He holds a Bachelor’s degree in Aviation Business Administration from the Embry-Riddle Aeronautical University, Florida. He also obtained a post-graduate diploma in Organization Behaviour and Marketing Strategy from the University of Cambridge, Dubai.

See also:Business Personality of the Week- Olubayo Adekanmbi

In his capacity as CEO, Arif is in charge of the operational functions at DIFC. He set up 2024 Strategy and other initiatives to further position DIFC as the leading financial hub in the Middle East, Africa, and South Asia. Arif is so passionate about conversations around the future of finance. This is reflected in his commitment to innovate DIFC for economic diversification.

Before joining DIFC Authority, Arif was Chief Commercial Officer at Emaar Properties, as well as CEO of Emaar Retail. He also held strategic positions at HSBC Bank Middle East and was once Chairman of the Middle East Investor Relations Society. 

In all, Arif has a track record of implementing a number of initiatives for the organizations he has worked for. He significantly grew the business portfolios of these companies throughout his tenure.

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The economy of Dubai is no longer reliant on oil but is rather diversified into trade, tourism, finance and services sectors. Most businesses are set up in the Free Trade Zones which are structured to attract foreign investment through the ease of setup, 100% ownership, tax exemption, no trade barriers, etc.

The economy of Dubai is open to attract investors. The government has constructed one of the best infrastructures of business facilitation. It also invests heavily in transport, telecommunications, energy, modern real estates and housing facilities.

There are investment opportunities in the following key sectors.

Logistics & Transportation

Dubai is strategically located as a central hub between the East and West. An investment in trade, logistics and e-commerce thrive well in the region. Thousands of distributions occur daily through world-class aviation and seaports infrastructure in Dubai.

Aviation Industry

Aviation accounted for 15% of the UAE’s GDP in 2018. According to the Airports Council International, the Al Maktoum International Airport comes 19th internationally in terms of the volume of freight handled, and can accommodate millions of passengers who pass through connecting flights. Dubai International Airport also ranked in the Best Airport Operator of the year category, transporting millions of cargoes every year. Dubai is one of the world’s leading centres of aviation and re-exporting hubs in the world.

Travel and Tourism

The travel sector in Dubai is also booming and investment in this sector will pay. According to the World Travel & Tourism Council, the industry contributed 11.1% ($44.8 billion) to the economy of UAE in 2018. It is projected to about 312.4 billion to the UAE’s GDP by 2027. Travels and tourism in Dubai contribute the highest share to the GDP of the UAE, amongst the Gulf Cooperation Council states.  Crenov8 Consulting has a lot of commercial incentive packages that attract investors looking to expand in the tourism sector.

Real Estate

About 85% of people living in the UAE are expats. Other than visitors for vacations or healthcare, millions are attracted to trade and have set up businesses in the UAE. Therefore, an investment in the real estate sector is a safe bet. The UAE is developing at ultra-high speed and is regarded as the most suitable for real estate investments in the Middle East and Africa. In preparation for the EXPO 2020, billions have been sunk into infrastructural projects in Dubai. The Dubai 3D Printing Strategy estimates that by 2030, about 25%of all buildings in Dubai will be 3D printed.

Technology & Finance

The UAE is the centre for information and communications technology of the Middle East. Work is ongoing to make Dubai the world’s smartest city by 2021. The Smart City strategy was launched in 2014 as one of the most ambitious ICT projects in the world. Government services such as facilitating importation to the UAE, transportation services, business setup, and over 1000 government primary services are now accessible online. As a result, the digital sector is booming and yields a high return on investments. Life is easier and businesses operate seamlessly.

Agriculture

The UAE has tremendously developed in recent times, as it gears towards attaining the smartest city in the world by 2021. It has transitioned from a trade hub to a business location that is headquarters to several multinationals due to the ease of doing business. The 40 free trade zones encourage companies to easily set up businesses with low or zero tax implications and full ownership in the UAE. Hosting EXPO 2020 also provides an opportunity to attract more international investors.

Crenov8 Consulting is a management consulting firm based in Dubai, UAE that helps businesses easily set up in the UAE. Some of our services include branding, business setup, event management, management consultancy, procurement, corporate training and other digital services.

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See also: Business Person of the Week: Strive Masiyiwa

In 2006, he was appointed Chairman and CEO of Brokerage House Securities LLC, a firm he co-founded. He is a large shareholder in NMC Health- the largest private healthcare provider in the U.A.E.
As the Executive Vice Chairman of NMC Health, Khalifa led its successful IPO and premium listing on the London Stock Exchange in 2012. He also serves as the Chairman of Travelex Group Limited, Infinite Investment, and First Energy Bank. He is the Executive Vice Chairman of Centurion Investment.

Khalifa Bin Butti Al Muhairi is one of the most recognized UAE business leaders with over 15 years’ experience in entrepreneurship and financial investments. He has a net worth of $1.2 Billion.

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Come next year, in many GCC countries, including the United Arab Emirates (UAE) a 5% value-added tax (VAT) will be introduced. The implementation of the tax will start on the first of January, next year. For the time being no other tax measures are being implemented. What does this tax mean for your business?

VAT is a consumption tax implemented on the value-added on each stage of production. This is different from a sales tax: a VAT is based on invoices and collected each time a value is added and a sale is made. Because it is a consumption tax, the final tax is ultimately levied on consumers (it is added to the price of the good). For businesses that manufacture products that are purchased from other businesses and have some value-added components, this might increase the cost of production but not considerably.

This notwithstanding, a list of 100 goods and services will be exempted from the VAT in order to avoid taxing necessities that even low-income individuals survive on.

Given the recent situation of decreased oil prices and declining government revenue, it is necessary that some sort of tax is collected in order to raise revenue for the government.

The chief of the International Monetary Organization (IMO) said, when she addressed the media, that the UAE which has diversified and set up capital buffers is well structured to gradually introduce a “careful tax system” and that a VAT as low as 5% will have negligible effects on businesses and people in general. In the meantime, this announcement has been made ahead of time to give businesses time to adjust.

Source: Khaleej Times

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This week’s top news story in the business world is that the Federal Reserve (that is the Central Bank of the USA) has announced an increase in interest rate by 0.25%. This announcement was accompanied by a similar rate hike by the Central Bank of the UAE. But how does the increased interest rate affect you, especially if it is the Fed’s increase and you live on the opposite side of the world?

The direct effect of an increase in interest rate by a Central Bank is that it increases the interest rate at which commercial banks borrow money from them. These Central Banks regulate the flow of money in the economy and the business of commercial banks to make sure that they are stable. However, there is a ripple effect to the increase in interest rate (if you are already familiar with this, skip down to the third paragraph). When Commercial banks have to borrow money from the central bank at a higher interest rate, they shift these interest rates unto people who are coming in from loans at their branches.

With higher interest rates, companies that have already taken out loans that have variable interest rates should note that the interest they are paying on their loan has increased. At the same time, some people who intended to take out a loan may no longer go forth with it because it has become more expensive to take out a loan. Ultimately, the mechanism is meant to decrease the amount of money circulating in the economy to control inflation rates as they rise. Since the economies of the world are interconnected and certain economies like the US’s are powerhouses, the decision by the Fed can lead to affect even in the economy of a country farther away.

That said and done, how does this situation apply in the UAE with the major difference of Islamic Banking to also take into consideration. In many countries where there is Islamic banking (like the UAE), the currency is “pegged” to the dollar and the country operates a dual financial system where Islamic banks operate on “conventional” interest rates. Pegging a currency means that the country stocks up on foreign reserves that make it possible to fix the rate of its currency to a more stable one like the dollar so that the rate of exchange remains the same even if the other currencies value changes. The long and short of it is, though interest rates were also raised in the UAE, because of this dual financial system, the increase will only be felt by non-Islamic banks immediately. If there is to be any effect at all, it will be a bit sluggish and will take time. (More on Islamic banking and monetary regulation)

The Fed intends to increase interest a few more times this year as the American economy grows. However, we cannot be sure of what will happen next because this growth could be affected by policy decisions but thus far, things have been improving and we are hopeful it remains so.

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With its reputation for promoting innovation and entrepreneurship, the United Arab Emirates is an enviable location to set up your business. But, setting up a business requires a substantial amount of funding. As a fresh business, you are considered a high-risk business and it’s difficult to get banks to invest in your world-wide. Hence, opportunities that make funding from equity lenders possible are important. By equity lenders, in this case, I am referring to Angel investors, incubator funding, venture capitalists and other private equity lenders. Ripe opportunities to connect such lenders in the UAE might just be another reason for you to consider setting up your business in the UAE.

There is an investor forum in Dubai that is held monthly. (See: Dubai Investment Forum) The forum accepts six entrepreneurs each month and brings these entrepreneurs together with venture capitalists and angel investors. The six entrepreneurs pay a presentation fee to get a 30-minute block of time for a presentation in front of the investors. However, prior to the event, entrepreneurs get 6 1-hour sessions and it also facilitates private meetings with interested investors afterward (Source: Startup Central).

The emirate of Dubai also has a lot of accelerators and incubators. The number of accelerators ad incubators are even increasing. In most cases, if your application to an incubator in Dubai is accepted you receive some seed money, physical office space, mentorship, business development training and at least one demo day when the program is over. Many incubators can be found in Emirates Towers in Business Bay for example.

In addition to this, there are websites that provide full lists of angel investors in the UAE. Finding an investor to pitch your business to is as easy as visiting this link: Angel List, and looking for investors that are interested in businesses like yours. You can select preferences; for example, you can choose to find investors who reside in Dubai and who are interested in Dubai. There are currently 5650 interested in investing in Dubai right now: [picture] By simply creating an account, you can connect with the Angel Investor who might be the right fit for your business. Another good source to consult for Angel Investors is the consulting company, Envestors.

There are also a lot of local venture capital firms in the country. The biggest player in the region is probably the Carlyle Group (You can reach them at P +971 4 427 5600 or visit their webpage at Carlyle Group). Getting in contact with any of these firms could help you find the funding you are looking for.

These investment opportunities are open for entrepreneurs who have set up in the UAE. It is important to note that the process of acquiring funding requires that you do the research that helps you find the best avenue to getting the funding you need to support your business.

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Do you begin to form a Guinness Book of World Records reference list, categorizing its various infrastructures as the world’s largest this or the world’s longest that? Well, if you are a business owner looking to expand into a new market or an individual with a great idea for a start-up, here’s a couple of reasons why, when you think of Dubai, starting your business here should also come to mind as well.

Dubai is a strategic location for your business setup because it facilitates easy access to major markets all over the world. Dubai sits at an intersection between the regions of Africa, Europe, Central Asia, and the Middle East, easily accessing a combined regional population of 2.2 billion people. More importantly, because of its strategic location, many multinational companies have regional headquarters in Dubai; as they experience a growth in their supply chains, they channel more business through Dubai leading to continual economic growth. As a complement to its location, the emirate is now home to the world’s busiest airport, the Dubai International Airport, which had more than 70 million passengers last year alone and, the world’s most productive container facility in 2014, Port Jebel Ali. Therefore, setting up a business in Dubai opens your business up to the opportunity for growth into other markets also, in different regions, all over the world.

Dubai has an advanced infrastructural network that makes running a business here convenient as well. In anticipation of a 6-month long, global exhibition expected to host 25 million visitors, the emirate of Dubai is expected to have spent $300 billion by the year 2030 on infrastructure alone. The development of road and transportation networks facilitating the transport of both goods and people has been coupled with continuing growth in the hospitalities industry. For your business, this transfers into easy access to the rest of the UAE market, and support to expand within the country.

The UAE and Dubai especially, have a high number of free trade zones where foreign companies can set up businesses with less restriction. The government of Dubai has intentionally kept Dubai’s economy open in order to attract foreign business investment. In Dubai alone, 20 of the UAE’s 45 free trade zones can be found. Within these zones, foreign companies are allowed to have 100 percent foreign national ownership with no requirement of a local sponsor, as well as exemption of personal and corporate taxes (corporate tax exemption subject to renewal). Custom duties are kept low at four percent with several exemptions. These zones even allow for 100 percent repatriation of profits! Given these factors, it is no wonder the UAE ranked 26^th in the World Bank’s Ease of Doing Business Report with the number one ranking in ease of paying taxes.

The UAE has made a strong comeback after the global recession of 2008. For many nations in the Gulf, high economic dependence on oil and gas have left them vulnerable to recent fluctuations in the prices of oil and gas. Though a large portion of the UAE’s economy is made up of oil and gas, it has also been able to diversify into other industries to support the stability of the economy. The UAE is now a high-income country with a GDP per capita equivalent to 311 percent of the world’s average as of 2015. For your business, this means a level of economic safety to support you as you run your business.

Given all these benefits, there is a high incentive for you to start your business in Dubai. However, the process of establishing a business in a market you are new to maybe a bit difficult. You have questions about legal requirements, about business set up, about acquiring a business license and so much more. Crenov8, a leading digital and business development firm in the region, is here to guide you in every step along the process. If you would like to take that bold step and enter this market, contact us. We have the tools and the expertise to establish a strong presence for your business in Dubai.

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Sultan Butti Bin Merjen, director-general of DLD made the comments in an annual report for 2016 which revealed that total real estate transactions in Dubai exceeded AED259 billion ($70.5 billion).

This was marginally down on the AED267 billion worth of deals seen in 2015 from a total of 63,719 transactions.

He said the market in Dubai “has reached a new phase of maturity and stability”, adding that it is “moving towards sustainable growth”.

The report also said the real estate market is expected to benefit from a new wave of activity and growth this year, after the launch of new projects valued at AED100 billion last year.

DLD’s annual report showed that the emirate recorded a total of 60,595 real estate transactions in 2016, made up of 41,776 sales transactions and 15,000 mortgage transactions.

The top investors were UAE nationals – nearly AED22 billion was spent by over 7,000 investors while foreign investment reached nearly AED44 billion from 22,834 investors of 136 nationalities.

Indians ranked highest in terms of both volume and value, making AED12 billion worth of property transactions across 6,263 investors, followed by Pakistan and Britons. The report also said investors from Canada, China, France, Iran, Russia, and the United States were prominent.

The report identified Dubai’s top sales areas for 2016 as Business Bay which saw 3,508 investments worth AED6.2 billion, followed by Dubai Marina, Jebel Ali 1, Burj Khalifa and Warsan 1.

DLD’s data also indicated the entry of 55 new developers into the real estate market, with the launch of 134 new projects worth over AED100 billion, and the completion of a further 62 projects in 2016.

Article Source: Arabian Business

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The countries of the Gulf region are playing an increasingly visible role in the global development of smart cities. Cities in this region have seized on the ideas behind the smart city as a means of improving quality of life, strengthening avenues for economic diversification and supporting environmental and sustainability programmes. Dubai has emerged as the Middle East’s leading smart city, according to an index that weighed up the high-tech infrastructure in several cities in the region.

Global research firm Navigant assessed the cities according to their vision and execution of ‘smart’ initiatives and said that Dubai stood out for its strategic vision and clear understanding of the practical requirements to deliver on its vision. Commissioned by Huawei, the study found that the foundations laid by Dubai’s leadership and the Smart Dubai Office would provide an excellent basis for a range of innovations that would have a significant impact on the city’s operations and quality of life.

In the Internet of Things era, the UAE is also one of the world’s best-prepared countries in cybersecurity, ranking 17 out of 105 countries by the United Nations’ International Telecommunications Union. The Dubai government also recently launched its Cyber Security Strategic Plan to enhance protection of government services.

“As more smart city and government services become digitized, the Internet of Things is a cyber-attack force multiplier, with critical national infrastructure especially at risk. The UAE government is at the global forefront of protecting smart cities and providing residents with peace of mind while using government services,” said Andrew Calthorpe, CEO at the UAE-based Smart City consultancy Condo Protego.

With the number of connected devices more than doubling from 23 billion in 2016 to 50 billion by 2020, cyberattacks will shift to disruptive and destructive attacks, especially on the hybrid cloud, mobile devices, and critical national infrastructure, according to a report by cybersecurity firm RSA.

As a result, Condo Protego is seeing strong UAE public sector demand for cybersecurity solutions with advanced threat detection and response. “Channel partners are vital for guiding public sector adoption of cloud or on-premise solutions to future-proof services, and the cybersecurity solutions with the full visibility, analysis and action to prevent cyberattacks in real-time,” added Calthorpe.

Article Source: Khaleej Times.

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Ah, the Dubai Canal, the city’s newest attraction that people are still figuring out how to access. But that hasn’t stopped residents from figuring out on their own.

Despite the Canal being an attractive eyeful, there is more than meets the eye and we head out to the Dubai Canal to discover some interesting facts about its construction as well as some nuggets of knowledge you should know before ever going there.

Charging stations are EVERYWHERE

So you go to the Canal and obviously enjoy the marvelous view, take some photos but no! You run out of batteries, worry not, the Canal has charging stations around the vicinity and you can usually identify them by the black plastic-looking protrusions on some of the lampposts, they even have a small table so you can put down your phone and enjoy the waterfalls on the side of Shaikh Zayed Road.

Streetlights in the Canal are solar-powered

As part of the sustainable city envisioned by His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, the streetlamps around the Canal are powered by solar panels to reduce the dependency on electricity.

Parking underneath Shaikh Zayed Road is PAID

Save yourself a couple of dirhams and avoid being fined by getting a parking ticket from one of the machines around the car park underneath Shaikh Zayed Road. There’s even a number code already if you prefer paying for parking thru SMS.

The waterfalls start around 8:00 pm and end at 10:00 pm

You haven’t been to the Canal if you haven’t seen the water cascade along the sides of Shaikh Zayed Road. That being said, the best time to visit the Canal are between 8-10pm when the water starts flowing. Bonus Fun Fact: If any water transport passes through the waterfall, the water ‘opens up’ and makes way for the craft.

One of the bridges on the Canal is inspired by…

San Francisco’s Golden Gate Bridge. The bridge in question is the one with the blue arc where cyclists can also cross. People can still walk on it, but one might feel a slight shake on the ground here and there, this is because the bridge is supported by suspension cables to keep it up.

Article Source: Khaleejtimes.com

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