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DIEZ Records Exceptional Growth, Profits In 2023, Bolstering Dubai’s Economy

The Dubai Integrated Economic Zones Authority (DIEZ) announced significant growth and record profits in 2023, highlighting its commitment to fostering Dubai’s economic diversification and global competitiveness.

DIEZ experienced a remarkable year financially. Operating profit surged by 64.6% compared to the previous year, total revenue climbed 8.1%, and the organization directly contributed 5.1% to Dubai’s GDP in 2021. These figures demonstrate DIEZ’s strong financial health and significant impact on the emirate’s economy.

Increased Business Activity:

Economic zones overseen by DIEZ witnessed a surge in activity in 2023. Company registrations jumped 15.3%, and the workforce within these zones grew by a substantial 30.5% to reach 70,000 individuals. This growth signifies the increasing attractiveness of DIEZ zones for businesses seeking to operate in Dubai.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman of DIEZ, emphasized the organization’s commitment to stimulating investment and trade, enhancing Dubai’s GDP, and contributing to the Dubai Economic Agenda D33. He further stressed DIEZ’s dedication to solidifying Dubai’s position as a leading global investment destination.

Dr. Mohammed Al Zarooni, Executive Chairman of DIEZ, highlighted the organization’s dedication to bolstering Dubai’s economic competitiveness and contributing to the UAE Centennial 2071 and “We the UAE 2031” vision. He also emphasized DIEZ’s focus on fostering knowledge-based and innovative sectors and supporting small and medium-sized enterprises through a AED 500 million venture capital fund.

Focus on Future Growth:

DIEZ remains committed to driving future growth by focusing on key areas like artificial intelligence, sustainable development, and knowledge-sharing initiatives. These efforts aim to solidify Dubai’s position as a global hub for investment and innovation, ultimately contributing to the emirate’s ambition of becoming one of the world’s leading economies.

 

Publish 22 Feb 2024

Source: https://www.arabianbusiness.com/industries/technology/uae-to-host-first-gulf-only-esports-competition-in-push-to-become-global-gaming-hub

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UAE To Host First Gulf-Only Esports Competition In Push To Become Global Gaming Hub

Continuing its commitment to fostering the UAE’s burgeoning gaming industry, True Gamers, a leading international network of esports clubs, has announced plans to host the first-ever esports competition solely involving countries within the Arabian Gulf. This initiative follows the successful execution of the inaugural amateur esports tournament between Dubai and Sharjah earlier this year.

Furthering Esports Development in the UAE and Beyond

Scheduled for the first half of 2024, this upcoming competition marks a significant step towards establishing the UAE as a global gaming hub. Industry experts anticipate the UAE’s esports industry to reach multi-million dollar status within the next five years, solidifying the nation’s position as one of the world’s fastest-growing gaming markets.

Empowering Aspiring Gamers Throughout the Region

Building upon the success of the Dubai-Sharjah tournament, True Gamers aims to organize further amateur competitions throughout the UAE and the wider Gulf region. These initiatives play a crucial role in cultivating a thriving esports culture, fostering a strong gaming community, and stimulating industry growth.

True Gamers: Committed to Advancing the UAE’s Esports Landscape

True Gamers remains dedicated to nurturing the UAE’s esports scene by providing fresh opportunities for local gamers and facilitating their transition into professional careers. By organizing high-quality tournaments equipped with advanced technology, True Gamers strives to create a platform for aspiring esports athletes to showcase their talent and represent their region on the global stage.

Looking Forward to Continued Growth and Success

True Gamers’ leadership emphasizes their commitment to establishing a robust esports culture within the region and empowering young individuals to develop their gaming skills. Through continued support and the organization of additional tournaments, True Gamers aims to solidify the UAE’s position as one of the leading forces within the global gaming landscape, aligning with the nation’s vision to become a thriving hub for the esports industry.

 

Publish 22 Feb 2024

Source: https://www.arabianbusiness.com/industries/technology/uae-to-host-first-gulf-only-esports-competition-in-push-to-become-global-gaming-hub

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UAE Tops “Strong & Stable Economy” And Ranks 10th In Global Soft Power

The United Arab Emirates (UAE) has ascended to the 10th position in the prestigious 2024 Brand Finance Soft Power Index, solidifying its position as a leading global soft power. This remarkable achievement underscores the country’s growing influence on the international stage and its commitment to shaping a positive global narrative.

A Cornerstone of Soft Power: A Strong and Stable Economy

The UAE’s economic prowess plays a pivotal role in its overall soft power strategy. Notably, the nation secured the top ranking in the “Strong and Stable Economy” indicator. This accomplishment is a testament to the UAE’s diversification efforts that have successfully reduced its dependence on oil and fostered the growth of dynamic sectors like tourism, technology, renewable energy, and financial services. This diversification has not only bolstered the economy’s resilience against global oil price fluctuations but also paved the way for sustainable growth and new avenues of advancement. Further solidifying its economic credentials, the UAE witnessed a monumental achievement in 2023, with its non-oil foreign trade reaching a record-breaking AED3.5tn ($953bn) despite global economic headwinds. This remarkable feat further cements the UAE’s position as a preferred destination for global investors and talent.

Beyond Economics: A Multi-faceted Approach to Soft Power

The UAE’s soft power extends far beyond its economic prowess. The report acknowledges several key pillars that contribute to the nation’s growing influence:

  • Active Engagement in International Affairs: The UAE’s balanced foreign policy, its advocacy for peace and development, and its active participation in international organizations contribute significantly to its positive international image.
  • Visionary Perspective on Future Growth: The country’s strategic investments in innovation and technology infrastructure demonstrate its commitment to shaping a prosperous future and positioning itself as a leader in the global knowledge economy.
  • Cultivating a Positive Global Image: The UAE’s robust media presence and its successful hosting of major events like Expo 2020 have played a crucial role in shaping a positive public perception and enhancing its global brand recognition.
  • Commitment to Global Well-being: The UAE’s extensive humanitarian initiatives and its generous support for nations in need solidify its reputation as a responsible global citizen and a champion of human development.
  • Spearheading Innovation and Technology: The UAE’s dedication to fostering a global hub for innovation is evident in its investments in education, scientific research, and cutting-edge technologies like artificial intelligence and space exploration. This commitment positions the UAE at the forefront of the future economy and serves as a beacon of progress for other nations.
  • Providing a Safe and Secure Environment: The UAE’s high-quality security system fosters societal stability and creates an exemplary environment for both residents and visitors. This secure environment further enhances the nation’s attractiveness as a global destination.
  • Embracing Sustainability: The UAE’s steadfast commitment to sustainability is reflected in its impressive rankings in the “Sustainable Cities and Transport” and “Invests in Green Energy and Technology” indicators. This dedication is further underscored by the recent extension of the Year of Sustainability into 2024, signifying the country’s unwavering commitment to environmental stewardship and its leadership in the global green transition.

The UAE’s remarkable ascent in the Brand Finance Soft Power Index is a testament to its consistent efforts to build a positive international reputation and positively impact the world. This achievement signifies the UAE’s emergence as a leading soft power and positions it as a key player in shaping the global landscape for the years to come.

 

Publish 29 Feb 2024

Source: https://www.arabianbusiness.com/culture-society/uae-named-most-stable-global-economy-and-10th-best-soft-power-in-the-world

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UAE Implements AED 10,000 Penalty for Late Corporate Tax Registration

The United Arab Emirates (UAE) has implemented an administrative penalty of AED 10,000 (approximately USD 2,700) for businesses that fail to register for Corporate Tax within the designated timeframe established by the Federal Tax Authority (FTA). This new measure, outlined in Cabinet Decision No. 10 of 2024, aims to promote timely compliance with relevant tax regulations and comes into effect on March 1, 2024.

This decision aligns with existing administrative penalties for late registration of other taxes in the UAE, such as excise and value-added tax (VAT). The consistent penalty structure aims to encourage a uniform and responsible approach to tax compliance across various business entities operating in the country.

Businesses operating in the UAE are strongly encouraged to review their corporate tax registration status and ensure compliance with the designated deadlines set by the FTA. Failure to register within the prescribed timeframe will result in the imposition of the aforementioned administrative penalty.

For further information and to ensure complete compliance with UAE Corporate Tax regulations, businesses are advised to consult with qualified tax professionals who can provide tailored guidance based on their specific circumstances.

 

Publish 27 Feb 2024

Source: https://www.arabianbusiness.com/culture-society/uae-announces-2700-tax-fines/

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Dubai Prepares To Host The Highly Anticipated 2024 Esports & Games Festival

Under the esteemed patronage of Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, the Dubai Esports & Games Festival (DEF) proudly announces its 2024 edition, scheduled to take place from April 19 to May 5. This year’s festival promises to be a landmark event, exceeding previous benchmarks and solidifying Dubai’s position as a global hub for gaming and esports.

Ahmed Al Khaja, CEO of Dubai Festivals and Retail Establishment, emphasizes the festival’s significance: “DEF 2024 is more than just an event; it’s a celebration of the passion, skill, and dedication that drives the global gaming community. We aim to empower these communities and elevate the industry’s regional and global standing through innovative experiences and unparalleled engagement opportunities.”

Key Highlights of DEF 2024:

  • Expansive gaming showcase: Over 50 games will be playable on 200 machines, including 11 unreleased titles and 4 world-first showings, offering a glimpse into the future of gaming.
  • Global reach: Building on the success of DEF 2023, which attracted 48,200 participants from 91 nationalities, the 2024 edition promises an even more diverse and international audience.
  • GameExpo: Held at the Dubai World Trade Centre from May 3 to 5, this central event features cutting-edge gaming products, thrilling esports competitions, and interactive activations like cosplay and coding workshops.
  • Play Beyond: This platform pits top regional and global esports stars against each other, delivering an electrifying spectacle for spectators.
  • Ramadan online tournaments: The festival caters to the gaming community throughout Ramadan, offering exciting online tournaments.
  • Nurturing young talent: Initiatives like the Microsoft MakeCode Competition and the Minecraft Education Challenge provide educational programs and opportunities for aspiring gamers and developers.
  • Industry knowledge exchange: The GameExpo Summit powered by Pocket Gamer Connects offers industry professionals a space for networking, knowledge sharing, and connecting with leaders in the gaming sector.

DEF 2024 promises an immersive and engaging experience for gamers, enthusiasts, and industry professionals alike. It marks a significant step forward in Dubai’s ambition to become a leading global hub for gaming and esports, fostering innovation, community development, and individual growth within this dynamic industry.

As the Dubai Esports & Games Festival (DEF) 2024 ignites Dubai, dive into a world of electrifying competition, cutting-edge innovation, and unparalleled business opportunities. Join the throngs of passionate gamers and industry leaders, and leverage Smart Zones速 UAE’s expertise to launch your dream gaming or esports business. With Dubai’s thriving ecosystem and Smart Zones速 UAE’s streamlined setup process, transform your passion into a reality. Don’t miss this chance to connect, network, and propel your gaming enterprise to new heights. Start your exciting journey at DEF 2024!

 

Publish 17 Feb 2024

Source: https://www.arabianbusiness.com/industries/technology/dubai-announces-2024-edition-of-esports-games-festival

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Dubai Municipality showcases its ‘FoodTech for Safety and Efficiency’ program at Gulfood 2024

At Gulfood 2024, Dubai Municipality takes center stage to demonstrate its unwavering commitment to propelling the food sector forward through a meticulously crafted suite of integrated digital programs. These cutting-edge solutions seamlessly streamline import, export, and registration processes for food products, ensuring the highest standards of food safety and quality are meticulously upheld across the entire emirate.

Furthermore, the Municipality embarks on a comprehensive review of its existing digital services, aiming to continuously optimize and enhance their effectiveness. This ongoing review paves the way for the introduction of the groundbreaking Dubai Food Systems Excellence Programme, a prestigious initiative specifically designed to recognize and celebrate establishments that demonstrably excel in the areas of food safety, sustainability, and innovation. This forward-thinking program proudly champions responsible food practices while simultaneously propelling Dubai’s position as a leading global trade hub, ultimately contributing to an improved quality of life for all.

By actively participating in Gulfood, Dubai Municipality extends a crucial platform for educating stakeholders on the intricacies of regulations, processes, and best practices within the realm of food safety. This invaluable knowledge-sharing initiative plays a pivotal role in minimizing food waste within the region, thereby fostering a more sustainable and environmentally conscious food ecosystem. Through this multifaceted approach, Dubai Municipality unequivocally underscores its unwavering dedication to constructing a secure, sustainable, and resilient food system that will continue to flourish and benefit every member of the community.

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Publish 19 Feb 2024

Source: https://www.arabianbusiness.com/industries/travel-hospitality/dubai-municipality-highlights-integrated-digital-programmes-for-food-sector-at-gulfood-2024

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UAE Leads Metaverse Adoption, Poised To Contribute $16bn Annually By 2035

The United Arab Emirates (UAE) is rapidly establishing itself as a global leader in virtual tourism, leveraging cutting-edge technologies like Artificial Intelligence (AI) and hyper-personalized experiences. This innovative approach is expected to capture a significant portion of the projected $3.26 billion global market for metaverse-enabled tourism by 2025.

Fueled by rising demand for remote and sustainable travel experiences, the UAE’s virtual tourism landscape is experiencing a dynamic shift. New players, both international and domestic, are entering the market, attracted by the segment’s thriving potential. This influx is expected to reshape the virtual tourism landscape within the country.

Currently, established players like Matterport, Dubai360, and 360 Emirates offer engaging packages like the “Louvre Virtual Tour in Abu Dhabi” and the “Dubai360” interactive experience. These experiences allow users to virtually explore iconic landmarks like the Palm Jumeirah and the Burj Al Arab from anywhere in the world.

Beyond inspiration and trip planning, virtual tourism serves as a valuable tool for leisure and entertainment. It is projected to significantly contribute to the UAE’s ambitious goal of generating $125 billion (AED450 billion) in tourism revenue by 2031.

Industry experts like Samuel Huber, CEO of LandVault, a leading virtual experience developer with operations in Dubai, predict a major expansion in the market. “The global virtual tourism market is expected to reach $6.5 billion by 2030, and the UAE is poised to capture a significant portion due to its leadership in implementing virtual tourism experiences,” he states.

LandVault itself is actively investing in the region, building digital twins for real estate companies and collaborating with local governments on undisclosed projects. Huber emphasizes the potential benefits of virtual tourism for the UAE’s tourism sector, including increased GDP contribution and attracting wider tourist demographics.

Beyond “try before you buy” experiences, virtual tourism serves as a valuable planning tool, enhancing the overall travel experience and contributing to the sector’s long-term growth. Factors like technological advancements, the desire for remote experiences, and sustainable travel trends are driving the sector’s expansion.

According to Huber, “The metaverse could bring a benefit of up to $16.7 billion per year to the UAE, while contributing up to $50 billion in additional GDP to the Middle East and North Africa region by 2035.”

The UAE’s tourism sector is also witnessing a surge in AI adoption for trip planning, with 60% of travelers expecting AI assistance compared to the global average of 48%. Additionally, demand for hyper-personalized experiences is rising, leading to companies like Miral developing facial recognition technology for seamless entry and contactless payments in their theme parks.

With its strategic investments, innovative approach, and focus on personalized experiences, the UAE is poised to solidify its position as a global leader in virtual tourism, attracting new players and reaping significant economic benefits in the years to come.

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Publish 20 Feb 2024

Source: https://www.arabianbusiness.com/industries/travel-hospitality/uae-metaverse-adoption-surges-ahead-of-global-peers-on-tourism-ai-bets-as-market-poised-to-contribute-16bn-yearly-by-2035

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UAE’s Fils & Telr Join Forces: Sustainable Infrastructure For Greener E-Commerce

In a strategic move to empower e-commerce businesses with sustainable solutions, Dubai-based ESG fintech Fils has partnered with Telr, a leading online payment gateway provider in the UAE. This collaboration aims to integrate Fils’ end-to-end sustainable infrastructure into Telr’s platform, enhancing the transparency and environmental impact of financial transactions.

Through this partnership, Telr merchants will gain access to emission tracking tools and the ability to participate in voluntary carbon markets, effectively mitigating the environmental footprint of their operations. This aligns with Telr’s commitment to promoting sustainable finance, as emphasized by its CEO, Khalil Alami, who stated: “This partnership underscores our unwavering dedication to driving sustainable finance, and by leveraging Telr’s expertise and partnering with entities like Fils, we aim to reshape transactions.”

Nameer Khan, CEO and Founder of Fils, highlighted the positive impact this collaboration will have on tackling climate change: “The partnership with Telr will make a real impact in tackling the issues of climate change, providing access to carbon markets via our robust and transparent infrastructure.”

This integration seamlessly expands Telr’s existing suite of services, offering a comprehensive one-stop solution for e-commerce businesses seeking to elevate their operations while minimizing their environmental impact.

 

Publish 15 Feb 2024

Source: https://www.arabianbusiness.com/industries/technology/uae-fintech-fils-partners-with-online-payment-gateway-telr-to-offer-sustainable-infrastructure-for-e-commerce-businesses

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DIFC Dubai Launches Initiative For Family Business Succession And Longevity

The Dubai International Financial Centre (DIFC) recognized the increasing demand for support among family businesses and spearheaded several initiatives in early 2023. This commitment was further solidified with the recent launch of a specialized program in collaboration with MIT Sloan Executive Education and the DIFC Academy.

Titled “Sustaining Family Business Success,” the intensive program (June 24-26, 2024) equips participants with the knowledge and strategies to navigate both regional and global expansion while staying true to family values. Participants will gain valuable insights into building future-proof enterprises that can thrive across generations, earning a prestigious MIT Sloan certificate upon completion.

Recognizing the critical need for adaptability in today’s dynamic landscape, DIFC Chief Strategy Officer Christian Kunz emphasizes Dubai’s ideal position as a hub for family businesses. “Our vibrant ecosystem, strategic location, and dedication to innovation create a unique offering,” he states, highlighting the blend of global opportunities and a supportive environment conducive to growth.

With only 20% of Middle Eastern family businesses reaching the third generation, this program aims to empower and ensure their longevity, contributing significantly to the UAE’s economic prosperity. MIT Sloan’s Faculty Director John Davis echoes this sentiment, stressing the need for redefined stewardship and building agility for long-term success. He emphasizes that “the traditional model of simply preserving family legacy is no longer sufficient. Building a future-oriented and adaptable enterprise, while generating diverse value streams aligned with family values, represents the new paradigm for success.”

The program incorporates six key pillars designed to address critical challenges faced by family businesses: Future Vision, Managing Turbulence, Governance, Talent, Succession, and Multigenerational Success. This comprehensive approach aligns with DIFC’s ongoing commitment to supporting family businesses, exemplified by initiatives like the Family Wealth Centre and Family Arrangements Regulations. These resources provide dedicated services, legal frameworks, and support structures to help families preserve their legacies across borders and generations.

By launching these initiatives, DIFC demonstrates its proactive approach to empowering family businesses and fostering their sustainable growth within the region’s dynamic economic landscape.

 

Publish 12 Feb 2024

Source: https://www.arabianbusiness.com/industries/banking-finance/dubais-difc-launches-new-initiative-to-boost-succession-planning-longevity-of-family-businesses

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Dubai secures agreements for the world’s first air taxi at the 2024 World Government Summit.

In a groundbreaking development poised to transform urban transportation, Dubai has finalized agreements during the World Government Summit 2024 to introduce the world’s inaugural air taxi service. These agreements establish the framework for Dubai to spearhead the implementation of an expansive electric aerial taxi service and vertiport network.

Central to this pioneering initiative is the Joby Aviation S4, an innovative aircraft meticulously designed to comfortably accommodate four passengers and a pilot. Equipped with six propellers and powered by four battery packs, the S4 boasts an impressive maximum range of 161 km and a top speed of 321 km per hour. Its Vertical Take-Off and Landing capabilities make it especially well-suited for urban environments, minimizing spatial requirements typical of conventional stations and mitigating noise pollution in comparison to helicopters.

Prioritizing efficiency, safety, and sustainability, the air taxi project pledges an array of advantages, encompassing reduced noise levels, zero operating emissions, and heightened passenger convenience. By harnessing state-of-the-art technology, these aerial vehicles aim to seamlessly integrate into Dubai’s urban landscape, providing rapid and environmentally friendly transportation solutions. The electric-powered aircraft can undergo swift recharging between flights, representing a bold stride towards a more sustainable and accessible transportation future.

The commencement of the air-taxi network’s operations is scheduled for 2026, marking a significant milestone in Dubai’s ongoing endeavor to redefine urban mobility.

 

Publish: 13 Feb, 2024

Source: https://www.thenationalnews.com/business/aviation/2024/02/13/dubai-flying-taxis/

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