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Capital adequacy of applicants to be assessed on a case-by-case basis
Saudi Arabia's central bank is reviewing licence requests for two digital banks to operate in the kingdom, the Saudi Arabian Monetary Authority (SAMA) confirmed to Zawya on the phone.
“Work is underway to evaluate these two licence requests,” Yazeed Alsheikh, director for general of banking control at SAMA, was earlier quoted as saying in local daily Aleqtisadiyah.
He added that the policy for granting licenses for digital banks is done through a comprehensive evaluation process that takes into account what added value a provider can bring to the Saudi banking sector.
Earlier this week, SAMA issued licensing guidelines for digital-only banks in Saudi Arabia.
It stipulated that online banks must set up as a locally incorporated joint-stock company and maintain a physical presence in the kingdom.
The Saudi regulator will assess the adequacy of capital of applicants “on a case-by-case basis considering the scale, nature and complexity of the operations,” SAMA said.
source: zawya
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Advisers and investors said that the Foreign Capital Investment Law will contribute to establishing new investment entities and open up investment and employment opportunities in the Sultanate, directly or indirectly.
The new law will help combat illicit trade and regulate the labour market, said observers, noting that the Sultanate’s business infrastructure is now ready to attract investments, with penalties stated in the new law serving as a deterent against fraud.
Ahmed bin Abdulkareem al-Hooti, Oman Chamber of Commerce and Industry (OCCI) Board Member, said that the Foreign Capital Investment Law is an element among a set of laws that regulate commercial and economic activities, as well as investment in general.
Al-Hooti pointed out that the Foreign Capital Investment Law also functions alongside the Law on Partnership Between Public and Private Sectors, Privatization Law, Investment Law and Bankruptcy Law. This is in addition to the establishment of the Commercial Arbitration Centre, which will help investors in decision making.
Meanwhile, Dr. Yousef bin Hamad al-Balushi, CEO of Investment Smart Portal, said that investment, in general, and foreign investment, in particular, assume great significance in any development process, and this prompts all countries to grab investment opportunities.
He added that there is currently an urgent need to speed up steps towards encouraging and attracting investments, locally and internationally, for a variety of realities dictated by the growing stage, which has almost attained its prime in infrastructure and legislations.
This, in turn, dictates transformation into a new model that is capable of yielding fruits, in terms of major investments, and maximizing benefits from the Sultanate’s preparedness and high status among world countries.
The Foreign Capital Investment Law enables the investor to exclusively own the land of a project or share it with another foreign investor or Omani investor, said Dr.
Adil al-Maqdadi, a former Associate Professor, Faculty of Law, Sultan Qaboos University (SQU), an advocate and legal adviser at the Office of Dr.
Ahmed Said al-Jahwari Legal Consultants. This law has not imposed any bottom-line capital for his company, unlike the previous law, which imposes a minimum of RO15,000 for approaching an investment venture.
source: omannews
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An affiliated associate of Emirates NBD Group, on Thursday has confirmed its plan to proceed with an initial public offering (IPO) on the London Stock Exchange (LSE).
Further announcements will be made in due course in accordance with the applicable laws and regulations, the company said in a statement.
The UAE-based payments provider intends to apply for admission of its ordinary shares to the premium listing segment of the Official List of the Financial Conduct Authority (Official List) and to trading on the LSE's main market for listed securities (Admission).
The company added that the offer will solely be comprised of existing shares to be sold by existing shareholders.
“Immediately following Admission, the Company intends to have a free float of at least 25% of the Company’s issued share capital,” the company highlighted.
The admission is expected to take place in April, Network International added.
Later on, it is expected that the company will be eligible for inclusion in the FTSE UK indices.
The statement added that the price range of the offer and the maximum number of shares to be sold in the offer will be set in due course and contained in the prospectus expected to be published by the company in the coming weeks.
Source: Mubasher
DP World has bought back British ferry and shipping freight operator P&O Ferries for 322 million pounds ($421 million), more than a decade after it sold it.
DP World acquired the British shipping and logistics company in 2006 but soon sold off some assets, including P&O Ferries to its major shareholder, state holding company Dubai World.
DP World announced on Wednesday it was buying the company, and a spokeswoman later told Reuters it had bought it back from Dubai World.
Dubai World was at the heart of the emirate’s financial crisis at the turn of the decade and was forced to restructure around $25 billion of debt in 2011.
DP World said the P&O Ferries deal was expected to be earnings accretive from the first full year of consolidation and meet its return targets.
The transaction is expected to close in the first half of the year, it said.
DP World’s acquisition of P&O Ferries, which includes P&O Ferrymasters, is part of its efforts to expand beyond its core ports business.
One of the world’s largest port operators, DP World bought Danish logistics company Unifeeder Group last year.
P&O Ferries operates more than 30,000 voyages a year in Europe, according to its website.
The ferries operate between Britain, France, Northern Ireland, the Republic of Ireland, the Netherlands, and Belgium.
Last month, the company said it was shifting the registration of its UK vessels to Cyprus ahead of Britain’s departure from the European Union, in part to keep its tax arrangements in the bloc.
Last week, DP World Chairman Sultan Ahmed Bin Sulayem said the indecisiveness of British politicians on the UK’s exit from the European Union was hampering the company’s ability to plan for its UK operations.
DP World operates London Gateway and a container terminal at Southampton port.
Source: reutersreuters
Dubai Tourism remains focused on ensuring that the emirate becomes the most visited city in the world in line with Dubai's Tourism Strategy 2022-25.
Dubai continued to see steady growth in tourist arrivals last year on the back of its traditional markets, led by India, Saudi Arabia and the UK.
Latest data released by Dubai Tourism disclosed that overnight visitors reached 15.92 million in 2018, an increase of 0.8 per cent over the previous year. India topped with over two million visitors followed by 1.6 million from Saudi Arabia and 1.2 million from the United Kingdom.
While the number of visitors from China and Russia increased 12 per cent and 28 per cent to 857,000 and 678,000, respectively. Both the countries were fourth- and fifth-largest markets in terms of visitor arrivals in Dubai last year.
Helal Saeed Almarri, director-general of Dubai Tourism, said they remain focused on ensuring that the emirate becomes the most visited city in the world in line with Dubai's Tourism Strategy 2022-25. "Throughout 2018, we developed and deployed a custom-market specific approach to deeper penetrate our target markets," he said.
"Our strategic investments, innovative destination promotion programmes, responsive federal policy reforms, and long-term global partnerships - all backed by the tremendous support of our stakeholders across the government and private sector - continue to yield strong results as we ramp up efforts to increase Dubai's accessibility, visibility and overall appeal, minimise barriers to travel, deliver new standards in global travel experiences, and ultimately drive both first-time and repeat visitation," he added.
Germany, the United States, the Philippines, France and Italy rounded off the top 10 markets.
The number of visitors from the US grew four per cent to 656,000 while the Philippines entered into the top 10 for the first time with 387,000 guests.
Tourists from France jumped 17 per cent to 348,000. Nigeria witnessed the highest growth of 36 per cent, bringing it back into the top 29 with 185,000 Nigerians visiting the emirate last year.
According to Dubai Tourism, tourist arrivals from stronghold markets of Oman and Pakistan declined last year.
Manu Midha, regional head for the Middle East at OYO Hotels and Homes, said the tourism industry in Dubai in 2019 will be largely driven by leisure and trade tourists with India, Saudi Arabia and China driving the numbers again.
"Last year, there were over half-a-million trade visitors alone in addition to millions of leisure visitors. The third promising category would be that of medical tourism as Dubai is home to some world class hospitals. There is a lot of traction from Africa within this category," he said.
"Dubai has so much to offer every kind of traveller, whether it is theme parks or shopping the city has covered it all. Then there are investors who are looking for their second homes in the UAE. This industry will also drive the numbers as investors would like to get a feel of the destination before parking their real estate dollars. The fourth category that will drive the tourism sector would be the world of sports which will go on an overdrive in 2019."
Ammar Kanaan, group general manager of Central Hotels, sees tourist arrival growth trend to continue due to multiple attractions and demand drivers. "At the moment, there is a lot more supply coming into the market in preparation for Expo 2020 Dubai and hence, temporarily, supply is expected to exceed demand. This may put pressure on ADR and RevPAR. While some hotels might compromise on the average room rates to boost occupancy levels, others with stronger room rates will see an impact on the occupancies."
He said this year the summer season will be longer due to the advent of the holy month of Ramadan in May, which could prove challenging for business. "From September onwards, we expect the market to pick up better."
Chris Nader, vice-president at Shaza Hotels, said, Dubai is faring better by creating new demand generators in existing and new destinations.
"There is definitely room for hotels that can offer unique experiences in these new locations. Unfortunately, hotels that have no USPs will continue to suffer and reduce rates in order to maintain some market share, and this will be reflected in their negative RevPAR growth index," said Nader.
According to Dubai Tourism, there were 716 establishments across the emirate with 115,967 rooms, an increase of 8 per cent in terms of new rooms supply last year. Currently, 33 per cent of inventory is controlled by five-star hotels, 26 per cent by four-star properties and one-to-three stars command a 20 per cent share. Hotel apartments constitute 21 per cent of the total inventory.
With average occupancy reaching 76 per cent, occupied room nights were up to 30.13 million, while guests' average length of stay remained unchanged at 3.5 nights.
From a regional perspective, 21 per cent of the visitors came from Western Europe, followed by 18 per cent and 17 per cent from GCC and South Asia, respectively. North Asia and Southeast Asia, meanwhile, accounted for 11 per cent of the total.
Mena arrivals grew 10 per cent and 9 per cent from the CIS and Eastern Europe, respectively.
Source: khaleejtimes
Sharjah, Finland open doors for investments in education and socioeconomic fields
28 Jan 2019 Written by Admin AdminSharjah, Finland open doors for investments in education and socioeconomic fields
SHARJAH, 22nd January, 2019 (WAM) -- In a bid to explore new areas of collaboration in education and socioeconomic fields, and boost bilateral investment prospects between Sharjah and Finland, the Sharjah Department of Government Relations, DGR, has hosted a high-level delegation from the city of Oulu, Finland, who conducted a series of visits to key government organisations, departments and entities across the emirate.
The Finnish delegation, comprising 21 state officials and key Finnish company representatives, visited six entities from Sharjah, namely; Sharjah Research Technology and Innovation Park; American University of Sharjah; Sharjah Entrepreneurship Centre – Sheraa; Sharjah Arts Foundation; and the Sharjah Museums – Sharjah Islamic Museum and Sharjah Calligraphy Museum, who showcased their key developments in economic, touristic and educational projects.
Shedding light on the importance of fuelling bilateral interactions between Sharjah and Finland, Sheikh Fahim bin Sultan Al Qasimi, DGR Executive Chairman, said, "This compressive visit was organised to boost to the recent breakthrough in Emirati–Finnish bilateral relations, which have been strengthened through a number of visits from both sides, including a DGR delegation visit to Oulu in September 2017."
Sheikh Fahim noted that this visit cements Sharjah’s strategy to create a dynamic network of cross-governmental relations between the emirate and Finland, and exemplifies DGR’s role in boosting Sharjah’s global socioeconomic rank that has been receiving an upward push, a result of growing interest from large-scale businesses, tourists and foreign students from Northern Europe.
He also underscored that DGR attaches considerable importance to harnessing successful global expertise to nurture Sharjah’s endeavours. "We seek to learn from the positive results of policies of openness and experience-sharing among countries worldwide. In order for any national experience to succeed, it has to take into consideration the international dimension in its policies, objectives and results."
The delegation was also hosted by the Sharjah Chamber of Commerce where a roundtable was held. Officials from both sides shed light on the two-way business prospects, in addition to showcasing commercial and investment partnership opportunities between Sharjah and Finland.
The need to diversify and build a knowledge-based economy is at the heart of both Emirati and Finnish systems of educational and entrepreneurial development. A Sharjah Education Seminar was organised during the visit; an education meeting that allowed the two parties to exchange expertise and lessons in the field relevant to one another’s education systems. The SBFO shared Sharjah’s 40-year efforts in making the emirate the first city in the world to be awarded the titles of ‘Baby-Friendly’ and ‘Child-Friendly’ city by the UNICEF.
In return, Sharjah heard from Finnish educational experts about the outstanding Finnish approach to early childhood education, which includes daily care programmes for infants, toddlers and children, in addition to pre-school programmes, as well as vocational and lifelong training they provide to their citizens.
Source: emirates news agency
Direct investments in Abu Dhabi’s Kizad hit $19bln
Khalifa Industrial Zone has attracted more than 200 national and foreign investors
The volume of direct investments in Khalifa Industrial Zone (Kizad) has reached Dh70 billion ($19 billion), Captain Mohamed Juma Al Shamisi, CEO of Abu Dhabi Ports was quoted as saying in a media report.
It has attracted more than 200 national and foreign investors, and contributed to building a diversified, sustainable and knowledge-based economy, reported state news agency Wam.
In a press statement on the sidelines of groundbreaking ceremony of the Chinese Roadbot Tyre Project Kizad (Roadbot) - which is the first tyre manufacturing plant in the UAE, Al Shamisi said that there are 45 companies and factories operating in the industrial zone.
He affirmed that Abu Dhabi Ports maintained steady growth, with its contribution in 2017 to Dh19.6 billion or 3.6 per cent of non-oil GDP in the Emirate of Abu Dhabi. He pointed out that the company aims to achieve balanced growth in the coming years to contribute 15 per cent of Abu Dhabi's non-oil GDP by 2030.
Abu Dhabi Ports CEO said that Roadbot has become the first Chinese firm to set up there since JOCIC and Abu Dhabi Ports signed a 50-year agreement in 2017.
He pointed out that the factory will meet the global tyre industry's highest standards of design and construction, and, when completed, be an intelligent, fully automated, and eco-friendly plant.
Al Shamisi went on to say, that the factory is at the centre of the Belt and Road initiative, and is the result of excellent partnership between the UAE and China. It also reflects the deep relations between the two countries. He added that the products manufactured in the plant will be sold in the Middle East, Africa, the United States, and Europe.
Source:zaway
Buy Dubai house, get free trade licence
You can now buy a home in Dubai and get a trade licence free with it.Emaar in partnership with the Dubai Multi Commodities Centre has launched 184 units in an under-construction building in Dubai Hills Estate. Those who pay 20 per cent of the apartment price at Executive Residences will receive a free three-year renewable business licence (estimated to be worth Dh130,000), a free three-year renewable family residency visa and 100 per cent business ownership. The owner can also apply for an employee visa with every trade licence.
This is a product targeted at entrepreneurs and SMEs and is touted to be a game-changer in the UAE real estate industry. Entrepreneurs can now do away with the need to rent office premises.
"It will give buyers the freedom to work flexible hours and perhaps set up a business they can run from home. The offer is exceedingly attractive to families with young children as it will give parents the option to spend more time at home and be flexible with child care," said Lewis Allsopp, CEO of Allsopp & Allsopp.
A one-bedroom apartment is priced below Dh1 million while two-beds range from Dh1.3 million to Dh1.6 million. The building is slated to be ready by 2021.
"It helps you to achieve cost savings. The product is targeted at SMEs, who contribute 80 per cent of the economy," said Kunal Puri, founder and managing director of La Capitale Real Estate.
Earlier, business owners had to show their office tenancy contract as proof to get a trade licence. In this project, they can do so with their house Ejari certificate.
"People are already waiting in queue to buy with credit card authorisation. This kind of freedom has never existed in the market before. It is a master stroke by the developer," added Puri.
With the Executive Residences, entrepreneurs and startup owners have a chance to run a home-based business legally.
Source:khaleej times
The Dubai Land Department (DLD) recently organised the "Dubai Real Estate Sector Profile" forum to announce the performance report of the real estate sector over the past years, and the role of data in enhancing the transparency of the sector.
The forum included the launch of the "Deraya" report and the annual performance report of the real estate sector 2018.
The "Deraya" report was initiated by the Department of Real Estates Studies and Research of the Real Estate Promotion and Investment Management Sector at the DLD, in collaboration with Jones Lang LaSalle Incorporated (JLL) and Cavendish Maxwell, and the annual report of the real estate sector performance 2018.
These reports contribute to enhancing Dubai's real estate market, positioning it as the world's leading real estate market.
According to the JLL Global Real Estate Transparency Index 2018, Dubai was among the top three global cities regarding real estate market transparency.
DLD director-general Sultan Butti bin Mejren said these reports provided a key database for media, investors and international classification agencies to access insights on the performance of Dubai’s real estate market with complete transparency.
"We seek to achieve some key objectives through these reports and highlight the role of the real estate sector and its close ties with other economic sectors. The reports underline the importance of the real estate sector as a productive element that supports all other economic sectors, reflecting positively on the real estate sector’s growing contributions to Dubai’s GDP," stated Bin Mejren.
"The current real estate sector enjoys several positive indicators that predict growth across many of its segments, supported by the annual report of the real estate sector and the 2018 Deraya report, which represents integrated strategic cooperation between the public and private sectors," he added.
The reports are also a testament to Dubai’s status as one of the world’s top attractive investment destinations that ensures investors future high yields, said the top official.
"The reports offer a deeper insight into the performance of Dubai’s real estate sector in 2017, furthering the transparency level across the sector. They are aimed at increasing professionalism across Dubai’s real estate environment, consolidating the real estate information sources, and elevating DLD to become the leading real estate reference," remarked Bin Mejren.
"The reports also work towards bolstering the attractiveness of Dubai’s real estate market, identifying market trends and needs, and providing real estate studies companies and real estate experts access to relevant data," he noted.
Majida Ali Rashid, CEO of the Real Estate Promotion and Investment Management Sector at the DLD, said: "We are proud to have cooperated with two of the world's leading companies, in line with our commitment to engage our partners and customers."
"The launch of Deraya, our joint research initiative, is part of our collaborations with real estate consultancy companies and experts in the field of real estate studies," she added.
Source: Trade ArabiaArabia
Dubai engineering solutions giant ARJ Holding Ltd is investing €100 million in the Tallinn-Helsinki tunnel project, tunnel designer Peter Vesterbacka announced at a press conference on Monday.
Mr Vesterbacka, chief of FinEst Bay Area, the group behind the tunnel project, pointed out the total cost of the tunnel stands at €15 billion, with an investment period of 30 years; the tunnel itself has a projected life span of 120 years, he said.
Finest Bay Area Leader Vesterbacka said the total cost of the project is estimated at €15 billion. The investment period is 30 years and the tunnel should last 120 years.
Project already over two years old
The project has been underway for two and a half years already, Mr Vesterbacka said, and Finest Bay Area has invested between two and three million of its own and investors funds.
Of the remainder, a loan is earmarked for 70% of funding, plus equal volumes of investments of European and Asian origin.
Mr Vesterback also swatted back media claims that there were two different tunnel projects in existence. He said in fact that the project comprises two tunnels, one passenger and one freight.
Tickets already one sale
FinEst Bay Area and Mr Westerbacka envisage the tunnel project being completed in 2024. Confidence in the project is such that travel tickets are already available. A return ticket costs €100 at present (half of that for one-way travel), and an annual ticket, with guaranteed unlimited travel through the tunnel for a year, costs €1,000.
Travel time through the tunnel between the two capitals is estimated at 20 minutes.
By comparison, return tickets via the three main car ferry operators, Tallink, Viking Line and Eckerö, cost between €20 and €50 at short notice and without offers. The journey takes between two and three hours in normal conditions.
Now-defunct fast catamaran service Lindaline, when it ran, was closer to this price for a one-way ticket on a journey of around 45 minutes. It is not clear yet whether the company, which had gone into receivership earlier this year, will reopen in 2019 with new vessels, or what ticket prices are likely to be.
Former helicopter service Copterline, which had planned to reopen services between the two cities in recent years, having discontinued them after a fatal accident involving one of its aircraft in 2005, has yet to do so. Ticket prices when it did operate were considerably higher even than those quoted for the proposed tunnel, though the journey time was approximately the same.
Peter Vesterbacka is the former CEO of Finnish game developer Rovio. According his plan, the tunnel's route and its feeder tracks would have four stops, one of which in Tallinn, the second some 15 km from Helsinki, the third near the Aalto University campus in Otaniemi, and the fourth at Helsinki Airport.
Last Friday, Mr Vesterbacka filed a request for initiating the procedure for a national designated spatial plan for the tunnel with the finance ministry.
Helsinki and Tallinn lie approximately 86 km apart at their nearest points, and are separated by the Gulf of Finland, part of the Baltic Sea. The gulf has an average depth of a little over 40 m and is over 100 m deep at its deepest points (not necessarily along the route between the two cities). The underlying bedrock is principally limestone.
Darwin Airlines was founded in 2003, after Swiss International Airlines dropped its Lugano route
The public prosecutor of the southern Swiss canton of Ticino has opened criminal proceedings over irregularities concerning the bankruptcy of regional carrier Darwin Airlines.
Abu Dhabi Urban Planning Council (UPC) discussed ways to enhance international cooperation in planning and urbanization with UN-HABITAT
28 May 2017 Written by Admin SAEMiddle East Business
Amal Daragmeh: UN Under Secretary General discusses Urban Sustainability with UPC.
Abu Dhabi, 23rd May, 2017: A senior representative from the United Nations (UN) met with Abu Dhabi Urban Planning Council (UPC) this week to discuss the global issue of rapid urbanisation and its impact on communities, cities, economies, climate change and policies.
