Austrian Minister praises UAE for its values of excellence, global openness
27 Apr 2025 17:12
DUBAI (WAM)Wolfgang Hattmannsdorfer, Federal Minister of Labour and Economy of Austria, praised the UAE for its values of excellence and global openness, which he experienced during his recent visit.Speaking during the Discover Europe Travel Summit meets Marhaba 2025 event, which concluded yesterday in Dubai, he stated, "From the UAE, I learned two essential things: a steadfast commitment to excellence and a spirit of global openness, qualities that we need to further strengthen in Austria."The Austrian minister emphasised that his visit was not limited to forging economic partnerships but also served as a journey of learning and exchange.He highlighted the remarkable hospitality he received, noting that Austria and the UAE share joint values. This shared spirit, he added, forms a solid foundation for strengthening economic relations. Currently, trade between Austria and the UAE stands at approximately 1 billion euros, with ambitions to expand it further in the near future.In 2024, Austria welcomed around 146,800 tourists from the UAE, who spent a total of 447 overnight stays during their visits.The Minister stressed the importance of encouraging more Austrian tourists to visit the UAE and attracting even greater numbers of Emirati tourists to Austria.He also pointed out that Austria's foreign direct investment (FDI) in the UAE amounted to around 12.339 million euros in 2024.He also indicated that his visit to the UAE reflects Austria's commitment to deepening bilateral ties, especially given the many commonalities between the two nations, whether in terms of geographic size, population, or shared values.He further explained that areas of collaboration include energy, particularly renewable energy, and construction, with leading Austrian companies actively participating in major projects across the UAE.He also expressed interest in expanding cooperation in the fields of infrastructure, as well as pharmaceutical and medical industries.
He emphasised the importance of free trade agreements, stressing the Austrian government's support for the launch of negotiations on a Free Trade Agreement between the European Union and the UAE.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Today
6 minutes ago
- Gulf Today
UAE and Bahrain to boost trade, economic, investment relations
The Bahrain-UAE Business Forum kicked off on Friday in the Bahraini capital, Manama, with the participation of senior officials from both countries, along with representatives of leading Emirati and Bahraini companies. Dr. Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, led a high-level UAE delegation to participate in the forum. The forum comes as strategic relations between the two countries grow from strength to strength, particularly in areas relating to economic, trade and investment relations. Discussions focused on increasing cooperation between the two nations in economic sectors of mutual benefit, including finance, water security, tourism, logistics and energy. In a keynote address, Al Zeyoudi stressed that relations between the two countries are witnessing continuous growth along their path to reach a solid and sustainable strategic partnerships in various fields. Al Zeyoudi stated, 'These positive developments in our strategic partnership are being driven by the forward-looking vision and common will of the leadership of both nations, who seek to boost our relations to new heights in order to achieve the common development aspirations of both our peoples. They are also boosted by positive meetings between President His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Majesty King Hamad bin Isa Al Khalifa of the Kingdom of Bahrain.' Al Zeyoudi also reaffirmed the UAE's commitment to building strong regional trade and investment relationships, with Bahrain a key partner in these efforts. He highlighted the deepening and historic economic ties between the two nations, achieved through bilateral and multilateral deals, including the Industrial Integration Partnership for sustainable economic development. Al Zeyoudi restated the mutual vision of securing supply chains, integrating value-added industries into their economies and diversifying their manufacturing base to create jobs. Al Zeyoudi noted that trade and investment relations between the UAE and Bahrain have grown strongly in recent years. Bilateral non-oil trade reached Dhs33.9 billion in 2024, an increase of 23 per cent when compared to 2023. Overall, between 2015 and 2024, UAE-Bahrain trade has increased by an average of 11 per cent per year, the fastest of any of the UAE's Gulf partners, with whom the average growth rate was 8 per cent. Overall, the UAE is Bahrain's second-largest trading partner globally, comprising 10.4 per cent of its total worldwide trade. In turn, Abdulla bin Adel Fakhro, Minister of Industry and Commerce of the Kingdom of Bahrain, stressed that the forum reflects the depth of relations and strategic integration between Bahrain and the UAE and represents a new milestone in their partnership. During his opening speech at the forum, Fakhro welcomed Al Zeyoudi and his accompanying delegation, praising their visit to Bahrain and their participation in the forum, which confirms a mutual keenness to enhance bilateral cooperation in various economic sectors. Fakhro explained that the forum is being held at an important time, and embodies the common conviction that economic integration is not only achieved through the exchange of goods and investments, but also through the activation of agreements and memorandums of understanding signed between the two countries, allowing the private sector opportunities to expand and access new markets. Fakhro pointed to the importance of the recent memorandum of understanding on integration in the National Added Value (ICV) programmes, which allows products manufactured in either country to be treated as national products in the other country, helping to strengthen local industries and increase opportunities for preference in government procurement. Fakhro also announced the inauguration of the Emirates Investor Centre at the headquarters of the Ministry of Industry and Commerce, as agreed as part of a memorandum of understanding concluded between the two sides. He stressed that the centre will provide facilities and services to Emirati investors. Fakhro expressed his thanks and appreciation to all participants and organisers, reiterating his hope that the forum will contribute to pushing the economic relations between Bahrain and the UAE towards further progress and prosperity. The Bahrain-UAE Business Forum included several panel discussions and presentations, with the participation of a group of senior officials and business leaders from both sides, including a session entitled 'Competitive Investment Environment for Entrepreneurs and Investors in Bahrain and the UAE', and another session entitled 'Growth Gateways - Prospects for Cooperation in Free Zones'. Meanwhile, the session entitled 'Empowering the Financial Future - Bahrain-UAE's partnership in financial innovation' pointed to the promising potential of the two countries in the field of financial technology and the prospects for integration between them. WAM
Sharjah 24
7 hours ago
- Sharjah 24
EPA expands global footprint with strategic Latin American Engs.
These strategic participations reflect the capacity of the UAE's publishing industry to build cultural bridges with the world. They also reaffirm the Association's commitment to opening new horizons for Emirati publishers to exchange expertise with their counterparts across continents and to forge promising connections with one of South America's most important publishing markets. Rio Reads... and the UAE Takes Part June 2025 marks an intensive programme of activities by the Association in Brazil. Its delegation is taking part in four of the country's most prominent publishing-related events in Rio de Janeiro, including the Rio International Book Fair (13–22 June)—the largest and most influential public literary event in Brazil and Latin America. The delegation is also participating in the 6th Professional Journey, the Rio International Publishers Summit, and the PublisHer Summit, which is dedicated to empowering women in publishing leadership. This participation takes place during a year when UNESCO has named Rio as the 'World's Book Capital', under the theme 'Rio de Janeiro Continues to Read.' Professional Platforms and Strategic Engagements During the 6th Professional Journey, organised by the Brazilian Book Chamber, the Emirates Publishers Association—represented by publisher Amira BuKdara, co-founder of Ghaf Publishing and Library and President of the Association's Board—will participate in an exclusive meeting. This platform offers accompanying Emirati publishers the opportunity to meet with buyers and professionals from the sector, as well as to schedule one-on-one meetings aimed at expanding the presence of Emirati publishing in Portuguese-speaking markets. The programme features a series of lectures and discussions on rights exchange and translation. The Association is visiting the Rio International Publishers Summit, organised by the Brazilian National Syndicate of Book Publishers, which gathers a distinguished group of publishing experts from around the world to address key industry topics such as publishing technologies, audiobooks, reading promotion, and women's empowerment. Additionally, the Association is attending the PublisHer Summit, held in collaboration with the Syndicate, which features panel discussions highlighting the success stories of women in the book industry and the challenges encountered by female leaders in publishing. The summit brings together influential women from across generations who are shaping the future of the sector. Buenos Aires: A Successful Visit The Association's presence in Rio follows a successful visit to the Buenos Aires International Book Fair 2025, held from 22 April to 12 May, where Riyadh was the Guest of Honour for this edition. During the visit, the Association's delegation held a series of strategic meetings with key stakeholders in Argentina's publishing and cultural sectors. These included talks with the Fair's Board of Directors, representatives of publishing associations, and officials from the Ministries of Foreign Affairs and Culture in Buenos Aires. The meetings explored avenues for enhancing bilateral cultural cooperation and increasing mutual participation in international fairs and initiatives. Enriching Cultural Exchange Commenting on the Association's participation, Amira BuKdara, President of the EPA Board stated: 'Our engagement in Rio de Janeiro and Buenos Aires marks a significant step in our ongoing efforts to strengthen the global presence of Emirati literature. Participating in major international gatherings—both professional and public—opens up new opportunities for collaboration, translation, and co-publishing. It also allows us to share Arab stories with a broad and diverse audience. We firmly believe that cultural exchange plays a vital role in the book industry, and these events offer us the chance to be active contributors to the global publishing scene.' She added: 'Through this initiative, we aim to explore opportunities for translating Arabic content and bringing it to audiences who speak a different language but share our passion for books and knowledge.' New Horizons These participations represent a strategic opportunity to strengthen cultural ties and pave the way for Emirati publishers to integrate into diverse new markets. They also reflect the Emirates Publishers Association's vision of establishing the UAE as a central hub in the global publishing industry, while promoting cultural and intellectual exchange between the Arab world and Latin America—celebrating diversity and amplifying the voice of the Emirati publisher across new frontiers
Hi Dubai
9 hours ago
- Hi Dubai
Foreign-Owned Real Estate Firms Surge in the UAE: Opportunities and Challenges
What is really driving the rise of foreign-owned real estate firms in the UAE? It goes far beyond tall towers and lifestyle promises. At the center of this momentum are new laws, global investor demand, and a well-planned strategy that has turned Dubai and the wider UAE into a magnet for international property firms. In this article, we explore what's behind the growth of foreign-owned real estate firms in the UAE, unpack the many benefits available, and examine the challenges that investors should consider before entering this fast-evolving market. The Policy Reforms That Changed Everything Opening the Market to Foreign Ownership Dubai's real estate transformation began in 2002 when freehold ownership was introduced. This allowed non-UAE nationals to purchase, sell, and lease properties in specific areas. But the real boost came in 2006 with Law No. 7, which legally protected these rights under a formal registry. Since then, Dubai has gradually expanded its list of freehold zones to include high-demand areas like: Dubai Marina Downtown Dubai Palm Jumeirah Al Wasl Meydan Dubai South Al Jaddaf Sheikh Zayed Road (SZR) These zones are carefully chosen based on demand potential, urban development plans, and infrastructure access. Meanwhile, other emirates like Abu Dhabi offer leasehold rights to foreigners, typically for 99 years, but with more restrictions compared to Dubai. This means a foreign investor's experience varies by emirate and requires location-specific legal advice. Full Company Ownership Reform (2020) Previously, foreign investors had to partner with a local Emirati sponsor to start a business in the UAE. This changed dramatically in 2020 when the government removed this requirement, allowing full foreign ownership of onshore companies across most sectors, including real estate development and brokerage. This gave foreign real estate firms the ability to operate independently, register under their own name, and control their business strategy, making Dubai even more attractive for long-term real estate operations. The Role of Economic Diversification and Urban Planning While real estate was booming, the UAE's leadership realized that long-term sustainability required a diversified economy. Dubai, especially, had limited oil reserves and needed new sources of growth. Real estate became the foundation for other sectors like tourism, finance, trade, and healthcare to thrive. Its direct and indirect contributions to GDP made it a centerpiece of national planning efforts. Key government plans that shaped the sector: Dubai 2040 Urban Master Plan: Focuses on sustainability, green mobility, and population growth across five urban centers. Focuses on sustainability, green mobility, and population growth across five urban centers. UAE Centennial 2071: Aims to position the UAE as a global leader in innovation, education, and investment over the next 50 years. Aims to position the UAE as a global leader in innovation, education, and investment over the next 50 years. Tourism Strategy 2031: Designed to attract over 40 million hotel guests annually, boosting hospitality-driven real estate demand. These initiatives created fertile ground for large-scale, mixed-use real estate projects that appeal to international developers. A Tax-Friendly Environment for Foreign Real Estate Investors The UAE's tax policy is one of the strongest selling points for investors. Here's what makes it exceptional: No property tax: Owners don't pay annual property taxes, unlike in countries like the US or the UK. Owners don't pay annual property taxes, unlike in countries like the US or the UK. No capital gains tax: Profit from selling property is not taxed. Profit from selling property is not taxed. No personal income tax: Rental income is tax-free for individual owners not conducting formal business. Rental income is tax-free for individual owners not conducting formal business. Corporate tax (9%) only applies to taxable profits exceeding AED 375,000 for businesses. REITs and income from properties leased in free zones may qualify for exemptions. only applies to taxable profits exceeding AED 375,000 for businesses. REITs and income from properties leased in free zones may qualify for exemptions. No inheritance tax or wealth tax for property passed to heirs. On top of this, the UAE has signed over 140 double taxation agreements with countries worldwide, protecting investors from being taxed in both their home and host countries(Source: UAE Ministry of Finance, 2024). Strategic Infrastructure and Free Zones: A Built-in Advantage The UAE doesn't rely on policy alone—it has backed up its ambitions with world-class infrastructure. For foreign real estate firms, this signals long-term value, stability, and operational ease. Key highlights: Transport infrastructure Ongoing expansion of Al Maktoum International Airport, projected to be the largest airport by capacity. Efficient metro and tram systems, with new routes planned along growth corridors. Excellent road networks and maritime connectivity at Jebel Ali Port. Power and logistics Smart city initiatives are improving digital infrastructure, AI-based planning, and sustainability features in buildings. Dubai Electricity and Water Authority (DEWA) offers reliable and cost-efficient services. Free zones boosting commercial activity Jebel Ali Free Zone (JAFZA) Dubai Internet City Dubai Design District (d3) Dubai South Dubai Silicon Oasis These zones offer benefits like 100% foreign ownership, zero customs duties, and fast-tracked setup processes, making them a popular choice for foreign developers. Who's Building—and Who's Buying? Top Developers Leading the Charge Dubai's skyline is shaped by a handful of powerful developers who dominate both the luxury and mid-tier markets. Their global reputation and ability to deliver large-scale projects act as a safety net for foreign investors. Emaar Properties: Known for Burj Khalifa, The Dubai Mall, and Dubai Hills Estate. Known for Burj Khalifa, The Dubai Mall, and Dubai Hills Estate. Damac Properties: Specializes in luxury residences and branded communities like DAMAC Lagoons and DAMAC Hills. Specializes in luxury residences and branded communities like DAMAC Lagoons and DAMAC Hills. Nakheel: Created the iconic Palm Jumeirah and other waterfront mega-projects. Created the iconic Palm Jumeirah and other waterfront mega-projects. Sobha Realty, Meraas, Azizi Developments, Danube Properties: Known for delivering high-end apartments and family-friendly communities. Top Investor Nationalities (Dubai Land Department Data) Year Total Investment Value Top Foreign Investors 2015 AED 81 Billion India, UK, Pakistan 2017 AED 84 Billion Foreign women investors = AED 21 Billion 2023 USD 172.6 Billion 42% from non-resident foreign investors 2024 AED 761 Billion 110,000 new investors (Russia, India, China) (Source: Dubai Land Department Annual Reports 2015–2024) This broad mix of nationalities reduces the risk of over-dependence on any one market, offering resilience in times of global economic shifts. Market Performance: A Snapshot of Strong, Sustained Growth The UAE real estate sector, especially in Dubai, has shown steady performance backed by rising prices, robust rental yields, and increasing transaction volumes. These numbers tell a story of both strong demand and real investor confidence. Key Indicators of Dubai's Market Health (2023–2025) Metric Value/Rate Period Source Total Transactions 226,000 2024 Dubai Land Department (DLD) Total Investment Value AED 761 Billion 2024 DLD Residential Price Growth 20.7% (YoY) Q1 2024 CBRE, Knight Frank Reports Apartment Price Increase 20.43% (YoY) Q1 2024 Property Monitor Villa Price Increase 22.08% (YoY) Q1 2024 Bayut & Dubizzle Annual Reports Commercial Property Price Growth 13.19% (YoY) 2024 Asteco, Savills Office Occupancy Rate (Dubai & AD) 94% 2024 JLL UAE Market Overview Rental Yields (Luxury) 4.5% – 6.5% Early 2025 Est Property Finder, Betterhomes Rental Yields (Mid-market) 6.0% – 8.5% Early 2025 Est Property Finder, Bayut Rental Yields (Affordable) 7.0% – 9.5% Early 2025 Est DLD, real estate brokerage reports UAE GDP Growth Forecast ~4.7% 2025 UAE Central Bank These figures point toward a fundamentally strong market, where price growth is backed by real demand, and rental yields remain competitive even by global standards. Opportunities for Foreign Investors For global real estate firms and individual investors, Dubai offers much more than high returns. The investment comes with long-term advantages that go far beyond bricks and mortar. 1. High Net Returns and Wealth Preservation No capital gains or income tax means investors keep almost all of what they earn—this is rare globally. means investors keep almost all of what they earn—this is rare globally. Consistent property price appreciation , especially in freehold zones, makes it ideal for long-term asset growth. , especially in freehold zones, makes it ideal for long-term asset growth. Strong rental demand in areas like Dubai Marina, JVC, Downtown, and Business Bay creates stable cash flow. 'Dubai's average gross rental yields are among the highest in the world—almost double what investors get in cities like London or Hong Kong.' (Knight Frank UAE Residential Market Report, 2024) 2. Residency Options for Investors Dubai's government ties property investment to visa opportunities, creating long-term value for families and business owners alike. AED 750,000+ investment → 2-year renewable residence visa → Covers spouse and children → 2-year renewable residence visa AED 2 million+ investment→ 10-year Golden Visa→ Includes spouse, children (no age limit), parents, and domestic staff→ Remains valid even if the investor passes away during the term→ Can be financed via approved bank loans → Must hold property for at least 2 years This makes the UAE attractive not just for investment, but also for relocation, education, and healthcare access for global families. 3. Flexible Payment and Finance Options Developers and banks have made it easier than ever for international buyers to enter the Dubai market. Off-plan properties with post-handover payment plans → Pay 20–30% upfront, rest over 3–5 years with post-handover payment plans → Pay 20–30% upfront, rest over 3–5 years Interest-free installments in some projects in some projects Mortgages for non-residents are now widely available → Loan-to-value ratios of 70–80% are common for eligible buyers This removes a major barrier for those without full upfront capital and diversifies the investor base beyond cash-rich buyers. 4. Tokenization: The Future of Property Investment Dubai is one of the first global real estate markets to embrace tokenization, which allows properties to be divided into fractional digital shares using blockchain technology. Dubai Land Department estimates AED 60 billion in tokenized property value by 2033 in tokenized property value by 2033 Makes investment accessible to smaller investors or crypto-savvy buyers Ideal for high-value assets (e.g., luxury hotels, towers) where full ownership is not feasible This is part of Dubai's broader strategy to digitize and modernize real estate, while staying ahead of global trends. Challenges in the Market: What Foreign Investors Must Watch Despite its appeal, the UAE real estate market, like any other, has areas of risk. Understanding these upfront can help investors plan better and avoid costly mistakes. 1. Market Volatility and Oversupply Risks While demand is strong, some areas face the threat of oversupply, especially in emerging communities. Developers are launching thousands of new units in JVC, Dubai South, and Al Furjan. If supply outpaces demand, rental yields can soften in the short term. Global economic slowdowns or oil price shocks can influence buyer sentiment and spending. That said, prime zones like Downtown, Marina, and Business Bay remain resilient due to limited availability and high demand. 2. Regulatory Complexity Across Emirates Rules for foreign ownership vary from one emirate to another: Dubai : Liberal with extensive freehold zones and streamlined processes : Liberal with extensive freehold zones and streamlined processes Abu Dhabi : More leasehold than freehold; limited foreign zones : More leasehold than freehold; limited foreign zones Sharjah and Northern Emirates: Some opportunities, but generally less open to full foreign ownership This means investors must: Verify which zone they're buying in they're buying in Understand ownership rights (freehold vs leasehold) Check visa eligibility based on property value and payment method 3. Liquidity and Transaction Costs Real estate is a long-term game in Dubai. Quick flipping is harder due to costs and liquidity: Dubai Land Department registration fee : 4% of the purchase price : 4% of the purchase price Agency commissions : 2% typically (negotiable) : 2% typically (negotiable) Service charges : Ongoing annual costs for maintenance, typically AED 10–25 per sq. ft. : Ongoing annual costs for maintenance, typically AED 10–25 per sq. ft. Exit costs: Legal, bank, and brokerage fees on resale Real estate also takes weeks or months to sell, especially in slower periods. Investors should plan for a 3–7 year horizon for solid gains. Strong Government Oversight and Investor Safeguards The UAE has put serious effort into building a transparent, investor-friendly ecosystem. Several institutions help ensure that both individuals and firms feel safe operating here. Dubai Land Department (DLD) Regulates all property transactions Maintains ownership registry and data portals Operates via digital tools like the Dubai REST App, which lets users track ownership, payments, and legal documents Real Estate Regulatory Agency (RERA) Ensures developers and brokers are licensed Oversees escrow accounts for off-plan projects Protects buyers from fraud or delivery delays Escrow Account System Developers must deposit investor funds in escrow Money is only released when construction milestones are met Offers security in off-plan deals Rental Dispute Center (RDC) Handles tenancy disputes efficiently Offers legal mediation and fast-track decisions Protects both landlords and tenants Anti-Money Laundering (AML) and Compliance Measures Since its removal from the FATF Grey List in 2024, the UAE has significantly tightened financial scrutiny in real estate. Current Requirements for Buyers: Must complete KYC (Know Your Customer) checks The source of funds must be declared and verified Corporate buyers must disclose Ultimate Beneficial Owners (UBOs) Virtual asset purchases (e.g., crypto) must go through licensed Virtual Asset Service Providers under Central Bank rules This gives credibility to the market and reassures international regulators that Dubai is serious about transparency and compliance. Foreign investment in the UAE's real estate sector reflects the country's progress in creating a globally trusted property market. Clear ownership laws, strong regulatory oversight, visa-linked incentives, and a fully digital transaction process have made real estate more accessible and secure for international buyers. The government's long-term urban planning and commitment to economic diversification continue to strengthen investor confidence. With high rental yields, rising property values, and supportive infrastructure already in place, now is the best time to invest in a market built for both growth and stability. Also read: DIFC Unveils Heights Tower: Sales Launch for Landmark Live-Work-Play Development Begins 16 April Dubai International Financial Centre (DIFC) has announced that sales for its newest residential project, Heights Tower, will officially begin on 16 April 2025. Dubai Real Estate Investment Guide 2025: Your Pathway to Lucrative Opportunities Explore Dubai's real estate market in 2025 with this expert investment guide—covering top areas, opportunities, legal tips, and high-return strategies. What's Driving Dubai's Property Surge? It's More Than Just Demand Dubai's property surge isn't just demand-driven—economic policies, innovation, and global investment are shaping its unstoppable real estate boom. Best Investment Opportunities in Dubai for Residents Discover smart investment opportunities in Dubai for working professionals & residents—secure, low-risk ways to grow your savings wisely.
