributed technologies. The founding Consortium Members include Dubai Economy, Dubai International Financial Centre, Emirates NBD, Emirates Islamic, Commercial Bank of Dubai, HSBC, Abu Dhabi Commercial Bank, RAKBANK and Mashreq Bank. The first phase went live in 2020 and more entities have joined since resulting in the platform holding close to 50 per cent of corporate e-KYC records in UAE. Dubai Economy is focused on strengthening the digital economy and the launch of the [...]

Dubai Customs on Sunday launched the World Logistics Passport as part of the implementation of the first phase of the Dubai Silk Road strategy. The passport will help boost the role of the Dubai Silk Road and enhance demand for Dubai's products, services and integrated transportation systems. The unique initiative also further raises the growing role played by Dubai Customs in regional and international trade. Commenting on the initiative, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, said that the implementation of the Dubai Silk Road strategy marks the beginning of a new phase of economic growth that will further boost Dubai's position as a global economic and business hub, powered by its exceptional connectivity and logistics services. He also said that the Dubai Silk Road strategy paves the way [...]

With one year to go, Expo 2020 Dubai is already having a positive impact on the economy It’s time to do more business. The first World Expo to be held in the Middle East, Africa and South Asia (MEASA) region and largest ever event to take place in the Arab world is paving the way for a robust economic impact on wide-ranging sectors in the UAE. From construction to retail and transport to the restaurant and hotel sectors, Expo 2020 Dubai is ushering in a new era of economic expansion not just in the UAE but also in the region and the world. In April 2019, Ernst & Young published an independent report that stated Expo 2020 Dubai is already having a substantial economic impact and is expected to continue to do so over the next decade and beyond. Additionally, UAE’s [...]

The UAE continued to keep its lead in the Middle East and Arab region in the World Bank’s Ease of Doing Business ranking 2020 with 16th position in the global ranking of 190 countries. The country was ranked 11th position in the World Bank ranking in 2019. Despite a dip in the overall ranking, the UAE continue to keep its score high in key areas of the global ranking. The World Bank report makes special mention of reforms undertook by the UAE last year such as making starting of a business less expensive by reducing the fees for business incorporation, easier construction permits by using a risk-based approach to reduce the number of inspections, improving minority investor protection, ease of paying taxes and making trading across borders easier by reducing the time to export by fully digitizing certificates of origin and [...]

THE GLOBAL BUSINESS HUB Fundamentally sound and effectively connected to the markets with the greatest growth potential, Dubai Plan 2021 visualizes Dubai as one of the world’s leading business hubs, the most business-friendly economy in the world, and a preferred location for global headquarters of the largest corporations. As economic activity inexorably shifts eastward, Dubai is positioned to become the epicenter of trade flows, harnessing its natural advantages to become the node through which the world’s wealth and talent flow. Efficient access to growth markets, strong presence at the frontiers of technological advance, leadership in resource innovation, robust forms of economic and social resilience and the ability to forecast and harness changing socio-political dynamics to drive productivity and human well-being make Dubai the hub of an evolving global business firmament.   Source: Dubai Advantage, www.dubaifdi.gov.ae

THE GATEWAY TO GROWTH MARKETS With future-ready infrastructure providing access to two-thirds of the world’s most attractive growth markets, Dubai has developed its geographical location advantage. The infrastructure is highly developed, with ports and airports serving as some of the most active gateways into the region for business, commerce and tourism. It is the chosen regional headquarters for 70 percent of Fortune 500 companies. Regionally, with its reputation for stability, reliability and a lowrisk environment, Dubai acts as the gateway to the Middle East, Asia and Africa. It consistently ranks at the top of the region on the indicators related to governance, government effectiveness, political stability, quality of regulation, and the rule of law. It is a key driver of accelerating movement of knowledge, capital, goods, services and talent. Dubai occupies a unique location in the world. Its direct market in [...]

THE CITY OF THE FUTURE Dubai continues to build on the foundation of a robust legislative and regulatory framework to provide reliable digital, social and financial infrastructure relevant to a high-growth global economy. It is one of the world’s most connected cities, with future-proofing built into all new projects. Its consistent strategic investments in 360-degree development have ensured its transition from a dependence on oil revenues to an economy propelled by industrial production, services and knowledge. As a Smart City, it fosters a higher quality of lifestyle for happy, innovative and empowered people from around the world, with high rankings on globally recognized indicators on infrastructure, ease of doing business, competitiveness, prosperity, innovation, livebility and, now, happiness. A rich, diverse culture makes Dubai one of the world’s most preferred places to live, work and play for creative people from more than [...]

Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai, Tuesday announced the launch of the region's first 'Virtual Company Licence’. The Virtual Company Licence will allow investors worldwide to do business in Dubai digitally without requiring residence and in accordance with the highest international legal standards. Virtual Company Licence owners can manage all their business-related activities, including document signing and submission digitally, and the signatures are legally binding in the UAE. This initiative is aligned with the third Article of the 50-Year Charter of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, which aims to build a ‘Virtual Commercial City’ in Dubai. Sheikh Maktoum Bin Mohammed said that Dubai is making major strides in enhancing business regulatory frameworks and emerging as one of the world’s best [...]