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UAE

Indian businessmen in UAE rejoice Modi’s poll win

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Leading Indian businessmen in the UAE have expressed happiness over Prime Minister Narendra Modi’s thumping win in the elections, saying it would encourage big international companies to invest in India due to a clear mandate and simplified tax structures, according to a media report. Prime Minister Modi on Thursday led his Bharatiya Janata Party (BJP) towards a mega victory for ... Read More »

Why UAE business owners aspire for ultimate ‘gold card’

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Dubai: For businesses long associated with UAE’s commercial landscape, a “gold residency” represents the final frontier … and one that could now be within their grasp. “It was just recently that my father, Vasu Shroff, received the 10-year residency visa,” said Raju Shroff, CEO of Regal Group, which started out as a textile trading firm in 1952 and then diversified ... Read More »

Opening a business in the UAE: features and benefits

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The United Arab Emirates (UAE) is one of the wealthiest countries in the world, known for its loyalty to foreign investors and open policy of conducting international business. The reputation of the UAE as a world economic center attracts the attention of many foreign businessmen, and the variety of schemes for opening and promoting a company in the UAE allows ... Read More »

UAE lowers foreign workers recruitment fee for EPC companies

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Work permit fees have been reduced to Dh300 for private companies that are registered under the government’s Emiratisation Partners Club (EPC), the Ministry of Human Resources and Emiratisation (Mohre) announced in a statement on Sunday. The Dh300 fee applies to both the issuance and renewal of expats’ work permits, according to the decision issued by Nasser bin Thani Juma Al ... Read More »

Dubai Customs Receives WCO Executiveand Showcases Best Communication Practices

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Dubai : Corporate Communications Department at Dubai Customs received LudovicThanay, Head of Communications, Events and Strategic Planning Unit, World Customs Organization (WCO). The meeting was organized by Dubai Customs with the aim of sharing best communication practices and strategies with the WCO. Khalil Saqer bin Gharib, Director of Corporate Communication Departmentoverviewed the performance indicators and overall communication methodologies in place ... Read More »

Fujairah port: UAE’s oil lifeline outside Strait of Hormuz

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A mystery “sabotage” attack on four ships, including three oil tankers, off the UAE coast has highlighted the importance of Fujairah port located just outside the key Strait of Hormuz. The port of the emirate of Fujairah, located on the eastern coast of the United Arab Emirates, is about 180 kilometres (112 miles) from Abu Dhabi – the richest of ... Read More »

UAE, Saudi Arabia sign deal to ease trade

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The UAE and Saudi Arabia have signed an authorised economic operator (AEO) agreement aiming to improve the customs cooperation between the two countries and facilitate trade. The move comes in implementation of the outcomes of the Al Azm Retreat, approved by the Saudi-Emirati Coordination Council, reported Emirates news agency Wam. The agreement was signed in Riyadh by Ali Saeed Mattar ... Read More »

Arabtec’s CEO puts in his papers after profits dip

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Dubai: Arabtec Holding, the Dubai-listed construction firm, reported on Wednesday a 50 per cent plunge in its profits for the first quarter of this year as revenues fell and general expenses rose. The company also announced that its CEO, Hamish Tyrwhitt, has stepped down from his position, and will be replaced temporarily by chief financial officer, Peter Pollard. Arabtec did ... Read More »

UAE, Saudi Arabia Sign AEO Agreement

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ABU DHABI, : The UAE and Saudi Arabia, yesterday, signed an authorised economic operator, AEO, agreement. The agreement aims to improve the customs cooperation between the two countries and facilitate trade, in implementation of the outcomes of the Al Azm Retreat, approved by the Saudi-Emirati Coordination Council. The agreement was signed in Riyadh by Ali Saeed Mattar Al Niyadi, Customs ... Read More »

Italy in talks with UAE sovereign funds to lure investment

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Italy, the eurozone’s third largest economy, is looking for partnerships with UAE sovereign wealth funds to jointly invest in Africa and Asia, as it looks to expand trade and investment relations, its Trade Commissioner in the UAE said. “We would like to engage UAE sovereign wealth funds to be partners … in Africa to joint venture with them and to ... Read More »

Customs seizes $7 million worth of fake goods bound for the US

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Hong Kong Customs have seized 55,000 items of fake goods destined for the US during a three-month campaign to combat cross-border counterfeiting. The haul, some of which is shown in the accompanying photograph, included trainer, apparel, mobile phones and accessories, handbags and Beats-branded headphones. Customs officers estimated the value of the haul to be about HK$7 million. “Hong Kong Customs ... Read More »

Invite expats home for Iftar, Sheikha Fatima tells Emiratis

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Every Emirati family will be an ambassador to Emirati values, reaching out to resident families during the holy month of Ramadan. The Mother of the Nation is calling on Emirati families to invite residents – from all walks of life – to their homes for Iftar gatherings throughout the holy month of Ramadan. “Every Emirati family will be an ambassador ... Read More »

Warren Buffett’s UAE brokerage to launch institutional investor unit

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Berkshire Hathaway HomeServices Gulf Properties, the new UAE affiliate of billionaire Warren Buffet’s US brokerage, plans to launch a specialist advisory unit for GCC institutional investors, and expects to scale up its core operations through mergers and acquisitions from this year. One such deal is expected to conclude in the next month, after the firm received a high volume of ... Read More »

UAE credit growth expected to pick up in second quarter

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Dubai: Credit growth in the UAE is expected to pick up momentum in the second quarter of this year according to the latest credit sentiment survey of the Central Bank of UAE (CBUAE). The credit sentiment survey is a quarterly publication of the central bank, which collects information from senior credit officers from all banks and financial institutions extending credit ... Read More »

Abu Dhabi Ports, Dell to develop tech-based maritme solutions

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Abu Dhabi Ports has signed a memorandum of understanding (MoU) with Dell Technologies that will see the organisations combine their expertise in maritime and IT to develop technology-based concepts, solutions and services specifically for the maritime industry. The MoU with Dell Technologies is designed to provide Abu Dhabi Ports with consulting services and help them leverage high value-added technologies such ... Read More »

ITC Foods plans exports to Dubai & Saudi Arabia

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ITC Foods plans to expand its dairy business through exports in the next few months, Sanjay Singal, COO – Dairy and Beverages, told Moneycontrol in an interview. The company will begin by exporting its packaged badam milkshakes to Dubai and Saudi Arabia and gradually enter other global markets. Speaking about market share, Singhal said the company aims to capture 5-10 ... Read More »

UAE airport customs targeting vapers in cannabidiol crackdown

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Dubai’s police and customs officers have caught almost 100 people smoking cannabis oil through vaping devices and e-cigarettes this year. The city’s most senior narcotics officer said 97 users were arrested in the first three months of 2019 – up from just two in the same period last year – mostly at border entry points. Brigadier Eid Thani Hareb said ... Read More »

FANR Nuclear Technology Portal (NuTech) integrates with Abu Dhabi Customs

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– Fully integrated with Abu Dhabi General Administration of Customs, FANR NuTech Portal is the first of its kind in the UAE – FANR NuTech Portal reduces approval time for clearing of shipments from customs by 80% 28 April 2019, Abu Dhabi, United Arab Emirates: The Federal Authority for Nuclear Regulation (FANR), the nuclear regulator in the UAE, has developed ... Read More »

UAE, China eye closer ties to drive $70bn trade in 2020

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The UAE and China are keen to expand economic collaboration with trade set to hit $70 billion next year. The trade boost was announced during a meeting between Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and Chinese President Xi Jinping in Beijing. The meeting was held on the sidelines ... Read More »

Dubai Customs celebrates World Intellectual Property Day 2019

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Dubai Customs has underscored the importance of Intellectual Property Rights, IPR, protection as a key driver for innovation and sustainability in all sectors. “Ensuring the rights of innovators, manufacturers, and trademark owners is indispensable to guarantee the continuity of their products and so the profitability of their investments and creations,” said Ahmed Mahboob Musabih, Director-General of Dubai Customs, while addressing ... Read More »