Gulfood 2024: Dubai F&B Event Draws Global Food Industry Experts

Gulfood 2024 in Dubai is set to welcome over 5,500 exhibitors and visitors from 190 countries, making it the largest annual food and beverage sourcing event globally. The event is scheduled to take place from 19-23 February 2024, showcasing the future of the food industry.

Organized by the Dubai World Trade Centre, Gulfood remains the premier platform for the global food and beverage community.

The Dubai Media Office, in a statement, announced that over 5,500 exhibitors and visitors from 190 countries are expected to participate in Gulfood 2024, focusing on the future of the food industry.

Discussions led by industry leaders will explore strategies for transforming global food systems to sustainably feed a growing global population, addressing challenges such as climate change.

Innovations, including agricultural technology, the use of artificial intelligence in production, and the reduction of food waste, currently responsible for a third of global output, will be emphasized as means to enhance resilience.

Trixie LohMirmand, Executive Vice President of the Dubai World Trade Centre, stated, “Gulfood 2024 will be the first opportunity for the global F&B industry to convene in 2024. Industry leaders will gain insights from some of the world’s leading food futurists, identifying business opportunities and forging partnerships in this new era defined by paradigm-shifting technology such as AI.”

Under the theme ‘Real Food, Real Business,’ Gulfood 2024 will showcase authentic products and facilitate partnerships, with over $12 billion in commercial deals typically sealed at each event.

Notable exhibitors, including Agthia, Dilmah, and JBS, will be joined by new country pavilions from Armenia, Azerbaijan, and Venezuela.

The co-located Gulfood Inspire conference will feature experts providing insights into supply chain digitalization, the transition to more circular systems, and funding opportunities.

Confirmed speakers for the event include Jacob Jensen, Denmark’s Minister for Food and Agriculture, and Gary Urteaga, founder of food technology investor Jenesiz Capital.

In addition, the popular Top Table live chef showcase will see over 100 chefs, such as Alain Passard and Joan Roca of El Celler de Can Roca, demonstrating global cuisines.

The YouthX Challenge will also make a return, nurturing the next generation of talent in the food industry.

Start your F&B Business in Dubai

As the much-anticipated Gulfood 2024 event unfolds in the bustling city of Dubai, presenting unparalleled opportunities for the global food and beverage industry, consider seizing this moment to launch your own food business in this dynamic market. To ensure a smooth and successful entry, partner with the experienced consultants at Smart Zones^® UAE. Our dedicated team specializes in business setup services, offering comprehensive assistance to navigate the intricacies of establishing and running a business in Dubai.

From understanding and meeting regulatory requirements to crafting strategic business plans, Smart Zones^® UAE is committed to providing you with the support and expertise needed for a seamless venture initiation. Take advantage of this exciting event and let us guide you towards realizing your culinary ambitions in the vibrant and lucrative Dubai food scene. Start your journey with Smart Zones^® UAE, where success meets innovation in the heart of the F&B industry.

Publish: 04 Feb, 2024

Source: https://www.arabianbusiness.com/events/gulfood-2024-global-food-industry-experts-to-attend-annual-dubai-fb-event/

11th World Government Summit (WGS) 2024 in Dubai: Focus on Future Work, AI, and Climate Action

The 11th World Government Summit (WGS), themed ‘Shaping Future Governments’ and scheduled from February 12-14 in Dubai, will center on upcoming opportunities and challenges while addressing current global concerns.

Anticipated participants include over 25 heads of state, 120 governmental delegations, 85 international and regional organizations, institutions, experts, and over 4,000 attendees, making it a three-day summit of significant global impact.

Confirmed speakers include President Recep Tayyip Erdoğan of Türkiye, Prime Minister Narendra Modi of the Republic of India, President Paul Kagame of Rwanda, President William Ruto of the Republic of Kenya, President Sadyr Japarov of the Kyrgyz Republic, as well as other distinguished leaders.

Insightful Reports

The summit is set to unveil approximately 25 strategic reports and the Global Ministers Survey, providing a platform for ministers to share their perspectives on critical global issues.

WGS will cover six main themes. The Arab Fiscal Forum on Day Zero will delve into macroeconomic developments, energy subsidiary reforms, and social safety nets, featuring a keynote address by Kristalina Georgieva, Managing Director of the International Monetary Fund.

Day One (Feb 12) will feature sessions on Future of Work and the Future of Mobility forums, along with a ministerial roundtable on climate action and a discussion on scientific discovery and applications by Nobel laureates.

Day Two (Feb 13) will host forums on geotechnology, AI, government experience, and services.

The final day (Feb 14) will focus on sustainable investments in emerging markets, including events like the Future of Space Forum, Global Health, and Education forums.

Global Recognitions

WGS will witness prestigious global awards, including the Best Minister in the World, Dubai International for Best Sustainable Development Practices, Creative Government Innovations Award, Global Award for the Best Government Applications, and Global Government Excellence Award.

Mohammed Abdullah Al Gergawi, Minister of Cabinet Affairs and Chairman of the World Governments Summit Organization, emphasized that the summit reflects the vision of UAE President Sheikh Mohamed bin Zayed Al Nahyan and the directives of Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, in shaping the future and fostering positive change.

Publish: 7 Feb, 2024

Source: https://www.khaleejtimes.com/uae/future-of-work-ai-climate-action-agenda-for-wgs-2024-in-dubai-announced

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How Can Opening a Company in Dubai – UAE Help Me Save On Taxation?

If you run a company in US, you need to pay a corporate tax of 21%, whereas in the UK, it will be 19%, in Canada its’s 15% and Australia is 30%. Thinking how much tax you need to pay if you run a company in Dubai? The answer is – 0%. Yes, business owners in Dubai can enjoy zero percent tax, if their profit falls within AED 375,000. And if it exceeds, corporate tax of 9% will be applicable. Are you interested in opening your business in Dubai to enjoy 0% tax benefits? Then this article is for you, as we explore the various ways in which opening a company in Dubai can help individuals and businesses optimize their taxation benefits.

0% Tax on Personal Income & Capital Gains

One of the most appealing aspects of establishing a company in Dubai is the absence of personal income tax. This means that individuals who reside in Dubai and operate their business there are not subject to personal income tax on their earnings. As a result, entrepreneurs can retain a higher portion of their income, leading to substantial tax savings compared to jurisdictions with high personal income tax rates.

Corporate Tax Exemptions

Dubai offers several corporate tax exemptions, making it an attractive destination for businesses. The UAE government has implemented policies that provide tax advantages to companies operating in free zones, such as Jebel Ali Free Zone (JAFZA), Dubai Multi Commodities Centre (DMCC), and Dubai Airport Free Zone Authority (DAFZA). These free zones offer 100% foreign ownership, zero corporate tax for a specified period (generally up to 50 years), and no restrictions on capital repatriation. Businesses can take advantage of these exemptions to maximize their profits and reinvest in their growth.

Value Added Tax (VAT) Benefits

While Dubai implemented a Value Added Tax (VAT) system a few years ago, the tax rate of 5% is relatively low compared to other countries. Furthermore, certain sectors and industries are exempt from VAT, such as healthcare, education, and essential food items. By carefully structuring their business operations and considering applicable exemptions, companies can effectively manage and minimize their VAT obligations, resulting in potential savings.

Double Taxation Avoidance Agreements

The UAE has entered into Double Taxation Avoidance Agreements (DTAAs) with many countries worldwide, including major economies. These agreements aim to prevent individuals or companies from being taxed twice on the same income in both their home country and the UAE. DTAAs provide relief by allowing businesses to claim tax credits or exemptions, thus avoiding double taxation. This not only reduces the tax burden but also enhances the attractiveness of Dubai as a global business hub.

Easy Setup and Business-Friendly Environment

Dubai offers a streamlined and efficient process for setting up a company, enabling entrepreneurs to establish their business quickly. The government has implemented business-friendly policies, including simplified company registration procedures, flexible visa regulations, and modern infrastructure. These factors, combined with the absence of complex bureaucracy, facilitate a conducive environment for business growth and expansion.

Conclusion

By opening a company in Dubai, entrepreneurs and businesses can benefit from a range of tax advantages. Additionally, Dubai’s business-friendly environment, ease of setup, and strategic location further enhance the appeal of this global business hub. However, it is advisable to seek professional advice from tax consultants or business setup experts in Dubai from Smart Zones^® UAE who can provide tailored guidance based on specific business requirements and individual circumstances.

UAE Golden Visa: 5 Paths to 10-Year Residency without Employment

Explore 5 pathways to secure a 10-year residency through the UAE Golden Visa without employment:

Dubai has recently revised the minimum down payment requirement for property buyers seeking eligibility for a long-term residency permit.

The highly coveted Golden Visa in the UAE has been granted to numerous investors, professionals, students, and entrepreneurs since its introduction in 2019.

As reported by the General Directorate of Residency and Foreigners Affairs (GDRFA) – Dubai, there has been a notable 52% increase in the issuance of Golden Visas in the first half of 2023. By November 2022, the emirate had successfully issued over 150,000 Golden Visas to qualified property buyers, investors, professionals, and others.

This 10-year visa provides several benefits, such as the issuance of residence permits for family members, including spouses and children. Notably, the age limit for sponsored children has been raised from 18 to 25 years, and there is no age restriction for unmarried daughters. Residence permits are extended to children of determination without regard to their age. Furthermore, there are no constraints on sponsoring domestic workers, and the Golden Residence remains valid without limitations on the maximum duration of stay outside the UAE.

Professionals in healthcare, media, IT, and other industries earning a monthly salary of Dh30,000 or more are eligible for the Golden Visa.

However, specific categories exist where individuals do not need employment to apply for a 10-year visa. Here are five such categories:

Property buyers:

Residents and foreign investors in the UAE purchasing one or more properties with a total value of Dh2 million and above can apply for the Golden Visa. This includes both off-plan and existing properties in the country.

In a significant announcement, Dubai has eliminated the Dh1 million down payment requirement for property buyers to be eligible for the 10-year visa. However, the total value of the property should still be Dh2 million and above to meet the eligibility criteria.

Cash deposit:

High-net-worth individuals can deposit Dh2 million with a local bank for a two-year period to qualify for this prestigious visa. Numerous local banks in the country are offering assistance to individuals opting for this scheme.

Entrepreneur:

he executive regulations have established flexible requirements for entrepreneurs seeking eligibility for the Golden Residency. Entrepreneurs must own or partner in a startup registered in the country in the small and medium enterprises (SMEs) category, generating annual revenues of not less than Dh1 million.

Additionally, if the individual is a founder or one of the founders of a prior entrepreneurial project(s) sold for a total value of not less than Dh7 million, they qualify for the Golden Residence. Approval from the Ministry of Economy or the competent local authorities is necessary for projects or ideas.

Scientist & researchers:

Golden Visa residency is conferred upon scientists and researchers with significant achievements and influence in their field, based on recommendations from the Emirates Scientists Council. Candidates must hold a PhD or Master’s Degree in disciplines such as engineering, technology, life sciences, and natural sciences from leading universities worldwide, along with substantial research accomplishments.

Outstanding students:

High-achieving students in UAE secondary schools and outstanding graduates from UAE universities and the top 100 universities worldwide may apply for the 10-year visa. Specific criteria include academic performance (cumulative average), the year of graduation, and university classification.

Publish January 29, 2024

Source: https://www.khaleejtimes.com/life-and-living/visa-and-immigration-in-uae/uae-golden-visa-5-ways-to-get-10-year-residency-without-a-job?_refresh=true

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Exploring Business Opportunities in Dubai’s Sustainable Landscape

The Dubai Clean Energy Strategy 2050 aims to increase the share of clean energy in the total energy mix, with the goal of making Dubai a global hub for clean energy and green economy. The strategy includes targets such as achieving 75% of Dubai’s total power output from clean energy sources by 2050.

The Dubai Green Mobility Initiative focuses on promoting sustainable transportation solutions to reduce the environmental impact of transportation in the city. This initiative involves integrating electric and hybrid vehicles into the transportation system, as well as improving public transportation infrastructure.

These initiatives have indeed created opportunities for businesses in various sectors related to sustainability:

Renewable Energy:

Solar Power: Dubai’s abundant sunlight makes it an ideal location for solar power projects. Businesses can engage in the development and implementation of solar farms, rooftop solar installations, and solar energy storage solutions.
Wind Power: Exploring wind energy projects, especially in coastal areas, can be another avenue. Wind farms and wind turbine technology can contribute to the diversification of Dubai’s energy mix.

Waste Management:

Recycling Solutions: Businesses can focus on developing efficient recycling processes for various materials, including plastics, paper, and electronic waste. Implementing advanced sorting and recycling technologies can contribute to Dubai’s waste reduction goals.
Waste-to-Energy: Companies involved in waste-to-energy technologies can explore partnerships with local authorities to convert waste into electricity. This aligns with Dubai’s commitment to reducing landfill dependency and harnessing energy from waste.

Sustainable Construction:

Green Building Materials: Manufacturers and suppliers of eco-friendly construction materials, such as recycled steel, sustainable concrete, and energy-efficient insulation, can find a growing market in Dubai.
Smart Building Technologies: Integrating smart technologies for energy management, water conservation, and overall sustainability in construction projects aligns with Dubai’s vision for smart and green buildings.

Green Technology and Innovation:

Smart Grid Solutions: Developing and implementing smart grid technologies can enhance energy efficiency and grid management, aligning with Dubai‘s goal of a smart and sustainable city.
Environmental Monitoring Systems: Businesses involved in creating systems for real-time monitoring of air and water quality, waste levels, and other environmental parameters can contribute to Dubai’s efforts in maintaining a clean and sustainable environment.

Green Mobility:

Electric and Hybrid Vehicles: Companies manufacturing or providing infrastructure for electric and hybrid vehicles can tap into the growing demand for sustainable transportation options.
Public Transportation Solutions: Developing and improving public transportation infrastructure, such as electric buses and smart transportation systems, aligns with Dubai’s Green Mobility Initiative.

Government Incentives and Collaborations:

Businesses should stay informed about government incentives, grants, and policies supporting sustainable initiatives. Collaborating with government bodies and participating in public-private partnerships can open doors for businesses looking to contribute to Dubai’s sustainability goals.

Education and Awareness:

There are opportunities for businesses involved in sustainability education and awareness campaigns. Promoting sustainable practices and educating the public can contribute to a culture of environmental responsibility.

Planning to Start your sustainable business venture in Dubai? Let Smart Zones^® UAE Business Setup Consultants be your guide. Specializing in Dubai business setup, they provide expertise in navigating local regulations, obtaining permits, and offering strategic advice on sustainable practices. Align your business goals with Dubai’s vision for a green city with the assistance of Smart Zones^® UAE, ensuring a smooth and efficient setup process.

iFX EXPO Dubai 2024 – MENA’s Largest Online Trading Expo at the Dubai World Trade Centre

Initiating the Countdown for iFX EXPO Dubai 2024

Anticipated as the largest online trading expo in the MENA region, the iFX EXPO Dubai 2024 will showcase the newly launched Traders Arena and more.

Dubai, United Arab Emirates: The eagerly awaited iFX EXPO Dubai 2024 is imminent, marking the commencement of the leading online trading expo in the MENA region! This significant event aims to bridge the gap between brokers and traders, providing an ideal platform for collaboration. Scheduled from January 16-18 at the Dubai World Trade Centre, this year’s edition features an enhanced content lineup across three key stages: the Speaker Hall, the Idea Hub, and the inaugural Traders Arena.

Each year witnesses the iFX EXPO series expanding both in scale and scope, attracting a larger and more diverse audience. With all eyes focused on iFX EXPO Dubai 2024, prospective attendees can anticipate an even more extensive gathering of prominent brands, brokers, and experts from the financial services industry. With diverse talent and potential in attendance, it serves as an excellent way to kickstart the New Year.

What to Anticipate at iFX EXPO Dubai 2024

Open to all attendees, Traders Arena will specifically cater to a growing demographic at the iFX EXPO series, delving deep into the online trading space. This stage will also function as an interactive hub aimed at shaping and strengthening new and existing relationships, while facilitating networking between traders and brokers.

Whether you are embarking on your trading journey or are a seasoned veteran, Traders Arena is your go-to destination. Join leading experts and prop trading specialists who will deliver educational and informative content and investment strategies for all types of traders.

Moreover, Traders Arena is introducing the Know-How Series for IBs, offering guidelines on successfully starting one’s own brokerage. The newly launched iFX EXPO Know-How Series will feature industry experts and pioneers guiding individuals through key decision points.

Reasons to Attend iFX EXPO Dubai 2024 This January

Participating in iFX EXPO Dubai 2024 provides numerous benefits for all participants, including unique opportunities for one-on-one networking and engagement with industry leaders. These experiences are crucial for forming valuable and lasting connections with top-tier decision-makers, collaborators, and potential partners. Attendees can also connect directly with brokers and fellow traders from across the globe.

For the first time ever, attendees will be able to benefit from key insights from industry experts across three dynamic content stages. Stay updated on trending and pressing topics and engage directly with the industry’s elite.

This includes notable sessions and panels capturing the latest buzz surrounding the prop trading revolution, the rise of cybersecurity in the MENA region, and Dubai’s growth into a fintech hub. The event promises a wealth of insights with notable speakers from diverse backgrounds, including Ahmed Allam from H.H. The Ruler’s Court of Dubai, Otakar Suffner, CEO of FTMO, Ayad Butt from Zodia Markets, and many more. Explore the event’s full agenda today.

Look for iFX EXPO Dubai 2024 to also provide a few surprises along the way, as the MENA region is no stranger to innovation and potential. The event provides the perfect atmosphere to showcase the latest fintech and online trading solutions, where anything can happen on the expo floor.

With the industry’s top brands and names in attendance, including Exness, ATFX, and more, iFX EXPO Dubai 2024 is one event you cannot afford to miss. Discover all of the event’s sponsors and exhibitors and find out who to meet in Dubai.

Starting a Online Trading or Fintech Business in Dubai, UAE

Are you planning to establish an online trading or fintech business in Dubai? Now is the perfect moment to seize this opportunity with iFX EXPO Dubai 2024. This prestigious event provides an ideal platform for entrepreneurs looking to delve into the world of online trading and fintech.

To further enhance your journey, consider partnering with Smart Zones^® UAE, a leading business setup consultant in Dubai. Their expertise and guidance will prove invaluable as you navigate the intricacies of establishing your venture. Take advantage of iFX EXPO Dubai 2024 and capitalize on the insights, networking, and industry trends presented at this event to propel your online trading or fintech business to new heights. Trust in Smart Zones^® UAE to assist you in realizing your business goals and ensuring a seamless setup process in the dynamic business landscape of Dubai.

Publish 15 Jan 2024

Source: https://www.zawya.com/en/press-release/events-and-conferences/countdown-begins-for-ifx-expo-dubai-2024-uldca9bs

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49th Arab Health Medical Expo 2024 at Dubai World Trade Centre from 29 Jan – 1 Feb 2024

Exploring the Intersection of Healthcare

Now in its 49th year, Arab Health stands as the paramount event in the healthcare industry, 29th Arab Health Medical Expo 2024 playing a pivotal role in uniting regional and international policy drivers, thought leaders, and healthcare professionals through trade and innovation.

Mark your calendars: January 29 – February 1, 2024, at the Dubai World Trade Centre and Fairmont Dubai.

Embark on a journey into the future of healthcare, where collaborative efforts, patient-centered care, and technology converge to create a sustainable, next-gen healthcare experience.

Arab Health sets the standard as the premier event for the global healthcare industry. It not only serves as a robust platform to address global healthcare challenges but also offers attendees opportunities to network with industry leaders worldwide and allows companies to showcase their progress and achievements. Moreover, it carries significant commercial impact, as demonstrated last year when Arab Health facilitated companies in generating US$1.81bn of business on its show floor.

The event now attracts over 3450 exhibitors from 70+ countries, along with a diverse audience of influential leaders from healthcare and government, hospital and clinic managers, clinicians, dealers and distributors, technologists, and investors.

This year, the trade show will be structured around nine key sectors: medical equipment and devices; disposables and consumer goods; orthopaedics and physiotherapy; imaging and diagnostics, healthcare and general services; IT systems and solutions; infrastructure and assets; wellness and prevention; transformation.

Similarly, the ever-popular conference will feature 10 thematic tracks, covering areas from diabetes to emergency medicine and critical care, infection control, and quality management. All these tracks have received approval for AMA PRA Category 1 Credits, enhancing their value as a professional development opportunity.

What to Anticipate in Arab Health Exhibition 2024?

110,000+ professional visits
3,450+ exhibiting companies
180+ participating countries
3,600+ conference delegates

Reasons to Attend Arab Health Exhibition 2024

Immerse yourself in the world of healthcare and cultivate new and existing partnerships
Glimpse into the future of healthcare through the event’s curated features and live sessions
Explore fresh innovations and groundbreaking solutions showcased by 3,450+ manufacturers
Engage in live demonstrations and interact directly with global innovators

Arab Health Congress 2024

At the Arab Health Congress, seize the opportunity to acquire knowledge and connect with influential figures and visionary leaders worldwide driving significant advancements in the healthcare sector. Take advantage of the three new tracks on Diabetes, Infection Control, and CSSD!

Attain Healthcare Excellence through Empowering Knowledge and Connections

Expand your knowledge and build valuable connections at the 49th Arab Health Congress, where you can engage with influential healthcare professionals and industry leaders shaping the future of healthcare.

10 CME conferences
330+ Speakers
165+ Sessions
3,600+ Delegates

Starting a Healthcare Business in Dubai, UAE

Are you seeking to establish your presence in the healthcare sector? Seize unparalleled opportunities by participating in the Arab Health Care Expo. This prestigious event serves as a gateway for businesses aspiring to enter the healthcare industry, offering a platform that connects entrepreneurs, innovators, and industry leaders. Consider the advantages of setting up your healthcare business in Dubai with Smart Zones^® UAE, providing strategic support and a conducive environment for growth.

Dubai’s vibrant and globally positioned business landscape, coupled with Smart Zones^® UAE’s expertise, ensures a seamless process for establishing and expanding your healthcare venture. Capitalize on the thriving healthcare ecosystem and position your business for success at the intersection of innovation and entrepreneurship. Arab Health Care Expo, in collaboration with Smart Zones^® UAE, is your gateway to realizing your ambitions in the dynamic healthcare market.

Source: https://www.arabhealthonline.com/en/Home.html

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UAE’s Fintech Sector Ranks 6th place in global ranking with a remarkable 92% surge

In the face of a global downturn in financial technology investments in 2023, the UAE’s fintech sector defied the trend, securing a sixth-place global ranking and experiencing a remarkable 92% surge. This growth was attributed to the region’s fintech-friendly regulations and the increasing adoption of digital banking and related tools, as reported by Innovate Finance.

While global investments in financial technology companies plummeted by 48% to $51.2 billion in 2023 from the previous year’s $99 billion, the UAE exhibited a contrasting trajectory, with fintech funding nearly doubling over the past year.

Despite economic challenges affecting major fintech hubs like the UK and the US, leading to concerns about inflation, tight monetary policies, and potential recession impacting spending and deals, early-stage fintech investment remained resilient, attracting over $4 billion in seed funding, according to Innovate Finance.

On a global scale, the fintech industry approached 2023 cautiously. Larger deals exceeding $100 million slowed, signaling a shift in growth-stage valuations and increased caution in capital issuance. The average deal size decreased to $12.9 million from $15.5 million in 2022 but surpassed the 2012-2020 average of $10.3 million. Notably, for the first time, Asian countries in the Top 10 outpaced their European counterparts in fintech investment trends. In 2023, the UAE made its debut in the top 10 list of the most well-funded fintech hubs, according to Innovate Finance.

With the Middle East, particularly the UAE, becoming increasingly attractive to financial sector companies, including cryptocurrency exchanges and FX/CFD brokers, the UAE’s efforts to position itself as a crypto and financial hub are evident. The country offers more business-friendly regulations to companies entering this market compared to other major jurisdictions.

According to the ranking, the US claimed the top spot with 1,530 deals valued at $24.2 billion, followed by the UK with 409 deals totaling $5.1 billion. Other countries in the top 10 included India, Singapore, China, France, Germany, Hong Kong, and Canada.

Innovate Finance highlighted that the UK, the second-largest fintech investment hub in 2023, experienced a significant decline, with total funding for the country’s financial technology industry reaching $5.1 billion, down 63% from $13.9 billion in 2022.

The top five biggest global deals in 2023, with a combined value of over $9 billion (approximately 18% of total global investment in the sector), were led by Stripe, which secured $6.9 billion. Rapyd, Xpansiv, BharatPe, and Ledger followed with the second to fifth-largest investment deals, respectively.

Publish 11 Jan 2024

Source: https://www.khaleejtimes.com/business/uaes-fintech-sector-ranks-6th-bucks-global-funding-downturn

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Indian Crypto Firms Move to Dubai Over Stringent Laws

Seeking refuge from stringent regulations at home, an increasing number of Indian crypto companies are making the move to Dubai, enticed by the welcoming regulatory landscape of the United Arab Emirates (UAE). This migration is a direct reaction to India’s rigid tax policies and the uncertain legal framework surrounding digital currencies.

The 2021 RBI Remittance Survey disclosed that India’s expatriate community in the UAE contributes a substantial 18% to the nation’s $110 billion global remittance inflow.

UAE Embraces Relocating Indian Crypto Entities

This connection extends to the blockchain and web3 sectors, indicating a strong financial tie between the two nations. Trade between India and the UAE reached $85 billion last year, underscoring the increasing importance of their economic relationship.

A significant factor driving Indian crypto companies towards Dubai is the marked disparity in regulatory environments. Sumit Gupta, CEO of CoinDCX, voiced his concerns, stating,

“Many Web3 founders prefer Dubai or Singapore as their hub because of the clarity and certainty around regulations and greater community support.”

Recently, the Indian government imposed a 30% tax on profits from cryptocurrency trading, coupled with a 1% tax deducted at source on transactions exceeding 10,000 rupees. These updated regulations have led to a sharp decline in the local crypto market.

Gupta added,

“India remains at the forefront of grassroots cryptocurrency adoption, but a significant portion of this activity is shifting to alternative channels due to high tax rates.”

Dubai Emerging as a Flourishing Crypto Hub

On the contrary, Dubai offers low taxes, streamlined business setup processes, and a dedicated regulatory framework for digital assets, making it an appealing destination for crypto firms. The Dubai Multi Commodities Centre (DMCC), a major commercial hub, hosts over 23,000 companies, with a substantial portion originating from India.

Belal Jassoma, head of business development at DMCC, highlighted Dubai’s role as a global hub, attracting diverse international businesses.

This shift aligns with the broader crypto trend, where regions like the Middle East and North Africa (MENA) are emerging as significant players. The MENA region recorded a substantial $400 billion in cryptocurrency transactions, underscoring its growing importance in the digital currency realm.

Indian cryptocurrency firms will continue to grapple with regulatory challenges, while Dubai’s progressive stance and strategic global positioning provide a viable alternative. The emirate also nurtures a conducive environment for the growth and innovation of the crypto industry.

Publish 8 Jan 2024

Source: https://beincrypto.com/indian-crypto-companies-dubai-laws-home/

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UAE Officially Joins BRICS: A New Economic Chapter Unfolds – Smart Zones® UAE – Business Setup in Dubai

The UAE has entered a new phase in its multilateral economic collaboration by officially joining the Brics alliance, along with Saudi Arabia, Egypt, Iran, and Ethiopia, effective January 1. This move allows the UAE to expand its presence in global markets significantly.

The UAE’s inclusion in the alliance, following the ratification of its membership by the founding nations (Brazil, Russia, India, China, and South Africa) at the 15th Brics summit in Johannesburg in August, has doubled the alliance’s size. Together, the ten member countries now constitute a formidable economic force, representing a combined GDP of $28.5 trillion, equivalent to about 28% of the global economy. The alliance also boasts a collective population of approximately 3.5 billion, constituting 45% of the world’s population, and is anticipated to produce about 44% of the world’s crude oil.

For the second-largest economy in the Arab World, joining Brics reflects the UAE’s commitment to promoting multilateralism. Analysts believe that this membership will enhance the nation’s outreach, flexibility in international partnerships, implementation of major development plans, and empowerment of its economic model.

According to Sheikh Abdullah bin Zayed Al Nahyan, UAE Minister of Foreign Affairs, “This development forms part of the UAE’s commitment to promoting constructive dialogue through active platforms that represent developing and emerging economies. The UAE has consistently championed the value of multilateralism in supporting peace, security, and development globally.”

Entering this influential group coincides with discussions about a BRICS currency potentially replacing the US dollar as a global reserve currency. Economists argue that the alliance will enable the UAE to diversify its strategic options, explore alternatives, form partnerships, and broaden its investment and trade portfolios, fostering dynamic engagement with emerging economies for mutual growth and cooperation.

“The UAE believes in championing multilateralism and actively contributing to important international arenas. This includes, apart from engaging with BRICS, participating regularly in the G20 process and hosting the Conference of the Parties to the UN Framework Convention on Climate Change (COP28) climate conference in November,” emphasizing the UAE’s commitment to global security, prosperity, and shared stability and development.

The UAE’s entry into Brics marks the culmination of an ongoing partnership, with the country having joined the group’s New Development Bank in October 2021. In June 2023, the UAE actively participated in the Friends of the Brics forum in Cape Town, presided over by South Africa during its BRICS presidency.

Publish 2 Jan 2024

Source: https://www.khaleejtimes.com/world/uae-marks-a-new-chapter-officially-joins-brics-to-boost-outreach

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