Some of the major driving factors are the construction sector's growth in the region, increasing demand for cranes, and developing trends toward automation and telematics.

The GCC construction equipment/machinery rental market, which was valued at $3.77 billion in 2020, is poised for solid growth and is expected to reach $5.48 billion by 2026, growing at a CAGR of 6.15% over the next five years, said a report by ResearchAndMarkets.com.

The Covid-19 pandemic hindered the growth of construction machinery/equipment market across GCC region owing to shut down of manufacturing facilities and halt of investments into infrastructure sector.

However, post-pandemic, as economic activities resumed, the market expected to gain momentum during the forecast period, it stated.

Some of the major driving factors are the construction sector's growth in the region, increasing demand for cranes, and developing trends toward automation and telematics.

According to the report, the renting or leasing of construction equipment has been on the rise, owing to an effort to lower the equipment purchase and maintenance expenses.

Apart from the cost, there are also other benefits associated with renting of the construction equipment. Rental companies provide the machinery, along with the required professional machine operators and drivers, thereby ensuring a hassle-free operation, it added.

Moreover, advancement in the rental method of construction machinery such as digital platforms is providing ease to the consumer, which is further also acting as a big factor for the growth of the construction machinery market in GCC countries.

The construction sector is witnessing growth in the GCC countries such as the UAE, Saudi Arabia, Qatar, and Bahrain, due to the arise in the construction projects related to roads, buildings, hotels, stadiums, and other infrastructure.

In recent years, renting of earth moving equipment, such excavators, motor graders and loaders are on the rise due to growing infrastructural projects related to road and highway networks in countries such as Saudi Arabia, owing to the penetration of more construction contractors in the country due to Saudi Vision 2030.

For instance, in February last year, the Saudi Crown Prince Mohammed bin Salman ordered the development of main roads in the heart of Riyadh in order to upgrade the city's transportation system.

The project objective is to transform Riyadh to be a major hub in providing sustainable transportation services as well as logistics services in the Middle East, stated the report.

The programme will work on developing junctions between Riyadh's ring roads and main routes. It will develop 400 km of the road network, by adding new roads and upgrading existing junctions.

source: zawya

Sectors will have to brace for constant changes to remain afloat as evolving trends give rise to new opportunities

Businesses in the UAE are all set for welcoming 2022, equipped to strive forward as new trends unfold. Thankfully, the robust digital adoption in the nation has ensured that the work will continue and remain uninterrupted. The new 4 1/2-day work week — Monday to Friday — starting from January 2022 will help the businesses to align with global markets and will help boost productivity. The tech-enabled industries will have to gear up as demand will only accelerate from key sectors, making it more competitive for existing players. Some of the sectors that will continue to evolve in 2022 are eCommerce, qcommerce, edtech, healtech, fintech, proptech, entertainment, cryptocurrency just to name a few.

The UAE is looked upon as a global role model to handle pandemic in 2020 and 2021 with business sentiment soaring to peak and industries applauding the visionary policies and strategies to not only combat pandemic impact but also ensure that the economy remains competitive enough to boost businesses.

Some of the milestones of 2021, include approval of the Dh290 billion federal budget for five years until 2026 and launch of the industrial strategy “Operation 300bn” to empower and expand the industrial sector. Further, the launch of ‘Projects of the 50’ will establish a new phase of internal and external growth of the state in various economic sectors which should make the Central Bank of the UAE (CBUAE) target of overall real gross domestic product (GDP) of 4.2 per cent in 2022 against 2.1 per cent in 2021 achievable. The mega-event Expo2020 Dubai has been a game-changer and catalysed business opportunities for the UAE and participating nations.

Bharat Bhatia, chairman, and CEO of Conares, said: “The challenges that we faced in the past are simply opportunities to learn, so we can build towards a better future. The economy is getting back to pre-pandemic levels and there is greater opportunity for growth in the construction sector in the UAE. Despite the many ups and downs, we have a lot to look forward to in 2022 as we move forward with hope in our hearts and a smile on our faces.”

Sustainability will continue to dominate in 2022 as businesses will strive to build sustainable growth making resilience a strong code of conduct for individuals and businesses. Businesses will have to brace for constant changes and continue to innovate to remain afloat as the evolving trends give rise to new opportunities too.

Healthcare

Dr Azad Moopen, founder chairman and managing director, Aster DM Healthcare, said: “As per The World Health Organisation, almost half of the world lacks access to essential health services and over 100 million are pushed into poverty due to out-of-pocket health expenses. This stark reality was brought to the forefront during the pandemic very strongly with public healthcare systems across the world collapsing to manage and cater to increasing demands. More than ever the need to make quality healthcare affordable and accessible on time has been felt strongly.”

While it is important to increase healthcare spending as a percentage of GDP by the developing countries, the key to the penetration is digitisation. This will make at least primary healthcare available even in the remotest corners of the world through the ubiquitous mobile phones.

Dr Moopen added: “As we step into 2022, with renewed vigour to deliver our caring mission with a global vision to serve the world with quality healthcare that is affordable and accessible, we at Aster DM Healthcare remain at the forefront of adopting digital technology. We hope this will help us to enable access to millions to our services in a cost-effective way. As a blessing in disguise, Covid-19 has played the role of a catalyst in pushing the sector to innovate and come up with need-of-the-hour solutions.”

Sustainability

Sustainability will be foregrounded in all facets of life in the UAE in 2022. If anything, the pandemic was a supply-chain lesson, which reinforced the need to pursue sustainability on all fronts, particularly in food and water.

Chandra Dake, executive chairman and group CEO of Dake Group, said: “In the new year, as the great reset pans out, we will witness greater activity around Agtech, low-input farming, and decarbonisation in the agriculture sector. I’m glad to be entering the new year with so much to look forward to. All credit goes to leaders, whose proactive measures, crisis response, and science-based targets made today’s upbeat sentiment possible. I speak for all residents and business persons in the UAE when I say that we are grateful for the rulers’ ceaseless work in handling the pandemic. I wish everyone in the UAE a happy new year, and sincerely hope that personal sustainability features in their resolutions as it does in mine.”

Similarly, Dr Mostafa Al Guezeri, managing director, Hitachi Energy, said: “Our goal in 2022 is to advance the world’s energy system to be more sustainable, flexible, and secure. As the pioneering technology leader, we collaborate with customers and partners to enable a sustainable energy future for generations to come. Since the pandemic prompted changes in the energy market through supply line disruptions and inflationary trends, we intend to differentiate that in this competitive sector with burgeoning growth in areas such as electric transportation, renewable energy, and smart infrastructure.

E-commerce

Dubai has ranked as the fastest-growing e-commerce market in the Middle East and North Africa thanks to a very advanced technological infrastructure and the growing number of tech-savvy consumers. Dubai Customs expects e-commerce sales to rise 23 per cent to $27 billion (Dh100 billion), in 2022.

Real estate

The year 2022 will see greater market-driven developments, increased proptech adoption, and retrofitting activities, informs Sanjeevv Bhatia, chairman of SB Group and CEO of Netix Global BV.

“The UAE’s 4.5-day workweek will come into effect on January 1, 2022. So, we are about to witness a paradigm shift from day one. For a global company like the SB Group, this change is consequential — our teams can reduce operational latency and manage time zone differences effectively, adding to overall productivity. This move is one among the many that the UAE leadership has made to enhance the nation’s competitiveness. More power to them as they pursue greater causes in 2022. Real estate, in particular, continues to be the sector generating maximum initiatives and favourable policies from the government,” added Bhatia.

The UAE economy is likely to see an upward movement in 2022. History says that the country that hosts the Expo sees a steady growth in the months to follow. “Around 93 per cent of the UAE’s population is vaccinated, which makes the country a safer place and people are looking forward to visiting the country. This will give a major boost to the economy fuelled by the growth in tourism and investment as the country’s culture is a perfect mix of East and West. All this is majorly due to the exemplary initiatives by the UAE Government,” said Anis Sajan, vice-chairman, Danube Group.

“The UAE has seen quite a few changes like ease in doing business, golden visa for select residents and the recent one being the change in the working week to get in sync with the rest of the world.”

Imran Farooq, Group chief executive officer, Samana Group, said: “The year 2021 was very different and challenging. It would not be wrong to say that it changed the dynamics of the entire world and impacted the entire humanity, created ripple effects on every section of society, the industry, the economy, and the way we work and look at things.”

Cryptocurrency

The Central Bank of the United Arab Emirates (CBUAE) announced in July 2021 a roadmap to integrate a Central Bank Digital Currency (CBDC) into the country’s financial, investment, and trading ecosystem. This followed years of research, analysis, and idea-sharing by the CBUAE and some of the key entities in the UAE’s Crypto ecosystem and forms part of the country’s 2023-2026 strategy to promote digital transformation. Evidently, Crypto has been evaluated as an innovative and important asset class in improving the efficiency and effectiveness of the financial, investment, and trading landscape.

Arshad Khan co-founder and CEO of Arabian Bourse, said: “I see the UAE economy strengthening further in the next year. Several initiatives taken by the government in 2021 will add to improving the economic parameters. Expo 2020 and initiatives in the areas of blockchain and cryptocurrencies, in particular, will add significant strength to the overall growth.”

Jolivette Dela Cruz, Managing Director of Chef Signature

Year 2021 was a challenging year for everyone due to the Covid-19 situation. For me as Entrepreneur, I’ve been through a lot with our businesses. Moreover, before the year ends – the Emirate open us with other opportunities. One is opening the first Franchise of OFF THE HOOK in Sharjah. We have given the chance to be part of the team to operate and to manage OTH Sharjah. My other two businesses are back on track, start moving forward and quietly recovering.

There are Government measures in place to support and to boost this recovery for businesses like stimulus package, the discount offered during license renewal or new licensing and more. There are changes in UAE legislations which are aligned with the international best practices which improve the ease of doing business in UAE. Herewith UAE become appealing with the entrepreneurs .

I believe UAE economic will strongly recover from pandemic in 2022 and surely will be back with it’s pre-pandemic stage. UAE good governance, best practices in handling the pandemic situation and changes in doing business will boost the Emirate’s Economy in 2022. One indicator I have seen is the positive impact of the Expo 2020 with different sectors of business.

Abdul Jebbar PB, Group Managing Director, Hotpack Global

2021 was a challenging year for everyone. The disruption of the global supply chain was difficult to deal with for everyone and the new year is going to bring new challenges with it as well. However, it will also bring new opportunities, so I hope that everyone is able to reflect on the past with humility and move forward in hope of a better future.

Naren Vijay, Executive Vice President – EMEA, Lumenore

The new year is a cause for celebration because it’s always exciting to think about what new innovations and opportunities the next year is going to bring. What makes the new year special is that it serves as a reminder that things will keep changing and that it is up to you to make the most of the opportunities that these changes present.

Abdulla Nalapad, MD Nalapad Investments

The year 2021 was a welcome return to normal for children, parents and teachers. We should all be proud to have shown such resilience in these trying times and understand that we are capable of achieving anything if we want it. We hope to keep that momentum going through to 2022 and not slow down, no matter what life throws at us next.

Mohammed Mahabub Alam, Chairman of Tokyosat Group and Mahabub Perfumes, Dubai

The year 2021 has been a year of recovery, while 2022 will be a year of growth for all of us. The Expo 2020 has helped the overall UAE economy and we are witnessing the benefits of it through increased tourist traffic, higher spending in the retail sector and increased investment in real estate. Dubai International Airport once again has become the world’s busiest airport that shows the increase in passenger movement, thanks to the visionary leadership of the country.

Shahinoor Shah, Director of E-First Global, Dubai, UAE

The year 2021 was a learning period for all of us in the UAE as we all were in growth mode and to adapt to the changes quickly and diversify with changing demands in the market.The 2022 will be a year of growth for the UAE economy, much better than what we have seen last couple of years. The Government of the UAE has opened the doors to so many new opportunities for all over the world.”

Shabbir Merchant, Chairman, Champion Group

The UAE economy is all set to grow in the coming year. Most industries that were impacted during peak Covid times have revived and are getting back on track. Companies are hiring and scaling up their resources to be able cater to growing market demand.Additionally the oil price gains and sustained demand will work to UAE’s economy advantage. I am confident that the economy will grow further by bold initiatives and policies by the UAE government.

2021 in UAE was unprecedented where we witnessed the launch of the world’s greatest show - Expo2020. We were privileged to work on projects at Expo, launched new solutions, invested in the latest machinery, and scaled up resources to gain new clients. More importantly, the pandemic was curbed which helped the overall healthcare scenario in UAE and brought back everyone’s confidence.

Ahmed Shaikhani, President, Pakistan Business Council, Dubai.

2021 was a challenging year but we have witnessed how the UAE and its leadership had showdown with it, overcame and managed the Covid-19 crises so well that the country, especially Dubai, has become a role model in the world in handling such situations. Dubai has done a great by organizing the vaccination drive and sanitizing the entire city.

Covid-19 temporarily affected the Expo plans but did not stop it. Dubai delayed it for a reason - to manage the vaccination drive first. And when the Expo was launched, it went with a big bang and is now an extremely successful event among all international events. Till mid December 2021, Expo 2020 Dubai visit numbers climbed to more than 6.3 million and it is boosting the visitors by a range of entertainment and country pavilion activities.

The new Covid-19 variant is impacting again but I am pretty sure the UAE will overcome it as the country has the experience of handling such crises.

Looking at the success of Expo and revival of Dubai real estate and other industries, I can say with conviction that the year 2022 will be a promising year for every business.

We at Pakistan Business Council always supported the initiatives of the local government and followed the new guidelines from the rulers. Pakistan Business Council works hand in hand with local authorities and ministries, especially Dubai Chamber, for supporting the bilateral trade between Pakistan and the UAE, which has started showing up the results. I, on behalf of Pakistan Business Council, wish a very happy New Year and even greater successes to the UAE and expatriates living here.

source: Zaway

Aside from oil, the aviation sector secured the highest value of tenders at $476mln

An increasing number of infrastructure, transport, and construction projects in Bahrain has spurred the value of tenders issued by the kingdom by 60 percent in the first half of 2021 compared to the same time last year.

Bahrain awarded $3.4 billion worth of tenders in the first six months of the year, including 762 non-oil contracts worth $1.6 billion, according to new figures from the Tender Board. Aside from oil, the aviation sector secured the highest value of tenders, at $476 million, followed by the construction industry, at $413 million.

Shaikh Nayef bin Khalid Al Khalifa, Chairman of the Tender Board, said: “The Kingdom is currently undergoing a $32 billion transformation which is changing the infrastructure, industrial, hospitality and retail sectors through public and private investments. There is a huge opportunity for regional and international companies across sectors to come and capitalise on the increasing value and number of tenders being issued in Bahrain.”

“Bahrain was the Gulf’s first country to diversify its economy away from oil and the figures for the first half of 2021 show that we are continuing to facilitate that drive. Now that the pandemic is beginning to subside, we can press on with lots of exciting projects across our industries,” he added.

The recently opened a new airport terminal as part of a $1.1 billion modernisation of Bahrain International Airport has handled more than 920,210 passengers and 9,176 flights since it opened in January.

Bahrain offers 100 percent foreign ownership in several sectors including manufacturing, industrial services, and distribution without any free-zone restrictions.

source: Zaway

Dubai was among the top global FDI destinations in 2020, ranking first in the Middle East and North Africa (MENA) region and fourth globally in attracting greenfield FDI capital, according to the Financial Times’ fDI Markets. 

Data from the Dubai FDI Monitor released by the Dubai Investment Development Agency (Dubai FDI) revealed that FDI inflows worth AED24.7 billion ($6.73 billion) supported 455 projects in 2020 and an estimated 18,325 new jobs were created last year on the back of inbound FDI.

The 455 FDI projects implemented in Dubai in 2020 exceeded the annual average of 441 over the past five years, reaffirming Dubai’s strong FDI location fundamentals as well as its economic resilience.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of The Executive Council of Dubai, said: “Dubai’s sustained FDI flows and its leading position in regional and global rankings as a major FDI destination in 2020, reflect the continued attractiveness of Dubai’s investment environment and the confidence of the investor community in Dubai’s future economic potential.”

Dubai also achieved a record global market share in greenfield FDI projects, attracting 2.1 percent of all such projects in 2020, exceeding the 2 percent mark for the first time.

Global FDI "collapsed" in 2020, falling 42 percent from AED5.5 trillion in 2019 to an estimated AED3.15 trillion, according to the Global Investment Trends Monitor published in January 2021 by the UN Conference on Trade and Development (UNCTAD)

Dubai’s economy, which is heavily reliant on tourism, transportation and retail shopping, has been hit hard by the COVID-19. According to S&P Global Ratings, the emirate's economic recovery will be subdued, and its GDP will return to 2019-level only in 2023.

Dubai's real GDP contracted by 10.8 percent last year. The economy is expected to recover this year, thanks to Expo 2020, which the emirate delayed last year due to the pandemic and will now take place from October this year to March 2022, S&P noted.

According to the IHS Markit Purchasing Managers’ Index data for March 2021, firms in Dubai are confident of a rise in business activity for the rest of the year as the economy continued to recover from the COVID-19 pandemic.

“Dubai’s success in combating the COVID-19 pandemic and starting the recovery phase in record time is a testament to our commitment to provide the best investment environment in the world and transform global challenges into new opportunities for growth, driven by technology and innovation, and powered by Emirati and global talent, making Dubai the best place in the world to work, live, and invest,” Sheikh Hamdan said.

Fahad Al Gergawi, Chief Executive Officer, Dubai Investment Development Agency (Dubai FDI), said: “While we take pride in Dubai’s achievements as a leading FDI Global City of the Future 2021/2022, we also take inspiration from the hundreds of investors that choose to invest in Dubai to grow their future business sustainably, despite the unprecedented global challenges of 2020.”

Source countries, sectors

The US was the top source country, accounting for 21 percent of FDI capital and 22 percent of FDI projects.

France (16 percent), Japan (11 percent), the UK (7 percent), and Germany (6 percent) made up the rest of the top five source countries for FDI capital into Dubai in 2020.

The top five sectors with FDI flows, accounting for 69 percent of the total estimated FDI capital flows into Dubai in 2020, were Accommodation & Food Services (40 percent), Electric Power Generation (13 percent ), Other Information Services (8 percent), Healthcare & Social Assistance (4 percent), and Retail & Whole Trade (4 percent).

source: zawya

• Foreigners exited the government debt market when the pandemic began to take hold, but they were enticed back when some stability returned during the current fiscal year
• Egypt has one of the highest interest rates in the world, but in 2020 rates fell from 12.25 percent to 8.25 percent, making it more attractive for potential investors

The GCC cities dominated the global Financial Attractiveness Index list with Bahrain’s capital Manama being named the world's most financially attractive city in AIRINC’s latest Global 150 Cities index. Riyadh is in 4th place, Kuwait City in 6th, Abu Dhabi in 7th, and Dubai in 12th on the list. 

The index https://www.air-inc.com/global-150/ ranks 150 of the top global locations according to financial attractiveness and lifestyle attractiveness. It combines local salary levels, tax rates, living costs, and living conditions to assess how appealing each location is to live in.

Every single GCC member was represented in the top 20 most financially attractive cities in the world, according to AIRINC’s latest Global 150 Cities Index. 

The data is collected by AIRINC’s own in-house survey team, who continuously research the costs and living conditions of many cities around the world to evaluate international mobility.

GCC economies have invested considerable sums in making themselves more attractive to international businesses in line with ambitious region-wide economic diversification efforts, it stated. 

As the first GCC member to begin diversification, Bahrain offers one of the easiest and most cost-effective environments to set up and operate a business in the world. 

Businesses operating in the Kingdom enjoy 0% tax and 100% foreign ownership allowed.

Thanks to its comprehensive programme of reforms, increasingly digital Bahrain was recently named the fourth most improved economy in the world by the World Bank’s latest Ease of Doing Business report. 

As well as ranking first in the world for financial attractiveness in the AIRINC index, Manama also jumped 15 places for overall attractiveness, to 48th.

source: tradearabia

Over the years Dubai has cemented its place in the world as the ultimate destination for luxury, shopping and entertainment. Now, with the UAE government’s foresight and vision, Dubai has gained a spot as one of the world’s most desirable destinations.

Every year the number of foreigners that are investing in Dubai is increasing. The rise in foreign investment has given birth to multiple business opportunities and further increased number of business setup in Dubai.

Following are some of the reasons that will emphasize and explain to you why investing in Dubai in 2020 is a sensible move for you:

1) A Flourishing Economy:

Dubai has completely transformed itself. The journey from an economy that was totally dependent on oil to an economy that is now the hub of international business is an awe-inspiring tale. 

Thanks to the UAE government’s policies, the region is now primarily focused on its non-oil sector. Dubai’s business sector has attracted over 21.6 billion dollars in foreign investments alone.

That has boosted its GDP positively at the moment it is 2.9% and is predicted to grow dramatically in the upcoming years. Hence, Making it a safe haven for investors to start a business in Dubai with minimal chances of failure.

2) Numerous Business Opportunities:

Because of the high influx of investment that is pouring in from all sides in Dubai. The city offers immense business opportunities to anyone looking to start a business.

From freelancers to an entrepreneur to small business owners, all are welcome to transform their business ideas into a reality.

Even seasoned business owners will find a business opportunity too lucrative to pass up. UAE has slowly transformed itself into land suitable for investment. It currently offers multiple industries ranging from retail, tourism, media etc. for entrepreneurs to establish business setups in Dubai.

3) Various Locations:

The UAE, including Dubai, offers several attractive locations to set up a business. These locations comprise of Mainland, Free Zones and Offshore. Moreover, all of these locations have specific characteristics that make them suitable for a certain type of investors and less suitable for others. Therefore, business owners need to be clear about the business idea before starting a business in Dubai.

4) Incentives Launched by the Government:

The government of the UAE launches numerous incentives every year firstly, to capture and seize the attention of foreign investors to continue investing in Dubai.

Secondly, to boost and uplift its economy. The government has executed its vision 2020 with absolute success as it has carved out business opportunities in both the private and government sectors. Furthermore, the Smart Dubai project has led to immense capital investment in Dubai.

Dubai government is said to launch 130 initiatives in the coming six months to entice foreigners in setting up a business in Dubai.

5) Hundred percent Return on Invested Capital Ensured:

Every business owners worst nightmare is the failure of the business. What follows is the tedious and painful process of liquidation and reclaiming of property etc.

For that reason, the Dubai government has made this process easier and quicker for investors by allowing complete freedom. The government is providing 100% repatriation on the invested capital, and total profit earned. This move is drawing more business owners to invest in Dubai.

6) Minimal or No Personal Tax:

While launching a business in a foreign country, the thing that most concerns the business owners and entrepreneurs alike is taxes.

Business professionals tend to shy away from a region that has rigid and expensive taxation policies. The Dubai government to gain the interest of international investors to come and invest in Dubai has lowered its taxes. The business setups in Dubai don’t have to pay any personal taxes

7) Access and Exposure of the International Market:

Most beneficial manoeuvre for any company is easy to access to a global market. By choosing to start a company in Dubai, you can give your company a head start and provide it with exposure and access to the worldwide market.

This easy access will only help in growth and your business. And it can also aid with its expansion in other emirates in the future.

You can open a branch office in Dubai to expand your business further.

8) Dubai Expo 2020:

With the Forthcoming Expo 2020, the world has its eyes on Dubai and is very interested in investing here. The Expo 2020 is dubbed to be a game-changer that is expected to attract more than twenty-five million global visitors.

Multiple investment opportunities involving multinational partnerships are expected to happen due to this event. The Expo mainly focuses on uplifting sole proprietors, SMEs, budding entrepreneurs, and start-ups functioning in Dubai.

In conclusion the Expo 2020 brings business opportunities that are worth investing in.

So in a nutshell, we have elaborated the main reasons as to why you should invest in Dubai in 2020. If you are seeking a promising investment platform for your business setup, With the Forthcoming Expo 2020, the world has its eyes on Dubai and is very interested in investing here.

The Expo 2020 is dubbed to be a game-changer that is expected to attract more than twenty-five million global visitors. Multiple investment opportunities involving multinational partnerships are expected to happen due to this event.

The Expo mainly focuses on uplifting sole proprietors, SMEs, budding entrepreneurs, and start-ups functioning in Dubai. Then you should look no further as Dubai is a land filled with business opportunities. The best option for optimum growth of your business setup is in Dubai.

To capitalize on the ultimate benefits presented by Dubai, it is advised that you hire business setup consultants who are well-versed in the business setup process. 

KWS Middle East is the premier example of business setup consultants in Dubai.

They have helped countless clients in incorporating their businesses in Dubai and the rest of the UAE.

Our business consultants are talented and well-skilled to guide you through the treacherous path of company formation.

source: kwsme

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

System will make it easier for nationals setting up companies to employ expat workers

Saudi Arabia is to allow an instant small business visa for people looking to set up new firms in the kingdom from next month.

The move, which was announced by the Minister of Labour and Social Development, Ahmed bin Sulaiman Al-Rajhi, last week, is being created to help Saudi nationals more easily launch their own start-ups and small businesses and will be housed on the new Qiwa employment visa platform.

The minister announced the initiative at an event involving young entrepreneurs at Hail Chamber of Commerce, during which he said extensive studies had been conducted to determine the need for migrant workers by small businesses, according to a statement in Arabic on the ministry's website.

Growing small business participation is one of the targets set out in the kingdom's Vision 2030 plan to diversify its economy away from a dependence on hydrocarbon revenue.

Under Vision 2030, a target was set to increase the contribution made by SMEs to 35 per cent of GDP, from 20 per cent when the plan was launched in 2016.

Saudi Arabia's non-oil economy grew by 2.9 per cent in the second quarter of 2019, it's fastest rate since the end of 2015.

The growth was driven by a more favourable fiscal backdrop and strengthening investment momentum, according to Abu Dhabi Commercial Bank's chief economist Monica Malik.

The kingdom has been attempting to implement a series of reforms to improve its business environment, such as the launch of new entrepreneur licences and the setting up of bodies such as Monshaat - an authority set up specifically to support SMEs.

Saudi Arabia was the biggest climber in the World Bank's Ease of Doing Business annual ranking this year.

The kingdom jumped 30 places in the ranking to 62nd as it carried out eight reforms aimed at improving the business environment.

The UAE remains the highest-ranked Middle East country in the index, at 16th globally out of 190 countries.

source: magnitt

Ithraa, Oman’s investment promotion and export development agency, unveiled the Invest in Oman portal on Monday at a ceremony held at the Implementation Support & Follow-up Unit (ISFU) in Muscat.
The first and only investment platform dedicated to driving and facilitating foreign investment into the Sultanate, Invest in Oman has been designed specifically to enable local companies and entrepreneurs showcase their projects and connect them with investors worldwide.

For potential international investors, the portal provides a wealth of information and guidance including details on the Sultanate’s pro-business environment, industry trends, workforce, intellectual capital, incentives, tax and available land. Importantly, it also provides guidance on the steps involved in investing in and setting up operations in Oman.
Speaking at the launch event, Azzan al Busaidi, CEO, Ithraa, stated: “The Invest in Oman portal has been developed in response to a growing demand for investment in large, as well as early stage Omani businesses.

The portal provides a platform to present world-class investment opportunities featuring high-growth companies in the Sultanate on a global scale.”
Ibrahim Said al Mamari, CEO, Invest Services Centre, said: “This initiative is a great milestone in the development of Oman’s business environment.

The “Invest in Oman” and “Invest Easy” platforms will play a major role in attracting further investment to support Oman’s ambitious economy. By launching this platform, business opportunities in Oman will be easily realised by local and overseas investors through a single window. Going forward, the Investment Services Centre and Ithraa will strive to constantly improve the portal’s offer.”

Highlighting some of the key reasons driving the interest of the international investment community to Oman, Mr Al Busaidi noted that the World Bank ranks Oman as one of the most cost-effective countries in the region for doing business in terms of labour, utilities, facilities, transportation, financing and taxes.

Ithraa’s CEO added: “On top of this, Oman is the ideal location for reaching the growing and emerging markets of the Middle East, Africa and Asia. By 2025 one billion people will enter the global consuming class and around 600 million of them will live in emerging markets on our doorstep. Companies that understand and respond to these shifting dynamics will experience tremendous benefits.”

Dr Dhafir Awadh al Shanfari, CEO, Public Authority for Privatization & Partnership, stated: “Invest in Oman is set to be the meeting place for project promoters and investors.

We greatly look forward to the impact it will have on our investment landscape and the benefits this will bring to the sultanate’s business community as they take their ambitions forward.”

The portal allows investors to self-certify, browse live investment opportunities, open dialogue with business founders, perform due diligence and establish working relationships with Oman-based businesses and investors. Given its role in attracting investment to the sultanate as well as promoting Oman’s non-oil exports, Ithraa works with a range of public and private sector organisations. And with regards enhancing the domestic business environment, Ithraa co-ordinates with ISFU. The Invest in Oman portal is of particular interest to ISFU, an initiative it intends to support and monitor through its various channels.

source: omanobserver