Benelux business council Abu Dhabi

In our daily lives in this digital world, we often accord higher value to convenience than to the security of our data. However, the threat to our personal data, which increasingly accompanies or even determines many of our important personal decisions, such as securing a loan or buying an insurance policy, is immense. The risks range from spam emails, to the more serious matter of identity theft and other variations of organised cybercrime. Hence, trust — whether an individual can leave their data with a second party without the latter sharing it with third parties — is too big a factor to leave unregulated anymore. And that is where data protection and privacy laws come in. READ MORE

Ras Al Khaimah Economic Zone (RAKEZ) ties up with RAKBANK to facilitate opening of bank accounts for RAKEZ clients through a digital kiosk within its one-stop shop service centre in Al Hamra, Ras Al Khaimah. The new kiosk allows clients to complete their application on the spot, without the need to visit a RAKBANK branch.

RAKBANK’s Quick Apply kiosk at the RAKEZ service centre aims to enhance the business environment and enables investors to carry out their businesses with ease. This kiosk is part of a long-term partnership between RAKEZ and RAKBANK, under which more kiosks are planned to be installed in different RAKEZ locations.

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AD Ports Group has announced the launch of KIZAD Communities Development & Services Company, a project that aims to champion the staff wellbeing across the full value chain. KIZAD Communities will provide integrated solutions for staff residential communities, including new developments, new services, and property management solutions.

As a global enabler of trade and logistics, AD Ports Group is already playing a significant role in transforming the concept of workers’ residential communities through its subsidiary, ZonesCorp. As part of the Industrial Cities & Free Zone Cluster of AD Ports Group, the operator of purpose-built economic zones oversees the largest portfolio of employee accommodations in the emirate with more than 40 fully developed communities providing full amenities, facilities, and services to residents in Abu Dhabi and Al Ain.

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Mediclinic Middle East, one of the UAE’s leading private hospital groups with seven hospitals and more than 20 outpatient clinics across Dubai, Abu Dhabi and Al Ain, has today announced the acquisition of Ayadi Home Healthcare (Ayadi), which provides home healthcare services to patients in Abu Dhabi and Al Ain.

An opportunity to manage patient care in the home setting had been identified by Mediclinic Middle East, and this acquisition allows the company to further action its strategy of expansion along the continuum of care.  It takes place shortly after Mediclinic Middle East took 100% control of Bourn Hall Fertility Centre in the MENA region, one of the world’s most recognised names in IVF and infertility treatments. READ MORE

Author Afshin Molavi examines the UAE's recently announced "Projects of the 50", an ambitious fifty-year set of initiatives to guide the country’s development over the next five decades – in light of the history of competition among nations, present-day competition with regional peers, and the U.A.E.’s position in the global economy. And it is great to see The Netherlands and Luxembourg in the UAE’s 10x10 focus group for exports (page 6). http://usuaebusiness.org/wp-content/uploads/2021/11/AnalyticPaper_UAEProjectsof50_Web6.pdf

After four years of intense work, BESIX is delighted to be able to announce, together with Eiffage, the handover of the iconic new BNP Paribas Fortis headquarters building. The new headquarters is located on the Warandeberg in the heart of Brussels, covers an area of over 100,000 m² and is designed as a passive building that meets the highest standards of innovation and environmental performance.

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On the 8th of November, 2021, Skyne was invited to the awards ceremony at the Address Fountain Views Hotel. Brand owners, packaging converters and manufacturers met to recognise and honour the best in quality, design, innovation and sustainability from the regional packaging industry. Skyne took home an award in Packaging Design and Innovation, in the Plastics in Packaging: Flexibles sub-category.

Packaging MEA is the first and only technology magazine for the Middle East and Africa packaging industry. The magazine consistently delivers stimulating insights and opinions from authoritative industry figures, primarily professionals in the MEA region and members of the wider global packaging fraternity.

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“We are excited to start our collaboration with BitOasis, and are honoured to have been selected as their partner to expand their impact and reach in the region. Going forward we will ensure to bring out the most important elements that engage various target audiences in a way that connects with them.” Roel Vos, partner at Skyne, the partner to grow your brand.READ MORE

Virtual licensing incorporates a number of economic activities in thirteen (13) sectors, namely agriculture, industry, repair, works in procurement, maintenance and installation, retail, transport and service business, leasing services, health management and organization, entertainment and service business support, wholesale and import and export business, subject to local taxes not exceeding AED 1000, with all additional federal taxes payable based on the type of business and other legalities involved at the time of filing. The foreign investor can apply for a license in any of these economic sectors and have 100% ownership by choosing any of the two approved legal forms that is, Limited Liability Company (LLC) or Sole Proprietorship LLC.

Overall, this initiative contributes to the commercial and service competitiveness of the Emirate of Abu Dhabi. It improves the ease of doing business coupled with foreign capital and cash flows. In addition to this, the aforesaid objective is in consonance with the ten principles of the 50th plan of the UAE which focuses on building the most active and vibrant economy worldwide.

Virtual licensing does not require obtaining prior authorizations from relevant authorities and focuses on granting a business license to individuals or legal entities resident outside the country to encourage them to conduct business in the Emirate of Abu Dhabi.

Further, Mr. Mohamed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development emphasized on the Government’s efforts to attract Foreign Direct Investments. This is reflected in the ease of licensing procedures for this new virtual license that is, facilitation of economic activity licensing procedures and requirements, regardless of investor’s location and non-residency requirements which shall be met before the issuance of this license.

The aforesaid initiative was announced by the ADDED during its participation in the Abu Dhabi Government pavilion for the 41st session of the GITEX Global held in Dubai this year, under the auspices of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai.

The Abu Dhabi Department of Economic Development (ADDED) as a part of its recent cross-border digital trade initiative has launched the “Virtual License” which allows non-resident foreign investors to obtain an economic license for conducting businesses in the Emirate of Abu Dhabi, without any prior residence procedures and from anywhere outside the United Arab Emirates. Abu Dhabi is the second emirate after Dubai to introduce such virtual license mechanism for foreign investors to reap benefits of a lucrative region with low fees and minimal overheads.

Steps to be taken to issue the virtual license:

• The investor shall visit the online portal of the Abu Dhabi Business Centre, select “Virtual License”. 
• The investor shall then choose a name in English, enter his contact details and identify the economic activity to be practiced, fill in the details and then attach a copy of the passport and pay the fees. The virtual license will be then issued.

Key takeaways from the new virtual license mechanism:

• Virtual licensing promotes ease of doing business for non-UAE residents without restriction on the location.
• Individuals or legal entities must not be registered residents of the UAE.
• The desired business activity must fall under the pre-determined list of economic activities.
• The type of company must be identified, whether LLC or sole proprietorship.

Get legal advice relating to Abu Dhabi’s virtual license for non-residential investors with the help of MBG. Their legal advisory team can help navigate you through the dynamic regulatory landscape so that you or your organization do not miss out on potential business opportunities. MBG’s expertise in local laws can ensure that you are in compliance with procedures and timely execution is a core principle that drives our professional delivery. 

Contact uae@mbgcorp.com, or

https://www.mbgcorp.com/ae/

Plug power is one step closer to having an installed electrolyzer capacity of 3GW by 2025 having announced the acquisition of Frames Group in a €85m ($98m) cash and €30m ($35m) earnouts transaction. A strategic move for the New York-based company, the purchase of Frames Group will see the combination of Plug Power stack technology with Frames Group’s system integration capabilities.

Plug Power to expand electrolyser capacity and European growth with Frames Group acquisition