Day: May 2, 2021

ABU DHABI, Wizz Air Abu Dhabi has announced that it will continue to fly to Greece twice a week. Wizz Air Abu Dhabi currently flies to Thessaloniki every Thursday and as of July will fly twice per week on Thursdays and Sundays, while to Athens every Friday and as of June twice per week on Mondays and Fridays.

Kees Van Schaick, Managing Director of Wizz Air Abu Dhabi, said, “Wizz Air Abu Dhabi is ideally positioned to offer safe, efficient, hassle-free, ultra-low fare travel options. Athens and Thessaloniki provide incredible historic and cultural experiences and we look forward to enabling people to witness all that Greece has to offer.”

With a fleet composed of brand new Airbus A321neo aircraft, the airline will have the lowest environmental footprint among its competitors in the region.

Source: Emirates News Agency

ABU DHABI, Five major global organisations specialising in assessing competitiveness have ranked the UAE among the top ten countries in the world in 28 competitiveness indexes related to finance and taxes.

This was highlighted by a report by the Federal Competitiveness and Statistics Centre (FCSC), which documented the rankings of the IMD World Competitiveness Yearbook, the Legatum Prosperity Index, the World Economic Forum’s Travel and Tourism Competitiveness Report, the Global Talent Competitiveness Index (GTCI) and the Global Competitiveness Index 4.0.

According to the report, the UAE was ranked first in the Real Personal Taxes Index, the Collected Personal Income Taxes Index, the Low Tax Evasion Rate Index, the Collected Indirect Tax Revenues Index, the Lack of Wastefulness in Government Spending Index and the Best Time to File Tax Returns Index.

The UAE was also ranked second globally in the areas of corporate tax collection, real increase in government expenditures, and collection of capital and real estate taxes, while it was ranked third in the areas of intergovernmental transfers, local central governmental debt and rate of low consumption taxes.

In January 2018, the UAE adopted the value added tax (VAT), which is an indirect tax of 5 percent on most products and services supplied at every phase of the supply chain.

In the fourth quarter of 2017, the country also adopted an excise tax to discourage the consumption of products that adversely affect health, including tobacco, energy drinks and soft drinks.

Moreover, the UAE joined the top ten countries in business competitiveness in finance and tax, thanks to its policy to not apply any income taxes and focus only on indirect taxes, such as the VAT and excise tax.

While many countries are planning to increase taxes on personal profits and corporations, the UAE ranked first globally in terms of the lack of real personal taxes and low rates of tax evasion, which enhanced its attractiveness to foreign direct investments.

In its 2020 report, the World Economic Forum (WEF) ranked the UAE third globally due to its low rates on consumption taxes, and fifth globally in terms of the low impact of taxes on employment incentives. Furthermore, the country was ranked eighth globally for the impact of taxes on investments, and seventh globally in investment capital availability, according to the Legatum Prosperity Index.

Source: Emirates News Agency

ABU DHABI, In March and April, the Ministry of Foreign Affairs and International Cooperation (MoFAIC) of the UAE has welcomed officials from the US Government for a series of virtual meetings and workshops, which are expected to continue in the following months to cover a range of issues related to anti-money laundering and countering the financing of terrorism (AML/CFT).

These meetings are a main part of ongoing capacity-building technical engagements the UAE is organising with several partner countries. Multiple institutions from across the UAE participated and benefited from the exchange of knowledge, techniques, and skills.

The workshops, hosted by the US Departments of the Treasury, State, Justice, and Homeland Security, as well as the Terrorist Financing Targeting Center, focused on several AML/CFT issues, including trade-based money laundering schemes, enhancing AML/CFT investigations using advanced data analytic techniques, and counter-proliferation investigative methods.

The meetings highlighted the importance of international cooperation and the critical role of financial intelligence, public-private partnerships, and domestic coordination in combatting money laundering and terrorism financing.

Amna Fikri, Director of the Economic and Trade Affairs Department, UAE Ministry of Foreign Affairs and International Cooperation, said, “I would like to thank the US Government for our exchange of AML/CFT best practices and technical skills. The UAE is committed to preventing all forms of financial crime, and developing a strong understanding of the threat is a key component of our risk-based approach. Raising awareness of how money laundering and terrorism financing works, what to look for in financial transactions and raising the alarm on suspicious activity are key to being better equipped to combat the threat. We look forward to continuing our technical partnership with the United States into the future.”

The joint sessions hosted with the US form a key part of the UAE’s wide range of activities to prevent money laundering and terrorism financing, including initiatives to facilitate international and domestic cooperation.

In October 2020, MoFAIC and the U.S. Departments of State and Treasury held a US-UAE Technical Session on Economic Sanctions and Money Laundering. The session discussed the Advisory to Counter Sanctions Evasion issued by the United States and the UAE’s National Strategy on AML/CFT (2020-2023).

Source: Emirates News Agency

ABU DHABI, Rear Admiral Pilot Sheikh Saeed bin Hamdan bin Mohammed Al Nahyan, Commander of the Naval Forces, said that the anniversary of the establishment of the UAE Naval Forces reflects the wisdom of the late Sheikh Zayed bin Sultan Al Nahyan, who ordered, in May 1968, the establishment of the Naval Wing to support the Abu Dhabi Naval Force, which later became the UAE Naval Forces.

In his speech on the 53rd anniversary of the establishment of the UAE Naval Forces, Commander of the Naval Forces stressed that the UAE Navy has achieved consecutive successes, due to the unlimited support of the country’s leadership, including its guidance, oversight and encouragement.

The UAE Navy has witnessed significant development, he added, noting that it started as a small force with limited capacities, that was mainly responsible for protecting economic facilities close to the country’s shores. However, it has now become a significant naval force capable of protecting the country’s interests in all waters and equipped with several types of vessels with advanced capabilities.

“Our Naval Forces are lucky, as this year is the 53rd anniversary coinciding with our beloved country’s Golden Jubilee. On this occasion, we reiterate our pride for our Naval Forces and its progress and development, as well as its prominent international competitive and advanced stature, which began as an initiative of the late Sheikh Zayed bin Sultan Al Nahyan, who established the foundations of the progress we are witnessing today,” he said.

“Since joining the Naval Forces, we always believed that we would witness the fruits of the excellent performance of our forces around the world. We pledge our readiness to defend our nation before Allah Almighty and our Supreme Commander,” he added.

“Being an integral part of the UAE Armed Forces, the Naval Forces aim to maintain and reinforce its combat readiness at all times with a sense of professionalism,” he added.

“On this occasion, on behalf of the officers, recruits and members of the UAE Naval Forces, we extend our most sincere greetings and gratitude to President His Highness Sheikh Khalifa bin Zayed Al Nahyan, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, on the 53rd anniversary of the establishment of the UAE Naval Forces,” Rear Admiral Pilot Sheikh Saeed stated.

Source: Emirates News Agency

ABU DHABI, The Board of Directors of the UAE Space Agency met to discuss the agency’s new strategy aimed at encouraging the growth of the national space sector.

The strategy is in line with the vision of the UAE’s leadership to establish a space sector that will contribute to the national economy’s sustainable growth, developing into a promising sector of the future economy over the next 50 years.

The meeting, which was held remotely via video conferencing, was chaired by Sarah bint Yousif Al Amiri, Minister of State for Advanced Sciences and Chair of the UAE Space Agency.

During the meeting, the agency’s board discussed the tentative vision, mission and strategic objectives of the agency, as well as its operational model, which aims to enhance its capacity to serve institutions operating in the space sector, both public and private, empower entrepreneurs and small and medium-sized enterprises, and highlight their role in advancing the national space sector.

The board also discussed the agency’s role in motivating the sector’s growth through creating the necessary legislative and regulatory environment for the sector’s employees, as well as bridging existing gaps and addressing related challenges by turning them into opportunities.

The meeting reviewed the country’s current space science and technology policy and existing space capacities, and discussed the agency’s development roadmap for achieving the country’s strategic objectives.

“The UAE Space Agency will continue building on its recent achievements in the national space sector, through empowering companies and establishments operating in this field by creating the necessary legislative, regulatory and investment environment,” Al Amiri said.

The agency’s new strategy, which will be unveiled soon, aims to implement the future vision of the country’s leadership to establish a distinguished and sustainable Emirati space sector, which will contribute to the diversification and growth of the national economy, enhance Emirati capacities, encourage cooperation and forge partnerships between relevant public and private sector entities, as well as attract local and foreign investments in the space industry and international space companies.

Source: Emirates News Agency