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Dubai business setup firm issues record free zone licenses

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In a first for any company in Dubai, a business setup consultancy capped a Dh5m turnover in a single month while handing out over 200 new free-zone licenses in July – a reflection of UAE’s strong business sentiment and record growth in the post-Covid era.

“These are incredible times for us and the country. No company in Dubai has achieved such numbers in just one month. And it is indicative of the huge confidence investors have right now in the country and in Dubai particularly,” said Robin Philip, the founder-director of A&A Associate. The Dubai consultancy was adjudged ‘Highest Performing Channel Partner for the year for 2021’ by Sharjah Media Free Zone earlier this year for helping set up over 2,500 companies in 2021.

“If our strength lies in our excellence in our diversified auxiliary services like litigation and auditing that make us a one-stop solution provider for every new business owner then our other big advantage has been the current economic climate in the country,” explained Philip whose team helped set up over 70 new e-commerce companies this month.

“That’s almost 36 percent of the pie this month. Another quarter of new investors this month opened trading establishments while around 14 percent started new consultancies in Dubai,” said Philip while explaining how trends in July saw a “further 10 percent deep dive into travel and tourism business, six percent in logistics and about nine percent open businesses in the crypto space.”

A&A’s recent figures mirror last week’s announcement that Dubai issued 45,653 new business licences in the first half of 2022, a growth of 25 percent compared to H1 last year when 36,647 licenses were issued. The latest figures were released by the Business Registration and Licensing sector at the Department of Economy and Tourism in Dubai.

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“These numbers only reaffirm once again the tremendous success of the government’s innovative new strategic measures they have executed through a raft of changes in their policies. These policy amendments have not only rejuvenated a post-pandemic economy but also spurred a massive uptick in local and foreign investment which, in turn, has helped Dubai and the rest of the country to accelerate the pace of sustainable economic growth and diversification,” said Philip, who has so far helped start over 10,000 businesses since founding A&A Associate’s business setup division three years ago.

Dubai-business-setup

A&A Associate firm is located at DIFC, Dubai, and offers a range of services.

Ailee Syarief, a Swiss entrepreneur who started her new venture in Dubai only this month, said: “I was tempted by UAE’s recent policy changes towards giving full ownership to foreign investors. I think it’s the same for any foreigner coming to invest in this country and it helps attract foreign direct investment (FDI) into vital sectors.”

“The new data gives global investors like us the confidence and belief that there are huge growth prospects in this place,” said Chinese Sang Yige who set up a new travel and tourism company.

Among the new business licences issued in the first half of the year, nearly 55 percent were professional while the remaining were commercial.

Breakup of commercial licences in H1 2022

  • 30 % – FZE or sole establishments
  • 25 % – Civil companies
  • 22 % – Limited liability companies
  • 23 – Others

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US President Trump’s UAE visit next month aims to boost jobs with major investment deals

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US President Donald Trump is expected to visit the UAE in mid-May as part of a broader Middle East tour that includes Saudi Arabia and Qatar, a trip he says could bring massive investment and job creation to the region.

Speaking to reporters in the Oval Office on Monday, Trump said he plans to travel to Saudi Arabia “as early as May” to sign a deal that could inject more than $1 trillion into the US economy, including major purchases of military equipment. He added that similar agreements could be signed in the UAE and Qatar.

“Tremendous jobs will be created in those two or three days,” Trump said, without revealing specific details of the investment plans.

Sources briefed on the visit say the trip is tentatively scheduled for mid-May, marking Trump’s first foreign visit since returning to the White House. Like his 2017 tour, which also began in Saudi Arabia, the trip is expected to underscore the administration’s push for economic diplomacy in the Gulf region.

In the UAE, expectations are high that the visit could open the door to large-scale trade, infrastructure, and technology investments, sectors that align with the country’s ongoing push to diversify its economy and create new employment opportunities.

Beyond economic deals, the visit may also involve high-level discussions on key geopolitical issues, including the wars in Ukraine and Gaza. Trump is also expected to continue efforts to expand the Abraham Accords.

A White House official confirmed that the international trip is under active consideration, noting: “We don’t yet have a specific plan, and we will provide that information when it is official.”

As anticipation builds, all eyes in the UAE will be on the potential economic ripple effect of Trump’s visit, especially if it delivers on promises of job growth and international investment.

(Source: Reuters)

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UAE bank penalised over anti-money laundering lapses

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The Central Bank of the UAE (CBUAE) has hit a bank operating in the country with a financial penalty. This comes under the rules set out in the Federal Decree Law No. (20) of 2018 on Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organisations.

The fine was imposed after a review by the CBUAE found that the bank wasn’t following the required Anti-money Laundering and Combating the Financing of Terrorism policies and procedures.

The CBUAE takes its role in overseeing the financial sector seriously, ensuring that all banks and their staff stick to UAE laws and regulations. This is to maintain the integrity and transparency of the UAE’s banking system.

(Source: Wam)

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Pro Panja League is set for international debut as it goes global with UAE Cup 2025

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Pro Panja League, India’s premier professional Arm Wrestling tournament, is set to mark a significant moment in the league’s journey, making its international debut on April 19th at the India Club, who are also the venue partner for the tournament in Abu Dhabi, UAE.

The ‘Pro Panja UAE Cup’ is the first-ever occasion when the league is organizing an international event. The event will bring together some of India’s best arm wrestlers alongside the best arm wrestlers from around the world.

The event is sanctioned by the Dubai Sports Council and will technically be overlooked by the Emirates Body Building and Fitness Federation. Actor and Co-Founder of the Pro Panja League, Mr. Parvinn Dabass and Bollywood Star and President of the People’s ArmWrestling Federation India , Mrs. Preeti Jhangiani will be making a special appearance at the event, alongside Mr. Raz Khan, who is the representative for Pro Panja League in the UAE.

A total of five matches will be played at the event, with the huge India-Pakistan headline clash being between India’s Mazahir Saidu (110 kg), who is India’s Number 1 and also the captain of Kochi KD’s in the Pro Panja League, and Pakistan’s Omer Jamshaid (105 kg).

In the 90 kg category, Arjun Menon from India will take on Talal Ali from Bahrain, while another Indian, Umesh Kattuparambil (80 kg) will compete against Ameer Alturkumani (85 kg) from UAE. In the other three matches at the landmark event, Prasad Kanhangad (75 kg) of India will be pitted against UAE’s Rambo (80 kg), while India’s Asker Ali (85 kg) will fight it out against Ali (90 kg).

Speaking about the international debut, Parvinn Dabass, Co-founder of Pro Panja League, said, “The Pro Panja UAE Cup is a natural progression in our vision to make arm wrestling a mainstream, globally recognized sport. The UAE has emerged as a hub for combat sports and we are thrilled to bring the energy and excitement of Pro Panja to such an enthusiastic audience and I thank our UAE partners especially India Club and Mr Faisal Alzaabi for their support .”

Sharing her enthusiasm for the same, Bollywood Star, Preeti Jhanghiani added, “Having seen the Pro Panja League up close, I have to say it’s a superb mix of sports and entertainment and Bollywood masala, everyone who watches falls in love with Pro Panja and now I’m honoured to be meeting my UAE fans through this platform .”

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