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Singapore Develops 40 New Standards for New Tech and Business Models
  • Newsletter, Singapore

Singapore Develops 40 New Standards for New Tech and Business Models

MORE than 40 new standards for budding areas like drones, video analytics, and additive manufacturing would be developed in the coming year, as the Singapore Standards Council (SSC) has decided to step up its efforts on standardisation to keep pace with economic transformation and all the new technologies.

Last year, the industry-led SSC issued 19 new standards for supporting such nascent fields; for example a technical reference on some data interchange for last-mile delivery by using parcel locker networks, and some other technical reference for autonomous vehicles.

Enterprise Singapore (ESG), which supervises the implementation of the Singapore Standardisation Programme steered by the SSC, said that it would also enhance industry collaboration by pulling in more new industry experts who can lead and assist the development of the new standards. This is especially going to be important for nascent areas where better collaboration and discussion are required for identifying the unaddressed and new needs for standards development.

As of now, around 2,000 standards partners are taking part in the Singapore Standardisation Programme, thus representing a diverse array of stakeholders from academia, industry, and government organisations.

SSC is also going to strengthen its contribution and involvement in international fora, so that it can continue to advance Singapore’s interest in standards. As of now, it participates in technical committees which develop international standards in fields such as artificial intelligence, blockchain, circular economy and smart manufacturing.

Additionally, SSC is spearheading the development of some new standards by the International Standards Organisation for cloud computing, bunkering, and water efficiency.

These standards are a set of specifications that are designed to improve and foster innovation, market acceptance, and quality in several products, materials, methods and services, which are reviewed once in a period of five years. While it is voluntary to comply with the Singapore standards, it is mandatory when these standards are utilised by the government bodies in regulations or administrative needs for safety, health or other environmental issues.

ESG was of the view that disruptive developments could cause economic displacement and also offer opportunities for various new business models to flourish, and standards function as guides for best practices, aiding businesses to navigate better and respond to the disruptions.

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DIFC Announces Four New Licences Which Simplifies Doing Business in Dubai
  • Newsletter, U.A.E

DIFC Announces Four New Licences Which Simplifies Doing Business in Dubai

The Dubai International Financial Centre (DIFC), which is the leading global financial hub in this region, has announced new licensing classifications to make it simpler and more reasonable for companies and businesses to set up their base in the centre and do company registration in Dubai.

The following four new licencing categories have been introduced under the new Operating Law and Regulations: short-term licences, commercial permissions, restricted licences, and dual licences.

All the four new classifications have been introduced with a reduced licence fee and enhanced flexibility, thus permitting more firms to set up and do business out of the centre and do best company formation in UAE.

Khalid Al Zarouni, who is the Senior Vice President & Registrar of Companies at DIFC Authority, was of the view that the new categories of licences and fees launched under DIFC’s Operating Law and Regulations are a boon and a first of its kind in this region. This will enable all the businesses in DIFC to expand, while also boosting a better and specialized portfolio of businesses to set up in the financial centre.

The new amendments to the licencing regime are a response to market demand and to demonstrate the DIFC’s obligation to offering a nurturing business environment that is well balanced with suitable levels of protection, in compliance with international best practices.

Key highlights of the new four categories

Here are the major highlights of the four new licencing categories:

Short-term licences

Under this category, the retail businesses and all other non-financial companies would be now able to run their businesses out of the DIFC with flexible rates and shorter timeframes. This also includes a reasonably-priced registration fee of $100 and the licence fee between $300 to $5,100 as per the duration.

Restricted licences 

This category of licenses is meant for companies interested in creating or testing new and innovative products or services in the DIFC. Companies getting this licence would benefit from a decreased registration fee of $100 and an annual licence fees that could range from $1,000 to $4,000. The objective is to offer better flexibility for innovation, advancement, testing and also access to the DIFC ecosystem, including incubator and accelerator programmes.

Commercial permissions

This category would permit both DIFC and non-DIFC companies like retail outlets, event companies, training providers and educational service providers to perform or run their main business activities in the DIFC at reasonable rates. Fees for commercial permissions vary between $100 to $2,000, depending on the activity and the duration.

Dual licencing 

This kind of licence helps non-financial and non-retail entities that are licenced by the Dubai Economic Department, and having an affiliate in the DIFC for operating from the centre. These would include law and audit firms, family businesses, consultancy firms, holding companies and corporate service providers, who would get advantage from an annual fee of $1,000.

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UAE Decreases and Withdraws Government Services Fees
  • Newsletter, U.A.E

UAE Decreases and Withdraws Government Services Fees

UAE is cutting down or withdrawing a range of federal government fees for the purpose of easing the cost of doing business in the country and increase its appeal to prospective investors.

A statement issued by the Ministry of Finance recently affirmed that the cabinet has announced a decision to withdraw or cut down some specific charges on approximately 1,500 federal services under three ministries by up to 50 percent. The reduced fee would come into effect from this month onwards.

Around 1,200 fees have been decreased or withdrawn at the Ministry of Interior, 80 fees at the Ministry of Economy and almost 200 fees at the Ministry of Human Resources and Emiratisation.

“These decisions are expected to further enhance the business environment in the UAE, empower entrepreneurs and encourage them to create new investment opportunities in the UAE,” the Ministry of Finance’s statement quoted.

This amendment will also help in the creation of additional jobs in the country while strengthening its competitive ranking and position as a global business hub. It will also help in enhancing the rate of company formation in Dubai and company formation in UAE.

Fees being cut down by the Ministry of Interior includes the fees of issuance or renewal of various security licenses, surveillance systems licences, and security guard licenses. The list of withdrawn fees also includes business and other industrial licensing services.

Fees will be cut down at the Ministry of Economy for renewal of registrations of foreign subsidiaries, registration or renewal process of foreign trademarks, the procedure of sale or acquisition services for international companies and dispute services.

The list of cancelled service fees includes the ones imposed on requests for detailed information, requests for registration or renewal of an agent, and fees for other additional services in an effort to “reduce (the) financial burden on companies operating in the country”, as per the statement. 

The decreased fees in the Ministry of Human Resources and Emiratisation is going to include the issuance and renewal of the work permits, the alteration or change of employment contracts and training permits that are issued within the country and also for work permits issued outside the UAE.

The Ministry of Finance also mentioned that it would carry on reviewing all the fees for federal services and devise policies to decide the fees charge and the effect these have on the market.

So if you are looking for professional advice for your company or need good business setup consultants in Abu Dhabi, please get in touch with us, and we would be glad to help.

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India Positioned at the 52nd Rank on Global Innovation Index
  • India, Newsletter

India Positioned at the 52nd Rank on Global Innovation Index

India has moved up five places in last one year and has reached to the 52nd position on the Global Innovation Index (GII), 2019. If we compare the last year’s data, India has gone up by 29 places in the last five years, thus reaching this rank.

Switzerland continues to top this list and Israel has for the first time found its way in the top ten.

India’s 2019 position in GII signifies the highest jump or move by any of the major economies in the world. India also continues to remain on the second position in terms of the innovation quality amid middle-income economies.

The ranking also represents that India has been able to sustain its leadership ranking as the most innovative country in the Central and South Asia region each year starting since 2011.

India also ranks 15th in the global companies’ R&D expenditures, due to its good and consistent performance in critical economic indicators like productivity growth and exporting services such as information and communication technologies this year.

Piyush Goyal, the Commerce and Industry Minister, said at the launch of the Global Innovation Index 2019that enabling and expediting entrepreneurship through innovation is a very important component under the vision of new India by the year 2022. India’s continuous rise at the global innovation index is an evidence of its people’s entrepreneurial prowess and the rate and success of company formation in India.

He also said that “Innovation does not come new to India and we are seriously looking at increasing our spends at R&D. Right from establishing hundreds of Atal Innovation Labs to Mangalyaan and Chandrayaan, this new approach and engagement adopted by the government have become the new hallmark of India as we move towards a more prosperous country.”

With consistent top ranking of our nation in GII, it is the best time to try your entrepreneurial journey. But in case you don’t know where to start or how to register a pvt. Ltd. company in India or how to go about company formation in Mumbai, then do get in touch with us and we would be glad to assist you.

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Singapore and UK Sign Deals to Encourage Partnership in Financial Services
  • Newsletter, Singapore

Singapore and UK Sign Deals to Encourage Partnership in Financial Services

Singapore and UK have signed three agreements in London recently that would encourage more collaborations in financial services.

A memorandum of understanding (MOU) was signed between the Monetary Authority of Singapore (MAS) and the City of London Corporation which will boost cooperation in facilitating data flows, improving cross-border know-your-customer processes, thus developing new skills and fostering green finance.

This MOU was signed by Tharman Shanmugaratnam who is a Senior Minister and City of London Lord Mayor Peter Estlin.

The MAS and the City of London have also recently inked a partnership arrangement regarding Britain’s Green Finance Initiative, which will encourage green and sustainable finance.

Then the third agreement, which was a declaration of intent, was done between the Institute of Banking and the Finance Singapore and Britain’s Chartered Body Alliance to partner more in fostering skills of the finance and insurance professionals.

The signing ceremonies were held during the UK-Singapore Business Summit at the Guildhall in London which commemorated Singapore’s bicentennial.

The Education Minister Ong Ye Kung also attended the summit.

The MAS and the Bank of England also collaborated to enhance cooperation in improving cyber security particularly for the financial services industry.

Mr Tharman was of the view that “The initiatives we are working on – data flows and governance, cyber security, skills development, and green finance – will enable continued dynamism and stability in Singapore’s and London’s financial centres.”

These agreements show the commitment of both these countries to make “free markets and multilateralism” which are the key characteristics that Mr Tharman mentioned in the summit’s opening address, stating that they are “especially important in our future relationship and collaboration”.

Both Mr Ong and Mr Tharman stressed on the deep ties among Singapore and Britain, their shared history, and their strong friendship and collaboration across various sectors.

Mr Tharman said that “Singapore and Britain are close friends with intertwined histories and a shared orientation towards the world. It is a strong base for our future partnership.”

Mr Ong pointed out the areas where collaboration could happen, for example, innovation, financial cooperation, and data and people-to-people exchanges and said that “This relationship will live on in the generations to come. It will simply be made more efficient and effective by the digital technologies that have made many things possible. Together, we will forge ahead in our cooperation for the new era.”

There were two panel discussions on topics like green finance, various opportunities available for partnership, and the interaction between innovation and regulation.

The panellists included the Senior Parliamentary Secretary Tan Wu Meng, Institute of Banking and Finance chief executive Ng Nam Sin, and Singapore Exchange chief executive Loh Boon Chye.

In addition, the Intellectual Property Office of Singapore, Lloyd’s Asia and Antares Underwriting Asia issued a new initiative to aid innovative businesses as they enter international markets.

The goal is to provide enterprises with insurance coverage especially for legal expenses that might be incurred in IP infringement proceedings worldwide.

Mr Tharman was also conferred with the Freedom of the City of London award to recognise his efforts to enhance ties between Singapore and London and for his noteworthy contribution to global financial governance.

Some previous recipients were Singapore’s founding Prime Minister, Mr Lee Kuan Yew, in the year 1982, and the Prime Minister Lee Hsien Loong in the year 2014.

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35 Percent More Business Licenses Issued – Investors Ramping it up in Dubai
  • Newsletter, U.A.E

35 Percent More Business Licenses Issued – Investors Ramping it up in Dubai

Dubai’s economy is all set to show a strong performance in 2019 because of the government’s actions and on-time corrective measures like visa reforms, options for permanent residency, stimulus packages and various fee waivers to counterbalance the effect of a slowdown in global financial markets.

Latest reports issued by Dubai’s DED or Department of Economic Development indicated that the investor confidence is growing in the emirate as the department has issued about 35 percent additional business licences in the initial four months of 2019. This shows that there has been a spurt in DMCC company formation and JAFZA company formation.

The recent DED data showed that manufacturing and tourism sectors are likely to drive the growth in Emirates at 2.1 percent in 2019 and 3.8 percent next year. It credited the increase in GDP growth to an array of initiatives employed under the stimulus package of the Dubai government since quarter 2 of 2018.

It is also expected that Expo 2020 would add substantial value to the economy due to direct advantages to tourism, transportation, business, telecommunications, financial services, real estate and retail sectors. The government initiatives have helped in reducing the cost of doing business in various sectors like aviation, education and real estate, which in turn boost investments and growth.

The Business Confidence Index in Dubai also surged to 117.8 points right in the quarter 1 of 2019 as compared to 116.4 points in the same period of last year, as per a DED survey.

The firms participating in the survey said that they expected higher profits and selling prices in quarter 2 of 2019, mainly because of seasonal demand. The manufacturing sector has been the most hopeful on business volumes, incomes and employment. Overall, bigger businesses have larger expectations for quarter 2 of 2019 as compared to small and mid-level enterprises.

It is obvious that the Dubai economy is gradually moving from traditional sectors such as transshipments or real estate to long-term sectors such as manufacturing and services. This is set to make company formation in Dubai easier and more profitable and it will also make Dubai’s economy even more vibrant and appealing.

FDI inflows swell up

Data from the Dubai Investment and Development Agency’s Dubai FDI Monitor proved that a total FDI inflow of Dh22.2 billion has come into Dubai by the end of the quarter 1 of 2019 as compared to Dh7.3 billion in the same period of last year. A framework for a FDI Committee is under development and the DED is also participating in this exercise and is creating a guide for executing the new investment law, which is set to enhance foreign ownership to 100 percent in some sectors and fields to further attract inward FDI.

Tourism and hospitality sectors to grow even further

Tourism is another major sector in Dubai that has continued to expand with a 2.2 percent increase noted in arrivals in the first quarter of this year as compared to same quarter in 2018. The average occupancy rate of hotel rooms in Dubai has gone up to 79 percent in the period of January to March 2019 or quarter 1 as compared to 77 percent in the quarter 1 of last year.

The data published by the Dubai Statistics Centre shows that the general inflation rate in Dubai went down in the first quarter of this year to 3.72 percent as compared to a 2.27 percent hike in the same period of last year.

Jitendra Gianchandani, who is the chairman and managing partner of the Jitendra Consulting Group, said that Expo 2020 and new long-term visa initiatives are going to boost the confidence in the Dubai economy. “Dubai’s economy remained sluggish in 2018 due to lacklustre international business sentiments, post-VAT impact, stringent banking effecting local and free zone companies in most of the sectors. However, it is a good omen that the economy picks up speed in 2019,” he said.

“The government also needs to further strengthen the SME sector by opening up funding possibilities for such, as it will enhance both employment and economy further. The central bank can stipulate a minimum funding criteria for SMEs, which all banks need to follow,” he added.

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RBI Permits Foreign Firms to Process Abroad with a Condition of Storing Data in India
  • India, Newsletter

RBI Permits Foreign Firms to Process Abroad with a Condition of Storing Data in India

Foreign payment companies like Mastercard and Visa are allowed to process transactions made in India outside of the country, however, the related data must be stored locally within 24 hours, as per the directive of the Reserve Bank of India (RBI). The announcement came to elucidate the central bank’s ordinance in April 2018 that directed foreign firms to ensure that they store their payments data “only in India” so that they get “unfettered supervisory access”.

The RBI rules resulted in an aggressive lobbying attempt from the U.S. government and American organizations who felt that the directive would escalate infrastructure costs and affect organizations’ investment plans. As per the Reuters report, the request to dilute the rules has been declined last year.

The RBI has recently stuck to its position but has made clear that the payment transactions are permitted to be processed outside the country in case the companies wish the same. The earlier RBI directive did not point on the fact if data could be processed abroad or must only be done locally only.

However, even in scenarios where the transactions were processed abroad, the RBI guided that the data should be “deleted from the systems abroad and brought back to India” and that too within 24 hours of the payment processing.

“The clarity on processing, and the ability to do so overseas, is a welcome development. Although the clarifications do not ease the local-only storage requirement,” said Kriti Trehan, a partner specializing in technology law at the Law Offices of Panag & Babu.

The RBI clarification has come after India’s commerce ministry, subsequent to a meeting with technology and payment firms, said the central bank is going to “look into” issues brought up by the industry.

The differences amid American firms and India have fuelled additional trade tensions between Washington and New Delhi. Recently, the U.S. Secretary of State, Mike Pompeo made efforts to lessen these tensions by assuring a renewed emphasis on negotiating better ties; however, he gave few specifics on his visit to New Delhi, the Indian capital.

India is looking at more stringent rules regarding data storage so that it can access data in a better way and carry on the investigations if the need arises.

Besides the RBI’s directive for payment firms, India has also made an overarching law around data storage which mandates that all the personal data which could be critical must be processed locally. So if you are planning new company formation in India or company incorporation in India then you must keep these directives in mind.

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Abu Dhabi Introduces Nine New Initiatives Especially for Private Sector
  • Newsletter, U.A.E

Abu Dhabi Introduces Nine New Initiatives Especially for Private Sector

The Abu Dhabi Government has got directives from HH Sheikh Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to strengthen its commitment towards the development of the private sector. It is therefore announced launching of nine new initiatives recently.

This step was taken as the government is celebrating six months of the three-year Abu Dhabi Development Accelerator Programme known as Ghadan 21.

Ghadan 21 is a unique accelerator programme started in the region to drive economic development, further innovation, and bring in more ease to do business so as to make Abu Dhabi’s economy more dynamic and internationally-integrated.

This three-year programme starting from 2019 to the year 2021 is granted an AED50 billion fund, which is being invested in four strategic pillars, that is, economic, knowledge, liveability and social.

After officially commencing at the start of 2019, the Abu Dhabi Government Private Sector forum, has hosted over 200 leaders from both public and private sectors.

Post the announcements, a major step was taken to make it easier to do business and invest in the Emirates by utilising the ‘Abu Dhabi Instant Licence’. This Instant Licence simplifies the process of applying to do any business or commercial activity and go ahead for company formation in UAE and Abu Dhabi.

The Abu Dhabi Government Private Sector forum was joined by Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, Deputy National Security Adviser, who was overseeing the growth and execution of the new programmes as a Member of the Executive Council and also as the Chairman of the Executive Committee.

All licence applications are now handled and streamlined using a digital portal. Then they are consolidated into larger licencing categories, thus providing greater flexibility to businesses. This easy-to-use system is not only fast, but also effective and accessible to all.

The approvals are processed online and in a prompt manner and therefore, the licence holders in most sectors can begin conducting the business activities instantly.

The Abu Dhabi government is committed to aiding the private sector by offering a supportive business environment and developing new public-private partnership opportunities by making it easier and simpler to do business.

To enable accelerating the participation of the private sector in the economy, the Department of Economic Development has launched two new initiatives.

The first one is the industrial tariffs initiative which aims to improve Abu Dhabi’s competitiveness and encourage the development of the industrial sector. The new industrial tariffs would be decided by an established scoring mechanism, which will be based on the following three criteria – productivity, economic impact, and electric load.

DED’s second initiative is introducing new licences for the technology businesses. The Tech licences package offers 13 new business activities in the Tech vertical, placing Abu Dhabi as one of the global tech leaders.

Abu Dhabi Investment Office (ADIO), the Department of Finance and First Abu Dhabi Bank introduced the ‘SME Credit Guarantee’ scheme by organising a signing ceremony at the opening of the Forum. The SME Growth Loan is expected to provide better accessibility to financing opportunities for SMEs who are based in the UAE capital because of a guarantee offered by the government to all Abu Dhabi banks.

This scheme assures up to 75 percent of the loan value, which would be provided to the bank in any scenario of default, thus, enabling the banks to secure some level of lending to the market.

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Singapore: A Manual to Family Offices – A Legal Viewpoint
  • Newsletter, Singapore

Singapore: A Manual to Family Offices – A Legal Viewpoint

Family offices are basically legal entities which manage the administration and management of assets and various investments of ultra-high net worth individuals or families (“UHNW“) with the goal of capital preservation, managing investments and succession planning.


A boom in family offices

Recently, there has been a huge rise of set up in the number of family offices and private investment vehicles in Singapore. As per Reuters, between the years 2015 and 2017, the total number of family offices located in Singapore has multiplied four times.


What is a Single Family Office?

A single-family office (SFO) typically refers to a legal entity which manages assets for or on behalf of one particular family and is controlled and wholly-owned by members of that family. Monetary Authority of Singapore (“MAS“) issued an FAQ on 6 February 2017 and updated it on 8 October 2018, in which it clarified the regulatory treatment for all the SFOs in Singapore. Please click here to access MAS’ FAQ updated on 8 October 2018.

MAS also said that it is not their intent to license or regulate SFOs. However, the term “family office” is not defined under Singapore legislation or the Securities and Futures Act (Chapter 289).

An SFO may depend on the exemption given under paragraph 5(1) (b) of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations (“SS(LCB)R“), which offers an exemption for a company that manages funds for its related corporations.

An SFO may depend on the exemption under the SS(LCBR) only where it involves:

  • a corporation that manages the funds for its related corporations, as per paragraph 5(1)(b) of the SS(LCBR); or
  • as per para 5(1)(c) of Second Schedule of the SS(LCBR), any person or individual who conducts business in fund management field for or on behalf of:
    1. his spouse, son, step-son, adopted son, daughter, step-daughter, adopted daughter, father, step-father, mother, step-mother, brother, step-brother, sister or step-sister; or
    2. a company or corporation in which he or any of the individuals referred above has full 100% control of the voting power, and where this control is exercised either individually or jointly with any other individuals referred to above.


On the other hand, an SFO which offers financial advisory services to its related firms or corporations may depend on a current exemption from licensing under regulation 27(1)(b) of the Financial Advisers Regulations.


Case to case exemption applicable for SFOs

In cases where an entity managing funds do not fall clearly within such a scope, then exemptions might still be available on a case-by-case basis. The company/entity might seek a licensing exemption from MAS under s 99(1)(h) of the SFA.

If MAS has to gauge an application for licensing exemption as an SFO, it would need the following information:

  1. names of the SFO’s shareholders and directors;
  2. a chart showing the shareholding structure of the particular SFO;
  3. an explanation of how the SFO is related to the investment fund vehicle and also to the family and beneficiaries;
  4. an explanation of the family’s profile whose assets are going to be managed by the SFO; and lastly
  5. details of the nature of activities which would be carried out by the SFO.


The application to MAS for getting such an exemption could take anywhere between two to four months to get reviewed depending on the quality of the information that has been submitted, the complexity of the arrangement, and also responsiveness of the applicant.


SFO arrangements contemplated by the MAS

MAS deliberates the following arrangements to be largely typical of SFO arrangements. An SFO that has or is planning to have these arrangements is recommended to include the information while applying to MAS for exemption:

  • In case there is no common holding company, however, the assets managed by the SFO are directly held by natural persons of a single family;
  • In case the assets are held in a discretionary trust, then the settlor of that trust and the beneficiaries are also members of the same family;
  • In case a family trust is set up for purposes of charity, then the charitable trusts are funded wholly by settlor(s) from a single family; or
  • When the non-family members like key employees of the SFO are shareholders in the SFO for aligning economic interest and risk-sharing, then the initial assets and supplementary injection of funds are exclusively funded by a single family.

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Dubai Economic Growth Accelerates
  • Newsletter, U.A.E

Dubai Economic Growth Accelerates

Dubai’s economic development is strengthening before the Expo 2020 project and this is the apt time for company formation in Dubai. The country’s economy is expected to grow faster in this year and in 2020 because of robust growth in major sectors with GDP going over Dh400 billion in 2019.

Last year, the preliminary economic growth has slackened to 1.9 percent but it is likely to gain momentum this year going up to 3 percent and further to 3.7 percent in 2020. The development is reinforced by business services, construction and real estate, hotels and restaurants, and also transport and logistics sectors. However, the trade war escalation, soft consumer spending and sluggish global growth could pose risk to the growth of Emirates in medium term.

The Central Bank of the UAE has forecasted that the economy would expand at 2 percent rate this year. The UAE GDP went up 2.2 percent in quarter 1 of 2019. The nation’s GDP is expected to grow at the same rate in the quarter 2 of 2019, but, it would slow down in the quarter 3 and 4 going down to 2 percent and 1.6 percent respectively.

Dubai Economy Tracker index made by Emirates NBD has recovered severely year-to-date, and has touched 58.5 in May, due to stronger output, continued price discounting and new order growth.

Dubai Statistics Centre (DSC) is of the view that the emirate’s economy expanded to 1.94 percent in the year 2018 going to Dh398.13 billion. It was driven by an upsurge in trade and infrastructure sector investments. Now, the GDP is slated to reach Dh410 billion mark in 2019 resulting in 3 percent growth and up to Dh425 billion in 2020 after 3.7 percent growth.

Monika Malik, who is the chief economist at Abu Dhabi Commercial Bank, has forecasted the economic activity getting stronger in 2019 and 2020, going up from the GDP growth level in 2018.

“Central to the recovery is the outlook for stronger investment activity, in part linked to greater project implementation to complete infrastructure and facilities ahead of Expo 2020 Dubai. The Expo itself, should then boost tourism inflows and related spending, including in hospitality services. However, we highlight the ongoing global uncertainties and have taken a cautious approach at this point on the external backdrop,” she said.

Anish Mehta, who is the vice-chairman of the Institute of Chartered Accountants of India of the Dubai chapter, was of the view that Dubai’s growth is going to speed up because of diversification into varied economic activities in contrast to previous years when the economy was majorly driven by oil and real estate.

Manjeet Singh Chhabra, who is the managing director of credit rating agency called CRIF UAE, forecasted that Dubai would grow at a modest rate in remaining 2019 and the growth would pick up further in the year 2020. If you need any assistance to set up your business and for best company formation in UAE, do get in touch with us and we would be happy to help.

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