UAE making ‘step change’ in fight against financial crime: Sheikh Abdullah
Gulf: Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation said the UAE is making “strong progress” in its efforts to prevent illicit financial flows and realise the goal of making the Emirates “one of the strongest and most respected economies in the world”.
He said the UAE economy, like all global financial centres, must combat “the threat of organised crime, fraud, money laundering and corruption”.
“This is a growing issue for all major economies, and it’s one we in the UAE take extremely seriously,” he said, writing in Forbes Middle East on Tuesday.
Sheikh Abdullah wrote the UAE’s approach “will enact a true step change in our ability to prevent illicit financial flows”.
The UN estimates that between $800 billion and $2 trillion is laundered globally annually – around 2-5 percent of global GDP.
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Business conditions in Dubai continued to improve in January
Business conditions in Dubai’s non-oil private sector economy continued to grow in January, albeit at a softer pace, driven by an increase in new orders and boost in output despite Omicron headwinds.
The emirate’s seasonally adjusted IHS Markit Purchasing Managers’ Index reading stood at 52.6 in January, down from 55.3 in December. A reading above 50 indicates economic expansion, while one below points to a contraction.
The index was above the 50 neutral mark for the 14th consecutive month, indicating a solid upturn in business conditions across the non-oil private sector.
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Abu Dhabi ports sees strong debut after billion-dollar IPO
Shares in Abu Dhabi Ports surged 17 percent on its market debut on Abu Dhabi’s stock exchange, ADX.
The stock price of the company, known to be one of the leading logistics facilitators in the region, reached 3.75 dirhams ($1.02) on Tuesday, according to Bloomberg.
Even as the shipping sector got hit by supply chain snags, the Abu Dhabi-based port operator earlier struck a billion-dollar initial public offering, raising 4 billion dirhams.
A total of 1.25 million shares of the company, which is owned by the Abu Dhabi sovereign wealth fund, were sold in the intial public offering.
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Bahrain announces long-term visa to ‘boost economy’
Bahrain announced Monday the creation of long-term visas for foreigners in an effort to “boost the economy”, following in the footsteps of some of its Gulf neighbours.
With just over half of its 1.7 million population made up of foreigners, Bahrain is seen as a hub for professional expatriates, like much of the Gulf region.
Amid volatility in oil prices, many of the region’s countries have been seeking to diversify their economies away from dependence on fossil fuels, and have in turn relaxed immigration procedures in a bid to attract talent.
Dubbed the “golden residence”, the new Bahraini visa can be allocated to those who receive a salary of at least 2,000 dinars (about $5,300) or pensioners with an income of 4,000 dinars, the interior ministry said.
Those who own properties worth at least 200,000 dinars are also eligible to receive the golden residence, as well “talented” individuals, the ministry added.
The visa offers 10 years of residency in the kingdom, which can be renewed “indefinitely”, provided certain criteria are met.
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Oman opens Duqm port as part of diversification push
Oman officially opened Duqm Port on Friday as it seeks to diversify its economy and expand its infrastructure.
The project — which is being developed in partnership with the Belgium’s Port of Antwerp — was opened in the presence of the Belgium’s King Philippe and Queen Mathilde, who arrived in Oman for a three-day trip on Thursday.
Duqm Port is a “major driver” of the projects under the Oman 2040 vision, Ahmed Al Dheeb, deputy chairman of the Public Authority for Special Economic Zones and Free Zones, said at the opening, the Oman News Agency reported.
The port is a “qualitative leap” towards improving the competitiveness of the sultanate and is an “important addition to integration with the country’s multiple ports due to its geographical location, which is planned to be a logistical centre serving international shipping lines between Asia and Europe”, he said in his speech.
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Qatar’s GDP projected to reach $201bn in 2025
US-Qatar Business Council (USQBC) has released a new report on Qatar’s foreign direct investment (FDI) environment titled, “Foreign Direct Investment in Qatar: Recent Developments and Opportunities.” This report includes key indicators, important initiatives, and the important role that US companies have played in attracting additional investors to the country.
The report was sponsored by Qatar National Bank (QNB), a USQBC member, at the Gold Level. It also includes a comprehensive review of Qatar’s legal environment provided by Al Sulaiti Law Firm, a partner of USBQC.
The report finds that Qatar has been able to successfully overcome many recent economic challenges including the COVID-19 pandemic and the Gulf dispute by instituting favorable FDI policies, launching key initiatives, and enacting new investor-friendly legislation to attract additional investment in the country’s pursuit of creating a knowledge-based, diversified economy.
“Qatar is a magnet for foreign direct investment,” said Mohammed Barakat, Managing Director of USQBC. “The US continues to be Qatar’s largest foreign direct investor with a total of $110.6bn in FDI, and we expect this number to only increase going forward.”
FDI flows into Qatar have been on an upward trend thanks to the country’s political stability, high quality infrastructure, stable currency, and low corporate tax rates which will have a direct impact on the country’s GDP. Given the country’s current trajectory and the continuous pro-business reforms, Qatar’s GDP is projected to increase from $161bn in 2021 to $201bn in 2025.