Abu Dhabi adds 126 new economic activities to Tajer
The Tajer Abu Dhabi (Abu Dhabi Trader) licence has been expanded to include 126 new economic activities, according to the Abu Dhabi Business Center (ADBC), a division of the Abu Dhabi Economic Development Board (ADDED). Business Small and Medium-sized businesses (MSMEs) can get a company licence without having to pay three years of rent for a commercial space or work at a physical location. 29.5% of all economic activities authorised and regulated by ADDED in 2021 were carried out by Tajer Abu Dhabi, reaching 4062 activities at present by the end of 2021.
EDB and MoCCAE provide financial support to UAE agribusiness
UAE agribusiness is financially supported by EDB and the Ministry of Climate Change. The action is a component of the UAE’s 2051 National Food Security Strategy, which is centred on putting effective agricultural techniques into place that increase output. One of EDB’s five priority sectors is the UAE’s sustainable economic development and food security, which is essential to boosting the nation’s competitiveness and economic resilience. The two organizations will identify opportunities for cooperation on food security and support small businesses and start-ups. EDB provides financing solutions for farms and MoCCAE organizes regular seminars and introductory courses on the latest agricultural methods and techniques.
ADNOC signs a $1.17 billion deal with the logistics division
The logistics and services sector and Abu Dhabi National Oil Company (ADNOC) have agreed to a five-year, $1.17 billion arrangement to increase offshore capacity. ADNOC Offshore awarded ADNOC Logistics & Services (ADNOC L&S) the contract, which calls for the hiring of 13 self-propelled jack-up barges. The state-owned oil corporation stated that the barges will be “deployed across ADNOC’s offshore areas and are designed to support a wide array of operations, including project work, maintenance, and accommodation”. Al Suwaidi continued, “the award enables exceptionally high ICV, which can encourage new business prospects to assist the expansion and diversification of the UAE’s economy”.
SAMA declares the beginning of the “POS Service”
The inauguration of point-of-sale (POS) services between Saudi Arabia and Qatar was announced by the Central Bank of Saudi Arabia (SAMA). SAMA has emphasized that the service will connect the Qatari National Network and the national payments network Mada (NAPS). Through the Gulf Payments Network (GCC-Net), Mada and NAPS cardholders will now be able to conduct point-of-sale transactions in Saudi Arabia and Qatar, according to SAMA. Bank customers in the Gulf can use the GCC-Net to make cash withdrawals from ATMs using the host nation’s currency. According to SAMA, this procedure will help bank customers who have previously used the available international payment card networks to conduct POS operations pay less.
UAE non-oil commerce increases to $431 billion in H1-22
In comparison to the same period in 2021, the non-oil commerce of the UAE increased by 17% to around Dh1.58 trillion ($431 billion) in the first half of the year, according to Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai. According to official figures, this is the first time the nation’s non-oil commerce has surpassed the AED 1tn threshold. In the first half of the year, compared to the same period in 2021, non-oil exports from the United UAE climbed by 8% to Dh180 billion. Non-oil imports in the nation increased by 19% over the same period last year, approaching Dh580 billion for the first time.