Saturday , November 17 2018
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UAE

UAE likely to see $50bn skilled labour gap by 2030

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Dubai : Businesses focus too much on technology as opposed to human labour, causing a skill gap in the market, according to the MD of Korn Ferry By 2030, the UAE is likely to experience a skilled labour gap worth $50 billion, making up 5 percent of the economy, according to Jonathan Holmes, country chair and managing director of Korn ... Read More »

Abu Dhabi Power activation event maps out roles

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Dubai : The Department of Energy (DoE), the entity responsible for strengthening the pioneering status and sustainability of the energy sector in Abu Dhabi, recently opened an activation event for the Abu Dhabi Power Corporation. Abu Dhabi Power is an entity with a mandate to oversee the performance and guide the development of the energy sector in the UAE’s capital ... Read More »

UAE’s business regulations get global recognition in latest report

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Dubai : The UAE’s ranking in the Doing Business 2019 report, an objective measure of business regulations and their enforcement put out annually by the World Bank, speaks volumes about the efforts of the UAE’s government and its business community to make the country a global leader. In this year’s index, the UAE ranked 11th, ahead of some of the ... Read More »

Dubai sues China’s Merchants Port (By Paul Nyakazeya)

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Dubai : UNITED Arab Emirates’ (UAE) DP World Limited and its subsidiaries has taken legal action against China for building an international free zone on a terminal being disputed with Djibouti. The lawsuit was filed in the High Court of Hong Kong for unlawfully procuring and inducing the Republic of Djibouti to breach various agreements between the African country and ... Read More »

Today in History: November 6, 1983 : UAE introduces customs duty for goods

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Dubai : 1983 – The revised customs duty of four per cent was brought into operation in all the emirates bringing the UAE tariff structure in line with the rest of the member-states of the six-nation Gulf Cooperation Council. The enforcement of the minimum tariff — the GCC resolution is to levy duties ranging between four and 20 per cent ... Read More »

Smart City Blockchain to Launch in Dubai

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Dubai : Smart Dubai, a government office charged with facilitating Dubai’s citywide smart transformation, has announced that it will collaborate with IBM to launch the Dubai Blockchain Platform. Delivered through an IBM Cloud environment and built locally in the UAE, the enterprise-ready system is the first government-endorsed blockchain platform as-a-service in the United Arab Emirates (UAE). According to a statement, ... Read More »

Dubai Customs recycles 18 million counterfeit items

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Dubai : Dubai Customs has helped brand owners recycle almost 18 million counterfeit items to reduce the harmful impact on the environment of the illegal fake goods trade. While fake goods cause problems for brands and customers, their production is also harmful to the environment, which can be to no avail if the goods are then seized by police or ... Read More »

PCFC, Abu Dhabi Customs sign MoU to spur economic growth

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Abu dhabi :The Ports, Customs, and Free Zone Corporation (PCFC) has signed a memorandum of understanding (MoU) with the General Administration of Customs in Abu Dhabi, to create an attractive investment environment that encourages businesses and supports the national economy. The MoU aims to enhance ties of mutual cooperation and partnership and exchange of expertise and best practices and business ... Read More »

Sabic signs two industry deals worth $1.5 billion

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Sabic, a global leader in diversified chemicals, has signed two agreements worth a total of SR5.6 billion ($1.5 billion) to enable sustainable growth of downstream industries and developing national industry in support of Saudi 2030. The memorandums of understanding (MoUs) were signed during the 2nd annual Future Investment Initiative conference (FII) held in Riyadh from October 23 to 25. The ... Read More »

Wetex kicks off in Dubai, draws over 2,000 firms

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Dubai : The 20th edition of Water, Energy, Technology and Environment Exhibition (Wetex 2018) opened in Dubai along with the third edition of Dubai Solar Show featuring more than 2,100 exhibitors from 53 countries at these exhibitions. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, Minister of Finance and President of Dubai Electricity and Water Authority (Dewa), inaugurated ... Read More »

UAE’s tax refund scheme for tourists to launch on Nov 18

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Dubai : The Federal Tax Authority (FTA) announced on Monday that its Tax Refund for Tourists Scheme will go into effect on November 18. The first phase of the scheme, which allows tourists to request refunds of the VAT incurred on their purchases, will see the digital system implemented at Abu Dhabi, Dubai and Sharjah International Airports. As of mid-December, ... Read More »

DP World sees key role for once-isolated state in port strategy

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Addis Ababa: The Red Sea state of Eritrea may play a key role in DP World Ltd’s plans in the Horn of Africa, where a dozen ports could be needed to service the region, Chief Executive Officer Sultan Ahmad Bin Sulayem said. Developing more ports in the Horn, including one it’s already building at Berbera in Somaliland, will help boost ... Read More »

Abu Dhabi Customs unveils new trade platform

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Abu Dhabi: Abu Dhabi Customs has unveiled Mamar, a modernised online single-window platform to facilitate trade for Abu Dhabi across seaports at first, followed by land, air, and post. The platform has been launched in collaboration with Maqta Gateway, an Abu Dhabi Ports subsidiary. The announcement was made during Gitex Technology Week 2018, which is taking place at the Dubai ... Read More »

Almost 70 abandoned boats removed from fishermen’s port

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Dubai: Shahama Municipal Centre has towed 17 abandoned boats at a fisherman’s port.An additional 50 boats were moved by their owners following the launch of a campaign to remove eyesores from Shahama, an old neighbourhood just north of Abu Dhabi International Airport. Warnings were issued to boat owners and offenders who did not comply were fined Dh3,000 in addition to ... Read More »

Gulftainer to invest $600m in Port of Wilmington, boost US-UAE trade

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Dubai: Gulftainer hosted the signing of a sister port agreement between the Department of Seaports & Customs of the Government of Sharjah and the Diamond State Port Corporation (DSPC), a corporate entity of the State of Delaware, USA. The two companies will cooperate in the development of international trade and logistics, exchange information, and build mutually beneficial commercial, technological and ... Read More »

UAE law allowing 100% foreign ownership to apply selectively, won’t hurt locals

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Dubai:A new law allowing 100 per cent foreign ownership of companies in the United Arab Emirates will only apply to some sectors of the economy, limiting the risk that it could disrupt existing business, Dubai investment officials told Reuters. The UAE cabinet, chaired by Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum, said in May that it would permit 100 per ... Read More »

Iran Oil Buyer and Rival, U.A.E., May Be Cracking Down on Trade

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Dubai : The United Arab Emirates, which has a history of talking tough on Iran while still buying its oil, appears to be taking steps to comply with looming U.S. sanctions against the Islamic Republic’s energy industry. Dubai is the U.A.E.’s main importer of Iranian oil. The country’s biggest city buys a light oil called condensate that’s produced in Iran’s ... Read More »

Iran oil buyer and rival UAE may be cracking down on trade

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DUBAI: The United Arab Emirates, which has a history of talking tough on Iran while still buying its oil, appears to be taking steps to comply with looming U.S. sanctions against the Islamic Republic’s energy industry. Dubai is the U.A.E.’s main importer of Iranian oil. The country’s biggest city buys a light oil called condensate that’s produced in Iran’s natural ... Read More »

UAE-Saudi non-oil trade surges to $196bn by end H1

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Dubai:The total non-oil intra-trade between the UAE and Saudi Arabia amounted to Dh720 billion ($196 billion) since the establishment of the GCC Customs Union in 2003 until the end of the first half (H1) of 2018, marking a growth of 1,230 per cent, a media report said. UAE imports from the Kingdom reached Dh244.2 billion ($67 billion) during the monitored ... Read More »

How Did Saudi & UAE Build Their $196 Billion Non-Oil Trade Ties?

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Dubai:The total non-oil intra-trade between the UAE and Saudi Arabia amounted to Dh720 billion ($196 billion) since the establishment of the GCC Customs Union in 2003 until the end of the first half (H1) of 2018, marking a growth of 1,230 per cent, a media report said. UAE imports from the Kingdom reached Dh244.2 billion ($67 billion) during the monitored ... Read More »