Business: Rise of the start-up
The UAE’s Year of Innovation, culminating in the recent Innovation Week, put the spotlight on the country’s burgeoning start-up scene. The nation is fast gaining a reputation as an entrepreneurial hub and is becoming popular as a launch pad for SMEs.
This environment is marked by a collaboration between entrepreneurs and business leaders, mentors, investors and government agencies. One example, launched last week by Masdar and BP as part of the UAE’s Innovation Strategy, is The Catalyst — a $5 million (Dh18 million) start-up accelerator focused on sustainability and clean tech.
This is in line with the country investing $18 billion into becoming a knowledge-based economy and one of the top 20 countries in innovation by 2021, the UAE’s golden jubilee.
Film: Chasing gold
The UAE remains resolute in establishing itself as a film hub, and this goal is bolstered every year. After having Dubai and Abu Dhabi splashed across screens globally in Mission: Impossible — Ghost Protocol and Furious 7, the nation has also hosted shoots for blockbusters such as the upcoming Star Wars Episode VII: The Force Awakens (releasing later this month), Star Trek Beyond (2016) and Jackie Chan flick Kung Fu Yoga.
In addition to attracting international talent with rebates — thus helping advance expertise here — there’s also a push to cultivate local and regional talent through grants, funds and platforms such as film festivals.
Aerials, the UAE’s first sci-fi film, teased its trailer at the Middle East Film & Comic Con. Now The Tainted Veil has qualified for the best documentary film award at next year’s Oscars. The shortlist will be announced soon.
Economy: Taxes coming?
The UAE — along with the rest of the GCC — is currently mulling the introduction of sales and other taxes to augment state coffers.
While the International Monetary Fund has confirmed the resilience of the country’s economy in the wake of lower oil prices, it has advised additional taxation to further strengthen the revenue base.
Sultan Bin Saeed Al Mansouri, Minister of Economy, has said the government is open to the idea, although there’s been no word on the kind of taxes being evaluated or when they might be implemented — and only “if they serve the interests of the country”.
