Nearly 38,400 new business licences were issued in Dubai in 2019, a record growth of 90 percent compared to the previous year (20,129), Dubai Economy has announced, 

Dubai Economy said a total of 184,437 jobs were created, adding that the figures confirmed that the emirate’s economic competitiveness and its ability to attract investors to grow and expand their businesses has been further strengthened in 2019, as reported by Arabian Business.

According to a recent report by the Business Registration and Licensing sector at Dubai Economy, 38,377 new licences were issued in 2019 while the past year also saw a decrease in the number of licences cancelled, from 5,037 to 4,949.

Dubai Economy said that the recent Foreign Direct Investment Law contributed to attracting and encouraging foreign direct investment to Dubai’s economic sectors and targeted activities.

Dubai Economy added that it has opened new horizons for businesses in Dubai by restructuring economic activities, with 50 commercial activities and 35 light industrial activities converted into professional activities.

"This, in turn, allowed investors to acquire 100 per cent ownership, and motivated new investors to choose professional licenses and Dubai as a destination for investment in the region.

The introduction of the Instant Licence and the DED Trader licence were also part of the enhancements to attract new businesses," it added, according to Khaleej Times.

The preparations and countdown to Expo 2020 Dubai have also contributed to attracting a large number of hospitality companies, restaurants, hotels and supply companies to invest in the city, it said in a statement.

Companies in Dubai were more upbeat around future output predictions, with the level of sentiment improving to a four-month high.

Panelists in the survey often noted hopes of an improvement in economic conditions in 2020;

Overall, 324,773 business registration and licencing transactions were recorded in 2019, while the rental value of units leased to companies in Dubai amounted to AED26.2 billion, it added.

According to its report, new business licences last year created a total of 184,437 jobs.

 "It allowed for an increase in the number of investors, which has led to more companies now setting up business in the emirate.

The FDI Law also provides the framework for attracting foreign investment in various strategic sectors to build a globally competitive economy based on knowledge and innovation," according to the statement.

source: ameinfo

Investors and buyers looking at Dubai's real estate landscape are spoilt for choice

The right place and the right time are the two most critical factors to consider before making a real estate investment. At some point in our lives, we all think of buying property. While some look for inspiring spaces where they can live fulfilling lives with their loved ones, others seek properties that add value to their investment portfolios.

Irrespective of the reason behind investing in real estate, the decision is based on the same two factors - the right place and the right time. When it comes to 'the right place', Dubai ticks all the right boxes. The Emirate's stable and growing economy, pro-people government, cultural diversity, and a future-proof outlook, are a significant draw for people from every corner of the world. Anyone who has ever been to Dubai or lives here aspires to own a piece of this magnificent city. For those wanting to invest in a property in Dubai, now may be the perfect time to do so.

As Dubai evolves into a city of the future, its real estate landscape is undergoing a transformational evolution. What was once just a go-to destination for global investors seeking good returns, is now maturing into a place where people are looking to settle in and invest for the long term. The days of unsustainable price growth are behind us, and Dubai has become a more affordable buyer's market, prompting many to invest.

On September 2, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, announced the launch of the Higher Committee for Real Estate, which will chalk out a long-term growth strategy for the sector. The announcement received a phenomenal response from the market, which witnessed a 134 per cent rise in real estate transactions within a month of the announcement. More and more people are seeing this as the right time to invest in Dubai's real estate. Here's why you should too.

The price is right

Property prices are perhaps the most influential factor while making a real estate investment decision. At this stage, Dubai's property market presents the right conditions for buyers, investors and renters alike. Compared to Q2 2019, in Q3 2019, the average price per square foot declined by 8 per cent for apartments and 6.6 per cent for villas across the board. However, the decline is softening, and we believe that the market is bottoming out. The declining prices have prompted many to take advantage of market conditions and make their first property investment in Dubai. In 2018, nearly 66 per cent of the total investors in Dubai's real estate were first time buyers; and we expect that this trend will continue in 2019. We are also witnessing a trend where long-term renters are instead considering buying their own home in the Emirate. Those who invest now are sure to benefit in terms of long-term returns once there is an uptick in the market in the coming years.

So many options

Today, investors and buyers looking at Dubai's real estate landscape are spoilt for choice. From off-plan projects to ready-to-move-in units, from gated communities to exquisite branded residences, the market offers unique products that suit different needs. It is also an excellent time for buyers who are looking for luxury real estate as Dubai is set to overtake New York as the global branded residences capital by the end of the year, with 23 existing projects and another 22 in the pipeline. At Damac, we have always believed that creating a diverse range of living experiences is the key to success in a market such as Dubai. From Ghalia, our first Shariah-compliant project, to Damac Hills, our master community that caters to residents' holistic lifestyle needs, our projects have been inspired by the different cultural needs and aspirations of buyers and investors.

Attractive returns

Dubai has always been a preferred destination for those who are looking at property as an investment. Despite the decline in prices, at 7 per cent, average rental returns of Dubai in the first half of 2019 remain stronger than in most big cities around the world. Besides long-term returns on investment, Dubai's real estate landscape offers multiple ways to make money from your investments. Compared to long-term rentals, holiday homes offer up to 25 per cent more returns to investors. As per a recent report by Knight Frank, the holiday home market of Dubai accounts for two per cent of its total households, which is the highest in proportion, compared to other big cities.

Better financing and easy payment plans

To encourage mortgage-based home purchases, the UAE Central Bank recently instructed banks and other finance providers to reduce early settlement fees to a maximum of 1 per cent or Dh10,000, whichever is less, for borrowers who want to exit their mortgage early. The UAE Central Bank also scrapped the 70-year age limit for the last mortgage repayment. These reforms will bring more flexibility for those who wish to buy a property through financing. Buying a home is a big decision that involves a complex emotional and logical reasoning. Whether you're an investor looking for returns or a buyer in search of your dream home, Dubai will never disappoint. However, it's all about taking the right decision at the right time.

source: zawya

Abu Dhabi will commit up to 1 billion dirhams ($272 million) to support technology start-ups, it said on Sunday, in a dedicated hub as part of efforts to diversify its economy.

U.S. tech giant Microsoft will be a strategic partner, providing technology and cloud services to the businesses that join the hub as the capital of the United Arab Emirates continues its push to reduce reliance on oil revenue.

Abu Dhabi derives about 50 percent of its real gross domestic product and about 90 percent of central government revenue from the hydrocarbon sector, according to ratings agency S&P.

The emirate launched a 50 billion dirham ($13.6 billion) stimulus fund, Ghadan 21, in September last year to accelerate economic growth. Ghadan means tomorrow in Arabic.

The new initiative, named Hub 71, is linked to Ghadan will also involve the launch of a 500 million dirham fund to invest in start-ups, said Ibrahim Ajami, head of Mubadala Ventures, the technology arm of Mubadala Investment Co.

The goal is to have 100 companies over the next three to five years, Ajami said. “The market opportunities in this region are immense,” he added.

Mubadala, with assets of $225 billion and a big investor in tech companies, will act as the driver of the hub, located in the emirate’s financial district.

Softbank will be active in the hub and support the expansion of companies in which it has invested, Ajami said, adding that Mubadala is also aiming to attract Chinese and Indian companies, among others.

Mubadala which has committed $15 billion to the Softbank Vision Fund, plans to launch a $400 million fund to invest in leading European technology companies.

Incentives mapped out by the government include housing, office space and health insurance as part of the 1 billion dirham commitment, Ajami said.

Abu Dhabi will also announce a new research and development initiative on Monday linked to the Ghadan 21 plan, according to an invitation sent to journalists.

source: Reuters

Emirate attracts over $21 billion in foreign capital in just three years

Dubai: Dubai is officially the world’s most popular destination for foreign companies looking to invest in smart technologies.

From 2015 to 2018, the emirate attracted a total of $21.6 billion in foreign direct investments for artificial intelligence and robotics, said to be the highest in the world.

Most of the investments came from the European Union and the United States (US), accounting for $5.7 billion and $3.9 billion, respectively.

The figures were released in connection with the Annual Investment Meeting (AIM) 2019, which will be held in Dubai from April 8 to 10. The event is the world’s leading platform for FDI, aimed at facilitating strategic networking and promoting investments.

The UAE is looking to increase capital inflows from foreign companies, to sustain the economy. In late 2018, a UAE decrees was issued to promote and develop the country’s investment environment and attract FDIs in line with national development policies.

According to the law published in the Official Gazette, a foreign direct investment unit is to be established in the Ministry of Economy. This will be “responsible for proposing foreign direct investment policies in the country and determining its priorities, and setting up associated plans and programmes, and work on their implementation following their approval by the UAE cabinet.”

Organisers of the upcoming annual investment meet said the latest data indicate that Dubai is fast emerging as the global destination for investment in smart technologies.

The AI industry’s economic contribution by 2030 is forecast to reach 33.5 per cent locally and 45 per cent globally.

“Digital growth is significant to the growth of the economy. In the UAE, it is in line with UAE Vision 2021, which aims to position the country as a top spot for tech investments,” said Dawood Al Shezawi, CEO of annual investment organizing committee.

“Disruptive technologies like AI, blockchain, internet of things (IoT) boost the productive capacity of countries and also the global GDP. To maximize its benefits, countries need to integrate new avenues that will drive more investments in these solutions,” added Al Shezawi.

Global players in the investment community, as well as high-ranking policy makers, leading academics and celebrated financial experts, are expected to attend at the upcoming annual investment meet.

Source: gulfnews

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