The UAE was also ranked second globally in the areas of corporate tax collection, real increase in government expenditures, and collection of capital and real estate taxes…reports Asian Lite News
Five major global organisations specialising in assessing competitiveness have ranked the UAE among the top ten countries in the world in 28 competitiveness indexes related to finance and taxes.
This was highlighted by a report by the Federal Competitiveness and Statistics Centre (FCSC), which documented the rankings of the IMD World Competitiveness Yearbook, the Legatum Prosperity Index, the World Economic Forum’s Travel and Tourism Competitiveness Report, the Global Talent Competitiveness Index (GTCI) and the Global Competitiveness Index 4.0.
According to the report, the UAE was ranked first in the Real Personal Taxes Index, the Collected Personal Income Taxes Index, the Low Tax Evasion Rate Index, the Collected Indirect Tax Revenues Index, the Lack of Wastefulness in Government Spending Index and the Best Time to File Tax Returns Index.
The UAE was also ranked second globally in the areas of corporate tax collection, real increase in government expenditures, and collection of capital and real estate taxes, while it was ranked third in the areas of intergovernmental transfers, local central governmental debt and rate of low consumption taxes.
In January 2018, the UAE adopted the value added tax (VAT), which is an indirect tax of 5 percent on most products and services supplied at every phase of the supply chain.
In the fourth quarter of 2017, the country also adopted an excise tax to discourage the consumption of products that adversely affect health, including tobacco, energy drinks and soft drinks.
Moreover, the UAE joined the top ten countries in business competitiveness in finance and tax, thanks to its policy to not apply any income taxes and focus only on indirect taxes, such as the VAT and excise tax.
While many countries are planning to increase taxes on personal profits and corporations, the UAE ranked first globally in terms of the lack of real personal taxes and low rates of tax evasion, which enhanced its attractiveness to foreign direct investments.
In its 2020 report, the World Economic Forum (WEF) ranked the UAE third globally due to its low rates on consumption taxes, and fifth globally in terms of the low impact of taxes on employment incentives. Furthermore, the country was ranked eighth globally for the impact of taxes on investments, and seventh globally in investment capital availability, according to the Legatum Prosperity Index.
The initiative aims to create an integrated modern city that will serve as a hub for future clean tech-based food and agricultural products…reports Asian Lite News
Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum has launched the ‘Food Tech Valley’ a new initiative that seeks to triple the UAE’s food production.
The initiative aims to create an integrated modern city that will serve as a hub for future clean tech-based food and agricultural products and an incubator for researchers, entrepreneurs, startups and industry experts involved in developing solutions that have the potential to shape the future of the food industry.
The new city will spearhead innovation and leverage collaborative networks to lead regional transformation and export knowledge on sustainable food systems globally.
Sheikh Mohammed launches Food Tech Valley (Twitter)
It will support the use of technologies and applied research in food processing and agriculture and apply modern farming techniques – such as vertical farming, aquaculture and hydroponics – to accelerate self-sufficiency in fresh food produce and reduce wastage of resources.
“Food Tech Valley is part of a series of projects that aim to sustain the UAE’s food, water and agricultural systems in line with the National Food Security Strategy,” Sheikh Mohammed bin Rashid said. “Food and medicine represent strategic sectors that help us ensure a prosperous and sustainable future for the next generation.”
Sheikh Mohammed launches Food Tech Valley (Twitter)
Food Tech Valley is the outcome of a partnership between the Ministry of Food and Water Security and Wasl Properties to explore urban planning of future smart and food independent cities. Equipped with cutting-edge technologies, Food Tech Valley aims to achieve the objectives of the National Food Security Strategy 2051 and support a diversified knowledge-based economy.
The Food Tech Valley will host vertical farms, an advanced smart food logistics hub, Research & Development (R&D) facilities and a marketplace. Driven by a circular economy model, the city will bring together companies, investors and researchers in a sustainable agribusiness ecosystem to develop the latest aquaculture and hydroponics technologies. Over 300 varieties of crops will be produced in the new city using modern farming techniques and the latest agri technologies.
The top-end real estate properties priced at 10 million dirhams or more made up 2.5 percent of all homes sold in Dubai in March…reports Asian Lite News
The luxury real estate property sales in Dubai almost doubled in March to 84 units sold , which is worth around 1.7 billion dirhams, compared to the previous month, according to Arab News report.
The nationwide vaccination drive and the residents’ cooperation to it are reported to be the major reasons behind such an increase in the sales.
It said that regulatory changes in the UAE, as well as an aggressive vaccination drive have attracted rich home buyers – mainly from Europe – to purchase properties in Dubai and take advantage of the city’s well-coordinated response against COVID-19, say brokers, according to Arab News
The top-end real estate properties priced at 10 million dirhams or more made up 2.5 percent of all homes sold in Dubai in March, according to real estate intelligence Property Monitor.
“Foreign investor investment is coming back in, particularly over the past couple of months, as a result of the successful vaccine roll-outs, and the safety and security measures,” Dana Salbak, regional head of research at Jones Lang LaSalle (JLL), told Bloomberg TV on Sunday, the Arab News reported.
Salbak also noted a shift in homebuyer behaviour because of the pandemic with villas in especially high demand as buyers sought space after a year of travel restrictions and lockdowns.
The economic performance for 2020 revealed that the country’s macroeconomic indicators had seen a 6.1% decline in GDP compared to 2019, reports Asian Lite News
The UAE economy performed better than expected in 2020 despite the current global challenges brought about by the COVID-19 pandemic, said Abdulla Bin Touq Al Marri, UAE Minister of Economy, following the issuance of the preliminary results of the country’s economic performance by the Federal Competitiveness and Statistics Centre.
The results highlight the effectiveness of the proactive economic measures and incentive packages rolled out by the UAE government, based on policies that highlight the country’s speed and flexibility in responding to global changes, as well as its constant efforts to promote economic diversification.
The preliminary results of the UAE’s economic performance for 2020 revealed that the country’s macroeconomic indicators had seen a relatively limited decline in the gross domestic product and in the non-oil GDP last year by 6.1 per cent and 6.2 per cent, respectively, at constant (real) prices compared to 2019. This is comparatively low decline considering that the slump in major global economies reached several times lower.
Al Marri said that the year 2020 was an unprecedented year full of economic and health challenges that negatively impacted major global economies, and the UAE was not immune to the global economic system in this vulnerability.
This is particularly so since the country’s economy is linked through foreign trade, foreign investment, tourism and the logistical sector with the movement of trade and investment and global transportation, which declined significantly in 2020 worldwide. However, the government’s proactive economic policies in dealing with the repercussions of the crisis, and the launch of supportive economic packages had a positive role in limiting the negative effects of the pandemic on various vital sectors and on economic activity in particular.
The activation of all economic initiatives related to non-oil sectors and activities contributed positively to enhancing the stability of the country’s non-oil domestic product in the year 2020, as it reached Dh1 trillion at constant prices. Meanwhile, the GDP at constant prices for the year 2020 amounted to Dh1.41 trillion.
In terms of negatively affected economic activities among the components of the real GDP for the year 2020 compared to 2019, accommodation and food services activities witnessed a negative growth of 23.6 per cent, as well as transportation and storage activities by 15.5 per cent. Wholesale and retail trade dropped by 13.1 per cent, while it decreased the activities of construction and building activities by 10.4 per cent. In addition, financial and insurance activities dropped by 3.0 per cent, while the manufacturing industries recorded an increase of 0.2 per cent in 2020 compared to 2019.
Al Marri stressed the importance of the initiatives implemented by the government with the participation of the private sector, including the efforts to improve procedures and legislation and diversify services, thus preserving the country’s position as an environment that attracts investments on an ongoing basis. These efforts also contributed to promoting foreign trade and opening up to the world as one of the components of international economic relations.
He said the UAE continues the policy of economic openness as an approach and practice and is working on adopting a forward-looking vision to enhance its position as a global investment environment. These efforts fall in line with the directives and visions of the wise leadership, which believes in the importance of continuing work and employing all capabilities to enhance the national economy’s position as one of the region’s most diverse and growing economies.
With the continued implementation of the recovery plan and support packages for the economic sectors, the estimates of the Central Bank of the UAE indicate that the positive growth rates of the national economy will be restored by the end of 2021. It estimates a 2.5 per cent growth in real GDP, and 3.6 per cent in non-oil real GDP. These figures are expected to rise to 3.5 per cent growth in real GDP, and 3.9 per cent growth in non-oil real GDP in 2022.
The T20 world cup tournament was scheduled to start from October 18…reports Asian Lite News
UAE is likely to host T20 World Cup as the Covid 19 situation in India worsening day by day.
The T20 world cup tournament was scheduled to start from October 18 in India.
A BCCI official admitted that the event could be moved out of India due to Covid upsurge and rising death toll,the Khaleej Times reported.
Meanwhile, the worsening Covid-19 situation in India has brought the focus on International Cricket Council’s (ICC) contingency plan for the T20 World Cup scheduled to be held in India in October-November.
The ICC team of officials that was to visit India for a recce during the ongoing Indian Premier League (IPL) cancelled its visit due to the prevailing Covid-19 situation in India.
As of now, the ICC, the organiser of the T20 World Cup, is keeping a close watch on India.
According to sources, the ICC hasn’t yet made up its mind since the situation in India is evolving and the World Cup is still over five months away.
A special cargo for medical aid of 157 ventilators, 480 BiPAPs and other medical supplies arrived from UAE to India….reports Asian Lite News
UAE’s special cargo of medical aid for India to fight the virulent second wave of the coronavirus pandemic arrived here on Thursday.
Official sources said that External Affairs Minister S. Jaishankar had received a call of support from UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan on April 25.
The UAE Foreign Minister had expressed his solidarity with India as the rise in Covid-19 infections have triggered a massive crisis. To convey their support, iconic buildings in the UAE were lit up in the Indian tricolour.
UAE’s special cargo of medical aid arrives in India(Twitter)
On Thursday, a special cargo for medical aid of 157 ventilators, 480 BiPAPs and other medical supplies arrived from UAE to India.
An IAF C-17 has so far airlifted 18 cryogenic oxygen containers from Dubai Airport and landed at Panagarh Air Base in three sorties since April 26.
UAE’s special cargo of medical aid arrives in India(Twitter)
Nations across the world have come forward to help India in its fight against the second wave of coronavirus pandemic which is extremely virulent and ravaged the country in the last few weeks.
The US, the UK, France, Ireland, Australia, Germany, Saudi Arabia, Singapore, Hong Kong, Thailand, the UAE, Kuwait and Russia have assured medical aid to India with much of the aid on its way.
Within this context, the UAE has sent 2000 tonnes of medical aid to 130 countries, as part of its endeavor to spread the values of goodness, cooperation and solidarity among people…reports Asian Lite News.
The United Nations International Children’s Emergency Fund ( UNICEF) has commended the support provided by Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, for combatting COVID-19 and safely resuming immunisation activities against polio and other deadly childhood diseases.
“The leadership and unwavering support from His Highness Crown Prince of Abu Dhabi and UAE is helping countries fight COVID-19 and safely resume immunisation activities against polio and other deadly childhood diseases,” the Fund tweeted today.
Sheikh Mohamed bin Zayed Al Nahyan made the concept of ‘reaching the last mile’ a top priority of the UAE’s Agenda for Sustainable Development.
“The UAE was also able to translate this trend in the spirit of collective responsibility into a rapid response as it started to ship and deliver medical aid and equipment for various uses, and most importantly, the urgent distribution of vaccines through the Coalition of Hope,” a press release stated.
Within this context, the UAE has sent 2000 tonnes of medical aid to 130 countries, as part of its endeavor to spread the values of goodness, cooperation and solidarity among people.
UNICEF
Last year, the UAE-Pakistan Assistance Programme (UAE PAP) announced that 508,092,472 doses of polio vaccine were administered to more than 86 million children in Pakistan over seven years, under the UAE Polio Vaccination Campaign carried out in Pakistan from 2014 to the end of 2020.
India has been reeling under the deadly second wave of COVID-19. The country on Sunday recorded 3,49,691 new COVID-19 cases, the highest single-day spike since the pandemic broke out last year.
It is great to see the support and care that countries around the globe offer to India during this dark stage of pandemic and its management. Burj Khalifa in Dubai lit up with the tricolour to showcase support in India’s fight against the unprecedented COVID-19 situation.In a tweet on Sunday, the Indian embassy in Abu Dhabi on Sunday tweeted a 17-second video of Burj Khalifa, the world’s tallest building, displaying the Indian flag and #staystrongIndia. With a total height of 829.8 m and a roof height of 828 m, Burj Khalifa, a skyscraper in Dubai, is the tallest structure and building in the world.
“As #India battles the gruesome war against #COVID19, its friend #UAE sends its best wishes @BurjKhalifa in #Dubai lits up in to showcase its support,” the Indian embassy tweeted. India has been reeling under the deadly second wave of COVID-19. The country on Sunday recorded 3,49,691 new COVID-19 cases, the highest single-day spike since the pandemic broke out last year.
According to the Union Health Ministry, the country has recorded 2,767 new deaths due to COVID-19 in the last 24 hours. The worsening COVID-19 situation has seen a surge in the demand for medical oxygen and beds for the COVID-19 patients and many states are reporting an acute shortage of essential medical supplies. Availability of oxygen is a key element in the treatment of certain medical conditions in the COVID infection.
Key institutions from across the UAE benefitted from the skills and knowledge exchange, including the Ministry of Economy, Federal Customs Authority, and the Central Bank…reports Asian Lite News
The Ministry of Foreign Affairs and International Cooperation (MoFAIC) welcomed Her Majesty’s Revenue and Customs (HMRC) for a series of joint technical training workshops on anti-money laundering and countering the financing of terrorism (AML/CFT), held in March and April 2021.
The workshops, hosted by the HRMC’s team of experts, provided an opportunity to share the latest advances in AML/CFT thinking as part of the UAE’s ongoing efforts to raise awareness, build technical expertise, and further strengthen its supervisory system.
Key institutions from across the UAE benefitted from the skills and knowledge exchange, including the Ministry of Economy, Federal Customs Authority, and the Central Bank. The workshops were designed to share the UK Government’s leading approach, experience and latest AML/CFT methods, with a focus on several specific target areas of risk, including: Trade-based money laundering, including the misrepresentation of price, quantity or quality of goods moved through international trade such as in the precious metals sector.
Money Service Businesses (MSBs), including understanding AML/CFT risks in the remittance, currency exchange, and cheque cashing markets.
Amna Fikri, Director of the Economic and Trade Affairs Department, UAE Ministry of Foreign Affairs and International Cooperation said, “We are pleased to partner with HMRC to lead these technical workshops covering a number of important AML/CFT subject areas. This robust knowledge exchange will support and better bolster the UAE’s capabilities in effectively addressing financial crime issues and to assist in building a stronger and more sustainable financial ecosystem.”
Simon York, Director and Chief Investigation Officer of Fraud Investigation Service, HMRC said, “Money laundering and criminal financing are an international problem that requires international cooperation. The United Kingdom is not the only country facing these threats and that is why we work closely with international partners like the UAE to share our skills, experience, and understanding to address these important issues.”
The joint training sessions hosted with the United Kingdom form a key part of the UAE’s wide range of activities to prevent money laundering and terrorist financing, including initiatives to facilitate international and domestic cooperation.
In February 2021, the UAE launched the Executive Office on AML/CFT, which serves as the primary national coordinating body on AML/CFT efforts within the UAE and holds a wide-ranging mandate to assist the relevant authorities in addressing the country’s National Action Plan. The Executive Office’s overarching objective is to enable and equip both the public and private sectors in the UAE in building a strong and sustainable AML/CFT structure in the country, including working with MoFAIC to facilitate cooperation and coordination with the international community.
UAE ranks first in rate of mobile broadband Internet subscriptions, competition index and quality of the telecommunications infrastructure, reports Asian Lite News
The UAE was ranked first in the world in several global competitiveness indicators that measure the development and quality of the communications infrastructure around the world in 2020.
In a report issued by the Telecommunications and Digital Government Regulatory Authority under the title “UAE is a pioneering country in the Information and Communications Technology (ICT) sector 2020” and includes the most important results achieved by the country in the telecommunications sector last year, based on the numbers and indicators issued by relevant international organisations specialised in issuing indicators. This is part of the authority’s efforts through which it contributes to 17 global competitiveness reports containing 142 competitiveness indicators.
The report monitored, in numbers and facts, the vital role that the telecommunications sector plays in the development of the country, as an embodiment of the vision of the Telecommunications and Digital Government Regulatory Authority, which states that the UAE is a pioneer in the ICT sector.
According to the report, the UAE ranked first in the world in the rate of mobile broadband Internet subscriptions per 100 inhabitants and the index of public-private partnership and its impact on technological development.
The UAE ranked first in the world in the index of competition in the Internet and telephone sectors, the government’s purchase of advanced technology products, and the first in the world in the speed of mobile broadband, and the highest fibre-to-home penetration rate.
The country has also maintained first place in the world in many global competitiveness indicators that measure the development and quality of the telecommunications infrastructure in the world. In this regard, the UAE ranked first in the world in terms of the percentage of the population’s mobile network coverage and access to mobile phone services.
According to the report, the UAE continued its global leadership in the competitiveness indicators that measure the rate of subscriptions to mobile broadband Internet and mobile services in the countries of the world, as it ranked first in the world in the mobile broadband Internet subscriptions index and the mobile phone subscriptions index.
Concerning the use of ICT, the UAE has advanced in the global ranking on this axis from 24th in 2017 to second place globally according to the last Global Competitiveness Report issued in 2019. Despite the pandemic, the country has maintained second place globally in 2020.
The UAE also continued to top technological development indicators as a result of having a quality communication infrastructure and the keenness of the country’s various sectors to be equipped with the latest technologies, which also contributed to raising the ability of the various sectors of the country to adapt to the COVID-19 crisis, gaining flexibility in dealing with the circumstances resulting from the pandemic and allowing efficient business continuity.
In this regard, the country ranked first in the world in the index of Public-Private Partnerships and its impact on technological development, and the index of Use of Virtual Professional Networks.
The country also topped countries in the Global Infrastructure Investment Index according to the global competitiveness indicators that measure the level of countries’ investment in infrastructure. The UAE ranked third in the world in the investment in telecommunications services index and fourth in the world in the foreign direct investment and technology transfer index.
The report included the most important results achieved by the country in indicators related to the ability of the communications infrastructure to keep pace with the changes, the future readiness of the communications and information technology sector, the e-government survey, the global indicator of readiness for variables, and others.
The authority thanked and appreciated its partners in the communications and information technology sector from the government, the private sector, the academic sector and all members of society for their role in achieving the successes mentioned in the report.
Commenting on the report, Hamad Obaid Al Mansoori, Head of the UAE Digital Government and Director-General of the Telecommunications and Digital Government Regulatory Authority, said, “The progress achieved by the UAE in the global indicators of the telecommunications sector is a reflection of the wise leadership’s directives to strengthen the telecommunications sector, as it is one of the main engines of development in many sectors and the gateway to enter the fourth industrial revolution era, with its developments, such as the Internet of Things, the fifth generation, technologies supported by artificial intelligence, smart transportation, and others.”
The results are the result of a persistent and accumulated effort over the years in which the authority’s work teams have participated along with their partners in the private sector, mainly represented by Etisalat and Du, he added.
