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UAE’s economic agreements with Turkey and Indonesia spring into action

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The United Arab Emirates (UAE) is entering a new era of economic collaboration with two rapidly growing global players as it activates two of its Comprehensive Economic Partnership Agreements (CEPAs). The UAE-Türkiye CEPA and the UAE-Indonesia CEPA have officially come into force, setting the stage for enhanced trade and investment cooperation.

The primary goal of these CEPAs is to foster economic ties by doubling non-oil trade. The UAE-Türkiye CEPA aims to elevate bilateral non-oil trade to an impressive $40 billion within five years, while the UAE’s CEPA with Indonesia seeks to push non-oil trade beyond $10 billion within the same timeframe. These agreements also aim to facilitate investment projects valued at $10 billion in various sectors.

In the words of HE Al-Zeyoudi, “The implementation of our CEPAs with Türkiye and Indonesia marks a significant step forward in our foreign trade program. Both agreements will unlock significant opportunities for our private sector in two of the world’s most dynamic centers of growth.”

These CEPAs are the third and fourth of their kind to come into force for the UAE, following successful agreements with India in May 2022 and Israel in April 2023. They are a testament to the UAE’s foreign trade agenda, strategically forging robust economic connections with nations of global importance. Both CEPAs promise to reduce or remove tariffs on a wide range of goods, eliminate trade barriers, and create pathways for investments in vital sectors like logistics, energy, food production, fintech, e-commerce, and travel and tourism.

The UAE-Indonesia CEPA, inked in Abu Dhabi in July 2022, aims to significantly boost bilateral non-oil trade from $4.08 billion to over $10 billion within five years. Additionally, the agreement targets a combined trade in services worth $630 million by 2030. Notably, over 80 percent of UAE exports to Indonesia will now be exempt from customs duties under this pact. This partnership also has an eye on nurturing the rapidly expanding Islamic economy, projected to reach $3.2 trillion by 2024. It will accelerate investment projects worth $10 billion across sectors like agriculture, energy, infrastructure, and logistics. The UAE-Türkiye CEPA is equally impactful, having eliminated or reduced customs duties on 82 percent of product lines, accounting for more than 93 percent of bilateral non-oil trade. Türkiye was the UAE’s fastest-growing top ten trading partner in 2022, witnessing a 40 percent increase in non-oil trade to $18.9 billion. The newly liberalized trade environment is set to drive this figure to an impressive $40 billion within the next five years.

HE Al Zeyoudi also stressed that the Comprehensive Economic Partnership Agreements play a vital role in attaining the nation’s objectives, in particular the vision laid out in “We The UAE 2031”, which seeks to double the UAE’s non-oil foreign trade to AED4 trillion and elevate national exports to AED800 billion. The recently published statistics from H1, 2023, which show a record non-oil foreign trade value of AED1.239 trillion for the first six months of the year, demonstrate that the UAE is firmly on track – and that the CEPA program will help maintain this upward trajectory.

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Good news for businesses: Sharjah slashes fees and fines

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Businesses in Sharjah can now benefit from a range of temporary fee reductions after Sharjah Police unveiled a new package of incentives aimed at easing costs and supporting the emirate’s business community.

The measures, introduced in line with a decision by the Sharjah Executive Council, include 50% discounts on several security-related fees, along with reduced fines and lower training costs for companies.

What discounts are available?

Under the new initiative, eligible businesses will receive:

  • 50% off security permit renewal fees for commercial activities
  • 50% off security system subscription fees
  • 50% reduction on eligible violations and fines
  • 20% off mandatory training programme fees for companies

Sharjah Police said the initiative is designed to support commercial establishments, encourage business sustainability and further strengthen the emirate’s position as an attractive destination for investment.

How long will the discounts last?

The incentives will be available for three months from the date the decision comes into effect.

Businesses seeking more information about the discounts and eligibility can contact the Sharjah Police Call Centre on 901.

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Dubai to build region’s first falcon market and transform the creek into night-time destination

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Dubai is set to welcome a one-of-a-kind falcon market and a spectacular new lighting experience along Dubai Creek after Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of The Executive Council of Dubai, approved a series of major development projects aimed at enhancing the city’s cultural, tourism and public spaces.

The new initiatives, announced by Dubai Municipality, include the Dubai Falcon Market, the first integrated falcon market of its kind in the region, and the Dubai Creek Lighting Project, which will transform one of the city’s oldest landmarks into a vibrant night-time destination.

Region’s first integrated falcon market

Designed to celebrate the UAE’s rich falconry heritage, the Dubai Falcon Market will combine tradition with modern architecture inspired by the wings of a falcon.

Spanning around 50,000 square feet and built at an estimated cost of Dh50 million, the market will feature specialist falcon shops, equipment stores, cultural exhibition spaces, heritage events, a dedicated veterinary clinic and visitor experiences, all within a purpose-built destination showcasing one of the country’s most treasured traditions.

The project also forms part of Dubai’s wider strategy to develop rural and desert areas while preserving Emirati heritage and creating new attractions for residents and tourists.

Dubai Creek to shine with new night-time experience

Dubai Creek, one of the emirate’s most historic waterfronts, is also set for a major makeover.

The Dubai Creek Lighting Project will introduce an innovative lighting system stretching across 8km of the creek, illuminating promenades, heritage markets, waterfront walkways, building façades and key entry points.

The aim is to transform the area into a lively evening destination while highlighting its architectural and cultural significance.

Once completed, visitors can expect enhanced pedestrian areas, interactive public spaces and a striking visual experience designed to bring new life to the historic district after sunset.

The project is expected to be completed in the first quarter of 2027.

Commenting on the projects, Sheikh Hamdan said Dubai remains committed to developing people-focused urban spaces that combine innovation, sustainability and advanced technology while preserving the emirate’s identity and cultural heritage.

The latest initiatives form part of Dubai’s long-term vision to create world-class public spaces, strengthen the tourism and creative sectors, and enhance the quality of life for residents and visitors alike.

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India’s new passport fee rules explained: Who pays more and who gets discounts ?

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India will increase passport issuance and renewal fees by as much as 75% from 1 July, according to amendments to the Passport Rules notified by the Ministry of External Affairs (MEA).

The revision, announced through a gazette notification issued on 20 June, marks the first major increase in passport fees since 2012. The move comes a day after the Indian government clarified that a passport is primarily a travel document and should not be treated as proof of citizenship.

How much will a new passport cost?

Under the revised rates, a standard 36-page passport will cost Rs2,500 under the normal scheme, up from Rs1,500. Applications under the Tatkaal (expedited) scheme will rise from Rs3,500 to Rs5,000.

A 60-page passport will now cost Rs3,500 under the normal process and Rs6,000 under Tatkaal, compared with the current Rs2,000 and Rs4,000 respectively.

For Non-Resident Indians (NRIs), fees will also increase significantly, with a standard 36-page passport rising from $75 to $125 and a 60-page passport from $100 to $175.

Higher charges for lost or damaged passports

Applicants seeking a replacement for a lost or damaged 36-page passport will have to pay Rs5,000 under the normal scheme and Rs7,500 under Tatkaal, up from Rs3,000 and Rs5,000 respectively.

For a 60-page passport, the fee will rise to Rs6,000 under the normal process and Rs8,500 under Tatkaal.

What about children’s passports?

Passport fees for minors have also been revised upward.

For applicants below 18 years of age, a fresh 36-page passport will now cost Rs1,750 under the normal scheme and Rs4,250 under Tatkaal, compared with the current rates of Rs1,000 and Rs3,000.

The cost of replacing a lost or damaged passport for minors has also increased, with fees now set at Rs4,250 under the normal scheme and Rs6,750 under Tatkaal.

Changes to other passport-related services

The government has also increased charges for services such as Police Clearance Certificates (PCCs), Surrender Certificates, Global Entry Programme verification and other passport-related certificates.

The fee for these services will now be Rs750 under the normal scheme. For NRIs, the charge will be $40.

Any relief for applicants?

The revised framework introduces a 10% discount on fresh passport applications for children up to eight years of age and senior citizens aged above 60.

However, the concession will apply only to new passport applications and not to passport reissues.

Why does it matter?

The increase represents the first passport fee revision in 14 years and will affect millions of applicants in India and abroad. With fees rising across nearly all categories, the cost of obtaining or renewing a passport is set to become significantly higher from July 1.

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