Dear Friends and Clients,
The world keeps turning. We don’t want to hear about millions of refugees, the death of thousands of civilians, the destruction of entire cities. Or about political opportunism of some decision makers. We prefer to report on the new achievements of our countries, leadership in M&A, billions in direct investments, and a new post-crisis prosperity. We are all ultimately dependent on the capitalist hamster wheel getting going again and continuing to “push forward”, forcing us to make money.
Have we ourselves become an uncritical part of this system? Or are we still able to make a so-called free decision which, according to several neurologists, does not exist because decision is already a consequence of neurological functions which force us to act/decide as we do?
If we project Schopenhauer’s “The World as Will and Representation” onto the spirit of the times, then we have exactly the world of imagination in which we – as well as the political decision-makers – act the way they act.
Still worth listening in this regard is this interview with Chicago Political Professor John Mearsheimer by Al Jazeera: https://www.youtube.com/watch?v=uWxwSpqqt80. I can hardly wish you any pleasure in this.
But let us turn to more pleasant things. Let’s change our world of imagination and try putting negativity on a siding. I am by no means a pessimist. We are only able to lead a content life if we resign ourselves to changed situations as long as we cannot change them ourselves, so will and representation are very close together.
Enjoy a summer rest.
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The all-new Emirates ID: Photo guidelines & Features
We provide you with a quick guide to be aware of to prevent delays in processing your Emirates ID application. The EID is an essential part of a citizen or resident’s day-to-day life in the UAE as it is being used in several governments, semi-government and private transactions. The changes took effect just in April 2022, and the Federal Authority for Identity, Citizenship, Customs, and Port Security has announced new features and guidelines for the new Emirates ID card. The full article can be found here.
MOHRE: New classification of private companies
On 1st June 2022, MOHRE implemented a new classification scheme that applies to all establishments from the private sector. Companies can be classified into three categories based on their adherence to the UAE labor law and their alignment with the country’s policy of promoting cultural and demographic diversification. A higher company classification provides benefits such as special incentives on work permits and transfer fees and reduced MOHRE fees of up to 80%. The full article can be found here.
UAE tops Arab nations in FDI attraction
According to United Nations Conference on Trade and Development’s World Investment Report 2022, the UAE ranks first in attracting foreign direct investment among Arab countries. The report shows that the amount of foreign direct investment in West Asia increased by 59 percent in 2021 to $55 billion, largely due to a significant increase in cross-border mergers and acquisitions. UAE remains the largest recipient with stable flows of $20 billion. Its outward FDI rose up to 19 percent valued at $23 billion. The UAE maintains its ranking among the world’s top 20 FDI recipient nations being in the 19th spot.
Real estate sales in Dubai reach decade-high levels in May 2022
Dubai has recorded 6,652 sales transactions worth Dhs18.4bn in May 2022. The volume of transactions for the month is by far the highest in the past decade. Over the past five months, the emirate has recorded 34,126 transactions, up 64.76 percent from 20,713 transactions in 2021. In May 2022, the top areas for rental transactions according to Ejari registrations were the following: Jabal Ali First, Al Warsan First, Business Bay, Al Barsha South Fourth, Nadd Hessa, Marsa Dubai, Muhaisanah Fourth, Al Nahda Second, Al Thanyah Fifth, and Al Karama.
The Dubai Media Council launched ‘One Media Dubai’, a one-stop shop for media professionals and organizations, in partnership with several government and semi-government entities in Dubai. In its first phase, the initiative provides services related to media and commercial licensing, leasing of offices, visas and immigration, banking, tourism, hospitality, education consulting, residential and telecom services, and telecommunications. As of now, the emirate has over 4,000 media organizations and thousands of media professionals.
Bangkok ranked second among digital nomad cities
A new study by the UK-based flexible working solutions provider The Instant Group ranks Bangkok the second best city in the world for digital nomads due to its mix of accommodation, WIFI spots, transport and cuisine. Bangkok which ranks second to Lisbon, scored highly in areas of affordability, weather, broadband speed, scenery, and transportation. By 2035, one billion people could be working and living as digital nomads, corresponding to one out of three workers.
Thailand launches FTA negotiations with EFTA
It is expected that Thailand will take about two years to conclude discussions with the European Free Trade Association (EFTA) after the two parties agreed to negotiate over the potential free-trade agreement. Once implemented, the deal will double two-way trade between Thailand and EFTA. The planned free-trade agreement with EFTA will cover not only trade in goods, but also trade in services, investments, trade facilitation, and environmental issues, resulting in lower bilateral export and import tariffs.
Singapore announced S$1.5 billion support package
Singapore’s Government announced a S$1.5 billion support package aimed at helping low-income and vulnerable groups cope with rising inflation. The country’s core inflation had accelerated to 3.3 percent year-on-year in April from a previous 10-year high of 2.9 percent in March.
Some of the key measures:
- Eligible Singaporeans will get a one-off GST (Goods and Services Tax) Voucher cash special payment of up to S$300,
- All Singaporean households, including those in private properties, will receive a S$100 rebate on utilities,
- Permanent enhancements to ComCare assistance schemes,
- For businesses, there are higher subsidies for the Progressive Wage Credit Scheme and an Energy Efficiency Grant for local small- and medium-sized enterprises,
- Enhancements to the Enterprise Financing Scheme,
- Chicken slaughterhouses affected by Malaysia’s chicken export ban will get a 1-month foreign worker levy waiver, and
- Eligible taxi main hirers and private hire car drivers will receive a one-off relief of S$150 in August.
Myanmar further relaxes Forex regulations
Pursuant to Directive No. 7/2022 issued by the Central Bank of Myanmar (“CBM“), relaxing the application of Notification 12/2022 (“De-dollarization Notification“), inter alia, for the Myanmar Investment Commission (“MIC“) and Special Economic Zone companies, exporters and importers conducting activities under Myanmar-China and Myanmar-Thailand border trade, international organizations, INGOs, etc.; the CBM, and with Foreign Exchange Supervisory Committee’s (“FESC“) consent for the logistics sector, the Ministry of Transport and Communication (“MOTC“) has further relaxed the application of the De-dollarization Notification under two separate instructions.