Tag Archives: business

H.E. Abdulla bin Touq Al Marri, Minister of Economy, held a bilateral meeting with H.E. Aziz Abdel Hakimov, Minister of Environment, Environmental Protection and Climate Change and responsible for the tourism portfolio of Uzbekistan, and his accompanying delegation. It explored opportunities for cooperation and the development of partnerships in the areas of new economy, sustainability, circular economy, entrepreneurship, and SMEs. H.E. Bin Touq emphasized that the UAE-Uzbekistan relations are strong and characterized by continued growth in various fields, historical ties, geographical proximity, and shared cultural and Islamic values. H.E. Bin Touq said: “Both our countries boast geographical locations through which key markets in Asia and Africa can be accessed. In addition, both markets offer numerous promising opportunities in new and sustainable economic sectors that can be leveraged to build more economic partnerships at the government and private sectors, thus elevating our existing partnership to new levels.” He added: “Our meeting with the Uzbek delegation is an important step forward in strengthening economic cooperation, facilitating dialogue at the private sector level and unlocking new avenues for efforts that support bilateral cooperation in economic sectors of shared interest.” He noted that the meeting is particularly important as it comes ahead of the UAE’s hosting of COP28 in Dubai from 30 November to 12 December 2023. The meeting discussed strengthening of cooperation and exchange of experiences and expertise on sustainable policies for tourism, entrepreneurship, and SMEs development, in addition to exploring opportunities in these sectors that are key to economic growth. Furthermore, H.E. Bin Touq reviewed the advantages offered by the UAE’s business environment to investors and business owners. These include the substantive amendments to the Commercial Companies Law to create a flexible …

The Kingdom of Saudi Arabia’s tourism ecosystem is undergoing a major overhaul with the announcement of a New Tourism Law approved this week by a Council of Ministers Resolution. The law will accelerate the development of an internationally competitive tourism sector in the Kingdom which will drive business, innovation, and investment. The New Tourism Law will establish new regulatory environments in the Kingdom to attract tourism innovators and improve ease of doing business. This allows new or experimental tourism businesses to receive special licenses and support from the Ministry, allowing them to flourish. It will also streamline licensing processes and procedures by creating a one-stop-shop platform for all tourism stakeholders. Both initiatives were announced in February 2022 as part of the Ministry’s Digital Tourism Strategy. With the new legal framework, the Ministry of Tourism will have greater control of the quality of tourism services offered within the Kingdom, ensuring the highest standards possible for both tourists and businesses while also strengthening destination development. The law also extends the Ministry’s remit for swift collaboration with government entities to mitigate risks and manage crises. The Council of Ministers further approved a resolution that empowers the Ministry of Tourism to enable sector growth. The resolution gives the Ministry permission to facilitate tax and custom exceptions or reductions with related government entities, creating powerful incentives for businesses to invest into the Kingdom’s growing tourism sector. It also enables the Ministry to work collaboratively with other private sector entities to establish work plans and training programs, enabling job creation and training for Saudis and boosting human capital development in the Kingdom. This new framework for collaboration with the private sector and relevant government entities will …