Dubai council proposes visas without sponsor for skilled expats Government advisory body also proposes expat pension scheme and easing cap on mortgages

Advisory body said it has proposed a five-policy package for sustainable growth of financial and other sectors in Dubai. (FILE)


Government advisory body Dubai Economic Council (DEC) has recommended a host of measures including the introduction of a state pension scheme for foreign skilled workers, VISAS for highly skilled expats without a sponsor, and easing foreign ownership restrictions in selected industries.

In a media note issued on Saturday, the advisory body said it has proposed a five-policy package for sustainable growth of financial and other sectors in Dubai.

Among the major recommendation made by DEC in cooperation with professional services firm Deloitte, it advised doing away with caps on mortgage amounts, easing retirement VISA restrictions, easing criminal implications of bankruptcy and of bounced cheques, easing residency rights process and ease of travel within the GCC, and allowing issuance of VISAS for high skilled expatriates that meet specific requirements without the need of a sponsor.

As part of confidence boosting measures, it advised that pension scheme for skilled expat workers, easing retirement visa restriction could help attract more investments in to the local market and support financial stability of the CAPITAL MARKET.

Emirates 24l7 had reported in October 2014 that the government is currently in discussion to launch a federal pension scheme for expatriates. A number of private banks and financial entities offer pension schemes to expats and UAE nationals.

“Dubai has recorded significant success by implementing a number of modern regulations and institutions over a relatively short period of time. Dubai has surpassed its regional neighbours with regards to its institutional efficiency and quality, however opportunities for improvement exist to reach the level of global leaders such as Singapore and Hong Kong,” DEC said in a note on Saturday.

Among the key recommendations that DEC made:

- Easing foreign ownership restrictions in selected industries of non-national strategic importance;

- Easing trading restrictions for companies in free zones to support trading in mainland Dubai;

- Easing the criminal implications of bankruptcy and of bounced cheques;

- Alignment of arbitration regulation to international standards;

- Easing residency rights process and ease of travel within the GCC;

- Allowing issuance of visas for high skilled expatriates that meet specific requirements without the need of a sponsor

Recommendations for SMEs and equity markets

DEC recommended the introduction of government funding, loan schemes and loan guarantee schemes to support small and medium enterprises (SMEs) that meet specific criteria with funding of working capital requirements and expansion of facilities.

It has also sought enhancing the national credit bureau by implementing an electronic register to track collaterised assets and loans given to businesses to provide creditors with better information to manage risk. This could assist banks in making lending decisions and ensuring only credit worthy borrowers are extended FINANCE.

DEC advised that the companies’ should be allowed to use moveable assets such as equipment as collateral for FINANCING in to boost the SME sector.

The report recommended developing the derivatives market to add benefits of diversification and risk management opportunities for investors; the introduction of mortgage-backed securities could allow banks to manage exposure to the real estate market; developing Dubai's capability as a regional clearing and settlement centre for Chinese Yuan transactions could enhance trading and improve market liquidity via increased Yuan denominated deposits in Dubai.

In order to preserve balance between asset quality, growth and liquidity, DEC has asked for new lending restrictions for Government Related Entities (GREs); issuance of guidelines on liquidity as of Basel III; increasing liquidity of capital markets through more IPOs; and implementation of already drafted regulation to allow for admission of mutual and exchange traded funds into Dubai’s CAPITAL MARKET.

The advisory body also suggested that the government wealth funds should invest more in the local equities which would increase liquidity in the market. The report also sought easing foreign ownership levels of companies listed on the Dubai bourse to attract more investors and extended official trading hours to match international markets could help attract INVESTMENT as well as increase market liquidity.

It also sought introduction of penalties for the listed companies for non-compliance, and also recommended permission of overdraft facilities for foreign investors.

India's promise to UAE investors: Red carpet, not red tape Dubai model for GIFT city in Gujarat: Minister

Jayant Sinha, Indian Union Minister of State for Finance, led delegation currently on a visit to the UAE. (Supplied)

reported from:www.emirates247.com

India is creating its first smart city and its first international financial centre combined in one, and has much to learn from Dubai in that respect, according to a high powered Indian government delegation on a visit to the UAE.

“In India, we are currently working on creating India’s first smart city – which is also an International Financial Centre – GIFT (Gujarat International Financial and Tech city), said Jayant Sinha, Indian Union Minister of State for Finance, who led the delegation currently on a visit to the UAE.

Sinha addressed UAE business leaders on investment opportunities in India as well as visited the region’s biggest and oldest financial hub, the Dubai International Financial Centre (DIFC).

“I was happy to share my thoughts with DIFC officials regarding this new project and also understood the basic structure of DIFC and key components. We look forward to active cooperation from our DIFC counterparts to help us make GIFT a success,” Sinha said.

Looking to acquire DIFC’s best practices in creating a successful financial hub with world-class infrastructure, the delegation was hosted by Essa Kazim, DIFC Governor. Sinha was accompanied by Anurag Bhushan, Consul-General of India and T.P. Seetharam, Indian Ambassador, among others.

“It is indeed an honour to share our expertise with the Indian government and contribute to the country’s efforts in countering complex financial challenges. Today’s engagement presented us with an opportunity to establish greater synergies and share best practices for the wider benefit of the communities in both countries,” said Essa Kazim.

“The UAE and India share a mutual vision of working towards sustainable economic growth. Over the past 10 years, DIFC has recorded phenomenal progress and the contribution of Indian companies to this journey has indeed been noteworthy,” he added.

In a subsequent gathering of the UAE’s business leaders at the Taj Dubai hotel yesterday, Sinha discussed the ‘Make In India’ campaign as well as investment opportunities in India.

“As honourable Prime Minister said, we will roll the red carpet for the foreign investors and not red tapism. This belief forms a part of the ‘Make in India’ campaign,” said Sinha as he highlighted the role of India as one of the fastest growing economies in the world and outlined the investment opportunities available to investors across sectors.

“The Indian government believes in empowerment of the Indian people over merely providing entitlements. It is a pro-business and pro-poor government working towards creating jobs, which will eventually spur India’s GDP growth rate to 8 to 9 per cent,” Sinha added.

“We are greatly encouraged by the series of economic reforms that have been undertaken by the Indian government,” said Sheikh Sultan bin Sooud Al Qassemi, Chairperson, Barjeel Geojit Securities, which hosted the event along with Alpen Capital (ME).

“The historic economic cooperation between the UAE and India is a prime example of our strong partnership, but we believe that there are many further unexplored opportunities,” he noted.

The key business event was held under the patronage of the Consul General of India in the UAE and in association with the GCC Chapter of Assocham (Associated Chamber of Commerce and Industry of India), India’s apex Knowledge Chamber.

“As one of India’s largest trading partners, GCC countries and foremost UAE provide tremendous potential for collaboration in keys sectors such as power, oil & gas, infrastructure, healthcare, tourism and sovereign investments, amongst others,” said Rana Kapoor, Assocham President.

“India is emerging as the preferred investment destination and large foreign direct investment are now being directed into various sectors of India. The UAE being one of the largest trading partners of India, it is imperative to strengthen this relationship further and facilitate more investment flows between the two countries,” said Anurag Bhushan, Consul General of India in UAE.

3-year-old boy shoots 1-year-old, kills him Mother lived in the house with at least three small children.

At least one adult was home when it happened. (Shutterstock)

reported from www.emirates247.com

A 3-year-old boy picked up an unattended gun inside a home and it went off, shooting a 1-year-old boy in the head and killing him Sunday afternoon, police said.

Cleveland Police Chief Calvin Williams said investigators are trying to determine where the gun came from.

Emergency workers said the 1-year-old was taken to a hospital and pronounced dead.

Full details about the shooting on the city's east side weren't released, but Williams said at least one adult was home when it happened.

"It's a sad day for Cleveland," he told reporters outside the home. "This fascination that we have with handguns, not just in this city but in this country, has to stop. This is a senseless loss of life."

Cleveland.com reports that the boy's mother could be heard screaming on the back porch after learning her son had died.

Neighbours told the news website the mother lived in the house with at least three small children.

"They were really nice," next-door neighbor Larry Simpson said of the family. "It's a shame this had to happen."

1 Lt. Kiran Shekhawat – First Woman Navy Officer,unfortunate to Die In The Line of duty (India )

MEWAT, Haryana: Mortal remains of Lt Kiran Shekhawat, the woman officer who died in the line of duty, 

was on Sunday consigned to flames with full military honours in Kurthala village here.

Reported from :www.m.ndtv.com/india

Commoners and politicians, cutting across party lines, paid their homage to the departed soul. Accompanied by the Navy officials, the body of the officer was brought here wrapped in a tricolour.

Besides the family members of the officer, local villagers, officials of the civil and police administration, former Haryana chief minister Bhupinder Singh Hooda, BJP's Rao Narbir Singh and Indian National Lok Dal party's area MLA Zakir Hussain, were among others to offered homage to the deceased officer.

Three days ago, Lt Shekhawat's body was recovered from the fuselage of the ill-fated Dornier Aircraft of the Navy which had crashed during a training sortie off the Goa coast.

A native of a village in Rajasthan's Jhunjhunu district, she was recently married to Vivek Singh Chokker in Kurthala, situated close to Gurgaon. Lt Kiran was in combat role as an observer, flying tactical sorties over the ocean and tracking and engaging hostile ships violating the country's maritime boundaries. Her death comes at a time when there is a growing demand among women to be given combat roles in the armed forces. TOI had also run a campaign in the run-up to the International Women's Day on March 8 supporting the demand.




(PTI photo)

A native of Sefarguwar village of Jhunjhunu district of Rajasthan, Kiran was married to Vivek Singh Chokker in Kurthala near Gurgaon, where her mother-in-law Sunita Chokker is sarpanch and the family have some agricultural land.


Shekhawat had a passion for flying. When she wasn't on duty, she loved dancing and listening to the tracks of Enqrique Iglesias and Shania Twain. A big fan of author Nicholas Sparks, she made sure she either read all his books or watched the movies based on them, a naval officer said.

Her Husband :A Husband Remembers India's First Woman Officer to Die in Line of Duty.

"She was going to be transferred to Kochi and I was going be there two months later. We had a lot of plans," said Lt Choker, just hours before performing the last rites of his wife, who was commissioned in the Navy in 2010.

Manchester United beat Aston Villa 3-1 at Old Trafford

Afb photo 

Manchester United's striker Wayne Rooney celebrates scoring their second goal during the English Premier League

Reported from : Emirates247.com

Ander Herrera and Wayne Rooney scored as Manchester United beat Aston Villa 3-1 at Old Trafford on Saturday to leapfrog Manchester City into third place in the Premier League.

Christian Benteke's 80th-minute goal for Villa, a weak shot that crept beneath David de Gea, set up an uncomfortable finale for United, but Herrera completed his brace in added time to seal a fifth straight win.

The result lifted United above City, who visit Crystal Palace on Monday.

Manchester United felt they should have been handed an early opportunity to take control of the contest when they had a strong penalty appeal waved away after only four minutes.

As Rooney looked to latch onto Marouane Fellaini's flick, he appeared to be held back by Ciaran Clark, but referee Roger East waved play on.

It was a decision that infuriated the England captain and his mood almost darkened a minute later when De Gea failed to deal with Benteke's header and Gabriel Agbonlahor saw a goal-bound follow-up blocked.

It was the start of an entertaining game, as Juan Mata saw a shot blocked by Matt Lowton after an exciting run from ex-Villa winger Ashley Young, who was the target of constant abuse from his former supporters.

Villa remained a counter-attacking threat, via the pace of front pair Benteke and Agbonlahor, but such was United's dominance in terms of possession that even defender Marcos Rojo threatened.

Twenty-three minutes in, the Argentina defender unleashed a fearsome 30-yard shot that Brad Guzan tipped acrobatically over his crossbar.

Michael Carrick - fresh from rave reviews following England's 1-1 draw against Italy in mid-week - started a move that culminated in Antonio Valencia crossing for Rooney to lash a spectacular overhead kick just wide.

Images from ; www.dailystar.co.uk/sport/



Blunder

Two minutes before the break, a rare lapse in defensive concentration from Villa's back four allowed Young to free Daley Blind on the left and his pull-back found the unmarked Herrera 15 yards from goal.

The Spanish midfielder had the time and presence of mind to set himself before sending an unstoppable finish into the bottom-right corner with his left foot.

Rooney and Rojo both had chances to add to the score before the half-time whistle, after sharp thinking by Mata and Blind at a quickly taken corner, but Clark and Guzan, respectively, were able to block.

There was a warning for United soon after the restart as Villa strung together a lightning-quick counter-attack that resulted in Andreas Weimann cutting the ball back for Benteke, who blazed wastefully over from 10 yards.

But the home side responded quickly as Mata's cross-field pass was gathered by Young, who cut in from the left and placed a curling right-foot shot fractionally wide.

United clearly recognised the need for a second goal and Fellaini almost delivered it with a strong downward header that the alert Guzan pawed over the bar.

Rooney maintained the pressure, sprinting into the area and firing narrowly wide of the left-hand post, before Fellaini shot the wrong side of the same upright with an improvised back-heel.

Moments after a Villa set-piece ended with Benteke heading just wide, Rooney claimed United's second.

Substitute Angel di Maria's cross was behind Rooney, but the England man showed superb footwork to bring the ball down, swivel and hook it into the top-left corner with his trusty right foot.

The two-goal cushion lasted barely a minute, with De Gea uncharacteristically allowing Benteke's tame shot to slip beneath