Latest news with #Dh240
Al Etihad
09-04-2025
- Business
- Al Etihad
Al Zeyoudi: UAE, India continue to reap benefits of CEPA
9 Apr 2025 16:00 ABU DHABI (WAM) Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, said that the UAE and India share a strong mutual commitment to elevating their strategic partnership across all sectors. This cooperation, he noted, is aligned with the ambitious development goals of both nations and contributes to sustainable economic growth and shared prosperity for their to WAM, Al Zeyoudi emphasised that the reciprocal visits by the leaders of both countries reflect this joint vision and help strengthen strategic high-level engagements continue to create opportunities for building deeper partnerships, especially in trade and investment between the business communities and private sectors of both noted that the official visit of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, and Minister of Defence, to India comes as the two friendly countries approach the third anniversary of the implementation of their Comprehensive Economic Partnership Agreement (CEPA), which came into effect on 1st May 2022. This agreement was the first of its kind signed by the UAE under its CEPA programme and the first to be implemented—highlighting the long-standing and robust ties between the UAE and Zeyoudi pointed out that the UAE and India continue to reap tangible benefits from the CEPA, which over the past three years has led to significant growth in bilateral trade and investment flows. Non-oil trade between the two countries grew by 20.5%, reaching over Dh240 billion in 2024, compared to Dh199.3 billion in 2023. This growth underscores the vast opportunities in trade and investment between the two nations. India also ranked as the top destination for UAE's non-oil exports in 2024, accounting for 13.5% of total non-oil exports—a remarkable year-on-year increase of 75.2% compared to further explained that both nations play a vital role in each other's economies. India is the UAE's second-largest global trading partner after China, while the UAE is India's third-largest trading partner, following China and the is also the second-largest investor in the UAE, holding a 6.3% share with investments totaling nearly $10 billion by the end of 2022. Conversely, the UAE has cumulative direct investments in India of around $23 billion by the end of 2024—making it India's seventh-largest global investor and the top Arab investor. The value of UAE investments flowing into India between April 2022 and December 2024 reached $10.4 billion, coinciding with the implementation of the CEPA.
The National
24-03-2025
- Business
- The National
‘Can my bank charge a late payment fee for a one-week delay?'
Question: I have a credit card with Abu Dhabi Commercial Bank. Every month, I pay the minimum amount on the same date. Last month, I received a lower-than-usual commission and could not pay the minimum amount on the due date. I usually make a payment on 28th of the month but was a week late. The bank has charged me a fee of Dh240 ($65) for late payment. Is there a provision to apply the late payment charges for a one-week delay in payment? Is this legal? BF, Abu Dhabi Answer: When anyone takes out a credit card, they have to complete an application form with the legal terms of the agreement. This will include information about all charges, including any fees or penalties for late payment. Even if an application is made online or through an app, there is a link to the terms and conditions. ADCB has full information for every single account and credit card that they offer on their website with sections where customers can download a full fee schedule. This is in the public domain, available to everyone. This schedule lists a late payment fee of 'Dh241.50 if minimum payment due is not made by payment due date'. It also states that the minimum payment is 5 per cent of the balance or Dh100 if higher. While a week may not seem much of a delay, the bank is within its rights to charge a penalty and that penalty is likely to be automated, so it will happen no matter how brief the delay may be. Q: I will be moving to Riyadh to take up a job soon, but I have been told it takes a few weeks to organise my residence visa. Am I allowed to fly in for a week to start the process, then leave and go back on a tourist visa after two weeks to start work? CG, UK A: In theory, it is possible to leave Saudi Arabia and then return but it will complicate the visa processing system. No one can undertake employment for a company when on a tourist visa. CG is not permitted to work until her Iqama, or residency permit, is in place. Arranging an Iqama takes more than the completion of a form. The applicant must take a brief medical test, provide biometric information, and the employer and government ministries will need the passport for a period of time. The employer first applies for a visa reference number, which allows a person to enter the country, and then apply for the Iqama, for which the individual is expected to be present in Saudi Arabia. As CG's passport has to be submitted for the Iqama process, if she leaves the country, it is likely to take longer to finalise and that will delay the date when she can start work. Q: I have resigned from my company and want to start a new job next month. I gave 30 days' notice, which I understand is what the labour law states, but my employer says that my employment contract states 60 days, so I cannot leave until that time has finished. Surely the notice period stipulated by the labour law is the correct one? What notice period do I have to serve? KN, Dubai A: While it is not permitted to contract around the UAE labour law, a notice period can be for more than 30 days if both parties have agreed to this. Article 43 of the Labour Law states: 'Either party to the employment contract may terminate the contract for any legitimate reason, provided that the other party is notified in writing and work shall be performed during the notice period agreed upon in the contract, provided that such period is not less than (30) thirty days and not more than (90) ninety days.' KN will have signed a contract of employment and that will state the terms that apply and the notice period. Signing the contract is agreement to such terms, including the notice period and this will take precedence. The legal employment contract, that is fully valid in law, is the one that is lodged with the Ministry of Human Resources and Emiratisation. It is worth checking that the notice period is the same and anyone can check their own official contract. The quickest way is probably through the MoHRE app. Once registered, go to 'services' and then the 'my contract' option. Personal information must be added but it will then show the contract. If the official contract states a notice period of 30 days, that will apply but if it states 60 days, then a longer notice period is required. Contact Keren Bobker at keren@ or at The advice provided in our columns does not constitute legal advice and is provided for information only
Hi Dubai
12-03-2025
- Business
- Hi Dubai
UAE's Dh128 Billion FDI Plan to Create Thousands of Jobs Across Key Sectors
The UAE's ambitious plan to attract Dh128 billion in foreign direct investment (FDI) over the next six years is set to generate thousands of jobs across manufacturing, technology, finance, healthcare, logistics, renewable energy, hospitality, and retail. Key Sectors Driving Employment Growth With the National Investment Strategy 2031 approved by the UAE Cabinet, the country aims to more than double its annual FDI inflows from Dh112 billion in 2023 to Dh240 billion by 2031. This expansion will create demand for skilled professionals in high-growth sectors: Technology & IT : AI, cybersecurity, software development, cloud computing, and digital transformation. : AI, cybersecurity, software development, cloud computing, and digital transformation. Manufacturing & Industrial Innovation : Engineers, technicians, supply chain professionals, 3D printing, and automation specialists. : Engineers, technicians, supply chain professionals, 3D printing, and automation specialists. Financial Services & Fintech : Digital banking, wealth management, credit risk analysis, and investment specialists. : Digital banking, wealth management, credit risk analysis, and investment specialists. Logistics & Transport : Skilled workforce for supply chain, warehousing, and operations. : Skilled workforce for supply chain, warehousing, and operations. Renewable Energy & Sustainability: Researchers and engineers in green energy projects. Expanding Job Opportunities Experts emphasize that large-scale infrastructure projects and an expanding digital economy will create direct and indirect job opportunities across industries. Increased investment in manufacturing will boost related sectors like construction and infrastructure, while technology-driven advancements will spur demand for specialized talent. Hamza Dweik, Head of Trading & Pricing at Saxo Bank MENA, stated that rising business activity will drive employment growth across multiple sectors, benefiting both local and global professionals seeking opportunities in the UAE's expanding economy. A Shift Toward a Knowledge-Based Economy Hassan Fawaz, Chairman of GivTrade, highlighted that the UAE's strategy fosters long-term career prospects in emerging industries, reducing reliance on traditional sectors. Meanwhile, Vijay Valecha, Chief Investment Officer at Century Financial, pointed out that increased FDI will encourage entrepreneurship, attracting a skilled workforce and bolstering the UAE's position as a global investment hub. With a focus on economic diversification beyond oil, the UAE's FDI-driven job creation will accelerate the transition toward a resilient, knowledge-based economy, positioning the nation as a leader in global business and innovation. News Source: Khaleej Times
The National
10-03-2025
- Business
- The National
UAE Cabinet approves National Investment Strategy 2031 and policy on battling health risks
The UAE Cabinet has approved plans for the country's investment strategy, which aims to increase foreign investment to Dh240 billion by 2031 and increase the Emirates' investment stock to Dh2.2 trillion over the coming years. The meeting was chaired by Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, at Qasr Al Watan in Abu Dhabi. The Cabinet also approved a national policy for tackling health risks, which includes national response scenarios, enhancing preparations, and developing recovery and control plans for health crises and emergencies, the UAE Government Media Office said. "We approved our National Investment Strategy for the next six years," said Sheikh Mohammed, of the programme, which was unveiled in November. "Our goal is to increase annual foreign investment inflows from Dh112bn in 2023 to Dh240bn by 2031, and grow the UAE's total foreign investment stock from Dh800 billion to Dh2.2 trillion over the coming years. "This strategy will focus on key sectors, including industry, logistics, financial services, renewable energy and information technology. The UAE continues to develop its economy, expand global markets, attract investments and create the most business-friendly environment in the world." Sheikh Mohammed also said the Cabinet reviewed the progress of the UAE's strategic partnerships with African nations, where 95 per cent of previously approved initiatives were successfully implemented, meaning the trade volume with Sub-Saharan Africa has grown to Dh235 billion in five years, representing an 87 per cent increase. Also up for review was the National Digital Economy Strategy, which aims to increase the digital economy's contribution to GDP from 9.7 per cent to 19.4 per cent. "We remain committed to strengthening the UAE's position in the global digital economy through ambitious national initiatives and projects over the next six years," said Sheikh Mohammed. "Continuous readiness for any health emergency is an essential part of strengthening health security and ensuring the highest quality of life in the UAE," he said. Also approved were regulations on organ and tissue donations and transplants with kidney, liver, heart, lung and pancreas transplants all being performed in the UAE. The new regulations will ensure better access to life-saving equipment, said Sheikh Mohammed. The annual budget for social support programmes has increased by 29 per cent, reaching close to Dh3.5 billion, added Sheikh Mohammed. "In social affairs, we approved a series of new decisions aimed at enhancing the social support and empowerment system," he said. "These decisions set clear eligibility criteria and establish comprehensive regulations for both basic and supplementary allowances, ensuring a more structured and effective support framework." "We also approved the Remote Work System from Outside the Country in the federal government, enabling the UAE to tap into global expertise and specialised talent to execute projects and studies for federal entities," said Sheikh Mohammed. The Cabinet also approved 28 international agreements, including economic partnerships with Malaysia, New Zealand and Kenya. "The teams continue their work, our growth trajectory accelerates, and every day we witness our nation's future becoming greater, stronger, and more prosperous – driven by the dedication of thousands of exceptional teams across all sectors," Sheikh Mohammed said. The Cabinet also approved a decision to restructure the Emirates Research and Development Council under the chairmanship of Sheikh Abdullah bin Zayed, Deputy Prime Minister and Minister of Foreign Affairs. The tasks of the council include "defining the R&D priorities across the country, launching, approving, and overseeing research and development initiatives funded by the federal government". Other approvals included laws on the protection of new plant varieties, battling commercial fraud and the practice of certain healthcare professions by non-physicians and pharmacists.
Khaleej Times
10-03-2025
- Business
- Khaleej Times
UAE to increase annual foreign investment inflows to Dh240 billion
The UAE has set an ambitious goal to more than double its annual foreign investment inflows over the next six years. Announced Monday, the National Investment Strategy aims to increase inflows from Dh112 billion in 2023 to Dh240 billion by 2031. This will grow the UAE's total foreign investment stock from Dh800 billion to Dh2.2 trillion over the next few years. 'This strategy will focus on key sectors, including industry, logistics, financial services, renewable energy, and information technology. The UAE continues to develop its economy, expand global markets, attract investments, and create the most business-friendly environment in the world,' Sheikh Mohammed bin Rashid, Vice-President and Prime Minister of the UAE, wrote on X after chairing a UAE Cabinet meeting. The strategy includes multiple initiatives, including financial sector development, one-market, institutional innovation attraction, and 'Invest UAE' programmes. Current investment results peg the total cumulative foreign direct investment at Dh0.8 trillion and annual foreign direct investment inflows at Dh112 billion. The target by 2031 is to increase the share of foreign direct investment in total investments (domestic and foreign) to above 30 per cent, and reach the contribution of foreign direct investment to GDP to 8 per cent. A new policy for combating health risks will establish national response scenarios, enhance preparedness, and develop recovery and control plans for health crises and emergencies. 'Continuous readiness for any health emergency is an essential part of strengthening health security and ensuring the highest quality of life in the UAE,' the UAE Vice-President said. New regulations will ensure better access to life-saving treatments for individuals suffering from conditions that can only be addressed through organ transplants. 'The UAE now has more than 13 licensed transplant centers, with a 30 per cent increase in transplant procedures. Kidney, liver, heart, lung, and pancreas transplants are now being performed in the UAE, and we will continue to develop the healthcare sector to provide world-class medical services for all.' The Cabinet also approved the launch of the National Green Certificates Programme for buildings. Non-compulsory in the first stage of implementation, the classification system is aimed at assessing and certifying sustainable buildings. It targets commercial buildings, hotels and hospitality facilities, industrial establishments, government buildings, and houses, communities , and compounds.
