Q1 - 2021
All the latest news and events from AmCham Dubai
THE AMCHAM UPDATE
LEADING WITH TRUST IN TIMES OF CRISIS The Impact of 3M Stepping Up During the Pandemic IN THIS ISSUE 2021 ANNOUNCED AS THE YEAR OF THE 50TH
MINISTRY OF ECONOMY LAUNCHES NEW FEATURES
ARE YOU ELIGIBLE FOR THE GOLDEN VISA?
The year 2021 marks the golden jubilee of the UAE.
All granted to investors on the Federal Decree Law no. (2)6 of 2020
Opportunities for Business Professionals to set up in the UAE.
Page 10
Page 14
Page 23 THE AMCHAM UPDATE Q1 - 2021
A NOTE FROM OUR MANAGING DIRECTOR
RAMADAN KAREEM A LETTER FROM AMCHAM DUBAI’S MANAGING DIRECTOR
Ramadan Kareem from AmCham Dubai! We wish you all a safe and healthy season filled with an abundance of blessings. While 2021 is shaping up differently than we may have hoped it has certainly allowed us to “live in interesting times” with both some highs and lows.
Our American Brands Forum Committee has made great strides in their efforts to review brand owners’ protections in the UAE and recently met with Ajman government officials working towards creating an attractive business environment for foreign investment, and the contribution to establishing the UAE's position as a regional and global center for business. We look forward to a long and fruitful engagement for mutual benefit.
From the AmCham Dubai Board of Directors, we are proud to announce winning the Middle East Stevie Gold Award in the Non-Profit Covid Response Category for our role in founding the Multi-Nation Business Continuity Task Force. Additionally, our Vice President Club Member, 3M was recognized at the World Economic Forum for their response during the pandemic. We are proud to be acknowledged for the hard work that has been done to navigate business during this difficult period. This is only possible through the engagement of our members who strive to make our business community strong,
We encourage you to ensure your brand is protected through understanding the registration processes. Our ABF is on hand to support any brand owners who would like to engage in this ongoing dialogue. Finally, we mourn the loss of HH Sheikh Hamdan bin Rashid Al Maktoum, a great man who leaves behind a great legacy. As the UAE looks to celebrate its 50th Anniversary, HH Sheikh Handan’s presence will be missed but will also be evident in all that he contributed. May he rest in peace. Regards, Cara Nazari Managing Director
Condolences We are saddened to hear the news of the passing of Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE’s Minister of Finance. Our thoughts and prayers are with his whole family and the people of the UAE. He will be truly missed.
2
THE AMCHAM UPDATE Q1 - 2021
Sheikh Hamdan bin Rashid Al Maktoum 1945 - 2021
ABOUT AMCHAM DUBAI
WE ARE AMCHAM DUBAI AmCham operates under the local patronage of the Dubai Chamber of Commerce & Industry and is a member of the Global Network of American Chambers of Commerce in Washington, DC. The Council’s membership is comprised of American Fortune 500 companies, SMEs, and U.A.E. organizations across all sectors of business and industry and includes American and Emirati individuals. All are accepted after review of eligibility based upon membership qualification criteria defined in the AmCham constitution and by-laws. AmCham Dubai organizes events and webinars in partnership with key public and private stakeholders from the U.S., the local region as well as internationally. AmCham Dubai’s goal is to strengthen commercial ties between the U.S. and the UAE. and offer exceptional value and support services to its members.
THE EXECUTIVE TEAM
Cara Nazari
Cynthia Beermann
Managing Director AmCham Dubai
Membership Manager
Helena Hyde
Kathy Hyde
Program & Events Director
Special Projects
Lilibeth Delatina
#bepartofit
Accounts Administrator
OUR 2021 BOARD
Sammy Bousaba
Said Haddad
Roula Droubi
Shamsa Al Falasi
Amer Afifi
President
Executive Vice President
Vice President Programs
Vice President Membership
Vice President Financial Affairs
Quinn Kurtz
Sura Alawi
Nizar Heneidi
Raed Hergli
Robert Nichols
Vice President Legal Affairs & Secretary
Board Member
Board Member
Board Member
Board Member
Robert Mikhael
Cara Nazari
Anne Jafery
Board Member
Managing Director
Immediate Past President
Commercial Attache U.S. Consulate Dubai
THE AMCHAM UPDATE Q1 - 2021
3
AMCHAM UPDATE Q1
Q1 CONTENTS NEW MEMBERS
6
AMCHAM NEWS
8
MEMBER NEWS
10
UAE GOVERNMENT UPDATES
14
PAST EVENTS
18
BETTY CROCKER IS 100
21
MENA LEGAL NEWSLETTER
23
SUZANNE CLARK ANNOUNCED AS NEXT U.S. CHAMBER OF COMMERCE - CEO & PRESIDENT After 24 years as Chamber CEO, Tom Donohue will pass the baton to current President Suzanne Clark. The announcement comes after a multi-year selection process which reaffirmed what those of us who work with Suzanne already knew: she has the passion and vision needed to lead the Chamber in the years ahead.
CLICK TO READ FULL PRESS RELEASE
AMERICAN BRANDS FORUM
25
COMMITTEE UPDATES
25
MEMBERSHIP REWARDS
29
WHAT COMMUNITY LEADERS ARE READING
Visar Sala Accenture
The High-Beta Rich from Robert Frank
"An amusing bouquet of stories of massive wealth amassed quickly and lost even faster, accompanied occasionally by spicy data that makes the point on the modern trend that the once touted phenomenon rags to “riches and back again in three generations”, nowadays is happening altogether in just one".
FIND OUT MORE
4
THE AMCHAM UPDATE Q1 - 2021
AMCHAM UPDATE Q1
AmCham Dubai’s Premier Club is an exclusive partnership opportunity providing extended access to leadership of relevant organizations. Premier Club members receive many benefits in addition to our typical business member benefits. PRESIDENT’S CLUB MEMBERS
PROGRAM & EVENTS CALENDAR 2021 APRIL Spotlight on Israel
Tues 6
InterCouncil Race Night
Thurs 8
Ramadan Begins
Tues 13
U.S. Tax Talk (Pre-recorded & open for a week)
20 - 26
F&B Committee Meeting Joint InterCouncil Iftar at SMCCU
Thurs 22 Tues 27
MAY Eid al-Fitr
11 - 15
Middle East Energy Dubai, (Virtual)
VICE-PRESIDENT’S CLUB MEMBERS
Begins
Wellness Webinar
Wed 19
Meet the Leaders of the Commercial Relationship between the US & the UAE
Tues 25
Board of Directors Meeting
Sun 23
Memorial Day
Mon 31
JUNE Early days of the Biden Presidency Summation of the HR Committee Review President’s and Vice President’s Club levels are investments above and beyond regular membership dues. The funds from the additional dues help AmCham provide new opportunities and benefits for our members while continuing to support program development. At the same time, these members receive elevated exposure and high level engagement. Each level is designed to host a minimum number of members to keep the club relevant.
Supporting Partner: Middle East Energy 2021 Arab Health Kick Off Breakfast
Tues 8 Tues 15 14 - 16 Mon 21
THE AMCHAM UPDATE Q1 - 2021
5
AMCHAM MEMBERSHIP
A Warm Welcome to Our New Members VP Club
American Business members
UAE Business members
We would like to welcome our new members to the AmCham Dubai
• Craft an engagement strategy
When you join the AmCham you are joining a diverse and collaborative membership organization working together to make Dubai & the Northern Emirates the best place for business to thrive. We’re here to help you make the most of your membership. Whether you have been a member for years or a day, our Member Services Team is here to help you leverage your membership in ways that advance your business objectives. We have a team of talented and engaged member-focused professionals to help you:
Maximize your membership! We’ll help you create a plan that allows you to take advantage of the Chamber’s core offerings to meet your business needs at every level. • Let us come to you
Our team will visit your office and provide a tailored overview of membership benefits to your staff. That’s a win-win since engaged members offer your organization a competitive advantage and enrich and diversify our programs and events. • Facilitate introductions and attendee lists
Our Member Services Team are happy to make connections
We help to facilitate this work by:
Acting as a catalyst for American business in the region
6
Creating a consolidated voice of business and thought-leaders for strategic networking, and programs that keep you informed
THE AMCHAM UPDATE Q1 - 2021
Providing a relationship building platform among American and other business communities
Driving knowledge sharing and advocating for public policies that contribute to the economic success of our region and generate economic opportunity
Investing in talent through comprehensive leadership development programs designed to connect and grow strong leaders
AMCHAM KICKOFF BREAKFASTS For partnership details please contact communications@amchamdubai.org
Where the world of Healthcare meets
Enabling you to connect with the right customers, network & trade digitally If your long-term plan is to grow your business in the Middle East region, then Arab Health is the perfect platform to achieve this. Over US $868 million of business was conducted in the 2020 edition of the show.
Where the world of healthcare meets Arab Health is the largest gathering of healthcare and trade professionals in the MENA region. With over 57,000 local and international visitors, Enabling you to connect 4,142 exhibitors and participants from over 170 countries, Arab Health is with the right customers, truly where the healthcare world comes to do business.
network and trade digitally
VIEW WEBSITE
Online: 23 May – 22 July 2021
Online: 23 May – 22 July 2021 Live: 21-24 Live: 21-24 June 2021 June 2021
THE FUTURE OF THE AEROSPACE INDUSTRY 14 NOV 2021 – 18 NOV 2021 @ DWC, DUBAI AIRSHOW SITE #dubaiairshow IN ASSOCIATION WITH:
VIEW WEBSITE THE AMCHAM UPDATE Q1 - 2021
7
AMCHAM NEWS
AMCHAM DUBAI WINS GOLD STEVIE® AWARD IN 2021 MIDDLE EAST & NORTH AFRICA STEVIE AWARDS Dubai, UAE – 24 March 2021 – AmCham Dubai in its capacity as the co-secretariat of the Multi-Nation Business Continuity Taskforce, was named the winner of a Gold Stevie® Award in the Best Non-Profit Response category in the second annual MENA Stevie Awards, sponsored by the RAK Chamber of Commerce & Industry. The MENA Stevie Awards are the only business awards program to recognize innovation in the workplace in 17 nations in the Middle East and North Africa. The Stevie Awards are widely considered to be the world's premier business awards, conferring recognition for achievement in programs such as The International Business Awards® for 19 years. Nicknamed the Stevies for the Greek word for “crowned,” the awards will be presented to winners during a virtual ceremony on 2 June.
“Despite the obstacles presented by the
More than 400 nominations from organizations across the Middle East and North Africa were considered this year. Gold, Silver, and Bronze Stevie Award winners were determined by the average scores of more than 60 executives around the world acting as judges on six juries.
innovate and succeed at any time, regardless of
“We are delighted to recognize the achievements of such a diverse group of organizations across the MENA region in the 2021 edition of the Middle East & North Africa Stevie Awards,” said Stevie Awards president Maggie Gallagher.
8
THE AMCHAM UPDATE Q1 - 2021
COVID-19 pandemic over the past year, these organizations show us that it is possible to the challenges. We look forward to celebrating them during our virtual ceremony on 2 June.” Details about the Middle East & North Africa Stevie Awards and the list of Stevie Award winners are available at www.stevieawards.com/mena.
VIEW FULL LIST OF WINNERS
AMCHAM NEWS
JUDGES COMMENTS Very good entry, it has impact on wide segment of business community, find solutions on hot topics that affects business. The entry is well written and the supporting documents are sufficient and positively support the entry.
The strength of the American Chamber of Commerce is demonstrated in its ability to adapt under the circumstances of COVID-19 and its continued performance of its functions with the same efficiency and flexibility and in building bridges of business so that life continues.
Great strategies adopted by AmCham Dubai and AmCham Abu Dhabi to mitigate the impact of the COVID-19 pandemic, the MultiNation Business Continuity Task Force aims to gauge sentiment, assess business continuity challenges and support the wider business community on specifics that require UAE government assistance.
Find out more about Multi-Nation Business Continuity Taskforce.
Find out more about the Stevie® Awards
Find out more about the RAK Chamber of Commerce and Industry.
FIND OUT MORE
FIND OUT MORE
FIND OUT MORE
THE AMCHAM UPDATE Q1 - 2021
9
SHEIKH KHALIFA ANNOUNCES 2021 AS YEAR OF THE 50TH Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE, has declared 2021 as the ‘Year of the 50th’, in the country. The year 2021 marks the golden jubilee of the UAE. It officially starts on April 6, 2021 and will last until March 31, 2022, official news agency WAM reported. The declaration is combined with the announcement of year-long initiatives, activities, and celebrations that will be governed by the UAE Golden Jubilee Committee, formed by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, in December 2019.
The activities will include the following: •
Launching the Year 50 engaging all those who consider the UAE their homeland.
•
Calling on all UAE nationals to contemplate the values and achievements of the past in acknowledgement of the UAE founding fathers.
•
Inspiring youth to have their vision about the ambitions of the next 50 years, while supporting them to make quality national achievements in furtherance of The March of Development, Progress and Prosperity. READ FULL ARTICLE HERE
SHEIKH MOHAMMED RESTRUCTURES DUBAI GOVERNMENT; APPROVING A FIVE-YEAR FOREIGN TRADE PLAN FOR DUBAI Three new chambers of commerce will be created and the five-year plan seeks to increase Dubai’s foreign trade from Dhs 1.4 trillion to Dhs 2 trillion. During a meeting of the Dubai Council on Tuesday, several significant resolutions were adopted including a restructuring of the Dubai government, appointing senior officials within the emirate’s administration and approving a five-year plan to increase Dubai’s foreign trade from Dhs1.4 trillion to Dhs2 trillion. The meeting was chaired by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai.
10
THE AMCHAM UPDATE Q1 - 2021
“The new resolutions seek to raise Dubai’s status as a global economic and investment hub and improve the quality of life for our citizens and residents,” said Sheikh Mohammed.
READ FULL ARTICLE HERE
MEMBER NEWS
LEADING WITH TRUST IN TIMES OF CRISIS The Impact of 3M Stepping Up During the Pandemic We invite you to watch Robert Nichols, Managing Director, 3M Middle East & Africa, as he shared his keynote speech on how 3M stepped up as a trusted company amidst the 2020 global COVID-19 pandemic and economic crisis at the 21st UAE Edition of the Edelman Trust Barometer amongst the Government and industry leaders and s key influencers of the region. The Edelman Trust Barometer is released at the start of the prestigious World Economic Forum in Davos, Switzerland, every year for the past 21 years. Country-specific results follow the worldwide launch. The trust barometer is one of the most reputable surveys around trust and credibility globally. “It was a privilege and an honour to represent 3M at the Virtual UAE launch of the Edelman Trust Barometer,” said Robert Nichols. “3M and our employees, have been leading throughout this
global crisis in building that environment of trust, which is essential to successful relationships, whether they are personal, business related or governmental. The Trust Barometer has been a great platform to share this.” “Thank you, Robert Nichols, for joining the launch of the latest UAE trust report,” Omar Qirem, CEO of Edelman Middle East, said. “The 2021 report shows a decline in trust in information sources, with one in two people citing their employer communications as the most believable source of information above traditional media, and just after government communications. However, retaining and increasing this trust in 2021 will be directly linked to how organisations, and their leaders, take action to meet these new societal needs, where reskilling and upskilling and a purpose-driven attitude will be crucial.”
CLICK HERE FOR FULL RECORDING
THE AMCHAM UPDATE Q1 - 2021
11
MEMBER NEWS
UAE REMAINS TOP EXPORT DESTINATION FOR USA The United Arab Emirates remains the United States’ top export destination for the entire Middle East & North Africa (MENA) region for the twelfth year in a row, according to data released today by the Census Bureau’s Foreign Trade Division at the U.S. Department of Commerce.
IN 2020: The United States and the UAE conducted
$17.83 billion
The United States enjoyed a
$11.68 billion
in total bilateral trade
trade surplus with the UAE – the US’ 4th largest globally
The United States exports to the UAE reached a total of
The United States exports to the UAE supported just over
$14.75 billion a 26% ($5.21 billion decrease from 2019
88,000 American Jobs*
*Calculated using the U.S. Department of Commerce jobs multiplier (5,967 jobs per $1 billion in exports)
For more information on the 2020 trade figures, please see the U.S. Census Bureau’s US/UAE foreign trade balance report here. For more information on the UAE/US relationship, please visit the UAE Embassy’s website here.
12
THE AMCHAM UPDATE Q1 - 2021
THE AMCHAM UPDATE Q1 - 2021
13
UAE GOVERNMENT UPDATES
THE MINISTRY OF ECONOMY LAUNCHES:
THE PROMINENT FEATURES & INCENTIVES TO INVESTORS The Prominent FeaturesGRANTED and Incentives Granted to Investors on the ON THE FEDERAL DECREE LAW NO. (26) OF 2020 REGARDING THE NEW Federal Decree Law No. (26) of 2020 regarding the New Amendments of AMENDMENTS OFLaw FEDERAL LAW (2) on OF Commercial 2015 ON COMMERCIAL COMPANIES Federal No. (2) of NO. 2015 Companies
Full Ownership of all Economic Sectors with Exception of Strategic Impact Activities Allowing companies and investors of various nationalities the possibility of full ownership in all economic sectors, including industry, agriculture, services and others, with the exception of some sectors which are of a strategic impact.
Full Ownership of all Legal Forms of Companies Granting ownership in all the legal forms mentioned in the Commercial Companies Law, which are (Joint Liability Companies, Simple Commandite Companies, Limited Liability Companies, Public Joint Stock Companies, Private Joint Stock Companies).
Possibility of Ownership in Sectors with a Strategic Impact under Certain Legislations Granting companies and investors of various nationalities the possibility of owning and taking part in the management with the companies that are of a strategic impact, with the authorization of the competent authority to determine a certain percentage of Emiratization in the capital or as boards of directors of all companies that are of a strategic impact that are established within their jurisdiction. In addition, the Council of Ministers may, upon the request of the Ministry of Economy or the concerned authority, grant an exception to any company whose activities are regulated under special legislation from any conditions regarding the percentage of Emiratization ownership or their participation in the management of that company.
Practicing Banking and Insurance Businesses in all Legal Forms for Companies Granting investors the possibility of engaging in banking and insurance business for other than public joint-stock companies, only if permitted by the special laws or decisions issued regulating those activities.
No Obligations for a Limited Liability Company to be with the Name of its Owner The absence of the obligation of (the limited liability company - a single person company) to associated with the name of its owner.
14
THE AMCHAM UPDATE Q1 - 2021
UAE GOVERNMENT UPDATES
THE PROMINENT FEATURES AND INCENTIVES GRANTED TO INVESTORS ON THE FEDERAL DECREE LAW NO. (26) OF 2020 REGARDING THE NEW AMENDMENTS OF FEDERAL LAW NO. (2) OF 2015 ON COMMERCIAL COMPANIES
Absence of the need of a Local Service Agent The absence of the need for a local service agent for branches of foreign companies wishing to The conduct its activities in the country.
Prominent Features and Incenti on the Federal Decree Law No. (26 New Amendments of Federal La Commercial Com
Freedom of Settling Disputes Granting the investor the freedom to choose methods of resolving disputes between partners by specifying these methods within the company's articles of incorporation.
Absence of Minimum Capital Requirement for Limited Liability Companies No minimum capital required for limited liability companies, unless a decision is issued by the UAE Cabinet specifying this or according to what is specified in the articles of association of the company.
Possibility of Calling a General Assembly Meeting if requested by partners holding 10% of the LLC's capital One or more partners who own (10%) of the shares in the limited liability company at least may request the director or authorized managers to call the general assembly to convene instead of 20%.
Extending the Period of Announcing the Invitation to the general assembly to 21 days before instead of 15 days for the LLC Company The invitation to the meeting of the General Assembly of the Limited Liability Company shall be announced 21 days before the method in which a decision is issued by the Minister, with the partners being notified by official letters or through modern technology means stipulated in the company's articles of incorporation and the competent authority shall be notified of a copy of the invitation papers for the general assembly meeting before the announcement. .
Holding General Assembly Meetings remotely for the LLC company It is permissible to hold general assembly meetings of the Limited Liability Company and vote on its decisions by means of modern technology to attend remotely.
THE AMCHAM UPDATE Q1 - 2021
15
UAE GOVERNMENT UPDATES
THE PROMINENT FEATURES AND INCENTIVES GRANTED TO INVESTORS ON THE FEDERAL DECREE LAW NO. (26) OF 2020 REGARDING THE NEW AMENDMENTS OF FEDERAL LAW NO. (2) OF 2015 ON COMMERCIAL COMPANIES
The Legal Quorum for the Assembly Meeting of the LLC Company 50% instead of 75% of the Capital Shares
The legal quorum for the assembly meeting for the limited liability company has become 50% and Incen The Prominent Features instead of 75% of the capital shares, and a larger percentage may also be specified in the articles of on the Federal Decree Law No. (2 association
New Amendments of Federal Commercial Co
Possibility of an urgent Judgment from the Court to Save the LLC from Liquidation The right of any partner in the Limited Liability Company to obtain an urgent judgment from the court to increase the capital to the extent necessary to save the company from liquidation in the event that it does not have sufficient liquidity to pay the debts of the company.
Possibility for any Increase in the Issued Capital of the Public Shareholding Company within 3 Years The public joint stock company may pay any additional amount on the shared capital within 3 years from the date of issuance, provided that all previous issued capital has been paid before the additional amount was issued.
Flexibility in Capital Reduction Requirements for the Public Joint-Stock Company The possibility of reducing the capital of the public joint stock company according to the terms and conditions issued by the Securities and Commodities Authority.
Controlling the entire Membership of the Boards of Directors of Public Joint-Stock Companies The absence of a requirement that the chairman and the majority of the members of the board of directors be of the nationality of the UAE, which gives the foreign investor the right to control the entire membership of the boards of directors of joint-stock companies unless a decision is issued by the UAE Cabinet or the competent authority stipulating otherwise.
Allow all Members of the Board of Directors of the Public Shareholding Company to be Non-Shareholders All members of the board of directors of the joint-stock company may be experienced non-shareholders without a maximum limit.
16
THE AMCHAM UPDATE Q1 - 2021
UAE GOVERNMENT UPDATES
THE PROMINENT FEATURES AND INCENTIVES GRANTED TO INVESTORS ON THE FEDERAL DECREE LAW NO. (26) OF 2020 REGARDING THE NEW AMENDMENTS OF FEDERAL LAW NO. (2) OF 2015 ON COMMERCIAL COMPANIES
Absence of Requirement the Approval of the Securities and Commodities Authority to Amend the Memorandum of Association or Articles of Association of the Public Shareholding Company The Prominent Features and Incenti The approval of the Securities and Commodities Authority is not required to amend the Articles of Association or Articles of Association of the Public Shareholding Company. Rather, the company must provide the competent authority with a copy of the decision to amend the Memorandum of Association or its Articles of Association.
on the Federal Decree Law No. (26 New Amendments of Federal La Commercial Com
Allowing Financial Institutions to Provide Loans to Board Members Exclusion of financial institutions subject to the control and supervision of the Central Bank from the prohibition of extending loans to members of the Board of Directors of the joint-stock company.
Possibility of Calling a General Assembly Meeting if requested by partners holding 10% of the Public Joint-Stock Company The board of directors shall invite the general assembly to convene at the request of one or more shareholders who own at least 10% of the company's shares instead of 20%, and the assembly shall be held within a period not exceeding (30) days from the date of the announcement of the meeting.
There is no Limit for the Number of Shareholders in the Private Joint Stock Company A private joint stock company is a company in which the number of shareholders is not less than two and no maximum number of shareholders has been set.
Restructuring the Company in Light of Accumulated Losses Permitting the restructuring of the company if the company’s board of directors recommends continuing with the company's activity in light of the company's accumulated losses amounting to half of its issued capital.
Granting the Investor any of the Following Actions: 01 The introduction of a partner or a number of partners. 02 Transfer of company ownership.
03 Changing the legal form of the company. 04 Mergers and acquisitions. 05 Liquidation.
THE AMCHAM UPDATE Q1 - 2021
17
AMCHAM Q1 PAST EVENTS
AMCHAM Q1 PAST EVENTS JAN
5
JAN
12
FEB
10
FEB
15
FEB
16
18
THE AMCHAM UPDATE Q1 - 2021
DATA PRIVACY 3:00pm - 4:00pm UAE time
THE STATE OF AMERICAN BUSINESS 3:00pm - 4:00pm UAE time
CLICK HERE FOR FULL RECORDING
U.S. POLITICAL PANEL FORUM 3:00pm - 4:00pm Qatar time
INTELLECTUAL PROPERTY LAW UPDATES IN THE REGION 4:00pm - 5:00pm Bahrain time
A CONVERSATION WITH CAMILLE RICHARDSON 5:00pm UAE time
AMCHAM Q1 PAST EVENTS
FEB
23
FEB
25
JOE BIDEN'S FOREIGN POLICY AND ITS IMPACT 5:00pm UAE | 4PM Qatar & Bahrain
TRADING ROUTES An exploration of United States, United Arab Emirates and Israel Trade Potential 3:00pm - 4:00pm UAE time
MAR
9
MAR
16
UAE 2021 & BEYOND 11:00am UAE time
THE STRATEGIC VALUE OF GLOBAL MOBILITY 11:00am UAE time
COMING SOON JUN
8
JUN
21
EARLY DAYS OF THE BIDEN PRESIDENCY TBC
ARAB HEALTH KICK-OFF BREAKFAST TBC
THE AMCHAM UPDATE Q1 - 2021
19
SET UP IN THE WORLD’S LEADING BUSINESS HUB Home to hundreds of leading US companies.
#1 20
Free Zone 6 years in a row
THE AMCHAM UPDATE Q1 - 2021
Visit DMCC.AE
R I B T HD Y P P A
Sultan Abdullah Mohammed Soumr, a ten-yearold Emirati boy, is the inspiration behind the new campaign. Sultan sparked a viral debate about gender equality when he noticed that the Betty Crocker packaging spoke only to women. After hearing Sultan’s story, Betty Crocker decided to make a meaningful change across the Middle East region.
Speaking about the campaign, Mr. Ali Shaikh, General Manager - Middle East & Africa, General Mills, said, “We are all very proud that our iconic brand Betty Crocker will mark its 100th birthday with a game changing ‘Kitchen Is For Everyone’ campaign that speaks to consumers, regardless of their age, gender or expertise and aims at gender equality. The brand aims at leading the way for social equality by opening the kitchen to men. As part of the campaign, over 20 million Betty Crocker SKUs have been redesigned with gender neutral language.” The brand aims at making a difference by spreading the ‘Kitchen is For Everyone’ message through a special television commercial, which will be aired across the pan Arab region and on digitally led platforms to make the kitchen a territory for everyone.
Y VIDE LA
O
P
Betty Crocker, the global leader in baking, will be turning 100 this year. With 2020 having been a year of accelerated learning for all, Betty Crocker plans to enter its 100th year with the launch of its ‘Kitchen Is For Everyone Campaign’ to promote gender equality and remind consumers that the kitchen is an open and gender-neutral space for everyone.
AY
H
BETTY CROCKER 100 YEARS CELEBRATIONS
THE AMCHAM UPDATE Q1 - 2021
21
Accenture Innovation Summit 2021
CHAMPIONS OF CHANGE Join us as we explore the latest findings and predictions that are set to reshape the business world. To find out more and register, please click here.
22
THE AMCHAM UPDATE Q1 - 2021
MENA LEGAL NEWSLETTER
ARE YOU ELIGIBLE FOR THE
BUSINESS GOLDEN VISA
FOR GLOBAL ENTREPRENEURS? In our previous newsletters from November 2018 and January 2019 we announced the Cabinet’s approval on the long-term visa scheme, its implementation and also explained the eligibility requirements for each visa type. At that time, the possible visa categories were the following: investors, entrepreneurs, specialised talents and student visa. In 2020 the UAE expanded its long-term visa scheme by introducing the Business Golden visa. Professionals with entrepreneurial experience from around the world are eligible to apply for the business visa to set up their own businesses in the UAE and obtain a long-term residency for their dependents. You qualify as an eligible entrepreneur if: • You can substantiate your experience as an entrepreneur. • You have been a majority shareholder of a start-up or a member of its senior leadership.
• You are willing to relocate to the UAE and legally establish a business in one of the Emirates. • You have a business idea or business plan that you wish to bring to life in the UAE. In order to obtain the Business Golden Visa, you will need to have your nomination approved by an authorized government incubator in the UAE (currently, AREA 2071 in Dubai and HUB71 in Abu Dhabi). Once your nomination has been approved, you will be invited to apply for the visa through the Federal Authority for Identity and Citizenship.
Remote Working Residency Visa & Multiple Entry Tourist Visas Furthermore, as part of the aim to support the public and private sector, the UAE Cabinet has approved a new self-sponsored Remote Work Visa that will enable employees from all over the world to live and work remotely from the UAE, even if their companies are based in another country. The visa is valid for one year. As part of the same scheme the Cabinet also approved a self-sponsored multiple entry tour-ist visa for all nationalities, with a validity of 5 years. It enables tourists to enter multiple times on self-sponsorship and remain in the country for 90 days on each visit, which can be extended for another 90 days. These visa categories will make it easier, in particular for companies without a presence in the UAE to relocate their work force for temporary projects in the UAE in a fast and less complex manner.
For more information, please contact:
e: info@mena-legal.com | t: +971 (0) 4 450 83 82
THE AMCHAM UPDATE Q1 - 2021
23
IT'S TAX TIME WITH SGP
US TAX REGULATIONS THEIR IMPACT ON YOU Tuesday, April 20 - 26, 2021 A Pre-Recorded On Demand Webinar Available for one week only by registration
MAIN SPEAKER & CPA ON SITE
CPA ON SITE
CEO BJM Group
CBDO BJM Group
NEAL J. BACH
BILL LINCOLN
Neal is the president of BJM, where he’s worked since 1980. Neal is also the Senior CPA and CEO of the USA divisions of SGP Capital Holding AG. His background includes extensive experience in accouting, auditing, business and individual taxes, business and financial consulting and real estate partnerships.
Bill brings over 20 years of CPA and leadership experience to the BJM team and is also a member of the Georgia Society of CPAs. As a BJM Tax Manager, Bill is responsible for hiring and developing the team, reviewing tax returns and other client deliverables, and enhancing operating procedures.
SGP WILL OFFER A FREE CONSULTATION TO EACH PERSON WHO REGISTERS TO WATCH THE WEBINAR!*
REGISTER NOW PRICE:
Complimentary for AmCham Members/AED100 plus VAT for non members
*Consultations can be taken between 3 - 27th May, at a time to be agreed with SGP.
24
THE AMCHAM UPDATE Q1 - 2021
Tomorrow belongs Tomorrow belongs to those to those who its full potential. who invest in invest its full in potential. belongs to those who are ready Tomorrow belongsTomorrow to those who are ready to embrace it. to embrace it. Atpeople Citi, wewho empower people who strive to At Citi, we empower strive to make our worldhealthier smarter, and cleaner, healthier and make our world smarter, cleaner, more prosperous for them everyone, helping them more prosperous for everyone, helping meet today’s challenges and welcome all that meet today’s challenges and welcome all that tomorrow has to offer. tomorrow has to offer. citi.com/progress citi.com/progress VISIT WEBSITE
THE AMCHAM UPDATE Q1 - 2021
25
MANUF &B
AN RE
UM
TASK FORCE
F
KFORCE
HUMAN RESOURCES
TURERS AC
E
URCES T
MMIT TE CO
O
AS
S
COMMITTEE UPDATES
FOOD & BEVERAGE MANUFACTURERS COMMITTTEE
H
HR TASKFORCE WEBINAR ON THE STRATEGIC VALUE OF GLOBAL MOBILITY TUES, MARCH 16TH, 2021 UAE & Oman - 11am Kuwait & Bahrain - 10am
The task force met to discuss Global Mobility. Today’s increasingly global workforce, companies have to deal with a very complex responsibility of talent mobility. Global mobility is a function that refers to a multinational corporation’s ability to move its people to offices in different countries. Presenters: Isil Ata, Head of Human Resources, Middle East, Cigna Insurance Middle East
AmCham Food and Beverage Regulations Committee participation in the 14th DIFSC was a success as the event was attended by key regulatory officials across the Middle East and number of participants was very high. Dr. Mariam Eid- Elected Vice Chair of Codex Alimentarius wrote an article about the session. VIEW SESSION ARTICLE
Panelists: Belgin Ertam MENAT Regional HR Director and Head of Organization & Talent Development at GE High Level Participants: Over 40 HR experts from various American and local organizations participated. Objective: The objective of the session was to discuss the challenges, learnings and tips for employers and employees as we transition towards a globally mobile environment.
TOPICS: GLOBAL MOBILITY TRENDS •
Opportunities and challenge
•
GE’s Covid overview and best practices
•
Safety first
•
Flexible working
•
Work from home and remote working
•
Rotational leadership programs, virtual assignments, virtual internships and digital space
•
Leading with talent: retention and engagement in global space with I&D docus
With the COVID-19 pandemic effectively putting the brakes on the movement of people around the world whether for work or leisure in 2020 and continuing to do so as the world advances into 2021 this was the appropriate time to discuss mobility. The webinar aimed to bring to the fore new challenges and benefits for companies and employees. Speakers noted that HR teams worldwide are continuing to pivot to address the concerns of employees and employers about shifting to a hybrid model, employee safety, and how to effectively utilize technology
26
THE AMCHAM UPDATE Q1 - 2021
AmCham F&B Regulations Committee also participated in a session on Harmonization and Codex Opportunities at the Gulf Food event scheduled end of Feb. Committee discussed the Opportunity of engaging during the Expo event planned to open next October, 2021. Recommended events includes Round table discussions with US Regulatory officials and policy makers, Scientific seminars, etc. Funding needs to be addressed ahead of time to avoid conflict of interestespecially when dealing with government officials. SFDA is welcoming all feedback from the industry and has agreed to change some of the initial contentious requirements including not accounting for previous reformulation efforts. More clarity to be obtained in the coming few weeks on the final draft and the final timelines. Abu Dhabi Single Use Plastic Policy- Fees expected to be confirmed Q2,2021 and will have a big impact of some of the Industry Members. TLL and Additive Standard- positive developments in general- pending official confirmation from the regulatory bodies.
N
B R A N DS RUM FO
A M E RI CA
COMMITTEE UPDATES
AMERICAN BRANDS FORUM
AJMAN INTENSIFIES CRACKDOWN ON COUNTERFEITS IN CHINA MALL The U.S. Government’s Intellectual Property Attaché for the Middle East and North Africa and AmCham Dubai representatives of the American Brands Form including Nike, Apple, General Motors and Emerson visited the Department of Economic Development in Ajman, with the aim of enhancing future cooperation and partnerships in economic fields. Representatives from Ajman Executive Council and Ajman Chamber have attended the meeting. During the meeting, the most prominent achievements of the department in the field of protecting intellectual property rights, especially trademarks, during the years 2019 and 2020, and the delegation commended the role played by Ajman Economy in protecting intellectual property and stopping counterfeit products, and its outstanding efforts in creating an attractive business environment for foreign investment, and its contribution to establishing the UAE's position as a regional and global center for business. In response the Ajman Department of Economic Development (DED) have been working on the
crackdown of the counterfeit trade in China Mall, Ajman. Shops selling fake designer clothes, bags and shoes have closed in the popular mall. Signage has been installed urging consumers to call the consumer protection hotline 80070 to report any illegal trade. The DED have urged shoppers to “not hesitate to report counterfeit or non-conforming products” in an effort to purge the market of fake goods. The counterfeit trade remains banned in the UAE, but it thrives in underground trading in some markets and shops in the country. Officials have launched a massive campaign to stop the operation and have shut down and fined hundreds of violators.
THE AMCHAM UPDATE Q1 - 2021
27
NOW VIRTUAL
The SelectUSA Investment Summit connects global business leaders JUNE 7-11, 2021 with U.S. economic development organizations (EDOs) to facilitate business investment in SelectUSA Tech is dedicated to connecting early-stage and the United States. startup tech companies to prospects for advancement in the
NOW VIRTUAL
NOW VIRTUAL
nvestment Summit connects global with U.S. economic development Os) to facilitate business investment in
ctUSA Investment Summit provides rything you need to start your U.S.
SA Investment Summit to: Connect with
Meet
U.S. market.
A few days at the SelectUSA Virtual 2021 SELECTUSA INVESTMENT SUMMIT
Investment Summit provides your business with everything you need to start your U.S. High-growth international tech companies that are less than 8 expansion plan.and up to 40 years old, with up to $10 million in revenue,
employees are invited to apply to participate in the virtual 2021 SelectUSA Investment Summit from June 7-11, 2021 for a special discounted rate of $350.
Join the SelectUSA Investment Summit to:
Network with over
00 + 1,200 +3,000
economic Sign-up business economic development velopment to take the investorsorganizations, international companies, venture capitalists esentatives next step. from 70+ and investors, service all across the international providers, and federal, state, ted States. markets.
Join us in and local government
Virtually exhibit at your own branded booth,
Learn from with the opportunity to upload a
150 +
700 + 1,200 +
three-minute in-depth product/service demo video;
Tune into all Plenary and Investment Academy Sessions,
Speakers, U.S. economic including SelectUSA Tech Investment including C-Suite development Academy Sessions on investment trends and opportunities in transformative executives and representatives technology subsectors, as well as on soft-landing programs, investment government from all across the success stories highlighting female officials. States. founders, startup ecosystems acrossUnited the
representatives using the nline networking platform to networking app and website. ness relationships. Participate in virtual to takeworkshops the on how to finance step. and scale your Staynext updated! startup. Join our mailing list today. Schedule
June 2021
Connect with
Meet
United States, and more;
business investors from 70+ international markets.
meetings in the online networking platform to create new business relationships. Participate in the Virtual Startup Pitch
APPLY TO PITCH
Sessions at the 2021 SelectUSA Investment Summit in front of a panel of 4-6 judges, including venture capitalists, corporate investors, representatives from startup ecosystems, and industry experts. Selected companies will participate in one of the sessions in the following categories: Aerospace; Cybersecurity; e-Commerce; FinTech; MedTech; Software; Other.
in front of a panel of judges and an audience. Applications are due by April 30, 2021
The SelectUSA Investment Summit has directly affected
Note: Only companies approved to attend the 2021 SelectUSA Investment Summit under the SelectUSA Tech program are eligible to participate in the pitching sessions.
$47.5 billion
VIEW WEBSITE TO APPLY
Stay updated! Join our mailing list today.
To connect with SelectUSA: Erick.Kish@trade.gov Visit www.selectusasummit.us to apply to participate in the SelectUSA Investment Summit. Contact Erick.Kish@Trade.gov for more information.
SASummit
in newwww.SelectUSASummit.us investment in| #SelectUSASummit the United States.
APPLY NOW
To connect with SelectUSA: Erick.Kish@trade.gov
www.SelectUSASummit.us | #SelectUSASummit
28
THE AMCHAM UPDATE Q1 - 2021
AMCHAM REWARDS PROGRAMME
JOIN THE PROGRAMME
MEMBERSHIP
REWARDS
AmCham Dubai business members may offer a variety of exclusive discounts and benefits to our extensive AmCham MENA network. The entire membership can realize significant savings on everyday purchases while supporting businesses that support the AmCham.
Why participate:
HIGHLIGHT YOUR BRAND within the AmCham MENA network
SHOWCASE YOUR PROMOTION on the AmCham Dubai & MENA website
SEND AN E-BLAST of your promotion to all the AmCham Dubai active members
RECEIVE PROMOTIONS from other member organizations
CLICK HERE TO SEE ALL MEMBER REWARDS
PARTICIPATING COMPANIES
THE AMCHAM UPDATE Q1 - 2021
29
For further information please contact: Email: info@amchamdubai.org
CONTACT AMCHAM
Call:
30
THE AMCHAM UPDATE Q1 - 2021
