RAK Business Magazine, Feb., March, 2022 by New Generation Media

‫مجلــة أعمــال رأس اخليمــة‬

ISSUED BY RAK DED, ISSUE NO. 15, FEB.-MAR., 2022

UAE ADOPTS LARGEST LEGISLATIVE REFORM IN ITS HISTORY

UAE- INDIA A SOLID STRATEGIC PARTNERSHIP THE VALLEY... WHERE AMBITIOUS BUSINESS MEETS PROMISING OPPORTUNITIES BUSINESS TRANSFORMATION AN INEVITABLE CHOICE!

ALI SAJWANI

SUPER APPS

BUSINESS

SECTOR POSITIVE PERFORMANCE IN RAKDURING THE PANDEMIC

EMIRATES IS THE MOST BEAUTIFUL WINTER IN THE WORLD

PROVIDES A COMPREHENSIVE DIGITAL PLATFORM FOR HEALTHCARE SERVICES 29 YOUTH PROJECTS IN 6 LOCATIONS IN RAK

Expand Your Business

Business Banking Whether you are starting or building a new business, our comprehensive ﬁnancial solutions & product offering for Businesses will help put you on the right path to make the most out of every opportunity.

Accounts & Services • Business Capital Finance • Goods Finance

• Letter of Guarantee • Fleet Finance

Give your business the edge it deserves For more call 065999999 or Visit www.sib.ae. Sharjah Islamic Bank is regulated by Central Bank of United Arab Emirates.

www.sib.ae

SIB Digital App

065999999

Terms and Conditions apply

Accounts & Services • Business Account with minimum balance of AED 15,000 • MaxPlus Deposit Account with profit rates up to 6.00% and finance up to 90% against the deposit • Watani Deposit Account with daily profit • Online & Mobile Banking to view & perform your financial transaction anytime anywhere

ENJOY EXTRA COMFORT IN BUSINESS CLASS. Book your next trip with flydubai in Business Class and enjoy a great travel experience.

The business seat can quickly and easily be converted into a fully flat bed, providing you with the perfect opportunity to get some sleep. Or if you want to sit back and relax, every seat has a touchscreen for an immersive inflight entertainment experience. Book today.

flydubai.com

RAK Business issued by Ras AlKhaimah Department of Economic Development to support and develop the business environment and highlight best practices in Ras Al Khaimah. VISION: Ras Al Khaimah to be the preferred destination for doing business in the region. SUPERVISION SH. Mohamed bin Kayed AlQasimi EDITOR IN CHIEF Dr. Abdulrahman Alshayeb Alnaqbi MANGAGING EDITOR Aisha Obaid Alayyan EDITORS Maryam Haji Mohamed Nebras Shafik AboZidan Mayyasa Sultan AlKendi

NEW GENERATION TEAM Khawla Ibrahim Abdulaziz Alelewi Zina Abboud Zainab Shieha Dareen Abu AlKheer Maher Safyeldin

Media consultancy

050 899 5669

ngmedia.ae@gmail.com The topics mentioned express the opinion of its author, and do not necessarily represent the opinion of the Department of Economic Development in Ras Al Khaimah. Despite efforts to investigate accuracy, the magazine does not accept responsibility for any errors in the information provided.

MESSAGE: Planning and organizing economic activities, augmenting investment promotion efforts, and the business environment competitiveness to achieve sustainable economic development in the emirate based on qualified staff and integrated smart systems that are hinged on knowledge and innovation to achieve community happiness. STRATEGIC OBJECTIVES: Promote diversified and sustainable economic growth by attracting and encouraging investment. Developing the business environment in accordance with global competitiveness standards. Developiing function of business control and consumer protection. Developing services, enhancing customer experience and providing added value. Expand the institutional efficiency of institutional support services . Boosting the culture of creativity and innovation, spreading knowledge and institutional excellence. ORGANIZATIONAL VALUES: Positive citizenship: Taking responsibility and meeting all customers’ needs and beyond if possible (serve with a smile). Institutional happiness: Continuously strive to win the happiness of our employees, customers, partners, and community (Happy Society). Creativity, innovation: We want our employees to take initiative with every new, creative and innovative Idea (Be proactive and innovative). Integrity and Transparency: Develop an institutional governance framework and adopt it as an integrated ideology. Sharing Knowledge: One team with unified knowledge we all share (share your knowledge).

info.ded@economic.rak.ae www.ded.rak.ae

Rakded_ae

FROM THE EDITOR THE “NEXT 50 YEARS” ESTABLISHES A NEW PHASE OF THE UAE’S INTERNAL AND EXTERNAL GROWTH, AND CONSOLIDATES ITS REGIONAL AND GLOBAL POSITION IN ALL SECTORS

THE “NEXT 50 YEARS”… THE FUTURE UAE

Dr. AbdulRahman Al-Naqbi

The UAE Government has laid out an ambitious pathway for the next fifty years by launching the ‘Projects of the 50’, where structural and radical changes are going to be made in the economic system. These changes include empowering both local economic sectors and national personnel, and involve developing a set of national laws and initiatives that enable the national competencies, talents, and Emirati entrepreneurs. Projects also will be launched to attract talent and investors to the UAE, and to build global economic partnerships, in addition to other initiatives and projects. The ‘Projects of the 50’ establishes the UAE’s new phase of growth - both domestically and internationally - and consolidates the country’s regional and global position in all sectors. These projects give an upward direction to competitiveness in the UAE aiming at achieving the best global ranks. H.E. Mohammad Abdulla Al Gergawi, Minister of Cabinet Affairs, stated that the UAE will embark on the next fifty with global legislation, world investments, and international economic relations with five continents. Global economic agreements will be concluded with major economies, and a global media development campaign will be launched to cement the UAE position among the globally successful economies. The ‘Projects of the 50’ covers a package of strategic projects and initiatives, including hosting the Emirates Investment Summit, that will connect investment funds with government agencies and private sector to attract AED 550 billion of FDI over the next nine years. The new electronic portal –INVEST.ae – has been launched, the UAE unified investment platform. INVEST.ae will act as an umbrella for all the Emirates and fourteen (14) economic entities and will present all investment opportunities across the UAE. The 10x10 program has been also announced with the purpose of increasing the country’s exports by 10 percent in 10 key markets. The first set of the ‘Projects of the 50’ includes establishing the “Higher Committee for Economic Agreements”. The Committee will undertake comprehensive partnership agreements with eight (8) key markets. The aim of these agreements is to achieve an AED 40 billion annual increase to the UAE’s current AED 257 billion trade volume with these markets. The adoption of the National In-Country Value Program were also included by directing 42 percent of procurement of the federal government and major UAE companies to local products and services. The Program will seek to raise the procurement volume from AED 35 billion to AED 55 billion within four years. The first set, moreover, brought about the announcement of Project 5Bn, which involves the allocation of AED 5 billion to support youth Emirati projects. In partnership with the Emirates Development Bank, Tech Drive has been released, an AED 5 billion programme to support advanced technology adoption in the industrial sector over the next five years. Furthermore, 500 national companies will be established, grown and equipped with the advanced technologies of the Fourth Industrial Revolution. Among the projects related to the digital economy are the “UAE Data Law” empowering individuals to control how their personal data is used, stored and shared, the 100 Coders Every Day programme attracting 3,000 coders every month to the UAE’s workforce, and PyCon Summit, the largest programming summit to develop talents, expertise and innovative programming projects. Congratulations to the people and leaders of the UAE…

RAK BUSINESS

FEB., MAR., 2022

CONTENTS

Issue No. 15 FEB., MARCH 2022

PANORAMA UAE adopts largest legislative reform in its history

12 More than 40 laws are included. Some are new, while others are updated versions of existing legislation.

UAE- India A solid strategic partnership

18 One of the fastest growing

European countries, and one of the countries with the most start-ups.

BUSINESS Ras Al Khaimah’s economy set for healthy growth postpandemic

22 S&P Glbal: RAk can look forward

to a surging economy postpandemic, with growth expected to return to around 2.5% between 2021-2024.

Super Apps Provides a comprehensive digital platform for healthcare services

24 Sajwani: Now is a very good time

32 6

for SMEs ot play a leadership role in the further development of mobile health solutions in the UAE.

Noura Al Khatiri: The Valley...Where ambitious business meets promising opportunities

Radisson Hotel Group opens the Middl eEast’s first Radisson Resort

OVER THE TOP

32 The Valley hosts more than 75 small and medium enterprises to display their various product.

World leaders praise Expo 2020 Dubai as a beacon of hope

36 Expo 2020 is a “beacon of hope, resilience and international solidarit”.

TOURISM 41 The Resort features 388 rooms and

suites with sea views to enjoy the fresh sea air and spectacular vistas of the picturesque Marjan Island.

Emirates is the most beautiful winter in the world

42 A cooperation of the federal authorities and local tourism deopt.to consolidate UAE as a single tourist destination.

41 COLUMNS 011

Principles of the 50 and the Companies Law

Business Sector Positive Performance in RAKDuring the Pandemic

Business Transformation An Inevitable choice!

RAK BUSINESS

FEB., MAR., 2022

PANORAMA ECONOMIC

NEWS SPOTLIGHT PARTNERS

RAK CROWN PRINCE APPROVES REGULATING ACTIVITY OF TRANSPORTING PASSENGERS BY LUXURY VEHICLES AND LIMOUSINES

is Highness Sheikh Mohammed bin Saud bin Saqr Al Qasimi, Crown Prince of Ras Al Khaimah and Chairman of the Executive Council, approved Resolution No. (3) of 2021 regulating the activity of transporting passengers by luxury vehicles and limousines in Ras Al Khaimah. This step comes within the framework of an integrated strategic vision that reflects the government’s keenness to develop an integrated system of advanced legislation and laws that will ensure the upgrading of all services and the adoption of the best international standards and practices in the field of transportation, in a way that contributes to achieving indicators of quality of life in Ras Al Khaimah. The resolution mandates Ras Al Khaimah Transport Authority (RAKTA) to organize the activity of transporting passengers by luxury vehicles and limousines in the emirate, to apply special requirements and standards for their practice, and to monitor operators to ensure compliance with them, to ensure the provision of services that meet the needs of customers in accordance with the highest standards of security, safety and comfort. The decision also includes the controls and conditions for issuing permits to practice the activity for companies, and the conditions for issuing permits to practice the profession for limousine drivers, in addition

to the list of operational violations that will be applied in the event of non-compliance with the requirements. H.E Eng. Esmaeel Hasan Al Blooshi, General Manager of RAKTA, explained that this decision constitutes a strong boost to the authority’s efforts and vision in regulating the transport sectors in the emirate and ensuring the provision of safe, reliable and smart transport services.

Within the framework of a strategic vision that adopts the best international standards and practices in the field of transportation, the Ras Al Khaimah Transport Authority has been assigned to organize the activity of transporting passengers by luxury vehicles and limousines and to apply the requirements and standards for its practice.

ECONOMIC PANORAMA

29 Youth Enterprises Enters Ras Al Khaimah Market in Six Locations Youth Business Truck projects continue to prove themselves thanks to direct and indirect support from the competent authorities, and to achieve several economic and social returns, as these restaurants have been very popular among tourists and residents in tourist and natural areas, General Director of Ras Al Khaimah Department of Economic Development, Dr. Abdul Rahman Al Shayeb Al Naqbi, revealed expressed plans to develop a new mechanism that allows the sustainability of Business Truck projects throughout the whole year, by supporting communities that serve residential areas with parks for Business Truck that are invested by one of the dealers, supported and fully equipped, provided that a group of trucks are assembled in them to ensure their continuity. Continuous coordination with the relevant government agencies, including Ras AL Khaima Municipality and the public Services Department to develop the approved Business Truck sites and work to develop new sites suitable for Business Truck, and pointed out that the RAKDED, supports small and medium enterprises through “success story” initiatives to highlight successful projects. in Ras al-Khaimah by documenting them in brochures, “Rak Shabab” initiative to promote distinguished commercial establishments for citizens to support and market them, the “Tatweer” initiative to train and develop small business licenses on the basics and pillars of success, and the initiative to support small business licenses through cooperation agreements with electronic platforms “Talabat”, “Noon Local” and “Kiosk” Online, and exemption from government fees for establishing projects through the Khalifa Fund or the Saud Foundation for Youth Enterprise Development, and reducing expenses for entrepreneurs by joining Alghad License and Virtual Trader programs with nominal fees not exceeding 1000 dirhams.

Dr. Abdul Rahman Al Shayeb Al Naqbi

NEWS

“RAKDED issued permits that allow Business Truck to operate in different locations in the emirate, with a total of 29 permits working in 6 locations, 5 of which are free of charge in the emirate’s most important locations, in reception of visitors “Al Rams Corniche, Al Mairid Corniche, Exit 122 towards Ras Al Khaimah and Exit 122.” 122 towards the Emirate of Dubai after Al-Towayyin Roundabout,” stressing that the violations of mobile vehicles are based on the following cases: practicing the activity without a permit, not renewing the permit, and parking in places not designated for vehicles, in order to ensure the quality of the products provided to customers”.

Aldar Completes First Investment In Ras Al Khaimah With Plans For Further Expansion In The Emirates Aldar Properties PJSC (“Aldar”), through its Aldar Investment business, has made its first investment in Ras Al Khaimah, acquiring the 27,000 sqm Al Hamra Mall developed by Al Hamra, a Ras Al Khaimah based real estate development and investment company, for a total consideration of AED 410 million. The transaction adds further scale and diversification to Aldar Investment, which manages more than AED 22 billion of income-generating residential, retail, commercial, hospitality and education assets. Aldar Investment plans to invest to reconfigure the mall, broaden its offerings, introduce more high-quality brands, and enhance the customer experience to drive sales and footfall growth. As part of the agreement, Aldar has also secured development rights for an extra 11,200 sqm of gross floor area (GFA), with an option to acquire an additional 7,400 sqm for retail and commercial use. Al Hamra is focused on providing premier lifestyle real estate developments, and has significant investments in the retail, hospitality and leisure sectors in Ras Al Khaimah. In line with the Emirate’s growth strategy.

RAK BUSINESS

FEB., MAR., 2022

ECONOMIC PANORAMA

NEWS

Austrian SAN Group to invest AED 12 million in a green biotechnology facility in RAK The Austrian SAN Group has chosen Ras Al Khaimah Economic Zone as the platform for its green hydrogen and farming subsidiary SAN Enertech. The company will construct a fully integrated sustainable hydrogen production unit, plant, and fish farming on a land plot of 8,470 m2 in RAKEZ Al Hamra Industrial Zone with an investment of AED 12 million. This biotech facility will consist of a research centre, laboratory, desalination plant, green house as well as hydroponic and aquaponic indoor systems. It will generate energy through solar power systems that serves as the source of electricity. “Our new location in Ras Al Khaimah supports the long-term strategic goals of our company. When deciding where to invest, we gave paramount consideration to cost-effectiveness, the right environment, and ease of doing business, and with RAKEZ we found all the support we needed,” said Erich Erber, Founder and President of SAN Group.

RAK International Airport launches intercity bus service RAK Airport and RAKTA have joined hands to provide high-quality services to visitors of UAE to and from RAK Airport by launching a bus service for connecting passengers to RAK city and other emirates.RAK Airport has announced the start of operations of the bus transportation service from RAK Airport to the following destinations according to the weekly flight schedule: 1- The Emirate of Dubai – Union bus station 2- The Emirate of Sharjah – Muwailih Bus Station 3- The Emirate of Ajman – The main bus station, Mohammed bin Zayed Street 4- The Emirate of Ras Al Khaimah – The bus station in Al Nakheel area (city center)

Ras Al Khaimah Announces expansion of healthcare sector Arabian Healthcare Group (AHG) and US provider CommonSpirit Health advance with their collaboration to improve healthcare in the norther emirate of Ras Al Khaimah. Under development plans AHG’s ‘flagship’ facility, the RAK hospital is set to triple capacity by 2024, increasing the number of

patient beds to 200. Through the alliance of AHG and CommonSpirit in 2018, the RAK hospital became the only medical facility in the MENA region to be affiliated with Dignity Health International (DHI), making it popular with both international and national patients. The expansion will allow the hospital to keep up with increased patient demand whilst providing ‘high quality care’. The partnership named digital innovation, training and education, clinical alignment, care coordination, network expansion and improving the overall patient experience as other key focuses. They said developments will give regional patients access to expert medical care through DHI’s world-wide network of doctors specialising in cardiac services, orthopedics, neurosciences, musculoskeletal conditions, and rehabilitation. As part of the expansion RAK hospital will benefit from upgraded digital and smart health practices as well as improved telehealth services. The collaboration said their main objective is to provide excellent medical care through ‘sharing best practices and innovations across borders’.

ECONOMIC PANORAMA ECONOMIC PANORAMA LEGAL CONSULTANCY NEWS

PRINCIPLES OF THE 50 AND THE COMPANIES LAW

F Ahmed Al Masah legal expert

UAE’s ‘Principles of the 50’ contains many provisions that seek to strengthen the national economy in the United Arab Emirates to maintain its leadership in the business community

ederal Decree Law No (26) of 2020, Amending Certain Provisions of Federal Law No (2) of 2015 Concerning Commercial Companies, was issued coinciding with the publication of the Fifty-Year Charter. The Charter’s principles are characterized by integration, comprehensiveness, interconnectedness and interrelatedness, as they cover all political, economic, developmental, humanitarian and relief areas. The principles provide that “the goal of the political approach is to serve economy, and the goal of economy is to provide a better life for the people of the Union”. That could be achieved by building the best and most dynamic economy in the world, building the best global economic environment, and ensuring the best life for the Union’s people. It is also important to consolidate the reputation of the Emirates internation-

ally, as well as to cement the UAE position as a hub for talent, companies and investments in the scientific, technical and digital fields. Thus, augmenting the UAE position as a country of peace and stability regionally and globally. It is well known that the Companies Law is an essential pillar for organizing business, stimulating the private sector to invest and participate in the national economy, ensuring a stable business climate, enhancing competition and refreshing commercial growth. Undoubtedly, the amendments to the said Law covered many essential provisions that seek to strengthen the national economy in the UAE, maintain its leadership in the national business community, achieve the interest of citizens and foreign investors, increase the number and size of companies and projects, and diversify the foreign investment base. This will positively affect the UAE economic climate and will contribute to the formation of fruitful commercial entities in various vital sectors toward achieving the Fifty-Year Charter RAK BUSINESS

FEB., MAR., 2022

ECONOMIC PANORAMA

SPOTLIGHT

UAE ADOPTS LARGEST LEGISLATIVE REFORM IN ITS HISTORY

resident His Highness Sheikh Khalifa bin Zayed Al and local authorities have worked together over the past Nahyan has approved wide-ranging reforms to the five months in consultation with over 100 private sector country’s legal system, which aim to strengthen organisations in order to reflect global best practice in economic, investment and commercial opportunities, the new legal provisions. in addition to maximising social stability, security and ensuring the rights of both individuals and institutions. ELECTRONIC TRANSACTIONS AND TRUST SERVICES The raft of new laws and legislative amendments The amendments to the Law on Electronic Transaccame during the ‘Year of the 50th’ and are intended to tions and Trust Services aim to keep pace with techkeep pace with the developmental achievements of the nological development and enhance ongoing digital UAE and reflect the country’s future aspirations. Over 40 transformation. laws are included in the changes, which together repThe law gives digital signatures the same weight as resent the largest legal reform a handwritten signature, a step in the young nation’s 50-year that obviates the need for perMore than 40 laws are history. sonal presence in order to seal included. Some are new, The amendments aim to transactions and supporting the while others are updated develop the legislative structure globally-based completion of versions of existing in various sectors, including government transactions such as legislation investment, trade and induscontracts and agreements using try, as well as commercial coma digital signature, provided pany, regulation and protection of industrial property, that the country where the transaction originates has copyright, trademarks, commercial register, electronic adopted sophisticated authentication mechanism and transactions, trust services, factoring, and residency, in trust services similar to the UAE standards. addition to laws related to society and personal security The Law of Electronic Transactions and Trust Services including as the Crime and Punishment Law, the Online facilitates a wide range of civil and commercial transacSecurity Law, and laws combating the production, sale tions, including marriage, personal status, notary and and use of narcotics and psychotropic substances. real estate services such as renting, buying, selling and amending contracts. REFLECTING GLOBAL BEST PRACTICE The new legislative changes came after intensive coordiINDUSTRIAL PROPERTY RIGHTS nation at both the local and federal levels, where teams The law aims to protect industrial property and regucomprising 540 specialists and experts from 50 federal late the procedures for its registration, use, exploitaRAK BUSINESS

FEB., MAR., 2022

tion, and assignment, to ensure support for knowledge and innovation and to enhance the UAE’s competitiveness in the field of industrial property rights while adopting best international practices and standards. The UAE industrial property rights law is dedicated to patents, industrial designs, integrated circuits, non-disclosure agreements and utility certificates. It applies across the UAE (including free zones). The law is concerned with applications and details surrounding the eligibility for patents and utility certificates and provides details about the conditions for granting patents. The law includes sections on compulsory licenses, addressing the rights of the license holder, the multiplicity of compulsory licenses, and the exception to the conditions of compulsory licensing by the court.

COPYRIGHTS AND NEIGHBOURING RIGHTS The amendments of the federal law concerning copyrights and neighbouring rights maximizes the contribution of creative industries in the UAE economy and provide protection to authors of the works and the holders of the neighbouring

‫يسمح قانون حقوق المؤلف والحقوق المجاورة للجهات بنسخ المصنفات المنشورة‬ ‫وتوزيعها وإتاحتها بطرق تضمن الوصول للمكفوفين وأصحاب الهمم ممن لديهم‬ ‫تحديات في الإبصار‬

The scope of trademark protection has been expanded to include protection to three-dimensional trademarks, holograms, sound and smell trademarks The updates include geographical names for trademarks such as regions, countries or cities and are famous for the production of this product Companies and economic institutions institutions in all forms can now register and protect trademarks

rights, in case an aggression against their rights occurs. The amendments offer special benefits for people of determination in order to enhance their benefit and participation in this vital sector. The law covers all substantive issues pertaining to author’s rights and neighbouring rights, including the right to determine first publication of the work, the right of writing the work in his name and the right to protest against alteration of the work if the alteration leads to distortion of the author’s intent.

TRADE MARKS The federal law concerning Trade Marks was amended with the aim of expanding the scope of protection. The amendments offer protection to three-dimensional trademarks, holograms, sound trademarks such as musical tones associated with a company and that distinguish its products, and smell trademarks such as creating a distinctive scent for the company or brand COMMERCIAL REGISTER The Commercial Register Law has been amended allowing local authorities in each emirate to retain the right to establish and manage their commercial records, including registration, data monitoring and change. A clearer scope for applying the law was also defined to include the registration of companies and economic institutions in all forms, whether commercial (companies) or professional, such as law firms, accountants, and others, to ensure the comprehensiveness of the data contained in the commercial registry for all economic establishments in the UAE. The commercial register is an official log held by the Ministry of Economy containing details of all businesses operating in the UAE. FACTORING AND TRANSFER OF CIVIL ACCOUNTS RECEIVABLE The law is the first federal regulation in the United Arab Emirates dealing specifically with factoring and the assignment of receivables, it provides a new regulatory framework which sets out the legal requirements for assignments and transfers of receivables, validity and perfection requirements, as well as the rules for determining priority amongst competing claims over assigned receivables. Factoring, a financing arrangement that enables a business to sell its receivables, aims at further supporting the business environment and SME’s. Factoring is a type of financial transaction in which a business sells its invoices to a factoring

SPOTLIGHT

The law allows investors and entrepreneurs to establish and fully own onshore companies helping UAE standing as a leading business hub regionally and globally

company. The updates also include registering geographical names of trademarks or products whose name is associated with the names of specific geographic regions, countries or cities and are famous for producing this product, in order to enhance the UAE position in promoting its famous products like dates. Among the changes is the abolition of the requirement to have a trade license to allow the registration of a trademark, and granting SME owners a temporary protection to protect the trademark of their products during participation in exhibitions. The law organises factoring legal requirements including the assignment of receivables and perfection. The new law applies broadly to any assignment of receivables made as part of commercial or civil transactions.

COMMERCIAL COMPANIES The law allows investors and entrepreneurs to establish and fully own onshore companies in all sectors, excluding a small number of reserved “strategic activities”. The amendment aims at boosting the country’s competitive advantage as a part of a wider UAE government agenda to economic diversification towards an innovation-led and knowledge-based economy. The new Commercial Companies Law aims to increase foreign direct investment (FDI) and reaffirms the UAE’s standing as a leading business hub regionally and globally. CORPORATE GOVERNANCE AND STRATEGIC ACTIVITIES The law was issued to introduce certain amendments concerning commercial companies: It specifies the companies that are exempted from the provisions thereof, as well as corporate governance and strategic

activities. The law further details the approvals and licenses required by companies in order to undertake commercial activities within the UAE; in addition to the company’s name, contract, incorporation procedures, and conditions for increasing and decreasing the capital. The law also clarifies the responsibilities of the board of directors, executive management, the authorities of the general assembly, the prerequisites for issuing bonds and instruments, acquisitions and the administrative penalties imposed on a person deemed to be in breach of its provisions.

HIGHER EDUCATION LAW The law aims to regulate the licensing of higher education institutions in the UAE, it sets the legislative framework to approve curricula, ensure effective governance and management of higher education institutions, improve the quality and competitiveness of higher education in the country, and encourage scientific research in educational institutions. Provisions of the law apply to all higher education institutions in the country, with the exception of those operating in free zones. The law covers all levels of higher education, including diploma, higher diploma, bachelor, postgraduate diploma, master degree and doctorate. According to the law, the Ministry of Education is tasked with licensing and accreditation of all higher education institutions, in addition to evaluating performance, quality of educational outRAK BUSINESS

FEB., MAR., 2022

The Personal Data Protection Law defines the controls for the processing of personal data and the general obligations of companies and institutions to secure personal data and maintain its confidentiality and privacy

puts, classification and monitoring.

CRIME AND PUNISHMENT LAW The UAE has ratified a new and updated Federal Crime and Punishment Law, a move intended to further develop and refine the legislative system of the UAE. The new legislation offers enhanced protections for women and domestic servants, strengthens public safety and security provisions and eases restrictions on extra-marital relationships and it will be fully enacted, starting from January 2, 2022. The new law includes the amendment and revision of a number of areas of legislation, including new criminal penalties for public disorder offences and the de-criminalisation of a number of behaviours. The new law also prohibits the consumption of alcoholic beverages in a public place or in unlicensed locations. The law also prohibits the sale, provision or incitement or inducement to consume alcoholic beverages to any person below 21 years of age. The new law stipulates life imprisonment for the crime of rape or non-consensual intercourse and if the victim is under the age of 18, disabled or otherwise rendered in a condition unable to offer resistance can be extended to capital punishment. The new law also addresses the crime of indecent assault with imprisonment or a fine of no less than ten thousand dirhams regardless of the victim’s gender. If 16

the use of force or threat is employed in the course of the crime, the penalty shall be imprisonment for a period of no less than five years and not exceeding 20 years. The penalty will rise to a prison term of no less than ten years and not exceeding 25 years if the victim is aged under 18, disabled or otherwise rendered in a condition unable to offer resistance. Also, the more severe penalty applies if the crime takes place in a place of work, study, shelter or care.

Online Security Law aims to enhance community protections from online crimes The law addresses online false advertising or promotions, including unlicensed trading in cryptocurrencies he law contains provisions related to fake news and misleading information, using online tools

WAIVERS The law also punishes with imprisonment for a period of no less than six months, consensual extra-marital intercourse with a person aged over 18 years, noting that a criminal case for this crime is only instituted on the basis of a complaint from the husband or guardian. In all cases, the husband or guardian has the right to waive the complaint, and the waiver entails the expiration of the criminal case or the suspension of the execution of the penalty, as the case may be. HAVING A CHILD OUT OF WEDLOCK The new law effectively decriminalises consensual relationships out of wedlock, providing that any child conceived as a result of the relationship is acknowledged and will be cared for. Any couple conceiving a child out of wedlock will be required to marry or singly or jointly acknowledge the child and provide identification papers and travel documents in accordance with the laws of the country of which either is a national, considering the applicable laws of that nation. Failing this, a criminal case would introduce a prison term of two years for both correspondents. One of the most important provisions newly introduced by the Crime and Punishment Law is that the law be applied to anyone

SPOTLIGHT

who commits, or participates in, a premeditated murder that occurs against a citizen of the United Arab Emirates even if the crime takes place outside the country.

processing of personal data, whether all or part of it through elec-

ONLINE SECURITY LAW The law regarding cyber-crimes and combatting online harassment, bullying and ‘fake news’ it is one of the first comprehensive legal frameworks in the region to address concerns raised by online technologies and their applications and abuse. The law aims to enhance community protections from online crimes committed through the use of networks and information technology platforms, protecting public sector websites and databases, combatting the spread of rumours and ‘fake news’, safeguarding against electronic fraud and preserving personal privacy and rights. The new law addresses online false advertising or promotions, including unlicensed trading in crypto-currencies and medical products and supplements. The law contains provisions related to fake news and misleading information, using online tools, networks and platforms to broadcast, publish, republish, circulate or recirculate fake news, including false and misleading information, false reports purporting to originate from official sources or that falsely misrepresent official announcements. The law gives courts powers to confiscate devices, software, content or other means used in the pursuit of a crime, in addition to the deletion of such information.

processing is related to the personal data that has become available

tronic systems, inside or outside the country. The law prohibits the processing of personal data without the consent of its owner, with the exception of some cases in which the processing is necessary to protect the public interest, or that the and known to all by an act of the data owner, or that the processing is necessary to carry out any of the legal procedures and rights. The law defines the controls for the processing of personal data and the general obligations of companies that have personal data and defines their obligations to secure personal data and maintain its confidentiality and privacy.

UAE Data office aims at ensuring the full protection of personal data The office is responsible for a wide range of tasks that include proposing and preparing policies and legislations related to data protection UAE data office is responsible for preparing and approving systems for complaints and grievances

It also defines the rights and cases in which the owner has the right to request correction of inaccurate personal data, restrict or stop the processing of personal data. The law sets out the requirements for the cross-border transfer and sharing of personal data for processing purposes.

UAE DATA OFFICE The law establishing the UAE Data Office aims at ensuring the full protection of personal data. The office, which will be affiliated with the Cabinet, is responsible for a wide range of tasks that include proposing and preparing policies and legislations related to data protection, proposing and approving the standards for monitoring the application of federal legislation regulating this field, preparing and approving systems for complaints and grievances, and issuing the necessary guidelines and instructions for the implementation of data protection legislations.

DATA PROTECTION LAW The Personal Data Protection Law constitutes an integrated framework to ensure the confidentiality of information and protect the privacy of community members by providing proper governance for optimal data management and protection, in addition to defining the rights and duties of all concerned parties. The provisions of the law apply to the RAK BUSINESS

FEB., MAR., 2022

Musa Abdel Moneim Metwally Economic advisor

UAE- INDIA A SOLID STRATEGIC PARTNERSHIP 18

ongevity and stability are the most prominent features of the economic relationship between the United Arab Emirates and India. The relationship arose hundreds of years ago with the emergence of trade movements and the transit of ships between the two countries exchanging goods and benefits. Back then, trading was focused on traditional elements such as dates, pearls and fish. Ras al-Khaimah port was among the most famous transport and shipping ports that witnessed the Indian- Arabian Gulf trade. The relationship flourished with the inception of the United Arab Emirates

ECONOMIC PANORAMA

as a unified entity in 1971, following the historic visit of the Founding Leader, the late Sheikh Zayed bin Sultan Al Nahyan, to India in 1975. This was followed by the visit of the late Prime Minister Indira Gandhi to the UAE in 1981, where a new era of economic cooperation commenced based on mutual benefit. Since then, the economic and trade relations between the UAE and India have been growing. The real momentum was gained after the UAE established itself as a regional trading hub by the early 1990s, around the same time the economic liberalization in India started.

Billion US Dollars The value of trade between the two countries

26.73

Billion US dollars The volume of exports from the UAE to India

PARTNERS

These developing relations contribute to the stability and strength of the bilateral relationships between the two countries in a way that diversifies and deepens such bonds. Notably, there is consensus between the visions of the two countries on augmenting these relations in the future. The value of trade between the two countries has increased to $59 billion, compared to about $180 million per year in the 1970s. This makes the UAE the third largest trading partner of India for 2019-2020 after China and the USA. Furthermore, the UAE is India’s second largest export destination (after the USA) with

RAK BUSINESS

FEB., MAR., 2022

Development of value of Ras Al Khaimah exports to India

Value in Million

1000

Total volume of foreign trade with India Total volume of Ras Al Khaimah foreign trade share of trade with India

2018

2019

2020

967.6

1,147.9

1,345.4

1,391.4

1,421.9

13,873.0

13,472.2

14,312.4

14,210.7

4,780.0

7.0%

8.5%

9.4%

9.8%

9.6%

1600 9.4%

600

9.1%

954

863

400

1,013

602

506

2016

2017

2018

2019

2020

Rate of total exports

The movement of exports to India doubled through Ras Al Khaimah ports during the period from 2016 to 2020. The value of exports reached about AED 1 billion in 2020, 12.4% of the total export movement, compared to about AED 506 million in 2016, 9.1% of the total.

1000

Exports of mineral products

833 667 500 333

2016

795

839

2018

2019

938

578

480

167

2017

2020

Sulfur salt, earth / stones, plaster, lime, cement

Metal ores, slag and ash

800

8.5%

506.3

400

7.5%

7.0% 602.2

863.2

953.9

IMPORTS:

1,103.3 5.0%

Value of imports from India

453.8

534.2

2016

2017

Imports

10.0%

9.8%

There is a concentration in exports. Exports of mineral products represent more than 90% of the total volume of exports, the most important of which are products of salt, sulfur, earth and stones, cement and lime.

Exports

2.5% 467.9

2018 Re-Export

419.5

405.9

2019

2020

600

Share of Trade

• There is a steady increase in the total annual foreign trade volume, about AED 1.4 billion in 2020, compared to AED 967.6 million in 2016, a 47% increase. • The share of foreign trade with India to Ras AL Khaimah total foreign trade movement increased to 9.6% in 2020 compared to 7% in 2016.

500 Value in Million

1200 Value in Million

Mineral fuels and oils and their distillation products, bituminous substances, mineral waxes

Ras Al Khaimah-India: Development of foreign trade volume

11%

10.3%

Exports value

2017

12.4%

800

2016

12.1%

11.3%

200

an amount of approximately $26.73 billion for 2019. As for the UAE, India is the second largest trading partner for 2019 with about $41.43 billion (non-oil trade). At the level of Ras Al Khaimah, India is the third trading partner after Oman and Iraq in terms of total foreign trade, and it is the third partner in terms of export markets. It ranks fourth in terms of the volume of imports and the twentieth in re-exports. Description

13%

1200

9.9% 8.5%

13% 9.5%

8.6%

400 300 200

454

534

11% 7.6%

7% 468

420

406

4% 2%

100 0

2016

2017 Imports value

2018

2019

2020

Rate of total exports

ECONOMIC PANORAMA

PARTNERS

UiAE s the ninth largest investor in India in terms of foreign direct investment, and investments are mainly concentrated in five sectors: services, shipping, energy, and infrastructure.

• The value of imports from India decreased, reaching about AED 405 million in 2020, compared to AED 454 million in 2016. • Imports from India are diversified, most of them are mineral products, machinery, devices, food and vegetable products and chemical products.

TRADE BALANCE Trade balance 2016-2020 700 600 Value in Million

450%

415%

400% 350%

500

300%

400

250%

300

552.4

200 100 0

610.2

409.6

32.8% 59.9

79.5

2016

2017

2018

Trade Balance

200% 150% 100%

34.9%

10.5%

2019

2020

50% 0

Growth Rate

• The trade balance with India achieves an increasing surplus in favor of Ras Al Khaimah. The surplus amounted to about AED 610 million in 2020, compared to AED 60 million in 2016. • There was a boom in the trade balance in 2018, as the surplus rose from about AED 80 million in 2017 to about AED 410 million in 2018.

INVESTMENTS AND EMPLOYMENT: The value of Indian investments in economic licenses registered with the Department of Economic Development is about AED 466 million, with a total number of 3,794 investors. Fifty-five percent (55%) of those investments are in business activities, 33.4% in professional activities, 9.3% in industrial activities, and 1.2% in tourism activities. The economic relationship is not only limited to trade exchange and mutual investments, but also extends to interdependence between the people of two countries and the contribution of Indian labor to Ras Al Khaimah economic activity. The Indian community constitutes the largest proportion of expatriate workers in Ras Al Khaimah, 34% of the total expatriate workers. They greatly contribute to remittance flows that support the Indian economy. With regard to Emirati investments in India, they are estimated at about $10-11 billion, of which about $6.7 billion FDI (March 2019), while the rest is portfolio investments. The UAE is the ninth largest investor in India in terms of FDI. The UAE investments in India are mainly concentrated in five sectors: the services sector (15.78%), maritime transport (8.80%), energy (8.34%), infrastructure (7.15%), and real estate and urban development (7.08%). To strengthen these economic relations in the future, the UAE-India Committee continues as one of the institutional mechanisms for discussing a whole series of bilateral strategic partnership. The meetings of the Committee focus on determining the effectiveness of the distinguished strategic relations, and introduce ways to cement and develop these relations in light of the joint friendship ties between the two countries. During the meetings, views are exchanged on regional and international issues, current developments and new updates are also discussed RAK BUSINESS

FEB., MAR., 2022

BUSINESS

Ras Al Khaimah’s economy set for healthy growth post-pandemic 22

TECHNOLOGY MAE IN RAK STUDIES

as Al Khaimah (RAK) can look forward to a surging economy post-pandemic, with growth expected to return to around 2.5% between 2021-2024 – that is the assessment of credit rating agency S&P Global in its latest rating report for the emirate released this week. Awarding the emirate a rating of A-/Stable/A-2, S&P Global says that its forecast is predicated on the expectation that RAK’s government will continue to maintain its prudent fiscal stance over the next two years, with its optimistic growth assessment supported by the relatively high levels of wealth generated by Ras Al Khaimah’s diversified economy. S&P Global also points to the success of local and federal initiatives in combating the pandemic as a factor for a positive economic outlook, highlighting those new cases

BUSINESS

of COVID-19 and related deaths have been low in the UAE compared to the rest of the region and globally. “This is extremely good news for Ras Al Khaimah, with S&P Global’s latest credit rating report injecting new confidence into the economy. The positive outlook is a result of fiscal prudence and also of the progressive measures we have taken over the years to diversify our economy. It can also be attributed to the strong local and national efforts to address Covid-19, with the UAE having fully vaccinated about 85% of its population so far,” commented an official spokesperson from the Government of Ras Al Khaimah. S&P Global estimated RAK’s economic growth at 3% in 2021, with the first half of the year showing a strong rebound from 2020, buoyed by real estate transactions, mining volumes, cargo trade, and tourist arrivals. In the near term, the agency expects a broad-based recovery in RAK, supported by increased demand for RAK’s mining sector as global demand picks up. They highlighted increased demand from Stevin Rock, one of the largest quarrying companies in the world, which is supplying rock to build artificial islands for Abu Dhabi National Oil Company’s Al Hail and Al Ghasha gas projects, which produce gas from the Al Hail and Al Ghasha offshore concessions, as well as the contract the company signed in April 2021 to supply material for the construction of Etihad Rail’s, the developer of the UAE’s National Rail Network, rail network from RAK to Abu Dhabi. S&P Global also pointed to Ras Al Khaimah’s position in the federation as an inherent strength underpinning stability. The agency said that its rating assessment takes into account the government’s low revenue base supported by UAE federal expenditure within the emirate, stating that the advantages of UAE membership include low external risks and the likelihood that the UAE would provide support to RAK if needed.

TECHNOLOGY

RAKEZ CLIENTS TO OPERATE IN RAS AL KHAIMAH MAINLAND USING THE SAME FREE ZONE OFFICE, THROUGH A BRANCH LICENCE BY RAK DED Ras Al Khaimah Economic Zone (RAKEZ) has unveiled its Dual Licence structure, which allows investors to operate in both free zone and mainland jurisdictions, without the need to have an additional facility in the mainland. The new structure has been launched by the economic zone in collaboration with Ras Al Khaimah Department of Economic Development (RAK DED). Dual Licence holders will be able to distribute products and offer services in free zone and mainland areas with a free zone licence issued by RAKEZ and a ‘Branch of a Free Zone Company’ licence issued by RAK DED. The unique dual licence setup entitles investors a 100% foreign ownership and the eligibility to bid for government contracts. “We are always keen to provide our clients with the best solutions. We launched the Dual Licence structure for this very reason – to offer them the best of both free zone and mainland benefits, all without the need to incorporate a separate company. Basically, this package opens up a new market for their business, and substantially expands their accessibility and reach; all whilst reducing the red-tape requirements of the past,” said Ramy Jallad, RAKEZ Group CEO. “We are glad to have teamed up with RAK DED for another initiative that roots from our shared goal of further developing Ras Al Khaimah’s vibrant economy.” Commenting on the initiative, Dr Abdulrahman Alshayeb Alnaqbi, Director General of RAK DED, said: “We are pleased to collaborate with RAKEZ on yet another great initiative for the benefit of global investors who chose Ras Al Khaimah to base their operations. We will continue to work together to further elevate Ras Al Khaimah’s investment landscape and make it even more welcoming and dynamic than it is today.” RAKEZ will continue to venture for more products and services to offer its clients and to boost its competitiveness in the market as a global investment hub and to promote Ras Al Khaimah as an ideal work, live and play environment. RAK BUSINESS

FEB., MAR., 2022

Ali Sajwani - General Manager Operations - DAMAC Properties 24

BUSINESS

INTERVIEW

ALI SAJWANI ...

SUPER APPS

PROVIDES A COMPREHENSIVE DIGITAL PLATFORM FOR HEALTHCARE SERVICES According to Dubai Health Authority, 30 percent of the UAE’s population is either diabetic or pre-diabetic and 27.8 percent of the adult population is overweight. Healthcare super apps have the potential to empower patients to make better lifestyle choices and offer better access to healthcare professionals tapping into a global mHealth market expected to reach US$166.2 billion by 2028

According to Emirati entrepreneur and general manager of operations for global real estate development company DAMAC Properties, Ali Sajwani, the COVID-19 pandemic is driving demand for healthcare ‘super apps’ in the UAE. Sajwani, who has led the digital transformation within DAMAC, is calling for entrepreneurs and SMEs throughout the UAE to channel their creativity and innovation into accelerating the development of a healthcare super app to enhance the wellbeing and health of the nation. Super apps offer online messaging, social media, marketplaces, and other services under one umbrella. In emerging markets, super apps such as China’s WeChat and India’s Paytm and PhonePe are already transforming the services ecosystem. WeChat, for example, is one of the leading social networks, with 1.25 billion monthly active users worldwide in Q2 2021, according to Statista. In healthcare, although super apps are still in their embryonic stage, medical devices are getting smarter by the day with iWatch, Fitbit, BLE heart rate monitors, pulse rate monitors, diabetes checkers and many more devices providing a detailed insight when paired with mobile apps. Medical health records are also easier to manage online and accessible to the doctors as well as the patients, up and down the country.

Sajwani: Now is a very good time for SMEs and entrepreneurs to play a leadership role in the further development of mobile health solutions in the UAE

RAK BUSINESS

FEB., MAR., 2022

The global mobile health services market is expected to reach $166.2 billion by 2028

Increasing healthcare costs and the need for on-demand solutions point to the need to develop superior healthcare applications According to Dubai Health Authority (DHA), 30% of the Emirate’s population is either diabetic or pre-diabetic and 27.8% of the adult population is overweight. Healthcare super apps have the potential to empower patients to make better lifestyle choices and offer better access to healthcare professionals.

IMPROVING HEALTH AND WELLNESS: By encouraging daily self-management and providing routine follow up care, super apps can offer a holistic approach to health and wellness where healthy behaviour is incentivised, and communication with practitioners is streamlined.

“Super apps have the potential to revolutionise the healthcare sector by adopting an approach that offers convenience and simplicity to patients. There is an increasing need for on-demand healthcare solutions that goes hand in hand with the increasing awareness and health consciousness among consumers,” said Sajwani. “As super apps are slowly finding their way into Western markets, the time is right for the UAE to engage its entrepreneurial spirit and accelerate the development of one single mobile app solution. One that provides a high level of convenience for patients, allows for data sharing across platforms and service providers, and eliminates the complex processes and procedures involved in managing healthcare,” he added.

UAE SUPPORT FOR INNOVATION: The UAE ranked first regionally in the 2020 Global Innovation Index and has taken several

BUSINESS

INTERVIEW

Ali Hussain Sajwani oversees day-today operations at global property developer, DAMAC Properties. He has set up several private business ventures, including a luxury transport business, which he exited in 2020

steps to promote and encourage innovation, in line with the ‘United in Knowledge’ pillar under the country’s Vision 2021. For example, the recently announced Emirates Development Bank Strategy provides AED 30 million in support for the UAE’s startups and SMEs, which form the backbone of the country’s business ecosystem. Incubators such as the Dubai Future Accelerators initiative were created specifically to enable rapid deployment of transformative technologies such as artificial intelligence (AI), robotics, biotechnology and 3D printing. Meanwhile, Smart Dubai, which plays host to many emerging technology-backed applications is working with the Dubai Health Authority on a smart inventory app that allows users to process warehousing transactions and track the supply chain for medicines from anywhere using a smartphone, tablet, or any portable device.

PROMISING OPPORTUNITIES: Having inherited an entrepreneurial mindset from his father Hussain Sajwani, the founder of DAMAC Properties, Ali Sajwani is also the founding board member of Emirates Angels Investors Association. This non-profit organisation aims to positively contribute to the early-stage investment ecosystem, through its investor network and works side by side with start-ups and the relevant authorities, to create the best investment environment possible. “With the global mHealth market size estimated to reach US$166.2 billion by 2028 (*), it is too big to ignore. Therefore, start-ups and entrepreneurs in the UAE should consider channelling their energies into playing a more prominent role in this market, by becoming invaluable players in the super app space,” Sajwani concluded. Source: Grand View Research

RAK BUSINESS

Ali went on to establish a specialised facilities management company with 1,500 staff members that provides services to the high-end hospitality segment Ali also sits on the board of the family office for investments, with a focus on US equities and venture capital funds. He is also the founding board member of Emirates Angels Investors Association, a non-profit aiming to positively contribute to the early-stage investment ecosystem through their investor network. FEB., MAR., 2022

BUSINESS SECTOR POSITIVE PERFORMANCE IN RAKDURING THE PANDEMIC PREPARED BY RAK CENTER FOR STATISTICS AND STUDIES

The coronavirus, COVID-19, pandemic has completely paralyzed the economies globally and regionally upon announcing it in March 2020, although it was announced in China in December 2019. The pandemic has internationally disrupted supply and production chains and has restricted the flow of goods, services and capital, causing enormous losses to international trade and tourism, aviation, oil and other businesses. The performance of global and regional economies has also declined, resulting in different negative growth rates, most notably the significant decline in oil prices to (- 36%) and the market capitalization of stock markets in the world, the Middle East, and North Africa. The UAE economy has been affected as well. However, some economic activities and sectors, including the business sector, have outperformed in 2020, compared to 2019, in Ras Al Khaimah and the other emirates. Knowing that there were strict sterilization and closure measures, especially during the second and the third quarters. In this report, we will try to monitor the most salient changes occurred in some of business activities, based on the available records for the period 2016-2020:

A) BUSINESS MOVEMENT IN TERM OF COMMERCIAL LICENSES: 1. Licenses issued by the Department of Economic Development (RAK DED): The new Al-Ghad licenses issued by RAK DED increased in 2020 to 224 licenses, compared to 160 licenses in 2019, an increase of 40%. The number of licenses in 2020 are considered the largest during the years 2016-2020, distributed between 73% for commercial licenses, 26% for professional licenses, and 1% for industrial licenses. See Table (1-1). • The number of new commercial licenses issued in 2020 increased by 4% over the average of licenses for the years 2016-2018, although it decreased by (15%) compared to 2019. As for the industrial licenses, 16 licenses were issued, compared to 18 in the previous year, despite the pandemic measures. Commercial licenses came first with a percentage of 56%, followed by professional licenses (43%), and finally industrial licenses (1%). See Table (1-2). Table1-1: New Al Ghad licenses issued by the Department of Economic Development by type 2016-2020 Year / Type of License

2016

2017

2018

2019

2020

Commercial

103

162

Professional

Industrial

Total

100

101

160

224

Source: Department of Economic Development

Table2 -1: New licenses issued by the Department of Economic Development by type 2020-2016 2016

2017

Commercial

‫السنة‬

2018

2019

2020

720

Professional

983

583

729

831

703

772

761

951

Industrial

539

Total

1,738

1,395

1,526

1,800

1,258

Source: Department of Economic Development

BUSINESS

Economic activities and sectors in Ras Al Khaimah, as in other emirates, including the business sector, in 2020, outperformed compared to the year before 2. Business movement in Ras Al Khaimah Economic Zones (RAKEZ): Number of new licenses issued by the Ras Al Khaimah Economic Zones Authority (RAKEZ) reached 3,053 licenses in 2020 increasing by 26% compared to 2018, 75% compared to 2017 and 135% compared to 2016. The number decreased by 12% compared to 2019 following the pandemic that impeded the movement of economic activities during the second quarter of 2020, in addition to the severity of protection and closure measures. The 2020 licenses were distributed between 47% of commercial licenses, 36% of service licenses, and 11% of media licenses. The remaining 6% was distributed among free permits and education, industry, individual, professional and business investment licenses. See Table (2-1).

STATISTICS STUDIES

Table 2-1: New licenses issued by the Ras Al Khaimah Economic Zone (RAKEZ) by type2020-2016 Year

3053

2016

2017

2018

2019

2020

Industrial

Commercial

549

663

884

1,344

1,119

E-commerce

105

206

132

262

296

307

110

Media

256

330

Service

582

703

855

1,199

1,104

Educational

Tourism

General trading

Number of new licenses issued by Ras Al Khaimah Economic Zones Authority (RAKEZ) by type

Individual /

3967 Million dollars

Professional

Freelancer

136

Total real estate transactions in the Emirate of Ras Al Khaimah

Business

1,298

1,743

2,415

3,474

3,053

Professional

permit invests Total

Source: Ras Al Khaimah Economic Zone (RAKEZ)

RAK BUSINESS

FEB., MAR., 2022

B) REAL ESTATE TRANSACTIONS REGISTERED IN THE MUNICIPALITY: 1. The total real estate transactions in Ras Al Khaimah amounted to AED 3,967 million in 2020, an increase of 24% compared to 2019. The value of real estate sales was AED 1,001 million in that year, a decrease of (15%) compared to the previous year. See Table (3-3). 2. As for the mortgage in 2020, it was significantly higher, 186% compared to 2019 and 58% compared to 2018. While the market value of assignment decreased by (56%) compared to 2019 and by (21%) compared to 2018. See the table (3-3). 3. Real estate sales in 2020 focused on built residential lands, vacant residential plots, apartments and freehold villas, with 76% of the total sales. In contrast, sales in 2019 focused on built residential lands, freehold apartments, vacant residential lands, and freehold villas, with a rate of 74%. In general, built residential land sales took the largest portion of sales, at an annual rate of AED 342 million during the period 2016-2020, followed by freehold apartments at a rate of AED 288 million. See Table (3-4). Table 3-3: Real Estate Transactions 2016-2020 (In thousands Dhs) Year

2016

2017

2018

2019

2020

Real estate sales value

1,687,924

1,859,062

1,751,218

1,171,700

1,001,412

Mortgage’s value

1,115,604

2,536,671

1,617,800

892,701

2,551,291

Waiver market value

2,723,055

666,865

526,394

952,136

414,699

Total real

5,526,583

5,062,598

3,895,413

3,016,536

3,967,402

Source: Ras Al Khaimah Municipality

Table 3-4: Sales value of land villa and free hold apartment 2016- 2020 In thousands Dhs Year

2016

2017

2018

2019

2020

Free residential land

241,041

226,458

160,616

182,006

187,082

Built residential land

340,146

365,926

356,301

330,836

316,123

Commercial residential land

334,607

312,573

125,972

75,549

49,040

Commercial land

28,964

41,800

39,451

25,835

12,902

Agricultural land

62,409

99,840

91,726

73,722

79,752

Freehold villas

220,896

332,423

220,873

123,479

120,144

Freehold

174,506

303,307

596,813

230,435

133,403

16,190

15,810

10,943

8,703

6,660

Tourist lands

206,105

77,369

88,151

Industrial lands

23,672

5,850

3,400

80,400

4,000

Investment lands

39,387

77,705

56,973

38,466

55,385

Government lands

apartments Popular houses

Commercial unit

2,269

Others

1,687,923

1,859,061

1,751,219

1,171,700

Total

Source: Ras Al Khaimah Municipality

33,183

739,

1,001,412

C) CERTIFICATES OF ORIGIN ISSUED BY RAK CHAMBER OF COMMERCE AND INDUSTRY: 1. The number of certificates of origin issued by Ras Al Khaimah Chamber of Commerce and Industry amounted to 20,114 certificates in 2020, a decrease of (18%) compared to 2019. The total value of certificates decreased by 25%. This drop is natural due to the pandemic conditions mentioned previously, and it differs from the decline that occurred over the previous years. This calls for taking stimulus measures that would restore the activity to what it was before 2017. See Table (4-1). 2. The average value of a single certificate decreased to AED 244 in 2020, compared to AED 269 in 2019, at a rate of (9%). Table 4-1: Value of exported goods and the number of certificates of origin by RAK Chamber Year

2016

2017

Certificates of origin number

33,910

30,351

26,708 24,406

20,114

Value of exported goods

9,042

7,118

7,903

4,901

Source: RAK Chamber

2018

2019

6,577

2020

BUSINESS

REAL ESTATE SALES IN 2020 FOCUSED ON BUILT RESIDENTIAL LANDS, VACANT RESIDENTIAL PLOTS, APARTMENTS AND FREEHOLD VILLAS, WITH 76% OF TOTAL SALES.

D) TELECOMMUNICATION: 1. Number of fixed phone lines for the two telecom companies Etisalat and Du increased between 2020 and 2019 by 0.9%, while the number of effective mobile subscriptions decreased between the two years by (1%), see Table (1-5). 2. The internet broadband subscriptions of the two companies included the standalone internet broadband (internet only), the double play- internet broadband (internet + fixed line) and triple play- internet broadband (internet + fixed line + TV), all increased by 3% in 2020 compared to 2019. See Table (1-5). Table 5-1: Total subscribers in telecommunication services in Ras Al Khaimah * Services

2016

2017

2018

2019

2020

Total number of fixed telephone )**( subscriptions

55,410

55,757

60,394

59,598

60,142

Total number of active mobile subscriptions

310,583

578,815

599,204

634,486

628,179

11,126

20,062

15,796

13,609

12,318

8,949

28,057

34,867

34,695

33,784

22,696

30,355

34,195

35,765

40,219

42,771

78,474

84,858

84,069

86,321

Total number of standalone internet broadband subscriptions Total number of double play- internet broadband subscriptions Total number of triple play- internet broadband subscriptions Total internet broadband subscriptions

Source: Telecommunications Regulatory Authority (Data on UAE Level) * Aggregated data of both Etisalat & Du ** Total fixed telephony lines include public payphone units

STATISTICS STUDIES

CONCLUSION: The business sector, thanks to the cooperation and support of government authorities in Ras Al Khaimah and the awareness of investors, was able to exploit the conditions of the Coronavirus pandemic and turn them into elements of force. That jump-started the economy towards a rapid return and further increases in most of the activities, compared to 2019. Knowing that there was almost complete paralysis in the business movement in the second quarter of 2020, as shown below: 1. Investors headed toward issuing AL-Ghad licenses from RAK DED. The new issued licenses of which increased by 47% in 2020 compared to 2019. The number of 2020 licenses is the largest since 2016. The number of new business licenses issued by type increased by 4% in 2020 compared to the average for the years 2016-2018, despite the decrease in their number in the year of the pandemic by 15% compared to 2019. The number of new licenses issued by (RAKEZ) also increased in 2020 to 3,050 licenses, which is the largest number during the period 2016-2018 as well, despite its decrease by 12% compared to 2019. 2. The total real estate transactions in Ras Al Khaimah increased to AED 3,967 million in 2020 compared to AED 3,017 million in 2019, an increase of 24%. The share of real estate sales of which is AED 1,001 million, a drop of 15% compared to the previous year. 3. Number of fixed phone lines for the two telecom companies Etisalat and Du increased between 2020 and 2019 by 0.9%. The internet broadband subscriptions of the two companies included the standalone internet broadband (internet only), the double play- internet broadband (internet + fixed line) and triple play- internet broadband (internet + fixed line + TV), all increased by 3% in 2020 compared to 2019. 4. Due to the closure of borders, number of certificates of origin issued by Ras Al Khaimah Chamber of Commerce and Industry amounted to 20,114 certificates in 2020, a decrease of (18%) compared to 2019 RAK BUSINESS

FEB., MAR., 2022

OVER THE TOP

NOURA AL KHATIRI

Entrepreneurs DEVELOPMENT SELF-GROWTH

BUSINESS

ENTREPRENEURS

THE VALLEY” IS AN INNOVATIVE PLATFORM THAT PROVIDES OWNERS OF SMALL AND HOME BUSINESSES THE OPPORTUNITY TO REDUCE THE COSTS OF ESTABLISHING AND OPERATING PROJECTS

NOURA AL KHATIRI...

The Valley...Where ambitious business meets promising opportunities A pioneering idea flashed, efforts of young women paid, and so the Valley platform was launched in Ras Al Khaimah. Interviewd by: Maryam Haji Mohamed

‘The Valley’ embraces more than 75 small and he Valley supports youth enterprises by medium enterprises of different commercial activgiving the opportunity for budding entreities (selling perfumes, clothes and cosmetics). preneurs to make their businesses come Our platform, therefore, provides shoppers with a on stream and reduce the burden of project distinctive experience of wide options under one establishment costs. roof,” Noura Al Khatiri, founder of the Valley, said. With attractive decorations, elegant designs and The pioneering project has been a marked sucdistinguished staff, the Valley showroom opens its cess. Thus, Noura Al Khatri and her work team seek doors for entrepreneurs looking for shop windows to expand in all the UAE to provide more exhibition to display their products, taking advantage of the spaces for youth projects. In parallel, they also seek distinguished location in the commercial front of to start social activities, temporary exhibitions Ras Al Khaimah Emirates Sports and Cultural Club. and external events to reach “The Valley platform is the the largest number of customfirst and largest of its kind The Valley hosts more than 75 in Ras Al Khaimah, through small and medium enterprises to ers, including exhibitors and shoppers. which we work to create display their various products, Noura confirms that the a pioneering community including perfumes, clothing, broad prospects opened up by where entrepreneurs gather cosmetics and other products the UAE government for all to exchange experiences and creative ideas were a direct knowledge. The Valley is an reason for starting up ‘the Valley’, and she calls innovative platform for ambitious businesses to on all young people not to hesitate to launch their meet with promising opportunities. We provide own enterprises. She said, “Today, we are in a counowners of small and home enterprises with the try that welcomes entrepreneurs and provides chance to lessen the establishment costs, includthem with all kinds of moral, logistical and mateing shops or commercial facilities, recruiting labor, rial support. My message to everyone is to take creating marketing plans, providing accounting their ideas to a broader level and start implementsystems...etc. We also offer a special place to dising them with all their details. We are in an ambiplay their products with sales and marketing services that help developing their business. Today,

tious country that welcomes ambitious ideas”

RAK BUSINESS

FEB., MAR., 2022

BUSINESS

NEW HIRIGN

FATIMA ALSUWAIDI New Director of Abu Dhabi and the Northern Emirates Transguard Group Leading business solutions provider Transguard Group is pleased to announce that it is further strengthening its presence in Abu Dhabi and the Northern Emirates by adding Fatima Alsuwaidi to its senior management team as Director of Abu Dhabi and the Northern Emirates. A UAE national, Fatima will be responsible for continuing to grow Transguard’s relationships in these emirates, as well as identifying and developing new business prospects. With a background as a diplomat, a small business owner, a legal advisor for the Abu Dhabi Judicial Department and a head of department for Abu Dhabi Islamic Bank, Fatima brings a wealth of experience to her new role.

MATTHEW TRIBE Managing Director for Atkins planning, design, and engineering business in the Middle East Atkins, a member of the SNC-Lavalin Group, is pleased to announce the appointment of Matthew Tribe as Managing Director for its planning, design, and engineering business in the Middle East, effective November 2021. Matthew also leads the company’s global technical network in master planning, urbanization & cities, driving a virtual network of professionals to deliver value to its clients around the world.

ADEEB AHAMED Advisor of Al Maryah Community Bank UAE’s first licensed digital-only bank – Al Maryah Community Bank LLC, has appointed Mr. Adeeb Ahamed, Managing Director of Abu Dhabi based LuLu Financial Holdings to the position of Advisor to the Board Members. Mr. Adeeb, whose investments in financial services and digital payments span 11 countries in the GCC, Indian sub-continent and APAC regions, is an established and recognized industry name, known for his far-reaching contributions to the development of the global payments ecosystem. A member of the prestigious World Economic Forum’s South Asian Regional Strategy Group, Adeeb additionally sits at the helm of companies in retail, F&B and luxury hospitality.

OVER THE TOP

PERSONAL GROWTH

THE 7 HABITS OF HIGHLY EFFECTIVE PEOPLE By: Stephen R. Covey

4 BOOKS FOR A BETTER LIFE

Stephen R. Covey’s book, The 7 Habits of Highly Effective People, continues to be a bestseller for the simple reason that it ignores trends and pop psychology and focuses on timeless principles of fairness, integrity, honesty, and human dignity. One of the most compelling books ever written, The 7 Habits of Highly Effective People, has empowered and inspired readers for over 25 years. It’s also played a part in the transformation of millions of lives across all age groups and professions. No matter how competent a person is, they will not have sustained and lasting success unless they can effectively lead themselves, influence, engage and collaborate with others and continuously improve and renew their capabilities. These elements are at the heart of personal, team, and organizational effectiveness.

DESIGNING YOUR LIFE

ESSENTIALISM

HOW DOCTORS THINK

By: Bill Burnett, Dave Evans

By: Greg McKeown

By: Jerome Groopman

Designers create worlds and solve problems using design thinking. Look around your office or home–at the tablet or smartphone you may be holding or the chair you are sitting in. Everything in our lives was designed by someone. And every design starts with a problem that a designer or team of designers seeks to solve. In this book, Bill Burnett and Dave Evans show us how design thinking can help us create a life that is both meaningful and fulfilling, regardless of who or where we are, what we do or have done for a living, or how young or old we are. The same design thinking responsible for amazing technology, products, and spaces can be used to design and build your career and your life, a life of fulfillment and joy.

Being an Essentialist is about a disciplined way of thinking. It means challenging the core assumption of ‘We can have it all’ and ‘I have to do everything’ and replacing it with the pursuit of ‘the right thing, in the right way, at the right time’. By applying a more selective criteria for what is essential, the pursuit of less allows us to regain control of our own choices so we can channel our time, energy and effort into making the highest possible contribution toward the goals and activities that matter. Using the experience and insight of working with the leaders of the most innovative companies and organisations in the world, McKeown shows you how to put Essentialism into practice in your own life, so you too can achieve something great.

This book is the first to describe in detail the warning signs of erroneous medical thinking and reveal how new technologies may actually hinder accurate diagnoses. How Doctors Think offers direct, intelligent questions patients can ask their doctors to help them get back on track. Groopman draws on a wealth of research, extensive interviews with some of the country’s best doctors, and his own experiences as a doctor and as a patient. He has learned many of the lessons in this book the hard way, from his own mistakes and from errors his doctors made in treating his own debilitating medical problems. How Doctors Think reveals a profound new view of twenty-first-century medical practice, giving doctors and patients the vital information they need to make better judgments together.

RAK BUSINESS

FEB., MAR., 2022

WORLD LEADERS PRAISE EXPO 2020 DUBAI AS A BEACON OF HOPE In the three months since opening its doors to the world in October 2021, Expo 2020 Dubai has been attended and praised by leaders and dignitaries from across the planet. A key moment will see Expo host the first Global Goals Week to be held outside of the United Nations in New York from January 15 to 22 – bringing to life the Sustainable Development Goals, as the push continues apace to create a better, fairer and more just world by 2030. It will be the seventh Theme Week held under Expo’s flagship Programme for People and Planet, helping to drive positive action and crucial collaboration between nations from across the world, and embodying Expo’s theme and purpose of ‘Connecting Minds, Creating the Future’.

‘YOU’VE GIVEN HOPE’ Amina Mohammed, Deputy Secretary-General, United Nations, said: “At a time when there is a dark cloud, you have presented a real vision for what we can do to recover better, for how the world can look beyond the UAE – beyond your neighbourhood – into this global community. You’ve given hope and a sense of dignity to everyone that has participated in this Expo.”

Wavel Ramkalawan, President of the Republic of Seychelles, said: “[Expo] is a beacon for global optimism, for responsible and sustainable world development, for nations standing together against adversity, for personal and collaborative creativity, for the unique beauty of human harmony and – most importantly – friendship, communication and recognition that – when it comes to determining a healthy future for planet Earth – we are all in this together, from the largest nation to the smallest.”

‘OPPORTUNITY FOR CO-CREATION’ His Majesty King Carl XVI Gustaf, King of Sweden, said: “Expo gives us the possibility to develop innovative solutions not just for the good of our own country but for the global market and global good. It is a true opportunity for co-creation, for innovation. I’m confident that the partnership created here at the Expo will strengthen cooperation between Sweden and the UAE and the countries of the world, and that we will be able to generate new ideas and solutions together.” His Majesty King Letsie III, King of Lesotho, said: “Expo 2020 Dubai will succeed in its noble mission of ‘Connecting Minds’, and as a result of that achievement, an incubator

OVER THE TOP

THE LARGEST INTERNATIONAL EVENT, “EXPO 2020”, ATTRACTED LEADERS AND EMINENT PERSONALITIES FROM ALL OVER THE WORLD, AND THEIR PRAISE EMERGED AS A “BEACON OF HOPE, RESILIENCE AND INTERNATIONAL SOLIDARIT

will be created that will hatch sustainable solutions to our common problems – solutions that will hopefully create a more prosperous and peaceful future for us all.” Hosting the most significant global gathering – during a pandemic – has not been easy, but world leaders praised Expo for welcoming the world in a safe and responsible manner.‫ص‬

‘IT’S GOOD FOR EVERYBODY’ Emmanuel Macron, President of France, said: “We’re very happy to be here, and I want to congratulate the UAE for this Expo, because at a time when we see COVID-19, and so many threats and issues, organising the Expo here and making it a success – because it’s already a success – is good for your country. It’s good for everybody.” Dato Lim Jock Hoi, Secretary-General, ASEAN, said: “I congratulate the United Arab Emirates for successfully

VISION

convening the global community together here in Dubai. By bringing the world together during this most challenging of times, the UAE demonstrates its leadership as a driving force for global cooperation and unity which is true to the theme of the World Expo 2020 of ‘Connecting Minds, Creating the Future’.” Federal Councillor Guy Parmelin, President of the Swiss Confederation, said: “Pulling off the organisation of such a major event would be a major feat at any moment in time. But doing so in a period of uncertainty, such as the last 18 months, is an incredible accomplishment.” Cooperation, resilience and solidarity will continue be of paramount importance in the second half of Expo, which runs until March 31, with visitors invited to join the making of a new world in a celebration of human creativity, innovation, progress and culture. Macky Sall, President of Senegal, said: “Our world, plunged into a deep economic gloom, certainly needs this ray of light to bring back some colour and help rebuild hope for a better future. In this sense, the universal Expo is both a showcase for nations and a factor for peace and dialogue between cultures and civilisations. This is what Expo 2020 is all about”

RAK BUSINESS

FEB., MAR., 2022

2/2

Imad Eddine Oubiri Business Development Executive

BUSINESS TRANSFORMATION AN INEVITABLE CHOICE!

In our article on the previous RAK Business Issue, we raised the question of the necessity and scope of the transformation, and discussed with our dear readers its scope, and we considered in this issue to provide answers to most important questions raised, based on data dictated to us by the fait accompli. WHAT’S CHANGED? We have stated that in the face of the pandemic that has afflicted the world over the past three years, it has become extremely difficult to plan for the future even in the short term in the light of uncertainty, blurred vision and constant and sudden change that is difficult to predict. With all this, it has been shown that we must live with a reality that requires flexibility and speed in decision-making, requiring new institutional and individual skills that are not necessarily based on purely rational analysis and the use of traditional tools in planning, because of the instability of data that enables a decision based on a firm and clearly defined vision; but on intuition, speculation and the development of immediate alternative scenarios and

plans, so as we are ready to counteract the course in the event of any emergency change. The most important advent that has emerged and that is imposed by the new reality is the inability to enforce “unilateral” resolutions at all levels, which may pose a significant threat due to the potential lack of objectivity and full knowledge of all present and future issues. Let us corroborate and expand with examples from today’s reality so that we can clarify in more detail and accuracy the subject matter. What are the highest priorities that have imposed themselves, and what is the inevitable? SCIENCE AND SCIENTIFIC RESEARCH... This pandemic has ravaged the world’s economy, took millions of lives, disrupted the interests of States, businesses and individuals, and all mankind found no refuge in escaping this pandemic in the quest for a way out, but through knowledge, scientists and researchers who have done everything they can to save what can be saved in “lives and property”. Science and scientific research are once again at the forefront of the list of priorities for the world’s economy, with scientific research making unprecedented progress in terms of number of publications, speed of publication, comprehensiveness and participation of research. Ironically, businesses, both in the government and private sectors - despite the large gap between academia and the business world in the years leading up to the pandemic -- have undergone a radical shift in their approach by relying on science and knowledge to ensure their continuity through lessons and skills

OVER THE TOP

PERSONAL GROWTH

DESPITE THE MASSIVE DAMAGE CAUSED TO THE WHOLE WORLD BY THE CORONA PANDEMIC, IT HAS BROUGHT SEEDS FOR CHANGE FOR THE BETTER. that has imposed itself with force majeure. Governments and States can no longer engage in development and sustainability on their own, and it is necessary for all parties to consult and cooperate in order to revive dilapidated economies and prevent crises threats and counter dangers. Internally, governments can no longer drive economic development on their own without significant private sector contribution and shared responsibility in driving the economy. At the business level, rules of the game have radically changed, as it is necessary for all businesses and companies to move beyond with a new system of progress that will enable them to adapt quickly to developments and changes, with a focus on learning, consultation, cooperation and creating new opportunities through the establishment of renewed partnerships at all levels, whether with the public or private sector; and not relying on recovery plans that will not be successful without contribution, cooperation and participation.

learned in crisis management and alternative planning through scientific research output and “briefings”, whether it is speculation or proven scientific facts. This has restored science and scientific research to its true significance in the global economy. In the midst of a frantic race for business to survive, it is self-evident that survival is no longer for the strongest, the largest, the richest or the most widespread, but for the more knowledgeable, the more flexible and the fastest to adapt to emerging variables. If we are to be more precise here, it is impossible to work independently of science and scientific research, not only in planning or predicting the future, but in shaping up our future and business core efficiently, in terms of performance, continuity, as well as sustainability. INDEPENDENCE, SUBSIDY, OR COOPERATION? One of the most important advents is issue of the extent to which entities are independent and self-reliant, be they economies, states, businesses or individuals. The pandemic irradicated the myth of “absolute ego”, the illusion of absolute self-reliance and desperateness to dispense with the other. On the other hand, it has established the principle that there is no “one exists without the other”! The world has witnessed a strange convergence of all the opposing poles and unprecedented alliances, whether at the geopolitical-economic level, at the humanitarian level, and particularly at the business level. However, a radical change in the pattern of relations between the parties in the scope and limits of responsibilities, thus leading to a new global economic order

LIVING WITH THE FAIT ACCOMPLI Whether at the beginning of the crisis or recently, many nations have adapted the de facto approach and option of coexistence with emergencies and constant abrupt developments and changes. The bitter and inevitable experience of “total lock-down” has exhausted economies, caused countless of job losses and cut off the lifeline. An expensive tax paid by economies, governments, businesses and individuals alike. The decision to live with the fait accompli is not as easy as it seems at first glance, as it is not acquiescence or subservience, but a courageous decision that calls for full responsibility on the part of individuals and groups, concerted efforts, cooperation and participation, each according to its scope and limits of responsibility. To be more positive about the future, it may be worth saying here that “crisis brings endurance “, and to be more equitable to the pandemic, despite its ravages, it has brought seeds for change for the better. ANY RECOMMENDATIONS? - Creating new business opportunities through public-private partnership projects. - Bridging the gap between higher education, scientific research and business by supporting the business sector, particularly the industrial sector, with scientific research (applied sciences), and seeking to increase efficiency and productivity by improving production lines, rationalizing energy consumption and using alternative energy. - Maintaining resources and implementing sustainability programmes at all levels. We are pleased to receive your suggestions, ideas and questions about this topic through Ras Al Khaimah Business Magazine on email ngmedia.ae@gmail.com RAK BUSINESS

FEB., MAR., 2022

TOURISM

TWO GUINNESS RECORDS AT RAK NEW YEAR’S EVE CELEBRATIONS Welcoming hundreds of thousands of spectators from around the world, the Ras Al Khaimah New Year’s Eve Celebrations (#RAKNYE 2022) dazzled all with a never-before-seen fireworks display that smashed two GUINNESS WORLD RECORDS™ titles.

Rising majestically from the Arabian Gulf, the fireworks display featured innovative pyrotechnic performances spanning an area of over 4.7 kilometres. The 12-minute spectacle was specially choreographed to reflect the joy of reunion with six themes set to epic orchestral music. A spokesperson of the organising committee said: “#RAKNYE2022 is our tribute to the leadership and people of Ras Al Khaimah and the UAE not only as we celebrate the 50th Anniversary of our nation but also in preparation for the Next 50 Years. With this event, we once again underlined the reputation of Ras Al Khaimah as the leading tourism destination welcoming visitors from across the world.” Setting the first GUINNESS WORLD RECORDS™ title for the ‘Highest Altitude Multirotor/Drone Fireworks Display’ was the tower of fireworks 1,055.8 metres high, taller than any skyscraper in the world. The second GUINNESS WORLD RECORDS™ title was for the ‘Most Remote Operated Multirotors/Drones Launching Fireworks Simultaneously’, when more than 452 drones launched fireworks simultaneously to create the ‘Happy New Year’ visual in the sky. RAKNYE 2020 fireworks display was conducted in a six-act sequence starting with the countdown just before midnight setting the stage for an ephemeral theatre of wonder. Ushering in the New Year with a spectacular tower of lights at a height of 1,055.8 meters (over 1 km) taller than any building in the world

UPDATE DEVELOPMENT MARKETS

TOURISM

RADISSON HOTEL GROUP OPENS THE MIDDL EEAST’S FIRST RADISSON RESORT Radisson Hotel Group opened the Middle East’s first Radisson Resort, Radisson Resort Ras Al Khaimah Marjan Island - a perfect beach getaway just a 45-minute drive from Dubai, offering direct beach access and panoramic views of the surrounding waters. Tim Cordon, Area Senior Vice President, Middle East, and Africa at Radisson Hotel Group, says, “We are honored to end the year with the opening of the Middle East’s first Radisson Resort right here in the UAE, and our first hotel in Ras Al Khaimah. The opening of Radisson Resort Ras Al Khaimah Marjan Island means that we are now present in six of seven Emirates and the new

resortperfectly complements our existing hotel portfolio of 15 hotels across the UAE. Ras Al Khaimah Tourism has been doing a fantastic job promoting the destination and we look forward to contributing to the destination’s attraction with our new resort.” Radisson Resort Ras Al Khaimah Marjan Island’s leisure facilities include a private beach, two swimming pools, a designated kids pool, an indoor fitness center with a fully-equipped gym, and a spa, as well as two meeting rooms and a ballroom perfect for larger corporate events and private events like weddings. The resort also offers a diverse selection of dining options across its six restaurants; RBG Restaurant is open for breakfast, lunch, and dinner serving a selection of international dishes. The beach-facing sports bar, RBG Bar, is the perfect place to relax with its retro-inspired décor, and serves signature comfort foods. For fresh seafood dishes, a raw bar, and live-fire barbecue, The Seafood Shack is the

UPDATE

THE RESORT FEATURES 388 ROOMS AND SUITES WITH SEA VIEWS OR BALCONIES TO ENJOY THE FRESH SEA AIR AND SPECTACULAR VISTAS OF THE PICTURESQUE MARJAN ISLAND perfect place to enjoy sunset drinks on the terrace. La Med serves up a wide array of dishes from around the Mediterranean on its sunlit terrace. David Allan, Cluster General Manager of Radisson Blu Hotel, Dubai Waterfront, Radisson Blu Hotel, Dubai Canal View, and Radisson Resort Ras Al Khaimah Marjan Island, comments: “ We are excited to be launching the first Radisson Resort in the UAE. Our new Radisson Resort is designed to be a place to relax, recharge and reconnect while delivering memorable moments - the perfect choice for staycations, couples and families alike. We are looking forward to taking care of every guest with the style of friendly service for which we are renowned

RAK BUSINESS

FEB., MAR., 2022

EMIRATES

THE MOST BEAUTIFUL WINTER IN THE WORLD His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the State The Prime Minister and Ruler of Dubai launched the campaign (the most beautiful winter in the world) for the second year, with the cooperation of the federal authorities and local tourism departments as one team, to consolidate the UAE as a single tourist destination, as confirmed by the fifty principles.

TOURISM

MY DESTINATION

INTEGRATED TOURISM EXPERIENCES FROM EVERY EMIRATE This is what contributes to achieving it by shedding light on the most prominent attractions in the seven emirates of the country and enhancing awareness and knowledge of them, making them an attractive tourist destination for visitors both internally and in the countries of the world at large. The distinguished character, while presenting a more comprehensive, clearer and more complete picture of the most important natural, heritage and historical landmarks and the modern and modern urban edifices for which it is famous, and highlighting the recreational activities and the cultural and community activities that it offers. This supports the crystallization of the local tourist identities for each emirate, and achieves their integration in the formulation of the unified tourism identity of the country that was announced in December 2020. Tourism has a fundamental and growing role in the economy and society of the UAE, where more than 200 nationalities from different parts of the world live. Most of them came initially as a visit to the country. When they saw a society of safety, tolerance and respect for pluralism, they chose to build their dreams in it and live, work and live in it.

RAK BUSINESS

FEB., MAR., 2022

SAFETY IN THE UAE HAS A GLOBAL REPUTATION UAE ranked first in the world in terms of people feeling safe roaming the streets at night alone, according to the “Law and Global Order 2021” index issued by the global research institute Gallup, which monitors levels of public order and law in various countries of the world, as well as the levels of feelings of residents. In every country, it is safe, and it ranked second in the ranking of the safest countries in the world in the same index. The UAE also ranked second globally in the “The Safest Countries in the World in 2021” index, which was published by the British magazine “Global Finance” in July 2021. Thus, the safe and peaceful environment of the Emirates is a main attraction for millions of tourists around the world who seek to live an exceptional experience in a country where the comfort and personal safety of the individual is a top priority, and it is also an essential component of the unified tourism identity of the country, and a key element in consolidating the UAE’s global reputation.

TOLERANCE IN ALL ITS DESTINATIONS Tolerance, inclusion, pluralism and coexistence are also essential components of the unified tourist identity of the state, because the tourist and visitor finds it everywhere in the seven emirates, so he always feels welcome from any cultural or ethnic background, which is what he feels wherever he goes from the far north of the country to the far south, and from east to west.This is also one of the practical translations of the concept of the UAE as a single tourist destination.

TOURISM

MY DESTINATION

EXPERIENCES THAT CONSTITUTE A GLOBAL STANDARD Distinguished tourism services, unprecedented experiences in all parts of the country, respect for the law, transparency and standards of customer happiness, which constitute a global model in tourism and recreational facilities in the country, are also unique components that distinguish the UAE as a single tourist destination, and make it a global center of attraction for foreign and domestic tourism as well. INITIATIVES TO UPCOMING ANNUAL FESTIVALS In addition to all these components affecting the enhancement of the country’s global reputation as a desired, reliable and attractive tourist destination for all, comes the institutionalization of local tourism initiatives at the level of each emirate and transforming them into anticipated annual events, turning them into festivals that internal and external tourists look forward to every year. These initiatives, in turn, contribute to Supporting the domestic product and creating sustainable opportunities for talents, competencies, entrepreneurs and emerging entrepreneurs in the sector for the next five decades.

WORK AS ONE TEAM: Among the meanings that indicate that the UAE is one tourist destination is also that everyone in it works as a team to achieve all the ingredients for success and excellence for a new development phase that includes all economic sectors, including tourism, for the next 50 years, in order to achieve the goals of the UAE Centennial 2071. An outstanding example of the effectiveness of the cooperation of various bodies and departments concerned with tourism, culture, heritage and events at the state level is the achievement of the first version of the “The Most Beautiful Winter in the World” campaign, which succeeded in achieving direct revenues equivalent to one billion dirhams, and attracted 950,000 internal tourists, and recorded 500 million views. from around the world. TOURISM IDENTITY IS A GLOBAL MARK The fruits of working as a team to highlight the most beautiful of the seven emirates of the country, will not be limited to more success that is expected from the “The Most Beautiful Winter in the World” campaign in its second edition, which will continue until the end of January 2022, but will go beyond it to establish a well-established success equation for integrative tourism work between All the authorities and institutions concerned with the sector at the local and federal levels to consolidate the reputation of the UAE globally, and to establish its unified tourism identity as a distinctive distinguishing mark that tells its inspiring story to the world, and attracts tourists and visitors from the four sides of the earth to explore its hidden gems and unspoken details.

RAK BUSINESS

FEB., MAR., 2022

BRANDS FOR LESS GROUP MARKS SEVERAL BRAND MILESTONES IN 2021 Brands For Less (BFL) Group, one of the leading off-price and multi-brand retailers, announced that it achieved exponential growth in 2021 and marked several milestones amidst the challenges posed by the pandemic. The brand, which closely follows changing consumer behavior has also attained a consistent growth in sales and revenue, following its shift to e-commerce in the first half of the fiscal year. Toufic Kreidieh, Chief Executive Officer, BFL Group, said: “This year has been equally challenging and rewarding for us. Now, since we are nearing the end of the year, it is time to set goals for the upcoming year In the days of unprecedented crisis, we handled the situation as a team, and it was the hard work, dedication and customer loyalty that helped us to revive immediately”.

AL ANSARI EXCHANGE WINS DUBAI CHAMBER’S MRM CUSTOMER EXCELLENCE AWARD In recognition of its commitment to deliver outstanding customer experiences, Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, has won the “Mohammed bin Rashid Al Maktoum (MRM) Customer Excellence Award” in the finance category in its 1st cycle. Given by the Dubai Chamber of Commerce and Industry, the niche award was presented to the company by His Highness Sheikh Ahmed bin Saeed Al Maktoum, President, Dubai Civil Aviation Authority, Chairman and Chief Executive of Emirates Airline and Group, and Chairman of the Expo 2020 Dubai Higher Committee at a prestigious ceremony held at Expo 2020 Dubai. Mr. Rashed A. Al Ansari, CEO of Al Ansari Exchange, received the honor on behalf of the organization. The accolade is the result of the company’s adoption of a customer-centric approach to business and move to optimize its customer-oriented practices and strategies to enhance retention and loyalty.

RAK ICC AND RAK SME SIGN MOU TO BOOST INVESTMENT OPPORTUNITIES IN RAS AL KHAIMAH RAK International Corporate Centre (RAK ICC), a world-class corporate registry and Saud bin Saqr Establishment for Small and Medium Enterprises (RAK SME) signed a memorandum of understanding (MoU) to provide opportunities for entrepreneurs and SMEs to create a solid and viable corporate structure for their businesses. The MOU aims to promote RAK ICC and its services to SMEs by providing them with guidance on the advantages of structuring investments through RAK ICC companies and offering a fast, easy and a cost-effective registration process with minimal requirements.

TOURISM

MARKETS

JULPHAR SIGNS AN EXCLUSIVE LICENSE AND PRODUCTION AGREEMENT WITH QUANTUM GENOMICS Gulf Pharmaceutical Industries PSC (Julphar), one of the largest pharmaceutical manufacturers in the Middle East and Africa, announced the signing of an exclusive license and production agreement with Quantum Genomics, a leading biopharmaceutical company specializing in the development of first-in-class cardiovascular drugs, to market and produce firibastat in the Middle East, all African countries, CIS and Turkey. The new partnership comes in line with Julphar vision to form robust strategic alliances on the global level, that will help enhance patients’ access to innovative healthcare solutions.

FIRST GLOBAL HALAL BRAZIL BUSINESS FORUM CONCLUDES ON HIGH NOTE WITH 3,000 PARTICIPANTS The first and biggest business forum on halal, Global Halal Brazil (GHB), organized by the Arab Brazilian Chamber of Commerce (ABCC) in partnership with the Federation of Muslim Associations in Brazil (FAMBRAS Halal) and supported by the Brazilian Trade and Investment Promotion Agency (Apex-Brasil), BRF, Iceport and Portonave concluded recently on a high note in Sao Paulo. A total of 3,000 people, including high-officials, business and religious leaders, and experts, attended the event either in-person or virtually as experts shared insights on global halal trade and its potentials. In the opening ceremony of the business forum, Tereza Cristina, Brazilian Minister of Agriculture, emphasized the potential of her country as a supplier of certified products to the global market while Osmar Chohfi, President of ABCC, presented a lecture on the innovative prospects for Brazil’s halal market.

ESAAL, THE NEW REGION AMBASSADOR FOR THE EMPLOYEE WELLNESS As part of promoting positive workplace culture to enhance employee engagement and performance, online consultancy platform “Esaal”, a subsidiary of A15, has launched Esaal Employee Wellness Program (EEWP). The program offers personalized and certified consultancy services such as medical consultations, psychotherapy, life coaching, parenting, nutrition, and fitness consultancy for companies that have signed up for EEWP to help employees cope with the challenges in their workplace. As part of the program, Esaal is also working to facilitate collaborations with healthcare and fitness facilities and psychotherapy clinics to enable Esaal’s extensive network of consultants to provide in-person services. Esaal will also implement social media campaigns to support the healthcare brands collaborating with Esaal in EEWP to promote a positive work culture. Also, employees will be receiving a special discount rate for online consultations for an entire year starting from the date of agreement. Employees and their family members can benefit from it multiple times during the offer period. RAK BUSINESS

FEB., MAR., 2022

RAK Business Magazine, Feb., March, 2022

Articles inside

Sajwani: Now is a very good time for SMEs ot play a leadership role in the further development of mobile health solutions in the

More than 40 laws are included

S&P Glbal: RAk can look forward