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To lure more investors Abu Dhabi cuts business registration costs by 90pc

Abu Dhabi is going to cut the cost of establishing new businesses by “more than 90 per cent” from Tuesday to increase the emirate's “competitiveness regionally and internationally”.

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To lure more investors Abu Dhabi cuts business registration costs by 90pc
To lure more investors Abu Dhabi cuts business registration costs by 90pc

In recent weeks, authorities have ramped up efforts to woo new business to Abu Dhabi, one of seven emirates that make up the United Arab Emirates.

Corporate taxes are practically zero in the UAE as it seeks to diversify its previously oil-based economy.

“Business setup fees in Abu Dhabi emirate have been reduced to AED 1,000 ($272) — a reduction of more than 90pc,” the Abu Dhabi Government Media Office said in a statement late on Sunday.

The new tariff will see the scrapping of some fees that were previously payable to different public bodies and the reduction of others, and will come into force from July 27 (Tuesday), it added.

“The move will significantly enhance [the] ease of doing business in the emirate and increase Abu Dhabi's competitiveness regionally and internationally,” the statement said.

According to the Organisation for Economic Co-operation and Development (OECD), the UAE is among “jurisdictions with no or insignificant taxes”.

However, the UAE on Monday welcomed the historic deal to overhaul the way multinational companies are taxed, saying it supports the global consensus to combat tax avoidance and profit shifting.

More than 130 countries have already agreed to reforms on international taxation, including a minimum corporate rate of 15pc.

“The UAE is fully committed to working collaboratively with the OECD and [inclusive framework] members to further advance the technical discussions to ensure a fair and sustainable outcome can be achieved,” said the assistant under-secretary at the finance ministry, Saeed Rashid al-Yateem, according to a statement carried by the official WAM news agency.

The UAE has recently launched a swathe of economic reforms.

Since June 1, foreigners have been able to create businesses and retain control of all of the capital, once only possible in special free zones, compared to a maximum of 49pc outside those zones previously.

Abu Dhabi and Dubai, one of the other seven emirates, have traditionally competed to host the regional offices of global businesses, attracting thousands of firms.

In June, the Dubai government announced a series of reforms, due to be enacted by mid-September, aimed at reducing the cost of doing business and stimulating economic growth.

In recent months, Saudi Arabia, the Arab world's largest economy, has emerged as a competitor to the Emirates' pulling power as it seeks to break its own dependence on oil.

With a brand new business district in the capital Riyadh, Saudi Arabia issued an ultimatum to foreign businesses in February that they must locate their regional headquarters there by 2024 or risk missing out on lucrative government contracts.

SOURCE: AFP 

Faisal Ali Ghumman is a senior editor at GNN, known for writing top quality content which garner very high readerships and has been covering every field of journalism, including politics, media, sports and scholarly articles. Faisal Ali Ghumman is nothing less than a Veteran Editor and has been writing for GNN for the past 3 months.

World

North Macedonia: Massive fire engulfs COVID hospital, kills ten patients

Skopje: At least 10 people were killed and many more injured after a massive fire broke at a hospital treating coronavirus patients in Tetovo, North Macedonia.

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North Macedonia: Massive fire engulfs COVID hospital, kills ten patients

The huge blaze erupted Wednesday night—claiming lives of ten. Fire services and rescue teams rushed to the scene and fought to douse the flames for a couple of hours.

It’s not yet clear how the large blaze started or how many patients were inside.

While the cause has yet to be established, the country's Prime Minister Zoran Zaev posted on social media that the fire had followed an on-site explosion.

Footage shared on social media showed a building in flames and a thick cloud of black smoke billowing into the air near a main road in the city of Tetovo.

The facility was reportedly built last year to help care for COVID-19 patients.

Tetovo deputy fire Chief, Saso Trajcevski said, "The fire was huge because the hospital is modular, there was plastic".

The fire occurred as the former Yugoslav republic celebrated the 30th anniversary of its independence, with festivities in the capital Skopje, including a military parade.

However, investigators have gone to the scene to determine the cause of Yesterday’s fire.

Meanwhile, North Macedonia has been battling a surge in COVID-19 cases recently with 701 new cases and 24 deaths in the past 24 hours.

It has recorded more than 6,100 fatalities in total since the start of the COVID outbreak.

Macedonia government had to impose stricter measures, in a bid to prevent the spread of virus.

North Macedonia has a population of around 2 million and its healthcare services are run down as hospitals are overwhelmed in some areas, particularly where vaccination rates are low.

Covid-19 hospitals in other countries have been hit by explosions followed by fires. In Iraq, dozens of people were killed in fires that occurred after oxygen cylinders exploded in April and July.

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Sports

SumaiL and YawaR to contest for $40 million prize money from Dota 2, The International 10

Two Pakistani brothers, Syed Sumail "SumaiL" Hassan and Yawar "YawaR" Hassan will participate in The International 10 which has a prize pool of $40 million.

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Phote: Yawar "YawaR" Hassan (left), Syed Sumail "SumaiL" Hassan (right) in their team jerseys

Hailing from Karachi, Pakistan, Syed Sumail "SumaiL" Hassan and Yawar "YawaR" Hassan have shown their immense talent in the well acknowledged MOBA and MMORPG game, Dota 2. Sumail has previously participated and won the 5th version of the tournament at the age of 16 years and 176 days old and became the youngest player ever to win over a million dollars. Both of them have briefly played together in the same team Quincy Crew, but Sumail left in nearly 3 weeks of being in the team. 

Sumail and Yawar are brothers. Yawar is 2 years older than Sumail. They both moved to Rosemont, Illinois when their family relocated in 2012 and started competing in the North American region where competition has always been very tough. Sumail's gameplay was so impressive that he was recruited by the number one North American ESports organization at that time in 2015, Evil Geniuses, who not only recruited him when he was only 16 years old but also gave him the responsibility of one of the leading core roles of the game, the midlane. Not only did he impress the world with his classy and bold plays, he proved his skills to the world by winning The International 2015, becoming the youngest millionare in the history of ESports.

His older brother Yawar, has also been competing at the highest level since they both began playing the North American region, however, Yawar only had the opportunity to play The Internation only once before, while Sumail had been participating in TIs since 2015 representing EG. This would be the second time the brothers will be up against each other representing different teams for a prize pool of $40 million.

SumaiL will be representing the team OG with the ingame name of OG.SumaiL in the coming tournament where he would be playing the role of a core player as position 1, more commonly known as the 'carry' position in the game, whereas Yawar will be playing in the well acknowledged team from North America, Quincy Crew, with the in game name QC.YS. His position would be the same as SumaiL's which is position 1.

Sumail in ESL Frankfurt 2015

SumaiL has been hailed as the King of the game for almost 6 years now given that he astonished the world with his immensely aggresive and smart plays when he used to play the role of position 2, also known as the midlaner, for the North American team 'Evil Geniuses'. In 2015, SumaiL claimed the Aegis of the Immortal, which is the name of the trophy presented to the winners of the largest esports tournament in the world, The International, Dota 2 Championships. His total earnings as of 21st of September, 2021 are $3,617,984.01 from 73 tournaments around the world, making him the highest esports earner as well as the youngest millionare in the history of eSports.

Yawar playing Dota 2
Yawar has prominently risen to fame in the recent years where he and his team the Quincy Crew, ranked number one in the North American region beating their rivals Evil Geniuses in the ranking system of Dota 2 called the Dota Pro Circuit (DPC) in the year 2020, following multiple tournament wins from different small to medium level tournaments of Dota 2. Due to Yawar's immensely versatile set of heroes, he has been playing a vital role in the team providing the team the ability to drive many different strategies due to his large hero pool. Yawar's current total earnings are $432,911 From 43 Tournaments.

The path to qualification for this year's The International was not at all easy for both the brothers as SumaiL was no longer playing in the DPC as he was a free agent, he played as a stand-in for Team Liquid, also a top tier team and a former TI winner, when one of their players Samuel 'Boxi' Svahn  decided to take a break, however, that pairing didn't work out as the team poorly performed in the Major. Yawar on the other hand, played immensely well in this tenure, beating top tier teams from around the world with his team QC. Due to multiple wins at the highest level, QC was already very high in the rankings of the DPC, following up with a mediocre performance in the Major where his team stood 6-7th place. This was enough to secure a position at The International 10 which will be held between Thu, Oct 7, 2021 – Sun, Oct 17, 2021.

For Sumail, the days turned to joy when he was recruited back to the only two times back to back TI winners in the previous years 2018 and 2019, OG as position 1 carry player, but it wasn't easy as OG had been poorly performing in the DPC causing them to be very lower ranked in the DPC rankings and due to this they had to fight through the NA qualifiers to earn a place at the TI to defend their title. The path through the qualifiers wasn't easy, fan favourite teams like Nigma, Team Liquid and Tundra ESports were also fighting in the qualifiers. However, once Sumail was settled in the team, his performances immensely improved and stunned many of their competitors as they marched through to the upper bracket finals in the qualifiers, only to be beaten by Tundra Esports and fall down to lower bracket where one of the toughest teams in the world, Team Nigma, was waiting for them. Following up with the loss to Tundra, OG didn't lose their motivation as they beat Team Nigma 2-1 in a best of three series to progress to the grand finals of the NA qualifiers where they had to face Tundra again. This time around, however, OG didn't make the same mistakes they previously made agaisnt Tundra and fought to the last battle and defeated them very convicingly in the 5th and final game of the grand finals which was a best of five, 3-2 to OG.

Tournament Dates to follow:

 Thu, Oct 7, 2021 – Sun, Oct 17, 2021

As Pakistanis, GNN wishes them the best of luck and is rooting for the both of them.

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Pakistan

‘Covid fourth wave’: Pakistan's coronavirus positivity rate falls to 5.45%

Islamabad: Pakistan is witnessing daily surge in COVID-19 cases with authorities linking the upswing to the deadly fourth wave. Today country’s positivity rate is on 5.45%.

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‘Covid fourth wave’: Pakistan's coronavirus positivity rate falls to 5.45%

As per National Command and Control Center (NCOC), Pakistan conducted a total of 57,792 tests in the last 24 hours.

Around 3,153 cases of coronavirus were reported while 58 people succumbed to the disease in the last 24 hours, taking the total death toll to 26,720.

As per the command centre, total confirmed cases are 1,204,520 whereas 5,370 are under critical care.

Punjab              

The number of patients swelled to 413,182 in the province with 12,211 causalities.

Sindh

The number of infections has surged to 444,464 in the province, while the death toll has reached 7,133.

Khyber Pakhtunkhwa

The confirmed cases have surged to 168,258 in the province with 5,250 casualties.

Balochistan

There are 32,569 confirmed cases while 342 patients have died from the infection so far.

AJK and Gilgit-Baltistan

There are 33,268 coronavirus cases in the AJK while the death toll has reached 718. On the other hand, there are 10,162 cases in GB with 179 coronavirus deaths.

Islamabad

There are 102,617 cases in the capital city while 887 people have lost their lives.

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