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Newsletter 01/2019

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Newsletter 01/2019

The IICUAE is glad to invite you to our

FIRST APERITIVO ITALIANO of 2019

Location: ROBERTO’S – Gate Village, DIFC, Dubai

Date: Saturday, 19th of January

Timing: from 7 PM

Please confirm your presence to

Benedetta – projects@iicuae.com

Tel : 056 829 1252

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.

Newsletter 01/2019
DUBAI HOTELS ROLL OUT THE RED CARPET FOR TOURISTS

A growing number of international visitors, coupled with preparations for Dubai to host Expo 2020, has meant that hotel inventory across the UAE will continue to record healthy growth in 2019.  The big change that Dubai will se in the industry will be a more noticeable shift towards new markets: the Chinese, Indian and Russian markets will continue to be important in the coming months. Dubai is the forth most visited city in the world. Based on a report by Ventures ME, the UAE hospitality market is expected to reach $7.6 bln by 2022, growing a 5 years compound annual growth rate of 8.5% between 2017 and 2022.
Source: Khaleej Times

 

Newsletter 01/2019
DUBAI DRIVES JOBS GROWTH

The UAE continued to generate new jobs during most of 2018 with Dubai emerging the brightest spot in the Country’s employment market. According to data from the Central Bank of the UAE, employment eased in the third quarter, growing moderately by 0.6% compared to an increase of 1.2% in the second quarter. Accordingly, employment rose by 1.6% during the first three quarters on average, compared to a 2.6% increase during the same period in 2017.
Source: Khaleej Times

 
DOCTORS, STUDENTS EAGER TO GET LONG TERM UAE VISAS

The implementation of 100% foreign ownership and 10-year residency visas for expats and investors will start this year. The new long-term visas of up to 10 years will be granted to entrepreneurs and specialist working in the fields of medicine, science and research. Outstanding students will also be eligible for a long-term visa as part of the changes, in order to encourage them to settle in the UAE following the completion of their education. For doctors, 10-years visas mean a more stable career and new research avenues, bringing more talented people and create a positive environment.
Source: Khaleej Times

Newsletter 01/2019
DUBAI BUDGET TO ACCELERATE GROWTH

Dubai’s 2019 budget with a focus on infrastructure and social development as well as job creation will accelerate economic activities and strengthen the Emirate’s position as one of the most preferred destinations for global businesses. H.H. Sheikh Mohammed bin Rashid Al Maktoum announced a Dh 56.8 bln budget for 1019 as compared to last year’s Dh 56.6 bln budget. In 2019, Dubai will continue supporting social services, including health, education and housing, as well as developing the Social benefits Fund and supporting families.  Oil revenues account for 8% of total projected revenues for the fiscal year 2019. Non-tax revenues account for 64% while tax revenues account for 25% and income from investments represents 3%.
Source: Khaleej Times

 
Newsletter 01/2019
VAT DOES IT: YEAR 1 GOES SMOOTHLY

With the UAE complementing its first year of the implementation of value-added tax (VAT), experts believe that the imposition was smooth, successful and transparent, despite some initial hiccups as it was a first ever-experience for the Government. On January 1st 2018, the UAE levied VAT at 5% at each step of the supply chain of goods and services in order to broaden the Government’s revenues sources. The registration for VAT with the FTA is mandatory for any natural or legal person who carries out business in case their taxable supplies exceed Dh375.000 during the previous 12 months. The FTA introduced various tax periods to file tex returns on a monthly basis for large businesses and a quarterly basis for others. All business sectors were informed of the dates for their tax periods.
Source: Khaleej Times

Newsletter 01/2019
FIND LOVE IN THE HEART OF DUBAI

Fancy a day away from the city buzz and the sight of skyscrapers? Unwind and become one with nature in Dubai’s latest heart shaped island carved in the middle of the desert. Dug deep through Al Salam Desert, 10 minutes away from Al Qudra Lake are two intertwined gigantic hearts that form the “Love Lake”. It is a reserve that celebrates the UAE’s history of love and tolerance in the fierce desert environment that shaped today’s generosity and chivalry among the local people.  Visitors can spot over 150 species of birds including falcons, eagles, ducks and swans drinking from the waterfall flowing from walls made of stones in a heavenly scene. The corners of the lake are designed with intertwined tree branches forming the heart shape. The conversations reserve is home to migratory and local birds and various types of fish, including Japanese orange and gold fish, which can be spotted swimming in he clear lakes.
Source: Khaleej Times

NO FEE HIKES, NEW TAXES IN UAE

After a fruitful 2018, the UAE will be starting the new year with an affirmation that will benefit businesses, individuals and the overall economy: the UAE government just announced that the Federal government fees will not be increased for a period of three years. The decision is intended to attract more foreign investments and promote economic and social stability, as well as support the industrial and commercial sectors. The Ministry of Finance has also confirmed that the Government plans to spend more in 2019 while doubling the amount of loans extended to small and medium enterprises as well as boosting housing support for Emirati citizens. It also predicted that the National economy would prosper in 2019 and is poised to perform better than it did in 2018.
Source: Khaleej Times

Newsletter 01/2019
DUBAI MEANS BUSINESS

Dubai attracts not only leisure and medical tourists but also a large number of business travelers from around the world as the Emirate is among the world’s 20 most popular cities for business travel, driven by the Mice sector, strategic location, strong connectivity and its regional hub status. Dubai stands at 11th position among the 20 most popular business travel cities in thw world. Dubai is the only city from the Middle East and Africa region to be among the top 20 cities. After a fruitful 2018, the UAE will be starting the new year with an affirmation that will benefit businesses, individuals and the overall economy: the UAE government just announced that the Federal government fees will not be increased for a period of three years. The decision is intended to attract more foreign investments and promote economic and social stability, as well as support the industrial and commercial sectors. The Ministry of Finance has also confirmed that the Government plans to spend more in 2019 while doubling the amount of loans extended to small and medium enterprises as well as boosting housing support for Emirati citizens. It also predicted that the National economy would prosper in 2019 and is poised to perform better than it did in 2018.
Source: Khaleej Times

 
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