January Commerce 2013

January 2013 Commerce Newsletter
December 2012
Organisation of the Month
Dubai Waterfront
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Setting Up Business in Dubai - Fjord International Consultancy

Dubai Update would like to wish all readers a happy new year and we hope that 2013 will be a proseperous one.

On Monday 31 December, the Vice-President and Prime Minister of the UAE Sheikh Mohammed bin Rashid Al Maktoum approved Dubai’s fiscal budget for 2013. The focus of the expansive £5.7 billion expenditure is on a prudent fiscal policy that both provides the stimuli for economic growth and raises the efficiency of government agencies to provide the best services, health and social care for residents.

Highlights of the details include an increase in public revenues by 7.8 per cent on 2012, an operating a surplus of £34 million and the lowering of the budget deficit to below 0.5 per cent of GDP. The budget will also allocate 6 per cent of public spending to debt servicing and aims to create 1,600 jobs for Emiratis.

26 per cent of the 2013 budget has been earmarked for spending on health, education, housing and social development. In addition, the infrastructure, transportation and economic sectors will get 25 per cent, as Dubai continues to grow and its government continues to support new projects.

Commenting on the announcement, Abdul Rahman Saleh Al Saleh, Director General of the Department of Finance said ‘There is the possibility of balancing the 2013 budget but the emphasis is on the government’s preference to expand its expenditures in a bid to support the emirate’s economy by increasing public spending for the fiscal year 2013 by 6 per cent over the 2012 budget, without sacrificing the strategic objectives of the government of reducing the deficit and achieving a balance in the general budget’.
Top 5 restaurants with a view
A reflection of Dubai's increasing importance on the global stage are the number of world-class world-class sporting events that are now hosted in the emirate. This month, Dubai Update has compiled 5 of the best on offer in 2013.

The Dubai Desert Classic is a premier tournament on the European PGA Golf Tour and has been won by Seve Ballesteros, Ernie Els and Tiger Woods. 28 January – 3 February.

The top players from the men’s and women’s tours will be competing at the Dubai Tennis Championship, where Roger Federer defeated Andy Murray in last year’s thrilling final. 18 February – 3 March.

Playing host to some of the best polo teams in the world, the Dubai Polo Gold Cup is a great day. 25 February – 15 March.

More than 50,000 racegoers attend the Dubai World Cup, the horse loving emirate’s top race meeting. 31 March.

The Dubai Marathon attracts an elite field as well plucky amateurs, with over 17,000 runners in last year’s race. 25 January.
Recent DTCM News and Other Dubai Events
The 18th Dubai Shopping Festival started on 3 January and has already attracted a line-up of international celebrities, designers and artists.

Dubai retailers have announced discounts of up to 75 per cent on electronics, jewellery, watches, perfumes and textiles and the month-long extravaganza will also put the spotlight on the city’s festive spirit and superior hospitality under this year’s ‘Dubai at its best’ theme.

There are some fantastic competitions being run, such as the Dubai Gold and Jewelry Group announcing chances to win gold every day and the Lexus Mega Raffle is offering a LX50 car as their grand prize. There are also a host of concerts and lots of exciting kids activities to keep the little ones happy. For a full list of events and offers, please visit the Dubai Shopping Festival website.

UAE ‘On Hiring Spree’ in 2013

Experts are predicting a strong year for recruitment in the UAE and Dubai . The projected growth is mainly due to an ever increasing number of large-scale construction projects being announced by both the UAE government and the private sector.

However, it is not only jobs in engineering, real estate and logistics sectors that are set to increase. Strengthening confidence in the region’s economy means that banking, oil, tourism and leisure sectors will also see an uplift in recruitment.

How to get around Dubai
The majority of banks in Dubai require a residence visa or evidence that you have applied for one when opening a bank account. They will also need to see your original passport and a ‘No Objection Certificate’ from your employer. Some banks set a minimum account limit – this can be around £340 for a deposit account and as much as £1700 for a current account.

Like the UK, there are plenty of ATMs in Dubai, but users should be careful, as some can charge a fee for withdrawals. Major credit cards are widely accepted, although some smaller establishments charge a 5% processing fee so it’s wise to ask before using.

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