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Category: UAE News
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Asian Lite Daily Digital Dubai – December 28, 2020 – Dubai Ruler Approves 2021 Budget
Dubai Ruler Approves 2021 Budget; Dubai Real Estate Back on Track; Reading amid the pandemic; Imran-Govt Faces Setback in Riko Diq Mining Case – all in Asian Lite Daily Digital – please click here to read
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Dubai Ruler Approves 2021 Budget
HH Sheikh Mohammed bin Rashid approves Dubai Government’s general budget for 2021 with AED57.1 billion expenditures. The newly-announced budget takes into account the exceptional economic conditions of the fiscal year 2020 and the repercussions of the COVID-19 pandemic on the global economy…. Reports Asian Lite News
In his capacity as Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, has approved the Government of Dubai’s general budget for the fiscal year 2021, with total expenditures of AED57.1 billion.
The newly-announced budget takes into account the exceptional economic conditions of the fiscal year 2020 and the repercussions of the COVID-19 pandemic on the global economy. It also confirms Dubai’s ability to deal with the crisis, restore the pace of economic growth, strengthen social benefits and essential services and adopt policies that achieve growth, economic stability and financial sustainability in the medium and long term. The 2021 budget also demonstrates continued efforts to develop revenues, raise the spending efficiency and increase the level of private sector engagement.
Dubai’s new budget will continue to support social, health, educational and cultural services as well as investments in infrastructure services in the emirate, as part of the objective of making Dubai one of the world’s best cities to live in.
His Excellency Abdulrahman Saleh Al Saleh, Director General of the Department of Finance of the Government of Dubai (DOF), said Dubai’s Strategic Plan 2021 is a key pillar in Dubai’s journey towards the future. He further highlighted Dubai Government’s success in implementing programmes that aim to achieve structural, economic and financial reforms, in addition to launching initiatives to diversify the economic base.”
“These programmes and initiatives have contributed to stimulating the growth of local GDP, which played a vital role in enhancing the resilience of the local economy during the pandemic. Investment in the technical infrastructure enabled the government and the private sector’s rapid response to business transformation,” Al Saleh added. Highlighting the impact of the pandemic on public finances, particularly in terms of declining revenues, Al Saleh said this led to measures being taken by the government to decrease operational spending and strengthen investment spending.
Economic incentives issued under the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, to support the business sector in the emirate, have contributed to achieving institutional agility through structuring the government to achieve financial sustainability.
“Initial estimates for 2021 suggest that GDP will see four per cent growth, supported by continued recovery of economic activities. The government will continue to enhance the role of the private sector so it can serve as one of the main engines of economic growth,” said Arif Abdulrahman Ahli, Executive Director, Planning and General Budget Sector at DOF. “We will also continue to support SME’s in conjunction with the government’s continued implementation of structural reforms aimed at diversifying the economy, improving the business environment and opening new horizons for domestic and foreign investment.”
“The 2021 budget comes in response to the requirements for recovery and dealing with the postponement of Expo 2020 Dubai. It also reflects the emirate’s financial stability through its implementation of financial policies as per best global practices. DOF seeks to develop programmes that aim to raise government spending efficiency and promote partnerships with the private sector. Additionally, it also seeks to constantly develop the budget and review its implementation,” Ahli continued.
Dubai government is expected to achieve public revenues of AED52.314 billion, despite the economic incentive measures adopted by the government that would reduce some fees and freeze the increase in fees, and the decision to not impose any new fees without providing a new service.
These revenues are based on ongoing operations in the emirate and do not rely on oil revenues. Oil revenues account for 4 per cent of the total projected revenues for the fiscal year 2021. This is in addition to developing the government revenue structure, which will enhance financial sustainability.
Non-tax revenues, which come from fees, account for 59 per cent of the total expected revenues, while tax revenues account for 31 per cent, and government investment revenues represent 6 per cent of the total expected revenues.
Jamal Hamed Al Marri, Executive Director of the Central Accounts Sector at DOF, said: “We spare no effort in consolidating the competitiveness of the emirate’s government. We are keen to develop programmes that improve public financial performance and achieve financial excellence. Dubai Government’s success in expanding smart financial collection applications enabled it to become more agile in dealing with the repercussions of the pandemic. Implementation of international accounting standards in the public sector had a significant impact in supporting the government decision-making process, ensuring the continuity of financial efficiency, and improving the quality and comprehensiveness of financial reports, in line with the Dubai Strategic Plan 2021.”
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister and Ruler of Dubai, with His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi “DOF continues to promote the digital transformation in Dubai government through new programmes prepared, launched and implemented with the relevant government entities, including Al Khazna, ALMAS, Bawabatech and Bayan, among others.”
The fiscal year 2021 budget announcement sends a clear message to the business community that Dubai is pursuing an expansionary fiscal policy, which contributes to strengthening confidence in the emirate’s economy and attracting more direct investments. The budget serves the requirements of population growth and the benefits resulting from hosting Expo 2020 and the continuous development of the infrastructure. It also supports the goals of the Dubai Plan 2021. The government seeks to expand the outsourcing of services to the private sector to enhance its engagement in economic development, which will contribute to improving the wellbeing and happiness of citizens and residents.
Salary and wage allowances of the 2021 budget account for 35 per cent of total government spending, in accordance with the requirements of the new human resources law, to ensure family and community stability. Grant and support expenditure account for 26 per cent in order to meet the requirements of human and community development and provide public services to the residents of the emirate.
The government has approved 9 per cent of the total expenditure to maintain the volume of investments in infrastructure, in line with Dubai’s aspirations to be the world’s most preferred destination to live in. This comes alongside the completion of some projects, the activation of the public-private partnership law and the development of project financing mechanisms in Dubai government through long-term financing.
The Dubai government has allocated one per cent of the total expenditure to the private reserve, in accordance with the principal of preparing for the impact of the crisis. It also allocated six per cent of the total expenditure to serve the public debt, in order to follow a disciplined fiscal policy that ensures the budget fulfills all obligations.
The budget of the fiscal year 2021 reflects the government’s commitment to the people, who are the real wealth of the nation, as indicated by HH Sheikh Mohammed bin Rashid Al Maktoum. The approach taken by the emirate to combat the COVID-19 pandemic reflects the government’s keenness to ensure the health and safety of the community. Dubai and the UAE became among the first countries to receive the COVID-19 vaccines.
Government spending in the social development sector in areas of health, education, housing, women and children’s care, as well as developing reading and coding initiatives, represents 31 per cent of total expenditure.
The government’s concern for security, justice and safety sees 22 per cent of the total expenditure allocated to support and enable this sector to perform professionally and proactively. This sector has become one that the emirate prides itself on in the global arena.
Dubai’s keenness to develop its infrastructure and transportation has led to an allocation of 41 per cent of total spending to the sector. This reflects its commitment to dealing with future commitments, supporting entrepreneurship and creating an incubator environment for enterprises.
The emirate has also been keen to support the sector of government excellence, creativity, innovation and scientific research by allocating six per cent of the total government expenditure to develop performance and instill a culture of excellence, innovation and creativity
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Abu Dhabi’s EAD Wins Award For ‘Outstanding Contribution’
EAD’s most notable achievement is the world’s largest mammal reintroduction programme of the Arabian Oryx, which was on the brink of extinction. Today, the population in Abu Dhabi has reached 5,000 heads – making it the largest herd in the world…reports Asian Lite News
The Environment Agency – Abu Dhabi (EAD) has won the “Outstanding Contribution to Biodiversity Global 2020 Award,” by Capital Finance International (CFI.co).
EAD, the region’s largest environmental regulator, was recognised for the role it has played in championing the conservation of biodiversity in the Emirate of Abu Dhabi.
Examples of EAD’s efforts in preserving biodiversity include continuing the legacy of the late Sheikh Zayed bin Sultan Al Nahyan, the UAE Founding Father. Known as the First Environmentalist, Sheikh Zayed bin Sultan Al Nahyan expanded the network of protected areas to 19 areas, 13 of which are terrestrial, representing 16.9 percent and six marine areas representing 13.9 percent of the terrestrial and marine ecosystems, respectively.
EAD’s most notable achievement is the world’s largest mammal reintroduction programme of the Arabian Oryx, which was on the brink of extinction. Today, the population in Abu Dhabi has reached 5,000 heads – making it the largest herd in the world.
Consequently, EAD – with joint initiatives – succeeded in the resettlement of Scimitar horned Oryx in its native country, Chad. This species had been completely extinct in the wild and now the total number of Scimitar horned Oryx in Chad has reached to be more than 200.
The authority signed a Memorandum of Understanding with the Jordanian Royal Society for the Conservation of Nature to release 60 Arabian Oryx in the Shumari Wildlife Reserve over the next two years.
Today, the population of Dugongs in the capital city is the world’s second largest, amounting to 3,000, which is the highest density per square metre in the Arabian Gulf.
Additionally, more than 700 dolphins, most of which live in marine protected areas in Abu Dhabi, have been registered, including the largest group in the world of the Indian Ocean, Humpback dolphin, and 37 endangered finless Porpoises and 268 Indo-Pacific Bottlenose dolphins.
Dr. Shaikha Salem Al Dhaheri, Secretary-General of EAD, said, “One of our main strategic priorities and mandates is the conservation of biodiversity in Abu Dhabi and we have worked laboriously since the inception of EAD 25 years ago, towards achieving this goal. We have been more than successful in protecting biodiversity and we are honoured to be recognised by an international publication such as Capital Finance International for all the hard work that has been done by the EAD team.”
EAD succeeded in the registration of Al Wathba Wetland Reserve as the first protected area in the GCC to make the International Union for Conservation of Nature (IUCN) Green list. It is also one of the 40 sites in the world that has been considered for the Convention of Biological Diversity as Ecologically or Biologically Significant Area.
Also, Abu Dhabi has approximately 3,800 recorded species and less than two percent are classified as “threatened” on the Red List categories of the IUCN.
Furthermore, Jebel Hafit National Park in Abu Dhabi is the only location where the Dwarf Palm can be found. The Arabian Caracal was recently sighted in the area for the first time in 35 years. The park also hosts globally threatened species, and the only concentration of the globally threatened Egyptian Vulture in the UAE.
Capital Finance International (CFI.co) is a print journal and online resource reporting on business, economics and finance.
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Dubai Real Estate Back on Track
The real estate and properties transactions were valued at AED4.6 billion in total during the week ending 24 December 2020, according to the Department of Land and Property in Dubai.
A total of 92 plots were sold for AED482.59 million; 808 apartments and villas were sold for AED1.32 billion.
The top three transactions were a plot of land in Palm Jumeirah sold for AED 60 million; followed by another sold for AED 54.85 million in Saih Shuaib 4; and another one sold for AED60 million in Palm Jumeirah in the third place.
Nad Al Shiba First recorded the most transactions for this week by 18 sales transactions worth AED43.08 million, followed by Al Thanyah Fifth with 13 sales transactions worth AED23.55 million, and Nad Al Shiba Third with 11 sales transactions worth AED27 million in third place.
The top three transfers for apartments and villas were an apartment sold for AED 230 million in Marsa Dubai; another sold for AED105 million in Business Bay; while the third was sold for AED94 million in Burj Khalifa.
The sum of the amount of mortgaged properties for the week was AED3 billion, with the highest being a land in Al Yelayiss 2, mortgaged for AED1 billion.
A total of 43 properties were granted between first-degree relatives worth AED194 million.
Also Read: Oman’s Real Estate Deals Fall 19.5% In May
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Asian Lite Daily Digital Dubai – December 24, 2020 – Dubai Begins Vaxx Campaign
Dubai Begins Vaxx Campaign; ‘Libraries will be transformed into creative platforms’; UAE, Canada Reaffirm Support to ‘Circular Economy’; Amnesty, Rights Forums Seek Probe into death of Karima Baloch – all in Asian Lite Daily Digital Dubai – please click here to read.
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UAE, Canada reaffirm support to ‘Circular Economy’
Dr. Al Zeyoudi underlined the UAE’s commitment to becoming one of the most circular economies in the world….reports Asian Lite News
The virtual UAE-Canada High-Level Event on Circular Economy was organised by the UAE Circular Economy Council in collaboration with the World Economic Forum, to showcase examples of Emirati and Canadian leadership in the circular economy.
The event was chaired by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade and Peter Schiefke, Parliamentary Secretary to the Minister of Environment and Climate Change Canada, and moderated by Antonia Gawel, Head of Circular Economy & Innovation, World Economic Forum.
Dr. Al Zeyoudi underlined the UAE’s commitment to becoming one of the most circular economies in the world. The UAE is the first signatory of the World Economic Forum’s Scale360 Partnership which brings together global partners to fast-track the shift toward a circular economy by embracing Fourth Industrial Revolution technologies and innovation.
“The circular economy offers global leaders an enormous opportunity to build a transformative post-COVID future that will pave the way for more resilient, equitable, and sustainable economies around the world. The UAE is proud to be leading on this front through the WEF Scale360 initiative, our close partnerships with countries like Canada, and our deep collaboration with private sector companies such as Majid Al Futtaim-Holding, which has prioritised the circular economy across its value chains,” Dr. Al Zeyoudi said.
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Dubai Ready To Face New Economic Challenges
The 2021 agenda aims to promote excellence in all sectors and introduce innovative initiatives to enhance government services and further raise Dubai’s competitiveness…reports Asian Lite
Dubai Economy is strengthening its initiative launched earlier this year to bring together key industry sectors and stakeholders in an all-encompassing journey towards transitioning Dubai into a circular economy in line with the vision of the leadership and strategic plans of the government.
The move has gained fresh momentum with Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, recently approving the 2021 Agenda of the Council, which has “Creating a Digital and Circular Economy” among its key objectives.
The 2021 agenda aims to promote excellence in all sectors and introduce innovative initiatives to enhance government services and further raise Dubai’s competitiveness. The circular economy plan of Dubai Economy not only seeks to contribute towards the Agenda but also positions Dubai towards sustainable progress and prosperity over the next 50 years as envisioned by the leadership.
Sami Al Qamzi, Director-General of Dubai Economy, stated, “The pandemic added new momentum to the digital transformation in the emirate and has given us enough examples of the most prudent use of existing assets and resources. Dubai Economy is pleased to have pioneered a circular economy campaign to optimise resources and minimise waste. We are now moving to the next level, engaging with key industry sectors to build on existing opportunities to expedite the circular economy transition.”
Sami Al Qamzi Unlike the traditional linear economy, the circular economy focuses on improving resource efficiencies and reducing/eliminating waste to the highest extent by depending on re-use, sharing, repair, regeneration, re-manufacturing and recycling. The global market potential for a circular economy is over US$1 trillion (AED3.67 trillion).
As a first step, Dubai Economy launched a series of workshops (hacks) in 2019 on the circular economy transition and related challenges as well as opportunities.
The introductory hack brought together 50 key stakeholders, including sustainability enthusiasts, regulators, corporates, start-ups and NGOs, to propose solutions that would accelerate the transition, particularly across six key dimensions – market readiness, innovation, funding & capital, skills development, regulatory readiness and an adaptive mindset.
With the global outbreak of COVID-19 underlining the importance of food security and local manufacturing, Dubai Economy brought the manufacturing, real estate and food and agri-business sectors onto the centre-stage of the circular economy campaign and hack series.
Commenting on the hack series, Mohammed Shael Al Saadi, CEO, Corporate Strategic Affairs of Dubai Economy, underlined the importance of translating the vision and strategic plans of the UAE and its emirates, including the UAE Vision 2021 Abu Dhabi Economic Vision 2030, Dubai Industrial Strategy 2030 and the Future Foresight programme, into opportunities for innovations in optimal resource utilisation and energy consumption.
The first sector-focused hack on manufacturing had its emphasis on localising global supply chains and attracting investments, particularly into sustainable manufacturing and positioning Dubai as a circular economy for innovation-driven industries and halal products.
The second hack evaluated global and local trends in the real estate and construction sector as well as the advantages Dubai has in evolving into a modern, sustainable city in the backdrop of the long-term changes being set off by urbanisation and industrialisation.
Disruptive technologies and innovations in food production, processing and consumption to achieve sustainable food security, particularly in the backdrop of the growing concerns on food production outpacing demand climate change and rapid urbanization were highlighted in the third hack of the series.
Participants also pointed to Dubai’s advantages in attracting investment, technologies and talent to test-bed and develop circular economy innovations.
A focused approach towards reusing, refurbishing, and recycling are proving to help cities save millions of dollars and hence, adopting a circular economy is crucial for cities such as Dubai.
Also Read: Asian Lite Daily Digital Dubai – December 22, 2020 – Dubai To Promote Health…
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Sharjah Ruler Inspects Projects
H.H. began his visit by inspecting the academic projects and the new expansion of the University of Sharjah, Khorfakkan Branch, and examining the progress of work in the buildings, classes and various facilities…. Reports Asianlite News
H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, visited a number of vital, academic and service projects in the city of Khorfakkan on Sunday morning.
During the tour, the Ruler of Sharjah listened to an explanation from Ali bin Shaheen Al Suwaidi, Chairman of Sharjah Directorate of Public Works (SDPW), about the established projects and their workflow, as well as the completion status of the most prominent projects.
H.H. began his visit by inspecting the academic projects and the new expansion of the University of Sharjah, Khorfakkan Branch, and examining the progress of work in the buildings, classes and various facilities. He directed to provide the optimal academic educational environment for students, in line with the development of the level the university has reached.
The new expansion, which was built on an area of 22,000 square metres, include a number of buildings, classrooms, and educational and administrative facilities.
Then Sheikh Sultan went to inspect the tourism and entertainment projects, including the Khorfakkan Square Park project, with an area of 163,000 square metres.
H.H. toured the Khorfakkan Square park and reviewed its entertainment services and facilities, listening to the development plans and the most prominent additional services.
During the tour, the Sharjah Ruler visited the Resistance Monument, which was built to commemorate the sacrifices of the people of Khorfakkan, who made the most magnificent sacrifices to defend their city against the Portuguese invasion that took place in 1507.
He was also briefed on the future facilities and services of the monument building, which include a large hall on an area of 898 metres, which is divided into two halls.
The Sharjah Ruler was accompanied by Sheikh Salem bin Abdulrahman Al Qasimi, Chairman of the Sharjah Ruler’s Office, and a number of officials.
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‘Dubai preferred market for Indian retailers’
Director of International Offices of Dubai Chamber Omar Khan identified several factors that make Dubai a market of choice for leading Indian businesses, including its geographic proximity to the country and a large Indian diaspora…reports Asian Lite
Dubai is a preferred market for Indian retailers looking to expand globally as the emirate’s economy continues to open up and adapt to new market conditions, industry experts said during a recent webinar hosted by Dubai Chamber of Commerce and Industry’s representative office in Mumbai.
The webinar, organised in cooperation with the IMC Chamber of Commerce and Industry, was joined by prominent CEOs representing leading retailers form the UAE and India who shared their insights on the evolving global retail landscape, market predictions and best practices for enhancing the customer experience.
Panellists and speakers included Rajiv Podar, President – IMC Chamber of Commerce & Industry; Omar Khan, Director of International Offices – Dubai Chamber; Dinesh Joshi, Chairman IBC – IMC Chamber of Commerce and Industry; Mira Kulkarni, Founder – Forest Essentials; Dalip Sehgal, CEO – NEXUS Malls; Rajneesh Mahajan, CEO – Inorbit Malls; Paul Marks, Managing Partner – Retail Management Solutions; Sameer Tapia, Founder – ALMT Legal; Ramesh Cidambi, COO – Dubai Duty Free; Pankaj Kumar, Head Omnichannel Retail – Jumbo Electronics; J P Shukla, Co-Founder & CEO, 1-India Family Mart; Chirag Vora, Partner – Amarsons Collections; and Umme-Haani Khorakiwala, Director – Akbarallys Men.
Discussions during the event examined the impact of COVID-19 on traditional retailers and e-commerce companies, preventative measures and best practices adopted by Dubai, which have enabled retailers to reopen during the pandemic.
Changing consumer demands and rapid digital transformation in the COVID-19 era have created new challenges and opportunities for retailers around the world, the panellists explained, highlighting the need for industry players to integrate advanced technologies and digital platforms to enhance brand reputation and stay connected to customers.
Retail is a major contributor to India’s economy and the Indian retail market is projected to grow to US$1.75 trillion by 2026, Rajiv Podar revealed, adding that this growth trend is supported by several factors such as a growing middle-class, rapid urbanisation and increased consumer spending.
For his part, Omar Khan highlighted the vast competitive advantages offered by Dubai to foreign companies and investors. He pointed to recent changes to the UAE Commercial Companies Law permitting 100 percent foreign ownership of mainland companies as an important development that creates a major business opportunity for Indian retailers that are looking to expand globally.
India remains Dubai’s second-largest trading partner with bilateral non-oil trade reaching AED38.5 billion ($10.5 billion) in the first half of 2020, Khan revealed. He identified several factors that make Dubai a market of choice for leading Indian businesses, including its geographic proximity to the country and a large Indian diaspora, adding that some of the biggest names in the UAE’s retail sector are owned by Indian businessmen.
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