Sovereign Middle East Focus | October 2021

Date: Nov 2021

Welcome to Middle East Focus bringing you news and opinions from Sovereign's offices in Abu Dhabi, Bahrain, Dubai and Saudi Arabia. This bi-monthly update covers our range of products and services including Corporate Services, Private Client Services and Retirement Planning.

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The countdown to the UAE’s Golden Jubilee gets underway

The UAE is this year celebrating the Golden Jubilee of its creation on 2 December 1971, when six of the emirates – Abu Dhabi, Ajman, Dubai, Fujairah, Sharjah and Umm Al Quwain – approved the Act of Union to form the United Arab Emirates. The seventh emirate, Ras al-Khaimah, joined a few weeks later in January 1972. Click to read more

Bahrain launches ‘Global Sea-Air Hub’ to in the region

The Kingdom of Bahrain launched the Gulf’s fastest sea-to-air logistics hub in September with the promise of only a two-hour turnaround time for all containers – meaning that goods can be delivered at twice the speed of pure sea freight and only 40% of the cost of pure air freight. Click to read more

Saudi Arabia pledges 2060 net zero target ahead of COP26 summit

Saudi Arabia pledged to cut carbon emissions to net zero by 2060 while also maintaining its role as a leading producer of oil and gas, according to announcement by Crown Prince Mohammed bin Salman at the start of the Kingdom’s first Saudi Green Initiative Forum on 23 October. The Forum took place one week ahead of the Cop26 climate conference in Glasgow and the G20 leaders' meeting in Rome. Click to read more

Dubai holds key to unlocking Africa’s potential

“The UAE offers the right level of expertise, investment and resources needed to fill market gaps in Africa and support the continent’s sustainable growth and development,” said Dubai Chamber President and CEO Hamad Buamim. His statement followed the release of a new whitepaper compiled by The Economist Intelligence Unit (EIU) and commissioned by Dubai Chamber, which was published ahead of the 6th Global Business Forum Africa, an event organised in partnership with Expo 2020 Dubai to explore UAE-Africa economic cooperation. Click to read more

Dubai’s economy continues to rebound from Covid shock

As evidence of renewed business confidence, a total of 6,928 new company licences were issued in Dubai during September amid, a jump of 68% over the same period in 2020 when the effects of the Covid-19 pandemic were still being felt acutely. Click to read more

Abu Dhabi launches USD1.4 billion IPO fund to support SMEs

Abu Dhabi's Supreme Council for Financial and Economic Affairs launched a AED5 billion (USD1.4 billion) IPO fund designed to strengthen the Abu Dhabi Securities Exchange (ADX) as a leading stock market and to support the private sector to contribute to Abu Dhabi’s sustainable economic development. Click to read more

Investment opportunities available in KSA construction

We’ve all heard of Vision 2030 and the transformation that is happening in the Kingdom of Saudi Arabia but what do you need to know to be successful in the Saudi marketplace, writes Stuart D’Souza of Sovereign AEI. Firstly, the transformation is real and Vision 2030 has already proved to be a vehicle for dramatic change in the Kingdom, breaking down economic, social, regulatory and cultural barriers. The ambitious and progressive reform agenda in the Kingdom seeks to diversify the economy away from oil and to create and sustain jobs for Saudi citizens. Click to read more

Dubai Expo 2020: delayed world fair gets off to good start

Expo 2020 Dubai, the first world fair to be held in the Middle East, opened on 30 September with a lavish ceremony of fireworks, music and messaging. Drawing inspiration directly from Expo’s theme of ‘Connecting Minds, Creating the Future’, ceremony took spectators on a journey across its subthemes of opportunity, mobility and sustainability. Click to read more

Saudi Arabia offers huge opportunities for European companies

Governments all over the world are seeking to encourage foreign investment to help alleviate the negative effects of the COVID-19 pandemic and regenerate their productive capacity, but Saudi Arabia stands out as one of the most compelling markets for foreign investors – and it is a country where European companies will find they have much to offer. Click to read more

Dubai to create new ‘Super’ Free Zone Authority

A new body – the Dubai Integrated Economic Zones (DIEZ) Authority – is to be created to oversee the Dubai Airport Free Zone (DAFZA), Dubai Silicon Oasis (DSO) and Dubai Commerce City (DCC). Companies and individuals licensed under the DIEZ will be exempt from all taxes, including income tax, for 50 years as of 1 January 2022. Click to read more

Saudi Arabia opens airports at full capacity

Saudi Arabia has reopened its airports at full capacity for international and domestic flights as the country begins to return to 'normal' for the first time since the onset of the coronavirus pandemic in March 2020. Click to read more

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