SME News UAE Accounted for 40% of VC Investments in the MENA Region… Venture capital funding in Saudi Arabia surged by 72% YoY in 2022 with investments touching USD 987mn across 144 deals, revealed MAGNiTT.
SME News Dubai Replaces UAE Visa Stamps with Emirates ID… The UAE visa will directly be linked to an individual’s Emirates ID with the sticker which details the residency and its validity.
SME News Dubai Suspended the 30% Municipality Tax on all Alcoholic Beverages … This has been described as on a 1-year trial basis and also announced that the personal liquor license fee has been scrapped.
SME News The UAE issued its Federal Corporate Tax Law… It will levy a headline 9 per cent rate on taxable income exceeding Dh375,000 ($102,000).
SME News The FIFA World Cup Arrives in the Middle East as a "Historic Milestone for All Arabs"… UAE launched its Tourism Strategy 2031 with an aim to raise the sector’s contribution to GDP to touch AED 450bn in 2031.
SME News Funding for Women-founded Startups in MENA Remains Difficult, Say Entrepreneurs… The gender bias continues unabated with all-male startup founding teams garnering 99% of the total $374 million investments raised in August.
SME News MENA Startups Witnessed a 260% MoM Increase in Funding in August… Most funded were fintech (68% of total), e-commerce and ad-tech firms.
SME News FIFA Estimates that Returns from the Qatar World Cup 2022 Could Reach USD 6bn… The best-selling match tickets were for Mexico-Argentina and Saudi Arabia-Argentina, both sold out.
SME News Female Entrepreneurship in the UAE Grew by 68% after Pandemic... Women entrepreneurship rose 54% in the educational sector, followed by wellness and fitness (50%), and healthcare (44%).
SME News UAE Increases Fuel Prices for the Fifth Time this Year... Fuel costs three times more than in Kuwait and is more than double the average in GCC members.
SME News Saudi Arabia has lifted COVID-19 Measures... The mask mandate however still stands in the Grand Mosque and the Prophet’s Mosque.
SME News Dubai has Achieved the Top Ranking in the World in Attracting FDI in 2021... Dubai has achieved the top ranking in the world in attracting foreign direct investment (FDI) in 2021, with a record number of 418 greenfield FDI projects.
SME News DMCC Reported that a Record Breaking Number of 665 Firms Registered in Q1... Programs have seen a 34% increase in Chinese firms while company registrations from Israel and Turkey surged 350% and 100% during Q1.
SME News DEWA to Raise up to USD $2.19bn via its IPO... This is expected to be the biggest IPO on the exchange since 2007.
SME News Dubai Adopts its First Law governing Virtual Assets... The law did not specify which assets would come under this, but it will apply across all of Dubai other than in the DIFC.
SME News Dubai Plans to Attract 50 MNCs within 3 Years... As a part of the Dubai International Chamber’s 3-year strategy, it will also support 100 Dubai-based companies with international expansion.
SME News Spending in the UAE is now above Pre-Pandemic Levels... International and domestic spending volumes were up by 104% and 17% YoY in December.
SME News UAE First Nation Globally to Adopt a 4.5 Day Working Week from 1st Jan 2022... The changes will allow the UAE to align more closely with global markets and will apply to the public sector and schools.
SME News UAE Aims to House 20 "Unicorns" by 2031... UAE’s Ministry of Economy disclosed that growth currently exceeds pre-pandemic levels in trade, investment, number of new companies, work permits and economic revenues.
SME News Abu Dhabi announced a “Virtual” License for Non-Resident Foreign Investors... This allows conducting business from outside the UAE and within the Emirate. Permits cover 13 economic sectors and can either be a limited liability company or a sole proprietorship.
SME News The World’s Greatest Show - Dubai Welcomes in EXPO 2020... Expo 2020 opened for the public from 1st October with 60 live events each day and more than 200 pavilions at the event.
SME News 2,000 Millionaires moved to Dubai in less than a Year despite COVID-19 for Safety, Luxury and Tax Benefits... According to New World Wealth Dubai’s population of high-net-worth individuals (HNWIs), rose to 54,000 in June 2021.
SME News Fully Vaccinated Tourists from Across the World are eligible to apply for UAE Visit Visas starting 30th August... The visitors will require a mandatory rapid PCR test at the airport and need to register on the Al Hosn app.
SME News Dubai’s E-commerce Business Licenses Surged by 63.05% YoY in H1 2021... IT topped the list of licensed activities, followed by ready-made garments and ladies tailoring and design among others.
SME News Dubai-based Unicorn, Swvl to List on the NASDAQ... Dubai-based Swvl (a mass transit and shared mobility services provider) with a USD 1.5bn valuation, will list on Nasdaq through a SPAC.
