Latest news with #globalcompetitiveness
Zawya
6 days ago
- Business
- Zawya
Dubai Free Zones Council reviews initiatives to advance sustainable growth
The Dubai Free Zones Council (DFZC), chaired by H.H. Sheikh Ahmed bin Saeed Al Maktoum, held its 31st meeting to discuss strategic initiatives aimed at supporting sustainable economic growth and enhancing the global competitiveness of Dubai's free zones. The Council underlined the importance of fostering a flexible and integrated legislative environment to support business operations and boost investor confidence. The meeting began with a review of the progress made in implementing the guidelines of the UAE National Anti-Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organisations Committee (NAMLCFTC) across Dubai's free zones. Discussions focused on alignment with the National Risk Assessment (NRA) outcomes, data integrity, operational challenges, and overall compliance readiness. Council members also reviewed the requirements issued by the National Committee, including targeted practices and the roadmap for the 2025–2027 assessment cycles. A set of recommendations was presented to improve compliance efficiency and support the UAE's preparedness for upcoming evaluations. A key focus of the meeting was the implementation of Executive Council Resolution No. (11) of 2025, which regulates the operations of free zone entities in Dubai. The Resolution is a major milestone, allowing businesses to expand locally without the need to establish new legal entities. The Council reviewed the Resolution's implementation phases, dual licensing criteria, and integration with digital platforms, aligned with global competitiveness benchmarks and the Dubai Economic Agenda (D33), which seeks to double the size of the emirate's economy over the next decade and position Dubai among the top three global cities. Discussions also covered efforts to streamline procedures and ensure a seamless experience in obtaining services and licences from local and federal entities, particularly for activities that require external approvals. The Council addressed challenges related to overlapping jurisdictions and procedural inconsistencies. Proposed solutions included full digital transformation, the adoption of unified standards, risk-based classification of activities, and the fast-tracking of strategic projects. The meeting also included updates on the development of special economic zones, a review of the Council's achievements, and a discussion of key strategic initiatives.
South China Morning Post
17-06-2025
- Business
- South China Morning Post
Hong Kong's coming third in competitiveness index ‘down to civil service reform'
Hong Kong has been named the third-most globally competitive economy in the world, climbing two places from last year, with city leader John Lee Ka-chiu attributing the rise to enhanced government efficiency resulting from civil service reforms. The chief executive said that Hong Kong had scored 99.2 out of 100 in the latest World Competitiveness Ranking, which was released by the Switzerland-based International Institute for Management Development (IMD) on Tuesday. The ranking put the city ahead of 66 other economies. Hong Kong's overall score was only surpassed by Switzerland and Singapore. 'This is also the first time Hong Kong is back in the top three since 2019,' Lee said at a press briefing ahead of his weekly Executive Council meeting. The index surveys 69 places based on their economic performance, government efficiency, business efficiency and infrastructure, each of which comprises five subcategories. Lee noted the city was ranked first in terms of its tax policies and said he was 'encouraged' that Hong Kong had come second in government efficiency, only being beaten by Switzerland. This year's index also saw Switzerland take the top spot from Singapore.
New York Times
16-06-2025
- Business
- New York Times
Our Bridges Are Old, Our Grid Is on the Fritz and Soon America Will Be Obsolete
Most Americans don't think about infrastructure unless it fails. But when it does, it's personal. When subways stall or highways clog, you're late for work. When a bridge closes, your commute reroutes into chaos. When the storm drain overflows, your basement floods. And when transmission lines fail, the power goes out, leaving homes sweltering, grocery shelves empty and businesses offline. Weak infrastructure makes your life just a little bit worse. The United States is sleepwalking into an infrastructure crisis — one that will quietly degrade our quality of life and kneecap our ability to compete in the global economy. It's not just the older infrastructure that's in need of repair and replacement; it's also support for the new systems, such as artificial intelligence. The crisis calls for a national recommitment to modernization — not as a partisan project, but as a precondition for global competitiveness, national security and basic dignity in daily life. And while responsibility ultimately lies with Congress, it's also with all of us who understand the stakes. Today, the average U.S. bridge is over 40 years old, and about 42,000 of them are structurally deficient. Our ports are among the least automated in the industrialized world, leading to higher costs and dangerous pollution in nearby communities. And America's grid is stretched thin. In the wintertime last year, about two-thirds of the country faced elevated risks of blackouts, according to the North American Electric Reliability Corporation. We can't move electricity from areas with excess capacity to where it's needed because we haven't built enough transmission lines. And in a world increasingly powered by machine intelligence, if your power goes out, your economy goes offline. The demand for electricity is rising fast. Training a single large-scale A.I. model now requires as much electricity as a large, urban American neighborhood uses in a year. Data centers, which power everything from those language models to advanced simulations, are projected to consume about 10 percent of the U.S. electricity supply by 2030 — up from around 2 percent today. A new report from the North American Electric Reliability Corporation finds that these facilities are an emerging threat to grid stability because they pull huge amounts of power at unpredictable times. The grid wasn't built for this. Unless we expand energy generation and build out transmission aggressively, the lights will start to flicker on our future prosperity. Want all of The Times? Subscribe.
Emirates 24/7
15-05-2025
- Business
- Emirates 24/7
Hamdan bin Mohammed meets with local dignitaries and senior officials at Nad Al Sheba Majlis
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of The Executive Council of Dubai, met with heads of government entities, local dignitaries, members of the business community, citizens, and diplomats of brotherly and friendly countries. During the gathering that took place at His Highness's majlis in Nad Al Sheba, Dubai, Sheikh Hamdan said that the visionary leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has established the UAE as a global model of progress, driven by a strong commitment to excellence and innovation. Their guidance has also enabled the country to lead global competitiveness rankings across numerous vital sectors. His Highness highlighted the UAE's enduring commitment to excellence as a core value across all services and sectors. He also highlighted Dubai's early initiative, launched more than 30 years ago, to implement a government excellence programme that has played a vital role in the ongoing advancement of the public sector, with a strong focus on enhancing the happiness and well-being of the community. Sheikh Hamdan also highlighted that the UAE's experience in development and government modernisation has attracted international attention, with many countries looking to learn from its example. Rather than settling for incremental improvements, the UAE consistently drives innovation by creating new models that anticipate the needs of its people and strive to enhance their overall quality of life, he said. His Highness Sheikh Hamdan highlighted the notable progress of government services in Dubai, especially the shift toward a digital-first approach. He noted that true government success lies in its ability to rethink its tools, improving performance, and embracing modern technology—driven by flexibility, speed, and bold decision-making as key pillars of sustainable development. He further highlighted that rapid global change demands fresh thinking and innovation to not only maintain but enhance the quality and efficiency of government services in Dubai. These efforts are key to meeting community needs and reinforcing the city's position as one of the world's best places to live, work, and visit. Discussions also addressed ongoing development projects across the emirate as part of the Dubai 2030 Plan, alongside the ambitious goals of the Dubai Economic Agenda D33 and Dubai Social Agenda 33. Participants emphasised the vital role of Dubai's acclaimed public-private partnership model in achieving these targets and reaffirmed their shared commitment to excellence and teamwork in advancing development for the benefit of all. Follow Emirates 24|7 on Google News.
