DED issued 1,298 new trade licences in June 2012

The Dubai Department of Economic Department, or DED, issued 1,298 new trade licences during June 2012, indicating a growing interest in commercial and professional activities among businessmen and investors in Dubai, it was announced on Monday.

Commercial licences accounted for 72 per cent of the total licenses issued, followed by professional (25 per cent), industrial (one per cent) and tourism (two per cent). The month of June also saw 4,998 being amended while 7,647 licences were renewed. The total number of business registration and licensing (BRL) transactions reached 48,053, compared to 43,631 in June 2011, an increase of 10 per cent.

The number of reserved trade names reached 5,157 in June, a 13 per cent increase compared to the same month in 2011, and the number of initial approvals reached 2,422, an 11 per cent increase year on year.

The total number of commercial activities licensed in June 2012 was 3453, with general trade leading the list of the top 10 licensed activities (146 licences) followed by Dyes & paints (112 licences); Tiling of floors and walls (102); Readymade garments (101); Perfumes and cosmetics (101); Carpentry and flooring (99); Sanitary extensions & wares (98); Installation of suspended ceilings and light partitions (98); Installation of air conditioning systems, ventilation and air purification (95) and Textiles and fabrics (83).

The number of professional activities licensed in June 2012 reached 897 with Residences & building cleaning services leading the list of the top 10 licensed activities in this category with 60 licences, followed by Restaurants, Sewing, Embroidery, Cafes and Printing.

In the tourism sector, inbound tourism was the leader with 10 licenses, followed by hotels, travel agent (7), hotel apartment rentals, and tourism trips.In the industrial activities category, metal for building construction, and raw plastics led the list of licensed activities with two licenses each, followed by meat products, poultry products, ships, juices, tents and umbrellas, clothes, and schools & hospitals furniture.

UAE business competitiveness on the rise: Dubai Chamber study

The UAE ranks as the third-most competitive economy in the region after Qatar and Saudi Arabia, the latest study by Dubai Chamber of Commerce and Industryfinds.

According to the World Economic Forum's Global Competitiveness Report 2011/12, the UAE ranks 27th out of 142 countries, below Switzerland (in the 1st place), United States (5th), Qatar (14th) and Saudi Arabia (17th), but higher than other regional peers, such as Oman (32nd), Kuwait (34th), Bahrain (37th) and Egypt (94th).

Moreover, according to the World Bank's Doing Business 2012 report, UAE advanced two places to 33 out of 183 countries compared to the rankings of the previous year while the country ranks 5th in the world for trading across borders, 6th for registering property and 7th for paying taxes.

Additionally, in 2012, the UAE has recorded the first place globally in the field of efficiency of governmental fiscal policy issued by the International Institute of Management Development (IMD) in Switzerland.

Further, the country's legal and regulatory environment is more than adequate as according to the World Bank's 2011 World Governance Indicators (based on figures for 2010), the UAE scores reasonably well comparing to other countries in the region for its rule of law.

The study states that though general legal standards across the region have intensely improved during the last few years, UAE's regulatory quality is improving and showing an advancing trend in recent years.

Moreover, the study indicated that government effectiveness is high and the overall freedom to conduct business is well protected under the existing regulatory environment as the UAE tax regime, which is a major attraction for foreign investors, strengthens Foreign Direct Investment (FDI) inflows, as both income and sales taxes are non-existent.

Also, the study points out that the UAE has long been an attractive investment destination. However, there are a number of challenges that need to be addressed. According to the World Bank's Doing Business 2012 report, there are aspects of the business regulatory environment that needs immediate attention, including resolving insolvency (ranked 155), contract enforcement (134), protecting investors (122) and getting credit (78). The inadequacies of the bankruptcy legislation remain a major challenge for the UAE.

Specifically, according to the same report, the time taken to resolve bankruptcy is around 5.1 years, well above the regional average of 3.4 years and the average Organisation for Economic Co-operation and Development (OECD) member countries' experience of 1.7 years.

The recovery rate (at 11 cents in the US dollar) is low in comparison with the regional average of 29.7 cents and 68.2 cents for the average OECD countries, the study concludes.

Dubai International Financial Center (DIFC) - A place for all Financial Giants

The Dubai International Financial Centre (DIFC) is the financial and business hub connecting the region's emerging markets with the developed markets of Europe, Asia and the Americas.

Since its launch in 2004, DIFC, a purposely built financial free zone, has been committed to encouraging economic growth and development in the region through its strong financial and business infrastructure. Currently, DIFC's client base comprises over 800 active registered firms, including 21 of the top 30 global banks, 8 of the top global money managers, 6 of the 10 largest insurers and 6 of the top 10 law firms in the world. More than 12 thousand employees operate in an open environment complemented by international legal and regulatory standards. DIFC offers its member companies benefits such as 100 percent foreign ownership, zero percent tax rate, with no restriction on capital convertibility or profit repatriation. DIFC has its own independent financial and ancillary services regulatory body, the Dubai Financial Services Authority (DFSA). It also has the DIFC Courts, which is an independent common law judiciary based in DIFC with jurisdiction over civil and commercial disputes in or relating to the Centre.

DIFC is built upon a modern legal, regulatory and physical infrastructure which makes it the destination of choice for Financial Services firms establishing a presence in the region.

Eligible person's to sponsor their Family inside UAE

The salary of the persons permitted to bring their families shall not 
be less than Four thousand Dirhams if the employing party 
provides them with an accommodation and Five thousand if the 
employing party doesn’t provide them with an accommodation;
And the salary shall be confirmed in pursuant of an official 
certificate attested by the interested authorities in the state;

The following groups but not others shall be allowed to bring their 
families: 
• Engineers,
• Doctors, pharmacists and nurses,
• Agricultural guides,
• Qualified accounts and auditors,
• The education members in universities and high educational 
institutions and teachers,
• Officers in the army forces and police,
• The technicians working with scientific electronic instruments 
and in laboratories,
• Advocates and Lawmen,
• The employees in oil companies,
• The qualified managers,
• The businessmen who are partners in the companies with 
limited liability provided that the partners portion is not less than 
the third or seventy thousand Dirhams as a minimum, and it 
shall be possible to add or omit from these groups with an order 
from the Council of Ministers in order to achieve the general 
welfare, and professions of these groups shall be identified in 
pursuance of the confirmed work card and contract;

Company's should submit wages report to Labor on time

Any foundation, which doesn’t commit to submit the mentioned
reports or any of them as required by the ministry, the document
required from it or presenting unreal data, is considered in a state
of violation to the rules of this resolution, and all the administrative
and penal procedures mentioned in the federal law no. (8) for the
year 1980 and the ministerial resolution will be taken against it

Labor Department can verify anytime with the Institution about Wages

The authorized department of labour has a right to ask the
foundation for a report done by a professional auditor clarifying the
way of paying the workers’ wages in the period of time specified by
the ministry. The foundation has to submit the above mentioned
report on the time specified by the authorized department of
labour.

UAE cities rated best to live and work in Arab World

The UAE cities - Abu Dhabi, Dubai and Sharjah - have been rated the best cities to live in the Arab World where there's is least red tapism, offering better job opportunities, better overall quality of life and competitive salaries, said a survey released on Monday.

The 'Top Cities of the Middle East' survey, conducted by Bayt.com and YouGov, has identified the top cities in the Middle East in terms of several wide-ranging factors - from economic to environmental - that affect residents' life.

According to the survey's respondents, the top five cities in the Arab world to live in are, in order: Abu Dhabi, Dubai, Sharjah, Manama, and Muscat. The survey factored in economic factors, entrepreneurial factors, labour rights, environmental factors, everyday life, socio-cultural factors, and quality of life.

Economic factors

Job availability across the region is considered to be "average" in most cities. Riyadh is considered to have the highest possibility of employment with 49 per cent stating that the availability of jobs is either "good" or "excellent". Doha comes second with 49 per cent, followed by Jeddah (38 per cent), Abu Dhabi (37 per cent) and Dubai (34 per cent). The city considered to have the lowest employment opportunities is Beirut.

Doha is considered to have the most competitive salaries according to 44 per cent of respondents, though Abu Dhabi follows closely behind with 41 per cent. Other cities offering compensation that is considered to be high are Riyadh (40 per cent), Dubai (38 per cent) and Sharjah (30 per cent). On the other end of the spectrum Damascus and Amman are considered to offer the lowest salaries, with 68 per cent respondents for each voting bad/poor.

The most affordable housing can be found in Sharjah, with 47 per cent of its residents claiming residential costs are "good" or "excellent". This is followed by Manama with 44 per cent, and Muscat with 34 per cent, while Damascus comes in last with 76 per cent stating that the housing price situation is either "bad" or "poor". Beirut and Algiers come in close behind with 74 per cent and 73 per cent, respectively.

Four out of ten respondents (42 per cent) in Manama state that it is it is excellent in terms of affordability in terms of cost of living. Riyadh and Sharjah, with 30 per cent and 29 per cent respectively, are also considered to be affordable, whereas Amman and Beirut are seen to be the most expensive by its residents. Manama also comes out top in terms of affordable utilities, followed by Kuwait City and Riyadh; Beirut and Amman rank lowest.