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Emirates

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

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.

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Emirates

Hamriyah and Deira ports record AED 12.133b in customs declaration value for first nine months of 2023

Dubai Customs plays a crucial role as the frontline defense for community security, consistently advancing its customs centers to safeguard and facilitate maritime trade. H.E. Ahmed Mahboob Musabih, Director General of Dubai Customs, CEO of
Ports, Customs and Free Zone Corporation, recently visited Creek Customs Center, Deira Port, and Hamriyah Port Customs Center to evaluate progress and oversee ongoing efforts for continuous customs service development. During this visit, several executive directors, department heads, and customs center managers were present.

Ahmed Mahboob Musabih, accompanied by Rashid Al Dhabah Al Suwaidi, Acting Director of Seae Customs Centers Management, conducted inspections at Khor Customs Center, Deira Port, and Hamriyah Port Customs Center. Managers Abdulaziz Ibrahim Al Salman and Majid Salem Al Tawilah provided insights into workflow progress and accomplishments. Over the first nine months of this year, 62,454 customs declarations were processed, totaling AED 12.133 billion, with 19 seizures recorded during the same period. A visit to Hamriyah Port Customs Center showcased an advanced container X-ray inspection device, supporting increased inspection operations.

Subsequently, visits to Khor Customs Center and Deira Port highlighted achievements, including a notable seizure called the “Wheelhouse,” which successfully prevented an attempt to smuggle 243 kilograms of narcotics into the country. Commending customs employees, Ahmed Mahboob Musabih emphasized the pivotal role of maritime customs centers in ensuring community security and facilitating trade. The department collaborates for efficient goods clearance and acknowledges employee efforts
during the COVID-19 pandemic, contributing to the department’s support for global efforts to revive maritime navigation and international trade.

Musabih clarified that the department’s advanced capabilities in monitoring and inspection enable it to keep pace with the UAE’s rapid foreign trade growth. Supporting Dubai’s economic agenda D33, the department aims to double foreign trade and enhance economic partnerships with key global markets. Efforts to boost customs inspector efficiency continue through training courses, ensuring their ability to thwart smuggling attempts. Continuous development of X-ray scanning
devices and the K9 customs dog unit further enhances contraband control achievements. Rasheed Al-Dabah explained that the forthcoming period will witness the advancement of new initiatives and mechanisms in the realm of inspection and examination. These initiatives are grounded in a forward-looking perspective to introduce cutting-edge technologies utilized in examining maritime transport vessels, wooden ships, and ships engaged in fish trade.

He remarked, “Our endeavors are harmonized to enhance performance in sea customs centers, concurrently focusing on bolstering monitoring, tracking, and technical support activities to yield optimal outcomes through continuous and productive collaboration among all specialized teams within the department. The Customs centers in Deira, Al Khor, and
Hamriyah Port Customs Center shoulder their vital responsibilities in safeguarding society and facilitating maritime trade through Dubai Creek and Hamriyah Port, supporting the ongoing growth of the national economy.”

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Emirates

Dubai Customs Hosts Sharjah Housing Delegation to Strengthen Government Communication Ties

Dubai Customs, represented by the Corporate Communication Department, warmly welcomed a delegation from the Sharjah Housing Department. The purpose of the visit was to familiarize the delegation with the duties and responsibilities of the
Corporate Communication Department and its affiliated divisions. The delegation also aimed to explore the awards received by the department, notably the recognition as the Best Government Communication Team in the Sharjah Government Communication Award for 2023.

Khalil Saqer bin Gharib, Director of Corporate Communication Department, along with department managers, extended a cordial reception to the Sharjah Housing delegation, which included Dr. Ahmed Rashid Al Nuaimi, Director of Government Communication, Nada Sivan, Head of the Public Relations and Events Department, and Hamad Saleh Al Hamadi, Head of
the New Media Department. Bin Gharib highlighted the department’s commitment to strengthening communication with government entities to exchange practical experiences and knowledge. The delegation was briefed on Dubai Customs exceptional performance in customs operations and other facets.

The meeting delved into discussions on potential avenues for collaboration, with the Sharjah Housing delegation. Emphasis was placed on the crucial role played by Dubai Customs’ Corporate Communication Department, customs administrations, and centers in ensuring security and safeguarding society. The delegation was presented with an overview of the department’s working mechanisms, awareness campaigns, events, and activities conducted internally and externally, aligning with Dubai Customs esteemed reputation.

Furthermore, the Sharjah Housing delegation acquired an understanding of the best media practices adopted by the Corporate Communication Department, showcasing its outstanding performance in enhancing knowledge and media dissemination to all partners. This has resulted in the department establishing and fortifying relationships with local and international media
entities. The presentation also encompassed the factors contributing to the department’s receipt of the award for the Best Government Communication Team in the Sharjah Government Communication Award.

Dr. Ahmed Rashid Al Nuaimi, Director of Government Communication at Sharjah Housing, expressed appreciation for the efforts of Dubai Customs Corporate Communication Department, acknowledging its excellence and significant contribution to enhancing the department’s standing. Dr. Al Nuaimi affirmed Sharjah Housing’s commitment to fostering ongoing visits and meetings with Dubai Customs, aiming to achieve the highest level of coordination and benefit from the Corporate Communication Departmen’s experience in securing numerous local and international awards.

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Emirates

Zayed Sustainability Prize opens submissions for 2025 cycle

The Zayed Sustainability Prize, the UAE’s pioneering global sustainability and humanitarian award, has officially announced that the 2025 cycle is now open for submissions.  Submissions will be accepted until 23 June 2024 through the Prize’s online portal. Small to medium enterprises (SMEs), nonprofit organisations (NPOs) and high schools with sustainable solutions are invited to submit an entry for consideration in one of the six categories of Heath, Food, Energy, Water, Climate Action and Global High Schools. Commenting on the launch of the 2025 submissions cycle, H.E. Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, Director General of the Zayed Sustainability Prize, and COP28 President, said: “Since 2008, the
Zayed Sustainability Prize has honoured the legacy of Sheikh Zayed by fostering inclusive sustainable and humanitarian development around the world. In this decisive decade for climate change, these values are more important than ever. I am optimistic that the Prize will contribute to global climate action in line with the UAE Consensus, which will pave the
way toward an effective response to the Global Stocktake decision.” In response to the pressing climate crisis, and to further support the UAE’s efforts to accelerate practical solutions needed to drive climate action and uplift vulnerable communities around the world, the Prize has increased its funds from US $3.6 million to US $5.9 million. The Prize will reward US $1 million to each winner in the organisational categories of Health, Food, Energy, Water and Climate Action. Within the Global High Schools category, which is split into six world regions, each school can claim up to US $150,000 to start or further expand their project. The six world regions of the Global High Schools category are The Americas, Europe and Central Asia, Middle East and North Africa, Sub- Saharan Africa, South Asia, and East Asia and Pacific. The most recent Zayed Sustainability Prize winners were recognised at an Awards Ceremony held during COP28 UAE. To encourage a broader range of organisations and high schools to participate, the Prize will be accepting submissions in multiple languages, including Arabic, Chinese, English, French, Russian, Spanish, and Portuguese. This will ensure that innovative solutions from diverse linguistic and cultural backgrounds can be recognised. For the Health, Food, Energy, Water and Climate Action categories, organisations should prove that they are improving access to essential products or services in their targeted communities and are able to implement a long-term vision for better living and working conditions. For the Global High Schools category, projects should be led by students, and must demonstrate innovative approaches to address sustainability challenges. The evaluation of each submission to the Prize consists of a rigorous, three-stage process. First, due diligence is conducted on all submissions to ensure that they meet the Prize’s evaluation criteria of Impact, Innovation, and Inspiration. This identifies the qualified entries and results in the selection of eligible candidates. Following this, evaluations are undertaken by a Selection Committee consisting of category-specific panels of independent international experts. From this shortlist of candidates, the finalists are chosen and then sent to the Prize Jury who unanimously elect the winners across all six categories.   Winners of the Zayed Sustainability Prize will be announced at an Awards Ceremony during the 2025 Abu Dhabi Sustainability Week (ADSW).

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