The UAE Cabinet discussed the UAE Digital Economy Strategy, which includes more than 30 initiatives and programmes targeting six sectors and five new areas of growth
UAE Ministry of Finance
business strategy
UAE Ministry of Finance’s MBRIF to mentor new cohort of entrepreneurs in its Innovation Accelerator programme
The Innovation Accelerator programme offers guidance and coaching on implementing business strategies, routes to market, and access to funding, while offering networking opportunities with key stakeholders, potential investors, and market experts
Business Support Programme
UAE Ministry of Economy reveals three new programmes, slew of initiatives to support SMEs, entrepreneurs
SMEs represent 94 percent of the total companies and institutions operating in the country and contribute more than 50 per cent to the country’s GDP
base erosion
UAE, OECD discuss global tax standards, tax challenges arising from digitalising the economy
The UAE Ministry of Finance and OECD officials also discussed the need to address base erosion, profit shifting, economic substance regulations, and common reporting standards
AI infrastructure
Mohammed Bin Rashid Innovation Fund provides $1.36mn in funding to q-commerce tech startup Quiqup
The guarantee for a loan from MBRIF enables Quiqup to access affordable debt finance to continuously invest in their research and development capabilities and strengthen their innovative technology solution, as they plan to scale across the region
EITC
Federal royalty paid by UAE telcos to remain at same level until 2024
Du says gov’t tax will be maintained at 15% of the company’s revenues plus 30% of profit
bonds
Huge investor demand seen as UAE closes $4bn sovereign bond
Ministry of Finance says issuance raised by $1bn after global books peaked at over $22.5bn
bond issuance
UAE’s Ministry of Finance set to issue dollar-dominated multi-tranche bond offering
Subscription of the sovereign bonds expected to witness high demand from global and regional investors
deputy ruler of Dubai
Sheikh Hamdan, Deputy ruler of Dubai, passes away – 10 days of mourning announced
Sheikh Mohammed bin Rashid Al Maktoum led the tributes on Wednesday morning following the death of his brother
2020 UAE Federal Budget
UAE’s 2020 federal budget to see 2% boost
42.3% of the UAE’s federal budget next year will go to social development projects
UAE cabinet
Revealed: the UAE gov’t fees that have been reduced or cancelled
UAE’s Ministry of Finance revealed on Thursday that over 1,500 federal government services fees will either be reduced or cancelled
Department of Finance Abu Dhabi
UAE rail operator said to seek advisor to raise up to $3bn
Sources say funds will be used to lay more than 600km of track from Ghuweifat, at the Saudi border, to Fujairah
CBUAE
UAE provided $5.3bn in grants to governments, organisations in 2018
The grants include current or capital transfers from the Government to other Government units, international organisations or foreign governments, excluding transfers between Federal and Local Governments
carbonated drinks
UAE considers adding more ‘harmful’ products to excise tax list
Tobacco products and carbonated and energy drinks doubled in price following the introduction of excise tax
Bond sale
UAE federal bank to sell bond following passage of debt law
New law gives its less wealthy emirates access to debt at lower interest rates
accelerator
Ministry of Finance launches new innovation accelerator
The Mohammed bin Rashid Innovation Fund Accelerator aims to support local and international innovators that can contribute to the UAE’s economy
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digital payments
UAE to launch new integrated payment system
The UAE Ministry of Finance will implement the system in 2020