Photo has been used for illustrative purposes.
Business Bureau, Gulf Today
The Umm Al Quwain Free Trade Zone Authority has taken a series of proactive steps to ensure business continuity for its existing investors who are battling the economic backlash. These welcome measures will lend a helping hand to SMEs and microbusinesses to overcome serious cash flow challenges in the next few months, retain their workforce and sustain their businesses.
Speaking about this economic response, Johnson George, General Manager of UAQ Free Trade Zone, said: “Sustainability in the face of this unprecedented crisis is what every investor needs right now. The Government of UAQ has the best interests of our investors in mind.” Apart from the support for existing investors, a business set-up package has been designed for new investors too. For existing clients, the benefits are:
1. Three months free bonus on licence and lease renewal – When the clients pay the licence renewal fees for 12 months they get the licence and lease renewed for 15 months. The plan adds up to a total cost savings of 25%. 2. Rental period extension of two months for clients with rental facilities that include office, warehouse and land. 3. Absolutely no renewal fines on late licence renewal payment until 15th July 2020. For new clients, the benefits are:
1. UAQ’s new business setup packages facilitate a three-month bonus on the lease and licence. New members could pay the fees for 12 months and get the licence and lease for 15 months. The new investor support plan adds up to a total cost savings of 25%.
2. Furthermore, all UAQ business licence packages have been upgraded with an additional visa eligibility, whereby the investors can obtain additional support from their business partners or employees.
He said his official job did not prevent him from fulfilling his desire to stand on the fish display table, stressing that he is proud to sell fish to contribute to preserving a profession practised by his ancestors who were very fond of the sea and seafood.
Spot gold fell 0.6% to $1,885.81 per ounce by 0618 GMT, declining 4.3% so far in the month in what would be its worst monthly performance since November 2016. US gold futures were down 0.5% at $1,893.30.
Brent crude dipped 8 cents, or 0.2%, to $43.26 a barrel by 0403 GMT, while U.S. West Texas Intermediate (WTI) crude dropped to $41.22 a barrel, down 7 cents, or 0.2%.
With vast monetary easing measures put in place by the Federal Reserve pushing the dollar lower against most other currencies, gold is flying, hitting an all-time high of $1,944.71, well above its previous record of $1,921.18 seen in 2011. It later pulled back slightly.
Abdulla Bin Touq Al Marri, Minister of Economy, held a bilateral meeting with Bruno Le Maire, the French Ministry of Economy, Finance and Industrial and Digital Sovereignty,
The Central Bank of the UAE (CBUAE) and the Central Bank of Egypt (CBE) have entered into a Bilateral Currency Swap Agreement between the UAE Dirham (AED) and the Egyptian Pound (EGP).
Dr Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, held talks with Zafrul Aziz, Minister of Investment, Trade and Industry for Malaysia,