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Tag: Abu Dhabi

  • Abu Dhabi’s Financial Regulator Issues Urgent Advisory Amid Market Concerns

    Abu Dhabi’s Financial Regulator Issues Urgent Advisory Amid Market Concerns

    The Abu Dhabi Global Market (ADGM), the capital of the UAE’s thriving financial sector, recently hit 23 resident firms with fines totaling 610,000 dirhams (around 166,000 dollars). While the amounts may seem minor, the implications behind them are anything but.

    According to the Financial Services Regulatory Authority (FSRA), these penalties stem from breaches of accounting standards introduced back in 2017. Moreover, several of the firms involved also neglected to meet foreign tax compliance regulations put forth in 2022, underscoring a potentially troubling trend.

    No Tax Haven Here

    The FSRA has taken a firm stance, clearly stating on its website that the regulations were designed to align with international frameworks requiring entities to report information about foreign account holders. This is all part of a broader effort to combat tax evasion on a global scale. The regulator highlighted violations related to both the Common Reporting Standard (CRS) and the Foreign Account Tax Compliance Act (FATCA).

    The Common Reporting Standard, created by the OECD, aims for the efficient exchange of financial account data for tax purposes worldwide. In tandem, FATCA mandates U.S. financial entities to identify and report on accounts held by American taxpayers, ensuring that no one slips through the cracks when it comes to tax obligations.

    “Robust Regulations” in Play

    Emmanuel Givanakis, CEO of the FSRA at ADGM, emphasized the authority’s dedication to tackling tax evasion. He stated, “We are committed to identifying and addressing practices that fall short of our efforts to combat tax evasion by implementing robust and effective regulations in line with leading global compliance and reporting standards.” This is a wake-up call for firms operating in a landscape increasingly wary of tax dodgers.

    In a world where financial transparency is becoming the norm, it seems the days of tax havens are fading faster than a mirage in the desert. Will companies heed the warning and adjust their sails accordingly?

    Questions & Answers

    What is the total amount of the fines imposed by the FSRA? The FSRA imposed fines totaling 610,000 dirhams (approximately 166,000 dollars).

    What regulations did the fined firms violate? Firms were penalized for violating accounting standards established in 2017 and failing to comply with foreign tax compliance regulations introduced in 2022.

    What two major frameworks are mentioned in the article? The Common Reporting Standard (CRS) and the Foreign Account Tax Compliance Act (FATCA) are the two frameworks highlighted.

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  • Abu Dhabi State Fund Bullish on Crypto Infrastructure

    Abu Dhabi State Fund Bullish on Crypto Infrastructure

    Abu Dhabi state fund Mubadala said that it was not a crypto skeptic with optimism on investments in related infrastructure.

    Abu Dhabi’s Mubadala has invested in crypto-related infrastructure, according to its chief executive Khaldoon al-Mubarak in a recent interview.

    From our perspective, I think we look at the ecosystem around crypto, Mubarak said, citing examples such as blockchain technology or energy usage.

    And I think we are investing in that ecosystem.

    Mubadala’s Mubarak noted the phenomenal surge in the crypto market’s value as a reason for continued bullishness in digital currency’s future.

    I think, you know, this is a business that had, what $200 billion worth of crypto value two years ago, and it’s two and a half-trillion dollars today and growing, he said. So I think while many people are skeptics, I don’t fall in that category.

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  • DHL To Drive the Growth fro Abu Dhabi

    DHL To Drive the Growth fro Abu Dhabi

    DHL Global Forwarding has signed a deal with KIZAD – Abu Dhabi’s industrial hub and a subsidiary of Abu Dhabi Ports, to establish a distribution centre to serve the needs of its customers.

    Under the agreement, DHL Global Forwarding will set up warehouses in KIZAD to provide end-to-end logistics and supply chain services to its customers, who seek to leverage the optimal geographical location of KIZAD to propel their growth trajectory. The warehouses will be used for storage and consolidation of all shipments, equipped with high-volume racking, as well as fully-managed kitting, packing and dispatching process to support customers’ growing capacity requirements.

    KIZAD’s strategic location, which offers easy access to all the major transportation hubs in the UAE, will enable DHL Global Forwarding to minimise customers’ shipment times along their global supply chains. With the new Abu Dhabi warehousing facility, DHL Global Forwarding is strengthening its network of global hubs for overseas distribution. With a view to further benefit from KIZAD’s unique proposition and recognising KIZAD as its preferred location for warehousing and distribution in Abu Dhabi, DHL Global Forwarding is working closely with the authorities to expand the size of its KIZAD distribution centre by April 2019.

    Amadou Diallo, CEO, DHL Global Forwarding, Middle East and Africa said: “We are looking forward to connecting KIZAD to our extensive global network, to further propel the growth potential of Abu Dhabi as a gateway to the rest of the world. Beyond the immediate needs of our customers who currently operate out of KIZAD, we are also looking to invest more resources on expanding our presence here, so we can serve more customers. The emphasis on infrastructural investment by the government is also set to rejuvenate the logistics sector, and we are committed to enabling more trade flows to and from this part of the world.”

    Samir Chaturvedi, CEO of KIZAD, said: “We are pleased to welcome DHL Global Forwarding to KIZAD, which is rapidly becoming the location of choice in the UAE for local and international logistics companies. We look forward to supporting DHL Global Forwarding in continuing to provide world-class logistics capabilities and are proud to help strengthen its global freight network and warehousing infrastructure. By hosting DHL Global Forwarding, KIZAD will be advancing key sectors such as the aerospace industry, which is an important component of Abu Dhabi’s economic diversification strategy.”

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  • Abu Dhabi to host International Travel Week

    Abu Dhabi to host International Travel Week

    Abu Dhabi will be hosting International Travel Week (ITW Abu Dhabi),  a co-location of synergistic travel events each focused on the fastest growing global tourism source market sectors, in November this year.

    Taking place from November 21 to 25 at Abu Dhabi National Exhibition Center, ITW-Abu Dhabi will aim to deliver a comprehensive programme which will combine targeted meetings with first-class networking opportunities, inspiring knowledge-bound seminars and innovative experiences, culminating in a glittering gala awards evening to celebrate outstanding achievements across the international halal tourism landscape.

    Commenting on the strategic partnership with the host destination, Andy Buchanan, executive organising committee director said: “We are thrilled to bring ITW Abu Dhabi to the culturally-rich and trailblazing city of Abu Dhabi. Against this remarkable backdrop, participants will have the opportunity to discover, connect and be enriched, which in turn will assist them in defining and driving the future of their own business.”

    Indonesia Ministry of Tourism are delighted to be the official Headline Sponsor for the ITW Abu Dhabi 2016, and commented: “Indonesia participates again in 2016 but this time bigger than 2015 as we want to bring more sales.” As a major sponsor of the summit, Indonesia Ministry of Tourism expects to welcome key international delegations, investors, tourism associations and market-leading specialists to the summit.

    Evolutionary progression

    ITW-Abu Dhabi is a progressive and evolutionary event which has developed from last year’s World Halal Travel Summit. The 2015 edition enjoyed unprecedented success, where the summit yielded impressive results, generating more than $18.4 million worth of business on the show floor, and a further $73.5 million stemming from opportunities directly created at the event.

    With more than 6,000 travel professionals expected to participate in this year’s ITW-Abu Dhabi, this transformative five-day event is hotly-anticipated to be the premium platform for the global halal travel, medical and shopping tourism industry.

    With a dedicated commitment to the fiercely and hugely influential fast-growing travel sectors, ITW-Abu Dhabi will continue to shine the spotlight on the exceptional halal, medical and shopping-relevant opportunities available worldwide at this year’s event, with major influencers bringing their insight and knowledge to the seminar stage.

    Expansion of ‘ITW-Abu Dhabi’

    Hot on the heels of 2015’s World Halal Travel Summit success, and in response to growing demand for a platform for discussion and recognition on halal, medical and shopping tourism segments, ITW-Abu Dhabi will this year open up a Ministerial Forum, a high level debate of ministers and key stakeholders on Intra OIC (Organisation of Islamic Co-operation), medical and shopping tourism and the real world challenges of implementation. ITW-Abu Dhabi will also host the second World Halal Travel Awards, a glittering event to recognize outstanding products and service within the halal tourism sector. The winners of the 2016 World Halal Travel Awards will be announced at a gala event in Abu Dhabi on 22nd November 2016. The awards ceremony forms a crucial element of the summit which is the largest gathering of global executives operating in the family friendly travel sector. For the first time, ITW-Abu Dhabi will also introduce ‘The Family Vacation Show’ wherein exhibitors will have a chance to interact with consumers face-to-face. The event will be information packed and created to directly sell and introduce offers, packages and promotions to qualified consumer travel audience.

    Results-driven

    According to Buchanan, the expanded 2016 edition is expected to be a boon for all involved: “ITW-Abu Dhabi was established with a clear objective of providing opportunities to explore and maximise on the latest trends and offerings within the fastest growing travel segments namely halal, medical and shopping tourism. In a concerted effort to distinguish itself on the halal, medical and shopping travel industry event landscape, ITW Abu Dhabi aims to deliver an elevated business-to-business platform that is innovative, inspiring, and result-driven, with the structured five-day programme including elements such as knowledge-sharing seminars, show floor meetings, exceptional networking experiences and a dazzling awards evening. I expect the 2016 edition to be a windfall for those organisations and individuals that exhibit and participate.”

    Confirmed participation for the ITW-Abu Dhabi 2016, stretching across multiple spectrums, hails from a diverse spread of key players including Accor Hotels, Bangladesh Tourism Board, Dinar Standard, Etihad Airways, HCA Healthcare, Holiday Bosnia, and Jannah Hotels, among others.

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  • Lulu Group to enter Indonesia

    Lulu Group to enter Indonesia

    Plans $500mn investment in the country over the next five years

    The first LuLu Hypermarket in Indonesia will be opened in Jakarta by the year-end as the group has announced plans to invest $500mn in the country over the next five years.  The announcement came during the visit of Indonesian President, Joko Widodo to Abu Dhabi. He visited LuLu Hypermarket along with a high-level delegation at Khalidiyah Mall in Abu Dhabi. “With an initial investment of $300mn in the first phase, we plan to open some 15 hypermarkets by the end of 2017 and a central logistics and warehousing facility in Jakarta.

    These projects are likely to generate more than 5,000 job opportunities for Indonesians and help train them at all levels” said MA Yusuffali, LuLu Group managing director. The fact that we are going to Indonesia with our Halal Hypermarket concept, is giving us the encouragement to look for a wider market segment there” Yusuffali said. Apart from Jakarta, LuLu intends to open hypermarkets in Bandung, Solo, Semarang, Surabaya and Yogyakarta. “We also plan to set up contract farming to ensure continuous supply of high-quality products and support the Indonesian agriculture sector,” Yusuffali added.

    The Indonesian president is on a five-day state visit to Saudi Arabia, the United Arab Emirates and Qatar, to boost the country’s ties with the three countries, particularly on investment, trade and Indonesian migrant worker protection.

    Coordinating Minister of Economy Darmin Nasution, Trade Minister Thomas Lembong, Minister of National Development Plans Sofyan Djalil, State Secretariat Minister Pratikno, head of the Investment Coordinating Board Franky Sibarani and Cabinet Secretary Pramono Anung were also part of Widodo’s delegation.  The Indonesian president was given a rousing welcome at the LuLu Hypermarket by Yusuffali; Saifee Rupawala, CEO; Salim MA, director; Rajmohan Nair, director – LuLu (Far East Operations); and a large number of Indonesian expatriates.

    President Widodo and the accompanying delegation were taken to a guided tour of the hypermarket by Yusuffali who briefed him about specialties of the retail store. The president later said his visit to LuLu Hypermarket was to see Indonesian products mainly agricultural products and asked Yusuffali to import more products from villages and towns in Indonesia.  A LuLu release said Widodo inquired about the prices as well of the various Indonesian products imported to Abu Dhabi.

    The LuLu chain currently operates some 117 stores across the UAE, Oman, Bahrain, Kuwait, Qatar, Saudi Arabia, Yemen, Egypt, and India.

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