Dubai Fintech Summit Unites Leaders To Chart Fintech’s Future

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The DIFC, under the patronage of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, hosted a roundtable discussion, DFS Dialogues, to collaboratively shape the agenda for the upcoming Dubai FinTech Summit on May 6-7, 2024, held at the Madinat Jumeirah, Dubai.

This invitation-only session brought together over 30 key stakeholders from both the public and private sectors for in-depth discussions. The focus was on outlining key themes for the summit, with Regulatory Framework, Eco-Finance, and Fintech 2.0 emerging as prominent topics.

“Dubai is a leading force in FinTech, disrupting traditional financial services on a global scale,” stated Mohammad Alblooshi, CEO of DIFC Innovation Hub. He emphasized that the summit aligns with the vision of positioning Dubai as a top four global financial hub by 2033 and fostering cross-border collaboration and innovation.

The DFS Dialogues witnessed prominent partnerships. Emirates NBD joined as the official premium banking partner, and the e& group became the official event headline partner, demonstrating their commitment to driving financial sector innovation.

Khalifa Al Shamsi, CEO of e& life, highlighted the summit’s role in redefining the financial landscape and Dubai’s leadership in establishing a world-class

FinTech

hub. Abdulla Qassem, Group Chief Operating Officer at Emirates NBD, emphasized the importance of these dialogues in shaping the

UAE’s FinTech future

and their participation as a reflection of their commitment to embracing innovation.

The event concluded with a regional qualifying round for the FinTech World Cup, with Yabx Technologies emerging victorious and securing a spot in the Grand Finale at the Dubai FinTech Summit 2024. The winner will have the opportunity to compete for a $1 million investment package.

This press release provides a concise and professional summary of the key points related to the Dubai FinTech Summit 2024, including industry collaboration, key themes, and partnerships.

The Dubai FinTech Summit kicks off in Dubai! Considering launching your FinTech venture? Look no further than Smart Zones^® UAE for expert business setup consultancy. They’ll guide you through the process in this thriving FinTech hub.

Source: https://gulfnews.com/business/corporate-news/dubai-fintech-summit-gathers-industry-leaders-to-drive-the-agenda-for-the-future-of-fintech-1.1706531874660

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UAE Considering 10-Year “Golden” Business License At Competitive Pricing

The United Arab Emirates (UAE) government is exploring the introduction of a new business licensing framework. This framework would include long-term “golden” licenses valid for ten years and “silver” licenses valid for five years. This initiative aligns with the UAE’s existing Golden Visa program, which offers ten-year residency for qualified investors and entrepreneurs.

Discussions regarding the new licensing structure took place during a recent Economic Integration Committee meeting. The committee, led by prominent figures such as Minister of Economy Abdullah bin Touq Al Marri and Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi, aims to establish competitive pricing for these extended licenses. This pricing strategy aims to generate government revenue while fostering business continuity and economic growth within the UAE.

Previously, business licenses in the UAE typically required annual renewal. The proposed long-term licenses aim to address this by providing businesses with greater stability and predictability. This aligns with the government’s ongoing efforts to streamline business operations. Initiatives such as Dubai’s Instant Licence, which issues licenses within minutes for pre-approved activities, demonstrate this commitment.

The introduction of these extended licenses is expected to attract additional talent and businesses to the UAE, further enhancing the country’s economic competitiveness. Minister Al Marri emphasized the UAE’s commitment to fostering a competitive business environment. He cited existing economic policies and legislation as evidence of this commitment, highlighting the significant growth in company registrations and foreign direct investment observed in recent years.

Industry experts, such as Raheel Ahmed, Group CEO of RAKBank, view this initiative positively. They believe the extended licenses will provide greater sustainability for businesses, particularly small and medium enterprises (SMEs). This stability allows for more strategic planning and reduces the risk of business closures due to licensing renewal concerns.

The Economic Integration Committee plays a crucial role in strengthening the UAE’s business environment. Through the development of a robust legal framework and strategic policy recommendations, the committee aims to accelerate business growth and solidify the UAE’s position as a hub for global talent and investment.

Publish 28 Mar 2024

Source: https://www.khaleejtimes.com/business/uae-in-talks-to-issue-10-year-golden-business-licence-at-competitive-prices/

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Dubai witnessed a significant increase (550%) in the number of global SMEs establishing operations in the emirate during the past year.

A significant increase (550%) in small and medium-sized enterprises (SMEs) establishing operations in Dubai during 2023 was driven in part by a surge in interest from Asian and Australian businesses, as reported by the Dubai Chamber of Commerce. This development aligns with Dubai’s strategic goals of doubling its economic size and becoming a top-three global city.

Data from the Chamber reveals that 104 SMEs relocated to Dubai within the past year. Geographically, 29% originated from Asia and Australia, followed by the Middle East and Eurasia (32%), Latin America and Europe (26%), and Africa (13%).

The most popular sectors for these incoming SMEs were trade and logistics (17%), IT (13%), and food and agriculture (10%).

Dubai Chambers President and CEO, Mohammad Ali Rashed Lootah, attributed this growth to the emirate’s business-friendly environment, ongoing development of services and supportive legislation, and the breadth of available investment opportunities. He further emphasized the effectiveness of the Chamber’s international network in promoting Dubai’s business community and value proposition to companies seeking global expansion.

Dubai’s leadership is committed to supporting the Dubai Economic Agenda, with a particular focus on attracting foreign direct investment across established and emerging sectors.

This influx of international SMEs coincides with an initiative to assist homegrown Dubai businesses in expanding overseas. The Dubai International Chamber’s global network of representative offices expanded by 16 in 2023, reaching a total of 31. Further support came in January 2024 with the announcement of a 500 million dirham ($136.16 million) plan by Dubai’s Crown Prince to assist SMEs in accessing international markets. This initiative, launched in collaboration with Emirates NBD (Dubai’s leading lender), will provide participating companies with access to competitive financing. It’s noteworthy that SMEs currently contribute to 60% of Dubai’s workforce.

Publish 27 Mar 2024

Source: https://arab.news/5a5fh/

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The UAE Has Revised Its Visa On Arrival Registry For Citizens Of 87 Countries

The Ministry of Foreign Affairs of the United Arab Emirates (UAE) has implemented revisions to its visa exemption policy. This update streamlines the travel process for citizens of 87 countries, granting them visa-free entry upon arrival in the UAE.

The revised regulations eliminate the requirement for pre-entry visas for nationals from the designated 87 countries. This initiative aims to enhance the accessibility and convenience of visiting the UAE for tourists.

Individuals from countries not included in the visa exemption list are still required to secure a visa before traveling to the UAE. The specific type of visa needed depends on the purpose of the visit.

A comprehensive list of visa-exempt nationalities, along with detailed visa requirements, can be found on the official website of the Ministry of Foreign Affairs https://www.mofa.gov.ae/en/visa-exemptions-for-non-citizen. Alternatively, for further information, travelers can contact the Federal Authority for Identity, Citizenship, Ports Security, and Customs (ICP).

The UAE Digital Government clarifies that citizens from Gulf Cooperation Council (GCC) countries do not require a visa or sponsorship for entry. They can simply present a valid GCC passport or identity card at UAE immigration checkpoints.

For eligible nationalities, a 30-day visa with a 10-day grace period can be obtained upon arrival. Citizens from select countries may be granted a 90-day visa upon arrival. Specific requirements for these longer visas may apply.

Travelers are encouraged to visit the official Dubai tourism website https://u.ae/en/information-and-services/visa-and-emirates-id/do-you-need-an-entry-permit-or-a-visa-to-enter-the-uae/visa-on-arrival to confirm their eligibility for a visa on arrival. The website also details the duration of stay granted and potential extension options.

This revised visa policy demonstrates the UAE’s commitment to fostering tourism and creating a more welcoming environment for international visitors.

Publish 17 Mar 2024

Source: https://gulfnews.com/uae/uae-updates-visa-on-arrival-list-for-citizens-of-87-countries-1.101695198/

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Abu Dhabi To House 1st Global Esports Island ($280m) By True Gamers

True Gamers, a leading international network of eSports clubs, has announced the creation of a first-of-its-kind global hub for the gaming industry: eSports Island. This ambitious project, situated on a private island in Abu Dhabi, represents a $280 million investment aimed at fostering a thriving ecosystem for eSports enthusiasts, professional gamers, and industry professionals.

The island will boast a state-of-the-art infrastructure designed to cater to a wide range of needs. The centerpiece will be the TG Arena, a world-class facility equipped to host international eSports tournaments, digital exhibitions, and large-scale conferences. Adaptable to various gaming genres and competition formats, the arena will offer dedicated areas for PC gaming, console gaming, car simulation, and even a fully equipped streaming zone.

Beyond competitive gaming, eSports Island will provide a comprehensive training ground for aspiring and professional gamers. The GG Bootcamps section will offer a tailored environment for athletes to hone their skills, addressing crucial aspects like connectivity, nutrition, and equipment quality. Children’s eSports camps will further cultivate the next generation of gaming talent.

For those seeking an unparalleled gaming experience, the GG Resort will provide luxurious accommodations equipped with high-performance PCs. Guests can even choose a truly immersive check-in, mimicking the iconic parachute jump from the popular game PUBG.

The Digital Tower, a dynamic business hub within the island, will attract IT professionals, startups, and content creators. It will offer cutting-edge workspaces, an accelerator program for fledgling businesses, and animation development studios. This fosters collaboration, facilitates partnerships, and provides a stimulating environment for the eSports industry to flourish.

True Gamers’ extensive research, informed by partnerships with leading eSports teams, has ensured that eSports Island caters to the diverse needs of the gaming community. Their vision, as expressed by CEO Anton Vasilenko, is to empower gamers, ignite passion for eSports across generations, and shape the future competitive landscape.

This groundbreaking project positions Abu Dhabi at the forefront of the global eSports revolution. With its commitment to innovation and fostering a thriving eSports ecosystem, eSports Island is poised to attract investments, talent, and passionate gamers from around the world.

Publish 25 Mar 2024

Source: https://www.arabianbusiness.com/industries/technology/revealed-abu-dhabi-to-host-worlds-first-esports-island-a-280mn-global-hub-for-gamers

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Projections Indicate The Global Shisha Market Will Reach $22 Billion By 2026

Market research indicates a substantial expansion of the shisha industry, with projections reaching $22 billion by 2026. This growth coincides with a decline in cigarette smoking observed in key markets like the USA, Germany, Spain, Saudi Arabia, UAE, and Iraq. Data suggests a 21% decrease in cigarette use over the past year, potentially reflecting a shift towards alternative smoking options.

This trend aligns with a surge in shisha popularity. The industry saw an influx of new users in 2023, with an average growth rate of 18.5%. This has propelled the total number of shisha users to 20.8 million globally, with projections reaching 24.6 million by 2024 (an increase of 18.27%) and a staggering 32.3 million by 2026 (reflecting a 55.28% growth).

The shisha market’s expansion is fueled by a growing demand for innovative and potentially less harmful products. Companies like AIR Global are at the forefront of this movement, with the launch of OOKA – the world’s first charcoal-free, pod-based shisha device. This revolutionary product eliminates carbon monoxide production and boasts a 94% reduction in harmful chemicals, positioning it as a potentially reduced-risk option for both users and the environment.

The success of OOKA since its UAE launch in May 2023 is a testament to consumer demand. The initial devices sold out within a month, and sales continue to exceed expectations. This highlights a strong market appetite for innovative and potentially healthier shisha experiences.

“We are witnessing a significant rise in shisha popularity,” says Ronan Barry, Chief Legal and Corporate Affairs Officer at AIR Global. “A key driver of this growth is the consumer desire for cleaner and more social smoking experiences.”

“Furthermore,” Barry continues, “we observe a heightened awareness of eco-conscious choices among consumers. This trend underscores the evolving landscape of inhalation preferences, with shisha emerging as a potential frontrunner in meeting the demands of a more health-conscious and environmentally responsible global population.”

Considering opening a shisha cafe in Dubai? Smart Zones^® UAE can be your trusted partner in navigating the business setup process. Contact Smart Zones^® UAE today for a free consultation and explore how we can turn your Dubai shisha cafe dream into reality.

Publish 19 Mar 2024

Source: https://www.arabianbusiness.com/culture-society/global-shisha-market-to-hit-22bn-by-2026/

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SMART ZONES UAE MD Akeel Malik Unveils Key Insights On Dubai Business Setup

In today’s video interaction, we feature Akeel Malik, the Managing Director of SMART ZONES UAE. With SMART ZONES’ distinguished reputation as a premier licensing firm in Dubai, Akeel Malik’s pivotal contributions have significantly fostered the growth and prosperity of numerous businesses in the region since 2013.

Engaging in a dialogue with Adgully ME, Akeel Malik shares his invaluable insights, experiences, and perspectives on the myriad opportunities and challenges inherent in investing in or establishing businesses in the UAE. His profound expertise and unwavering dedication to guiding aspiring entrepreneurs undoubtedly position him as an exemplary leader in this dynamic field.

During the conversation, Akeel Malik delves into the practical aspects of initiating a business in Dubai. While acknowledging the myriad legal intricacies involved, he underscores how SMART ZONES’ extensive experience substantially streamlines these processes.

Furthermore, he sheds light on the unparalleled ease of starting a business in Dubai compared to many other nations, citing the minimal tax burdens and licensing formalities.

When prompted about the potential trajectory of ties between India and the UAE following Prime Minister Modi’s recent visit, Akeel Malik exudes optimism. He firmly believes that this visit will catalyze a significant enhancement in trade relations between the two nations in the foreseeable future.

For further insights into SMART ZONES UAE growth, progress, and future endeavors, please check the link

UAE E-commerce Market Projected to Reach $17 Billion by 2025, Fueled by Growth in Quick Commerce and Metaverse Integration

The UAE’s e-commerce sector is experiencing phenomenal growth, with projections indicating a market value of $17 billion by 2025. This expansion is attributed to several key factors. Government initiatives play a significant role in fostering a supportive environment for online commerce. Additionally, rising internet penetration and widespread smartphone adoption have created a robust digital infrastructure. Most importantly, consumers are increasingly embracing the convenience and efficiency of online shopping experiences.

The research by YallaHub, a UAE-based quick-commerce-as-a-service (QaaS) platform, highlights the growing popularity of quick commerce as a major driver of this trend. Notably, the market is also witnessing the emergence of “metaverse e-commerce,” which presents exciting new opportunities for brands to engage with customers.

To ensure orderly and sustainable growth, the UAE has recently implemented new regulations for licensing and governing the e-commerce sector. This signifies the government’s commitment to fostering a robust and trustworthy online marketplace.

The study further identifies advancements in digital payment methods and the rising popularity of “buy now, pay later” (BNPL) options as contributing factors to the e-commerce boom.

UAE E-commerce Market Poised for Explosive Growth

Market analysts predict a surge in the UAE’s e-commerce market in the coming years, with projections reaching $9 billion by 2024. This translates to a market penetration of 66.1% and a Compound Annual Growth Rate (CAGR) of 6.54% between 2024 and 2028.

Product Categories Leading the E-commerce Boom

The research reveals that toys, DIY (Do It Yourself) and hobbies-related products topped e-commerce sales in the UAE in 2023, accounting for 29% of the market. Fashion goods followed closely behind at 27%. Electronics and media (18%), food and personal care (13%), and furniture and appliances (12%) comprised the remaining significant categories.

Shifting Consumer Preferences Drive Online Sales of Home and Laundry Care Products

Significantly, YallaHub’s research indicates a remarkable surge in demand for online home and laundry care products in 2023. Consumers are increasingly comfortable purchasing these everyday essentials through e-commerce platforms, demonstrating a shift in shopping behavior.

The YallaHub study projects continued growth for this segment, with home and laundry care revenue expected to reach $75.66 million by 2024. Furthermore, the research anticipates a steady rise in market penetration for this category in the years to come.

Similar positive outlooks are forecasted for the e-commerce market for tissue and hygiene care products, hair care products, and the emerging “metaverse e-commerce” space.

MENA Region Poised to Follow UAE’s E-commerce Growth Trajectory

Industry experts predict that the Middle East and North Africa (MENA) region will mirror the UAE’s e-commerce growth trajectory. This is driven by the adoption of cutting-edge technologies and evolving consumer preferences across the region.

A report by EZDubai, in collaboration with Euromonitor and 1115 Inc., projects the MENA e-commerce market to reach $57 billion by 2026. This growth is further fueled by significant investments in the sector, including acquisitions and collaborations with international businesses.

The YallaHub research underscores the immense potential of the UAE’s e-commerce market, particularly with brands adapting to changing consumer preferences and embracing innovative solutions like quick commerce.

“Platforms like ours, with cutting-edge technology and regional expertise, are well-positioned to capitalize on this opportunity,” said Leo Dovbenko, CEO of YallaHub. “We empower brands to navigate the exciting and ever-evolving e-commerce landscape.”

Publish 6 Mar 2024

Source: https://www.arabianbusiness.com/industries/retail/revealed-uae-online-shopping-market-to-hit-17bn-by-2025-as-metaverse-e-commerce-quick-commerce-take-hold/

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Importance of New UAE Corporate Tax Registration Deadlines for Businesses

The Federal Tax Authority (FTA) has established new registration deadlines for businesses subject to UAE corporate tax in 2024. These deadlines supersede previous assumptions regarding registration timing.

While the new approach provides clarity on required actions, some uncertainties remain. Guidance on determining a business’s fiscal year may be forthcoming. Businesses should proactively monitor all FTA releases to ensure compliance.

The growing complexity of UAE tax regulations underscores the value of a dedicated company secretary function, responsible for managing tax compliance tasks.

Previously, businesses could register for corporate tax before settling any tax liability. Now, deadlines exist based on trade license issuance dates. Failure to initiate registration by the deadline incurs a Dh10,000 penalty. Importantly, the penalty applies for not starting the process, not for incomplete applications by the deadline.

Appeal options exist for rejected applications. However, success rates are unclear. Additionally, system-related challenges may arise, particularly for businesses already registered for VAT.

The FTA portal requires businesses to maintain current supporting documents. While the previous requirement for continual updates was discontinued, recent reminders highlight expired documents. These must be updated before initiating corporate tax registration. Potential delays may occur due to the review process for updated documents.

Misinformation regarding deadlines circulated following the announcement. Businesses are advised to seek professional guidance and act well ahead of their applicable deadlines to ensure smooth registration and avoid penalties.

Publish 6 Mar 2024

Source: https://www.thenationalnews.com/business/comment/2024/03/04/uae-corporate-tax-why-its-important-to-take-note-of-new-deadlines/

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Dubai Mall Tops Global Destination List With 105m Visitors In 2025 And 2026

Dubai Mall Solidifies Position as Global Tourism Leader with Record-Breaking 105 Million Visitors in 2023

Dubai, UAE (March 5, 2024): Dubai Mall cemented its position as the world’s most visited retail and entertainment destination in 2023, welcoming a record-breaking 105 million visitors. This represents a significant 19% increase from the 88 million visitors recorded in 2022.

The surge in footfall at Dubai Mall is attributed to its diverse offerings, encompassing over 1,200 retail outlets, expansive entertainment options, and a commitment to exceptional visitor experiences. This successful strategy has translated into a robust sales performance, further solidifying the mall’s positive impact on the local retail sector.

The positive momentum continued in the first two months of 2024, with the mall already attracting over 20 million visitors, setting the stage for another record-breaking year.

Commenting on the achievement, Emaar founder Mohamed Alabbar stated, “These figures are a testament to Dubai Mall’s position as a global leader in the retail and entertainment industry. They also reflect the city’s forward-thinking vision and thriving economy. As an integral part of Dubai’s economic fabric, we are committed to playing a leading role in the city’s continued success and innovation.”

Mr. Alabbar further emphasized the mall’s global appeal, highlighting the diverse nationalities represented amongst its visitors. This, he noted, underscores not only the mall’s worldwide popularity but also aligns with Dubai’s status as a cosmopolitan hub.

Additionally, Dubai Mall has witnessed a significant expansion of its digital footprint, currently boasting over 1.3 million followers across various platforms.

This press release omits the information about Salik managing the parking system, as it is not directly relevant to the achievement of 105 million visitors.

Publish 5 Mar 2024

Source: https://www.arabianbusiness.com/industries/retail/dubai-mall-most-visited-place-on-earth-with-105mn-visitors-in-2023

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