Connect with us

Emirates

UAE highlights new investment incentives, opportunities in vital sectors in light of ‘Projects of the 50’

Published

on

ABU DHABI, 5th January, 2022 (WAM) — Dr. Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs, representing the UAE, participated in the recently held UAE-US Innovation and Investment Summit.

The Summit was aimed at exploring more cooperation opportunities in the next phase to expand and develop UAE-US trade exchanges and mutual investments with greater participation of private sector companies from both sides. It was also aimed at facilitating fruitful partnerships in sectors that support the sustainability and innovation agenda of the two countries.

In his speech, Dr. Al Falasi underlined the strength and durability of the UAE-US economic relations, which are reflected in the volume of mutual investments, as the UAE’s investments make up the largest share in the total Arab investments in the US markets, at US$44.7 billion by the end of 2020. The UAE also ranks first in the Arab world and the 20th globally among the most important countries investing in American markets. The UAE’s investments in research and development activities related to innovation and technology in the US amount to nearly US$1.7 billion and they have contributed to supporting US exports worth US$1.3 billion. Meanwhile, the total value of FDI inflows into the UAE from the US amounted to US$19.4 billion by the end of last year.

Al Falasi expressed the UAE's desire to maintain the current momentum in the trade and investment partnership between the two countries, highlighting the importance of working closely to encourage the flow of mutual investments in the next stage and facilitate the access of Emirati and American companies to promising opportunities in each other’s markets. He underscored the UAE companies’ keenness to invest in tech industries, smart chip manufacturing, semiconductors, IT projects, and 5G communication networks among others. Furthermore, he explained that the total value of investments by UAE companies in the US in R&D activities related to innovation and technology exceeds US$1.7 billion today.

In addition, the Minister reviewed the UAE’s efforts in the field of intellectual property and safeguarding inventions, innovations, and trademarks, and the creative work of individuals and companies in the UAE, in a way that advances the knowledge economy and enhances global investors' confidence in the country’s markets. He also reviewed the new updates issued by the UAE, in partnership and communication with the private sector to ensure its contribution to the formulation of these leading legislation, including the Industrial Property Law to protect patents, Utility Certificates, Industrial Designs, and the Trademarks Law, which provides legal protection for corporate trademarks and addresses counterfeiting and commercial fraud practices.

Furthermore, Dr. Al Falasi explained that the UAE is now the most active, developed, and fastest growing economic center in the region. It enjoys a remarkable strategic location as well as strong financial reserves, large sovereign wealth funds, great spending on development projects, in addition to a solid, stable, and flexible economy, an attractive and flexible tax policy that contains no income taxes, political stability, a safe and open environment, and a tolerant and multicultural society. The UAE is among the top 20 best countries to live in, according to various global studies.

During the Summit, Al Falasi briefed American businesses and companies on the most prominent projects adopted by the UAE government to support the country’s transition into a new economic model in preparation for the next 50 years. Most notably, he reviewed the ‘Entrepreneurial Nation’ initiative, an integrated gateway towards establishing a new economic phase based on innovation and the empowerment of entrepreneurship.

Attendees were also briefed on the most recent projects launched by the UAE Government within the projects of the 50’s framework, in particular, the 10×10 Programme for the Development of UAE Exports and the Consolidated Investment Platform, as well as the Emirates Investment Summit (Investopia), which will hold its first session in March 2022 at Expo 2020 Dubai events.

In addition, Al Falasi reviewed a number of other initiatives included in the 'Projects of the 50', including updates to the country’s residency system, as well as the expansion of the categories of Golden Visa and the introduction of new residence systems such as green visas and freelancers’ visas. He also reviewed the comprehensive economic partnership program pursued by the UAE and its broad prospects for trade development and facilitation, investment promotion and the enhancement of the UAE’s role in this regard to drive development across the region and the world.

The non-oil trade between the two countries has shown significant growth in recent years, rising from US$5.22 billion in 2005 to US$17.83 billion in 2020. For the 12th consecutive year, the UAE ranked first in the region and 19th in the world on the list of the largest receiving markets for American exports in 2020, as the United States’ exports to the country amounted to US$14.75 billion last year. During the first half of 2021, total foreign trade between the two countries exceeded US$11 billion, indicating continued growth in trade between the two countries by the end of the year.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Emirates

Ministry of Health authorises new ECG app with 95% accurate, instant results

Published

on

DUBAI, 26th January, 2022 (WAM) –The Ministry of Health and Prevention (MoHAP), in cooperation with ProCardio Medical Equipment Company, is showcasing at the Arab Health 2022 the latest ECG interpretation and analysis smart app, with 95% accurate and instant results.

This comes as part of the ministry's efforts to help healthcare providers and patients to use the latest innovations in reading and diagnosing the electrocardiogram (ECG) results accurately and instantly, leading to a better and faster diagnosis, especially for critical cases.

The app is now available for use in the UAE after having been licensed by the ministry's Health Regulatory Sector. The app can accurately and quickly read, analyze, and diagnose the patient's condition, which would be particularly important in dealing with critical cases, such as cardiac arrhythmia "an irregular heartbeat".

Using artificial intelligence technology, the ECG can be read and data analyzed by the paramedic teams within 10-30 seconds, whether during road accidents or at home. It can transfer the real image of the ECG reality to the hospital after analyzing it with an accuracy of up to 95%, which contributes to reducing time and effort and saving patients' lives.

The application has the ability to diagnose (45) heart diseases in less than 10 seconds, including cardiac arrhythmia, conduction disorders, myocardial infarction, ventricular and atrial hypertrophy, pericarditis, angina pectoris.

"The new project comes in line with the ministry’s efforts to attract, license, and register innovative medical products and advanced applications that support and facilitate the work of health care providers and members of society," said Dr. Amin Hussein Al-Amiri, Assistant Undersecretary for the Health Regulation Sector. "We are also keen to promote the use of modern technology which plays a major role in producing medical and digital equipment and supplies.

Al Amiri asserted that the trend towards the use of cutting-edge technology would help enhance the country’s competitiveness by creating a legislative and investment environment keeping pace with international best practices, thus cementing the UAE's status as a global destination to attract global and digital medical companies and motivate them to open branches in the UAE.

Thanks to the UAE's success in preserving the intellectual property rights of manufacturing medical equipment and innovative medicines, the ministry seeks to encourage hundreds of international companies to choose the UAE as a regional headquarters for its logistical stock of medical and pharmaceutical products and items.

This would help support patients, the treatment system, and the medical tourism program, to attract patients from across the region to get their treatment in the UAE, Al Amiri said in conclusion.

Continue Reading

Emirates

COVID-19 media briefing: UAE a distinguished model of containing COVID variants

Published

on

ABU DHABI, 26th January, 2022 (WAM) — Dr. Farida Al Hosani, Official Spokesperson for the UAE Health Sector, said the UAE is a distinguished model of containing coronavirus (COVID-19) and its variants, thanks to the directives of its leadership.

During the UAE Government media briefing on the pandemic, she said the UAE has utilised artificial intelligence (AI) to analyse information and continue its proactive measures, which include performing extensive testing nationwide.

"The health sector is continuing its efforts to achieve community immunity, by providing vaccines to eligible categories," she added, noting 100 percent of the population have received the first dose of the vaccine while 93.73 percent are fully vaccinated.

She stressed that people's health and safety is a national priority, noting the UAE has been keen to provide vaccines and booster shots, to protect the population from the virus and its variants.

World Health Organisation (WHO) studies and research have proven those who have received COVID-19 booster shots are unlikely to get a severe infection, Dr. Al Hosani explained, urging members of the community to get the vaccine to achieve collective immunity.

She then pointed out the health sector is keen to raise the public's awareness about the pandemic and provide it with accurate and transparent information via official platforms.

"The medical sector is stressing the importance of the cooperation between all sectors and the public's adherence to adopted health protocols and precautionary measures," she said.

Continue Reading

Emirates

UAE resumes entry for travellers from 12 African countries, updates entry measures with another 3 effective January 29

Published

on

ABU DHABI, 26th January, 2022 (WAM) — The General Civil Aviation Authority (GCAA) and the National Emergency Crisis and Disasters Emergency Management Authority (NCEMA) have announced the resumption of all inbound flights for national and international carriers and transit passengers from Kenya, Tanzania, Ethiopia, Nigeria, Republic of Congo, South Africa, Botswana, Eswatini, Lesotho, Mozambique, Namibia and Zimbabwe in addition to updating the entry measures for travellers coming in from Uganda, Ghana and Rwanda, from Saturday, January 29, effective 14.30, while adhereing to all relevant precautionary measures in place.

Those coming from the above mentioned countries to the UAE have to have a negative COVID-19 test obtained within 48 hours from the approved labs in their respective countries of departure and a Rapid-PCR test at the airports of departure in addition to undertaking PCR test upon arrival while adhering to all relevant precautionary and preventative measures.

Those suffering COVID-19 symptoms are advised not to travel.

Continue Reading

Trending