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Newsletter 19/2018

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Stay tuned with the Italian Chamber of Commerce in the UAE!

WHEN MEDITERRANEAN MEETS THE GULF
When Mediterranean meets the Gulf

“When Mediterranean meets the Gulf” is a concert supported by the Embassy of Italy to the UAE within the framework of “Italia, Culture, Mediterraneo”, the promotional program offered by the Italian Ministry of Foreign Affairs and International Cooperation in Middle East and North Africa with the purpose of enhancing the cultural and social identities that converge towards the Mediterranean. “When Mediterranean meets the Gulf” brings in Abu Dhabi a new generation of guys with acoustic guitars in their hands who are thriving in the emerging Italian music scene. A powerful stream of new Italian music that some of our most talented young performers – joined by a special Arab guest – have decided to offer to the Abu Dhabi audience, bringing in all their fresh energy and sincere feelings. Rising stars of Italian indie music scene Fabrizio Cammarata, Nicolo’ Carnesi, Lucio Corsi, Antonio Di Martino and Margherita Vicario will share the stage with pop-rock band Cirrone and Jazz pianist Manuel Magrini. Special guest of the night will be Syrian singer Abood Bashir. This is a unique experiment in this area of the world. Let’s give our trust and contribution to the growth of this event supporting this project and the music art.

Venue: Hotel Sheraton Corniche – Abu Dhabi
Timing: 07:00PM to 11:00PM
Date: 19th of October 2018

LA BOTTEGA NIGHT @RONDA LOCATELLI
La Bottega Night @Ronda Locatelli

Michelin Star Chef Giorgio Locatelli’s award restaurant, Ronda Locatelli have created the ultimate grape and cheese night for Culinary Month. At “La Bottega” evening guests can feast on a buffet of the finest Italian delicacies including, street food, salad, cold cuts and a vast selection of cheeses.

Venue: Ronda Locatelli, The Atalantis
Timing: 06:00PM to 10:00PM
Date: 4th of October 2019

EVENT’S DETAILS

A selection of news articles that featured in official publications in UAE and Italy related to the business, economy and culture of the two countries.

The UAE will remain a magnet for millionaires as the population of high net worth individuals (HNWIs) will grow faster in the coming years. The country will continue to attract expat millionaires as well as provide opportunities for home-grown ones. According to the Wealth-X estimates of regional private wealth, the number of millionaires in the UAE with assets between $1 million and $30 million reached 46,998 while ultrahigh net worth individuals with assets of $30 millionplus reached 1,380 last year. The number of both HNWIs and U-HNWIs is projected to grow by 5.5 per cent between 2017 and 2022. Andrew Amoils, head of research, New World Wealth, said most new millionaires will be expats as the UAE is a great place to start a business with low tax rates and good services. Commenting on the reasons why millionaires would continue to move to the UAE, Amoils attributed it to a highincome economy, first-class healthcare system, low tax rates, international business hub, luxury hub with top-class shopping, quality apartments and villas, good international schools and universities and world-class yachting and beaches.

Source: Khaleej Times

Marina: a property hotspot in DubaiMARINA- A PROPERTY HOTSPOT IN DUBAI

Dubai Marina was selected as one of the Top most Instagrammable spots in the city this year, by Bauyt.com. The glistening night skyline; the million dirham yachts lining the marina dock; the under- construction Dubai Eye. All it takes is a quick type of #DubaiMarina into social media to see just how insta-worthy this place really is. With more than 52,000 residents housed within the Marina’s vast 4 km2 area, this is a community that has well and truly established itself as one of the property hotspots in Dubai.

Now home to one of the most iconic skylines in Dubai, it has become a second home for many expatriates over the years, and it’s not hard to see why.
Back in 2014, Dubai Marina saw the launch of what the city called the “future of public transport”. But aside from the public transport offerings, what residents love about Dubai Marina is the endless opportunities to walk here, there and everywhere.

Source: Khaleej Times

UAE may see 100% growth in Islamic Bond

The number of Islamic bond (sukuk) issuances in the UAE are expected to double this year as compared to last year as some more issuances are in the pipeline which could be released during the remainder of 2018, global ratings agency S&P analysts said on Tuesday. Mohamed Damak, senior director and global head of Islamic finance, financial institutions ratings, S&P Global, said the number of UAE sukuk issuances had reached $6.4 billion so far this year as compared to $3.7 billion last year. “Some more issuances are in the pipeline. By 2018-end, we expect them to be issued later this year which will double by the year-end,” Damak added.

Source: Khaleej Times

Ottimo momento per acquistare immobili inferiori a AED 1.5MDubai property below Dh 1.5M is a good idea

Expats should invest in property priced below Dh1.5 million, which is the most stable segment and offers best long-term returns, according to real estate market analysts. “For a family that has money to invest, we would also advise to stick below Dh1.5 million price point, which represents the most stable market segment currently,” said Richard Paul, head of professional Services for Cluttons Middle East.
“At this price point, even if the decision is to lease the property investment out, post-acquisition, a purchaser should expect a 7-9 percent gross yield in some areas and subsequently after interest payment, service charges and upkeep, there is still good profit rent to be achieved.”

Source: Khaleej Times

Le banche delgi EAU aprono a nuovi prestiti
Top UAE banks step up leading

The second quarter saw good, steady performance by the UAE’s leading banks. The 10 largest listed banks in the UAE maintained increasing levels of confidence in the second quarter by recording increased lending activity and a higher return on credit, according to data compiled by a leading global professional services firm.

As banks continued to reduce their loan loss provisions, cost of risk was marginally lower while return on equity increased due to a decrease in cost of risk and an increase in operating income, despite a slight decrease to return on assets. Seven out of 10 banks showed an increase in RoE average capital adequacy ratio increased to 16.33 percent (compared with 15.6 percent in the first quarter of 2018), said the report. Moody’s analysts expect the UAE’s banking sector to remain largely resilient to oil price volatility and its impact on government finances and economic growth.

Source: Khaleej Times

EXPO 2020: La Germania e "Il mondo della sostenibilità"
EXPO 2020: La Germania e “Il mondo della sostenibilità”

Visitors to the German Pavilion at Dubai Expo 2020 will be taken on a journey that will leave them inspired with a number of ideas on how they can contribute to reducing their impact on the planet, officials said at an event on Wednesday.
In his address, Fischer noted that the pavilion will provide nothing less than a ‘wow experience’ for visitors at the Expo. “Germany has a long tradition of coming to the Expos and taking them very seriously, because we believe that they are a unique opportunity where millions of people can come, enjoy, and exchange ideas while learning about the futures of our societies and our planet. The pavilion will show how Germany wants to work together with partners and friends in the UAE to build a good future for our one and only shared planet”.

Source: Khaleej Times

Saudi Arabia tables $200 billions solar-energy plan with softbankSAUDI ARABIA TABLES $200 BILLION SOLAR-ENERGY PLAN WITH SOFTBANK

Saudi Arabia has put on hold a $200 billion plan with SoftBank Group Corp. to build the world’s biggest solar-power-generation project. Even if this would have turned the world’s most important oil producer into a giant in solar power – ultimately generating more than three times the country’s daily needs – officials and a Saudi government adviser now said no one is actively working on the project.

Instead, the officials and the adviser said the Saudi kingdom is working up a broader, more practical strategy to boost renewable energy, to be announced in late October around the time of an investment conference in Riyadh. The announcement will help resolve the confusion that the SoftBank plan created and clarify the kingdom’s renewable energy goals, a Saudi official said.

Source: Market Watch

SAUDI ARABIA ON TRACK TO BALANCE BOOKS BY 2023Saudi Arabia on track to balance books by 2023

Saudi Arabia is on track to eliminate its budget deficit by 2023 and plans to increase spending by more than 7 percent next year. The Kingdom’s economy was hit hard by the 2014 oil price crash, but the shortfall in its budget is expected to continue to narrow, the Ministry of Finance said on Monday. The deficit — the difference between government revenues and spending — is predicted to be SR148 billion ($39.5 billion) in 2018. That is expected to decline to SR128 billion next year and enter positive territory by 2023, the ministry said.

Saudi Arabia is largely dependent on oil revenues but steps are underway to diversify the economy, boost the private sector, and place a greater focus on everything from education to entertainment, and tourism to transport. Such measures are part of the ambitious Vision 2030 reform plans unveiled by Crown Prince Mohammed bin Salman in April 2016. Analysts noted the improvement in the Saudi fiscal budget, but warned that the economy remained vulnerable to fluctuations in the price of oil.

Source: Arab News

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