August 2023 | Page 5 of 7 | The Dubai Headlines

entreprenuership

A Guide to Starting a Business in Dubai as a Foreigner or Non-Resident 2023

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Global business hub Dubai is well known for its friendly business climate, advantageous location, and strong economy. It provides an abundance of options for business owners everywhere, including visitors and non-residents. This article examines the steps involved in launching a business in Dubai as a foreigner, the advantages it provides, and the factors to take into account.

In most cases, foreign business owners can now retain 100% ownership of their companies while also taking advantage of the UAE’s reduced corporation tax rate and 0% personal income tax. One of the most recent developments is the long-term visa, which permits foreigners to reside in the UAE for extended periods of time and perhaps retire here once their jobs are over.

With the right guidance, even non-residents can establish enterprises in the UAE and manage them from anywhere in the globe.
Here are some study results that demonstrate why foreigners choose to call the UAE their home:

In the UAE, 37% of expats intend to retire. This is an increase from 28% in 2021, and the introduction of the Golden Visa and Retirement Visa programs is probably to blame.
In the UAE, 68% of expats are happy with their lives. This shows that the UAE is a well-liked place for expats to settle, even though it is somewhat below the global average of 72%.
The employment prospects, the standard of living, and the climate are the main draws for expats to relocate to the UAE.
Dubai, Abu Dhabi, and Sharjah are the most well-liked cities in the United Arab Emirates for foreigners.
Over 2,000 residents and expatriates were polled in 2023 by the National Bonds.
Here are a few more intriguing survey results:
The UAE is regarded as an excellent place to save money by 76% of respondents.
64% of respondents said they were close to establishing a trustworthy fund.
In the UAE, 80% of respondents said it was simple to get a visa.
Overall, the study revealed that expats enjoy living in the UAE and are typically content with their life there.
Does Dubai Allow Foreigners to Open Businesses?
Yes, Dubai aggressively promotes international investment and permits non-residents to create and run their own companies. The government has put in place rules that encourage foreign direct investment, making it a desirable location for businesspeople everywhere.

Here are some pertinent recent news and updates:

The Dubai Department of Economic Development (DED) stated in January 2023 that it will streamline the application procedure for company licenses for non-residents. The new procedures are intended to facilitate non-resident business establishment in Dubai and increase international investment in the emirate.
The Dubai government stated in April 2023 that it will exclude non-residents who are launching firms in specific industries from the obligatory local sponsorship requirement.Technology, media, and healthcare industries are excluded from the local sponsorship requirement.
The Dubai government is making it simpler than ever for people who are not citizens to open enterprises there. I advise anyone thinking about launching a business in Dubai to follow recent news and updates to be informed about the most recent rules and specifications.
Benefits of Foreign Entrepreneurship in Dubai
The United Arab Emirates (UAE), the second most appealing nation internationally for millionaires, is predicted to draw 4,500 millionaires by the end of 2023, according to an article from Arab News. This is due to the UAE’s cheap taxation system, one of the quickest immunization rates in the world, and Dubai’s role as the site of the first World Expo following COVID-19.

This flood of ultra-wealthy people has also been facilitated by the UAE’s immigration policy, which are intended to draw in private money and foreign talent. Notably, wealthy Russians are beginning to immigrate in huge numbers to the UAE in an effort to avoid the effects of Western sanctions on their nation.

However, China will see the highest net exodus of millionaires, with 13,500 leaving the nation in 2023. By the end of this year, over 6,500 millionaires are anticipated to leave India, while just 3,200 will leave the UK, primarily as a result of post-Brexit economic developments and regulatory changes influencing tax status.

Dubai provides a variety of advantages for international businesspeople, including:

Dubai is one of the world’s fastest-growing and most diverse economies, which offers a stable business environment.
Tax-Effective Economy: The UAE has one of the world’s most competitive tax systems, with a low income tax and no VAT on residential property for companies operating from free zones.
Dubai’s strategic location makes it simple to access new markets.

World-class Amenities: The city provides first-rate public spaces, healthcare, and infrastructure, which raises the standard of living for business owners and their staff.

Dubai consistently ranks as one of the world’s safest travel destinations thanks to its low crime rate and strict adherence to the law.
Low corporation tax rate: The UAE has one of the lowest company tax rates in the world at 0%. You won’t be required to pay corporate taxes on your profits as a result.

There are no limits on foreign ownership of firms in the United Arab Emirates. This implies that regardless of your nationality, you can own 100% of your company.

Dubai is a prominent global center for trade and commerce.

Government that is open to business: Dubai’s government is quite open to business. They are dedicated to fostering a smooth and effective business climate and provide a number of incentives to entice international investment.

Overall, there are more advantages to beginning a business in Dubai as a foreign national than disadvantages. Dubai is a fantastic choice if you’re searching for a business-friendly climate with a low corporate tax rate and no limits on foreign ownership.

Development in Dubai

Dubai is on course to become the world’s first metropolis powered by blockchain

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Dubai’s infrastructure continues to be the key to its prosperity, and the government has recognized this by dedicating 46% of its 2020 budget to its growth. This dedication to infrastructure development involves work on airport and port facilities as well as public transportation and is essential to assisting a number of economic sectors.
Businesses in Dubai and beyond can apply for e-business residency.
Dubai’s government has made significant infrastructural expenditures, and it also fully supports innovative programs that aim to create an environment where enterprises of the future may prosper.

Dubai, a real-world test site for the future, collaborates with visionary leaders from around the globe to encourage genuine collaboration and creativity. This backing is shown in the government’s establishment of e-business residency, this enables business owners, wherever they are based, to establish virtual firms in Dubai.

Up to ten-year residency permits
Additionally, the city now grants professionals in the medical, scientific, research, and technical domains resident visas valid for up to 10 years. Additionally, Dubai is home to a burgeoning network of incubators and accelerators for startups that are perfectly situated to support companies during their initial phases of growth.

Ideally situated, serving as a testing ground for new ideas

Dubai is strategically situated and can serve as an incubator for a wide variety of enterprises, making it ideal for innovators and those looking to build globally competitive businesses. These four industries are ideal for Dubai.

Healthcare and medicine

By the end of 2021, it is expected that Dubai’s medical and healthcare sector would increase to a value of US$28 billion. According to a report by Fitch Solutions, the healthcare industry in MENA is predicted to increase at a rate of 11.7% compound annual growth rate (CAGR) at constant currency rates, from US$185.5 billion in 2019 to US$243.6 billion in 2023.

Dubai Healthcare City (DHCC), the largest medical free zone in the world, and Emirates SkyPharma, the first and largest multi-airport hub exclusively for temperature-sensitive pharmaceutical shipments, are both located in the city.

A major force behind ICT and technical advancements is health tech.
In order to enable the licensing of new facilities and the application of cutting-edge technology, Dubai Health Authority provides proactive investment facilitation supports and promotes discourse on policies and regulations. This will encourage rollout and increase community access to patient care. Over 75% of outpatient services and over 65% of inpatient services in Dubai are utilized by private sector healthcare providers.

The city is engaged in a number of projects to implement cutting-edge technology in healthcare, including 3D modeling, precision medicine, robotic pharmacy, digitization, health apps, smart fitness, and many others.

Technological innovation
The UAE is one of the top 10 nations in the world, according to KPMG’s Autonomous Vehicles Readiness Index (AVRI), in terms of readiness for driverless vehicles.

Leading logistics technologies will power trade in the future.
The city is also spending a lot of money on incentives to promote the switch to electric vehicles, including free public charging stations, toll-fee exemption, and reductions on vehicle registration.

The fastest transit system in the world moves freight at breakneck speeds.
For instance, the Dubai government is collaborating closely with Virgin Hyperloop One to build the fastest transit system in the world, which would transport both people and freight at previously unfathomable speeds. The cooperation between Virgin Hyperloop One and DP World, which manages Dubai’s ports, is expected to transform Dubai into a regional logistics and support powerhouse.

It is a component of the Cargospeed project of DP World, which seeks to provide superior priority service for on-demand commodities. Not only will freight be delivered at record-breaking speeds, but trucking-like prices will be used to accomplish this. Cargospeed will enable customers to respond swiftly to unexpected needs and keep flexibility at times.

One of the top cities in the world for fashion spending per person

Dubai had one of the highest per-person fashion spending rates in the world last year, at $1,600 USD.Due to its proximity to African and Indian production centers, Dubai makes logistics for the fashion industry more easier. The government of Dubai has reacted by opening the College of Fashion and Design to establish a top-notch educational institution that will promote the rise of both local and international talent in light of the growing presence of international brands and the upsurge in popularity of regional brands such as Elie Saab, House of Nomad, and more.

Development in Dubai

UAE’s economic development will slow in 2023 as a result of market difficulties.

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A reduction in oil output as a result of OPEC-agreed production limits, a slowdown in the non-oil sector due to increased interest rates, and weak foreign demand are some of the major challenges facing the UAE’s prospects for economic growth in 2023. Global Data predicts that the UAE’s real GDP will rise at a lesser rate of 3% in 2023 compared to the strong 7.6% growth rate seen in 2022.

The oil and gas sector contributes over 30% of the UAE’s GDP and 13% of all exports, according to GlobalData’s most recent research, “Macroeconomic Outlook Report: UAE.” The year 2022 saw a major economic recovery, fueled mostly by rising oil prices, with a growth rate of 7.6%, the highest since 2007.

However, the UAE’s prospects for the current year’s economic growth are directly impacted by the fall in oil and gas prices that has been occurring since the start of 2023 and is predicted to continue throughout the year.

Economic research analyst at GlobalData Indrajit Banerjee makes the following observation: “The government must continue to pursue its goal of diversifying the economy if it wants to reduce the economy’s sensitivity to outside shocks. The UAE Circular Economy Policy 2031, with an emphasis on manufacturing, food, green infrastructure, and sustainable transportation, as well as Abu Dhabi’s plan to invest US$2.7 billion to double the population of the manufacturing sector by 2031, reflect the government’s desire to shift to a more diversified economic base.

The industries that contributed the most to the gross value added (GVA) in 2022 were mining, manufacturing, and utilities, which made up 31.2% of the total. Next came financial intermediation, real estate, and business activities, which made up 22% of the GVA, and the wholesale, retail, and hotel sectors, which made up 15%. GlobalData predicts that these three industries will expand nominally by 2.9%, 3.7%, and 2.5%, respectively, in 2023 as opposed to 9.6%, 12.4%, and 8.4% in 2022.

With an investment of US$23 billion in July 2022, the UAE has started a number of development projects that will open up employment possibilities and greatly increase the construction and related industries. The building of Dubai’s urban tech center and the AED40 billion (US$11 billion) railway network project are only a couple of the ongoing initiatives,

the Rashid Solar Park’s capacity being increased by 2025. The construction activities, which GlobalData predicts will increase by an average of 2% between 2023 and 2025, are anticipated to be driven by these projects.

Export growth is anticipated to drop from 4% in 2022 to 2.6% in 2023 on the international front. Real household consumption spending is anticipated to increase domestically at a slower rate of 4% in 2023 compared to 8.4% in 2022.

In the GlobalData Country Risk Index (GCRI Q4 2022) of 153 countries, the UAE is categorized as a very low risk country and is rated 10th overall. In comparison to other countries, the country has a lower risk score in terms of the macroeconomic, social, and environmental risk criteria, as compared to average of middle east and north African nations.

In 2021, the UAE will hold 4% of the world’s natural gas reserves and 7.2% of the oil reserves, according to a GlobalData study based on statistics from the OPEC database. ADNOC found 650 million bbl of onshore crude oil reserves in Abu Dhabi in May 2022, which was a huge discovery. The hydrocarbon reserves base in the UAE has grown as a result of this discovery. As a result, it is anticipated that the nation will continue to play a significant role as an important producer and exporter of hydrocarbons in the near future.

The UAE’s economic growth projection for 2023 confronts hurdles, but continuous diversification efforts and development initiatives targeted at bolstering the economy will play a crucial role in lessening its sensitivity to outside shocks, according to Banerjee.

Development in Dubai

Plans for biotech in the Middle East are taking form.

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For the first time in human history, we are fortunate to live at a time where life extension is actually a possibility. Even though we still cannot escape death, science has dramatically increased life expectancy, first with vaccines and subsequently with new medications to treat chronic illnesses.

The Hevolution Foundation in Saudi Arabia announced plans to invest up to $1 billion annually in basic research on the biology of aging and potential pharmacological inhibitors in 2021.

The UAE, a neighboring country, has begun a national initiative to map each Emirati’s DNA in order to provide individualized medical care for each resident. This initiative paves the way for local production, design, and manufacture of cutting-edge medicines for diseases like cancer and diabetes in the future.

For more than 10 years, the area has been interested in biotech as a potential growth sector.

While governments in the area have prioritized research into diseases, extending life expectancy, and producing treatments, investors and regulatory agencies have been investing to establish public-private partnerships with big pharma and upstart biotechs during the past few years. Players in the biopharma industry are developing inventive manufacturing capabilities.

In addition to signing partnerships with top-tier global pharma partners, local drug makers are expanding their local production capacity with new creative therapies for diseases with high frequency due to lifestyle factors, rare genetic abnormalities, and malignancies.

The strategy worked well. As an ecosystem is developed, the biotech and life sciences sector in the area is expanding to new heights.

Proactive healthcare prevention
“Pharma and life sciences developed to the forefront in the Middle East over the pandemic when the supply chain got disrupted, and life-saving medication was not accessible, putting millions of lives at risk,” says Abbas Berdi, a partner at PwC Middle East who specializes in the healthcare sector with a focus on pharmaceutical and life sciences. The inclusion of supply chain resilience and medication supply security in national agendas was sparked by this, according to regional governments.

Instead of combating disease, Berdi contends that proactive preventative healthcare is the main goal. And this quality is especially useful in areas where diabetes and heart disease place a heavy strain on healthcare providers and lead to high rates of hospital admission.

Due to its extensive talent and investor pools, Abu Dhabi, the largest biotech hub in the UAE, attracts both major pharmaceutical corporations and the most promising biotech startups.

According to Kareem Shahin, Chief Business Officer of G42 Healthcare, a major health tech business with offices in Abu Dhabi, “The UAE government made investments in infrastructure, research facilities, and universities to promote innovation in the sector.” Public and private institutions collaborate in the “life science ecosystem” to advance innovation, R&D, and medicines production.

Spending on healthcare

According to recent data, the biotechnology industry is growing rapidly in the area. The biotechnology market in the area is anticipated to reach $2.6 million by 2028, with the UAE and Saudi Arabia holding the highest part of the industry, according to a report by the Dubai Chamber of Commerce. The UAE included $1.3 billion on healthcare and community protection in the federal budget for 2023. According to Marwan Abdulaziz Janahi, Senior Vice President of Dubai Science Park, “the country is currently a regional leader in attracting FDI in the biotechnology sector.”

“With strategic clients like Pfizer, Insulet, and Bayer, our community supports Dubai as an international hub for medical tourism, healthcare excellence, and innovation,” continues Janahi. The neighborhood has purpose-built centers for R&D by himalaya wellness ,Firmenich.

AstraZeneca has revealed intentions to construct headquarters at Dubai Science Park, joining a neighborhood of business titans that already includes GE Healthcare, Sobi, and Bio-Rad. There is also an innovation hub for Zimmer Biomet Holdings. The rise in chronic diseases, in the opinion of experts, is one of the major factors influencing investment in biotechnology in the region.

According to Shahin, the MENA region’s chronic illnesses and pressing demand for better healthcare have produced a large opportunity for biotechnology investment.

Due to a number of causes, such as an aging population, urbanization, and shifts in lifestyle and food, the prevalence of chronic diseases has been continuously rising, placing a considerable load on healthcare systems.

A study found that although the amount spent on healthcare in the area has been expanding quickly, the standard of care has not improved due to poor access to basic services and a lack of qualified healthcare workers. According to Shahin, this has increased demand for fresh and cutting-edge medical treatments, including biotechnology.

Several nations in the region have started population health programs to better healthcare outcomes and lessen the burden of chronic diseases in response to this demand.

The King Abdullah International Medical Research Center, which carries out cutting-edge research in genetics, immunology, and cancer, is located in Saudi Arabia, which is also investing heavily in biotech infrastructure, R&D, and talent acquisition.

Travel & Explore

Dubai Economy & Tourism Welcomes Indian Visitors for a Summer Quick Getaway

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Celebrities Poonam Dhillon, Divyanka Tripathi, and Vivek Dahiya are featured in the summer advertising campaign for Dubai Economy & Tourism, which highlights an action-packed family vacation! Dubai Economy & Tourism has announced amazing “Kids Go Free” offers at all of the city’s best hotels, hotspots, and attractions.

The season of summertime fun is back, and Dubai is inviting Indian families to visit the city for a break they won’t soon forget. The newest summer advertising campaign for Dubai’s Department of Economy and Tourism debuted with Poonam Dhillon, Divyanka Tripathi, and Vivek Dahiya as a celebrity couple.

The advertisement showcases the abundance of indoor and outdoor activities that families must partake in when visiting the location in order to create lifelong memories. The central theme of the movie is the importance of family ties as it unites three generations in an original plot. Poonam Dhillon portrays a likeable, sporty mother figure who ushers the audience into the multicultural city of Dubai.

Poonam Dhillon and her grandchildren are shown in the creative advertising video “Do you believe it?” as they eagerly recount their day of adventure-filled exploration of the modern metropolis in the sun. With eye-catching, vibrant images of a variety of activities, such as time travel in a shuttle spaceship at Museum of the Future and heart-pounding experiences like the Edgewalk experience at Sky Views.

After a hot air balloon ride to chase the clouds and a desert drive in vintage four-wheel drives, the day is finished at record-breaking speeds on the Storm Coaster.
In discussing the campaign, Bader Ali Habib, Head of South Asia, Dubai Department of Economy and Tourism, said: “With increasing demand for family-friendly experiences among Indian tourists, we seek to promote Dubai’s broad spectrum of services for all travelers, no matter what time of year. With the onboarding of outbound Indian travelers this summer, we hope to highlight the city’s distinctive offerings and draw tourists of all ages, making it an interesting summer vacation destination. This campaign will be launched in India, and we’re excited to see what Indian family tourists will think of it immense value., as they continue to cure their summer itineraries.

Dubai’s Department of Economy and Tourism (DET) is charged with assisting the Government in positioning the emirate as an important transportation hub for global economy and tourism and in raising the city’s economic and tourism competitiveness indicators. The ultimate goal is to make Dubai the world’s leading commercial center, investment hub, and tourist destination. Under this mandate, DET is leading initiatives to further develop Dubai’s innovative, service-based economy in order to draw top talent from around the world, provide a top-notch business environment, and boost productivity development. Additionally, DET is promoting Dubai’s broad destination offering, distinctive lifestyle, and exceptional overall quality of life in order to promote Dubai’s aim of becoming the best city in the world to live and work in.

The primary organization responsible for Dubai’s commercial and tourism sectors’ planning, oversight, development, and marketing is DET. Additionally, it is in charge of classifying and licensing all forms of business, including lodging facilities, tour companies, and travel agencies. In addition to Dubai College of Tourism, Dubai Calendar, and Dubai Business Events, the DET portfolio additionally includes Dubai Corporation for Tourism and Commerce Marketing, Dubai Festivals and Retail Organization, Dubai Industries and Exports, Dubai Investment Development Agency (Dubai FDI), and Dubai SME.

Travel & Explore

The reputation of private aircraft is poor. This business is attempting to make them more environmentally friendly.

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The private aircraft industry has long been condemned by environmental organizations for contributing an excessive amount of carbon dioxide to the atmosphere. Last week, however, climate activists gained headlines by interrupting a private jet trade show in Switzerland.

Private jets are typically less effective than commercial jets and have substantially higher emissions per passenger because they frequently fly shorter distances. Private airplanes can be five to 14 times more harmful than commercial aircraft and 50 times more polluting than railways, according to research from the European non-profit organization Transport and Environment.

But in recent years, the private aircraft industry has experienced significant growth. According to a survey by the Institute for Policy Studies, the size of the worldwide fleet increased by 133% since 2000, setting industry records in 2021 and 2022.

According to research conducted by Greenpeace, 3.39 million metric tons of CO2 were produced by private planes in Europe alone in 2022, which is almost equal to the emissions produced by 753,000 gasoline-powered cars used for a year in the US.

However, experts believe that the industry can still make a significant contribution to the global effort to combat climate change, and some within the sector are looking at creative ways to lessen their environmental impact.

The Dubai-based private aviation firm Jetex, a member of the International Air Transport Association (IATA), aspires to achieve net-zero carbon emissions by the year 2050.
Jetex, which was established in 2005 by CEO Adel Mardini, today employs 750 people working out of dozens of private terminals throughout the globe, including those in Dubai, Miami, Paris, and Beijing.
In 2021, Jetex began selling sustainable aviation fuels (SAF), which are derived from renewable waste and leftover raw materials, to travelers at its terminal at Helsinki Airport through a partnership with the oil company Neste. The same year, it started selling SAF manufactured from discarded cooking oil supplied by the French business TotalEnergies at its terminal at Paris Le Bourget Airport.

SAF isn’t offered at all airports due to a limited supply, but the firm claims it wants to provide travelers with SAF as an alternative fuel option at all of its locations throughout the world.

In an interview with CNN, Mardini stated that Jetex is trying to convert all of its locations into entirely green private terminals in the future. “We continually think of how we may collaborate together with everyone, to reduce the impact that climate change has on our lives and the futures we have in front of us,” Mardini added.

Fuel shortage
As to the IATA, SAF can reduce CO2 emissions by 80% and will be the largest single contributor to achieving its 2050 net zero carbon emissions target. In 2021, aviation represented for more than 2% of all energy-related CO2 emissions globally.

However, Dr. Suzanne Kearns, an assistant professor of aviation at the University of Waterloo in Canada, says that scarcity is still the major problem.

“We anticipate that the use of sustainable aviation fuels will be responsible for 60 to 70 percent of the emissions reductions (in the aviation sector). However, in practice, it is currently two to eight times more expensive than conventional aviation fuels, and because of its restricted availability, it isn’t at every airport, according to Dr. Kearns, who spoke to CNN.

If the private aircraft business were to embrace SAF early, she continues, “the economies of scale might render them cheaper and the advantages could carry over to the other areas of the aviation industry.”

SAF is not available at every airport, but last week Jetex inked a contract that allows it to provide SAF to its clients all over the world. Passengers will be able to use the “Book and Claim system,” paying for SAF at an airport that offers it, to offset some or all of the conventional fuel consumed by the aircraft they are going on, thanks to a partnership with 360 Jet Fuel Ltd. In essence, that means they can “source” SAF from airports without a supply for flights.
Private aviation is gradually utilizing SAF more frequently. For instance, the UK-based jet charter company Victor also collaborates with Neste and recently disclosed that 20% of its customers willingly choose to use some SAF for their flights, using system of book &claim which calls “pay here, use there”

Pure green”

In addition, Jetex announced plans to open what it claims the first “pure green” private terminal in the world at Berlin’s Neuhardenberg Airport, which is home to one of the continent’s largest solar farms, last year.

“There is a solar farm beside the airport, which will completely meet the airport’s energy needs. To attain zero net carbon emissions, we also intend to deploy electric vehicles, according to Mardini.

The firm has been making incremental changes to several of its other destinations, including Dubai, London, Paris, and Singapore, in order to have fully “green” terminals by the end of 2024, while its Berlin terminal is still under construction.

In order to speed up the development of eVTOL, or electric vertical takeoff and landing craft, also known as flying taxis, Jetex is investigating the use of electrical aircraft and has established strategic partnerships with urban air mobility firms like Volocopter and Eve Air Mobility.

Technology

After STG buys it for $1.4 billion, the industry leader in editing software Avid will go private.

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The business that produced blockbuster films like “Top Gun: Maverick” and “Avatar: The Way of Water” commands a 32% premium at $27.05 per share.
The hardware supplier for films like “Top Gun: Maverick” and “Avatar: The Way of Water,” Avid Technology, has been purchased by private equity firm Symphony Technology Group (STG) for almost $1.4 billion, including debt.

According to the agreement, Avid stockholders will receive $27.05 in cash for each share. The transaction reflects a 32.1 percent premium over the stock’s closing price on May 23 of this year, the last complete trading day before media rumors about a possible sale of the company surfaced.

Avid was established in 1987 and primarily serves the entertainment industries with technology and software for editing. Its goods, such as Media Composer, MediaCentral, and AirSpeed, have been employed in the making of blockbuster movies.
Chairman of the Avid Board of Directors John P Wallace stated: “This transaction is the outcome of a thorough analysis of Avid’s strategic alternatives. Our stockholders will get immediate, considerable, and definite value after this deal closes.

“We are pleased to be announcing this transaction with STG, who shares our conviction and enthusiasm in offering innovative technology solutions to address our customers’ creative and business needs,” said Jeff Rosica, Chief Executive Officer and President of Avid.Building on the forward momentum of our successful transformation over the previous few years, STG’s technology sector expertise along with significant financial and strategic resources will help speed the achievement of our strategic ambition. This deal marks the beginning of a thrilling new era for Avid, our clients, our partners, and our employees. It also serves as a reminder of how crucial Avid and our solutions are to the media and entertainment sector.
A mid-market private equity firm with a concentration on technology investments, STG is situated in Palo Alto, California. It presently oversees assets worth roughly $10 billion and has made investments in more than 50 IT businesses.

STG has long respected Avid’s history as a category innovator and forerunner in the media and entertainment software sector, said William Chisholm, Managing Partner of STG. We are thrilled to work with Jeff and the management group to continue the tradition of the company in providing unique and cutting-edge contents creation and management applications.

“With a strong focus on technological innovation and by delivering increased value for customers, we look at leveraging our experience as software investors to speed up Avid’s growth trajectory.”The deal was unanimously authorized by the board of directors of Avid, and it is anticipated to conclude during the fourth quarter of 2023, pending stockholder and regulatory clearances as well as other usual closing requirements. After the project is finished, Avid will be a privately held business, and commom stock will be no longer be traded on NASDAQ.

Q2 2023 Performance of Avid

The multimedia company also disclosed its financial performance for the six months ended June 30, 2023.The second quarter saw an 11.1 percent year-over-year increase in total revenue, mostly due to brisk growth in enterprise subscription revenue. As of June 30, 2023, there were around 544,400 active paid software subscriptions, up 20.9 percent from the previous year. $154 million in subscription revenue was generated, up 27% from the previous year.

Technology

Botim App from Astra Tech empowers farmers in the UAE.

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The action aims to make it possible for nearby farmers to showcase and sell their seasonally fresh fruit and goods to clients directly.
The Abu Dhabi Agriculture and Food Safety Authority (ADAFSA) and consumer technology holding company Astra Tech said on Thursday that they had organized a session to educate authorized local farmers to the Botim ultra app’s e-store.

The action aims to make it possible for nearby farmers to showcase and sell their seasonal fresh fruit and goods to clients directly.

Local farmers will be able to greatly increase the online presence and accessibility of their business thanks to the Botim ultra app’s large user base of over 8 million people in the UAE.

According to a media release from Astra Tech, the app’s sophisticated financial skills will allow farmers to embrace digital transformation, adapt new strategies for marketing and distribution, and get access to a variety of practical and cashless payment methods.

According to Abdallah Abu Sheikh, founder of Astra Tech and CEO of Botim, the company will be providing regional farmers in the UAE with digital tools to boost their online presence and reach, getting them closer to their clients and the millions of app users by utilizing the Botim ultra app as a platform.

By giving farmers data and insights that will help them better understand and serve their consumers, the introduction of digital tools in agriculture has the potential to revolutionize established processes, the author claimed.

The Ministry of Climate Change and Environment recently revealed data showing that the UAE has 38,000 active farms, demonstrating tremendous potential.

Farmers in the UAE have a chance online
The Botim extreme app is ready to generate a vibrant and active market, creating a revolutionary ecosystem that unites farmers and customers in the nation.

In just three easy steps, eligible licensed local farmers in the UAE will be eligible to create their own online brand on the Botim e-store and benefit from the 24-hour settlement of payments policy and in-app marketing assistance. Through the companies’ cooperation with Aramex, local farmers can also request logistical assistance for the delivery of their goods.

Technology

USB Type-C, versions, camera features, and anything else you need to know about the Apple iPhone 15

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According to reports, Apple will introduce its 15th generation of iPhones on or around September 22.
Although Apple’s iPhone 15 is scheduled to go on sale in September, rumors about its future features are already rife.

Apple is anticipated to release four new models: the iPhone 15, iPhone 15 Plus, iPhone 15 Pro, and iPhone 15 Pro Max, keeping with its usual pattern.

Notably, a number of features that won’t be included in the other models are reportedly planned for the Pro models.Both the iPhone 15 Pro and Pro Max are expected to keep a look that is very similar to that of their forerunner, the iPhone 14 Pro and Pro Max.

The two models are anticipated to have displays that are 6.1 inches and 6.7 inches in size, respectively, and include an unique Dynamic Island cutaway to house the camera and Face ID system.

Elegant materials and design
Additionally, rumors claim that the Pro versions will have slimmer bezels than their predecessors and panels with polished, curved edges, giving them a more upscale appearance.

The material used for the side frames had undergone a considerable change.According to sources, Apple may prefer titanium over stainless steel, which is recognized for its light weight and toughness.

Due to its greater price, the addition of titanium could significantly increase production expenses.
Apple is reportedly considering adding a cutting-edge function to the mute switch.

This programmable button could control a variety of actions, including turning on the flashlight, silent mode, focus mode, the translate app, and the camera app’s magnifier.

iPhone 15 series: introduction of the USB-C port

The goal of this invention is to simplify user interactions, improving the iPhone 15 series’ general usability in the process.

The replacement of the Lightning port with a USB-C port is yet another notable change that will be present on every model of the iPhone 15 in the lineup.

This improvement, a response to European regulatory requirements, will gain popularity in other international markets, including India.

A periscope lens may be integrated into the Pro Max model’s camera arrangement as a prospective milestone upgrade, providing optical zoom abilities of up to 5–6x.

It’s possible that this capability won’t be in the Pro model until 2023, though.

Additionally, rumors claim that the gadgets could include a Sony upgraded rear-camera LiDAR Scanner, providing improved depth sensing skills.

The iPhone 15 Pro and Pro Max are expected to house Apple’s next A17 chipset underneath the surface.

This marks the first time an A-series Apple processor using a 3-nanometer technology has been released, further pushing the performance limits of smartphones.

Food & Beverages

According to ‘A Dairy Revolution’ study, 79% of dairy consumers will purchase cheese made by microbes.

head dubai August 9, 2023 No Comments

The University of Saskatchewan and Formo, a pioneer in European precision fermentation, have collaborated on an important study that reveals the promising connections between dairy industry efforts to reduce greenhouse gas emissions and the cheese market.

According to the latest study, which was published in the International Food and Agribusiness Management Review Journal, a significant percentage of consumers will choose animal-free cheese, making up an initial 22 percent market share, even with a 25 percent price premium.

The results

The researchers predicted that animal-free cheese will take a 33 percent market share when pricing for cheese like Formo’s, which uses precise fermentation to produce milk from microorganisms, becomes comparable to regular cheese. These numbers are anticipated to rise as user adoption, industry relationships, and technology advancement accelerate.

“The question whether or not society is going to embrace the coming generations of food has loomed over the cell-ag space for quite some time,” Associate Professor Peter Slade of the University of Saskatchewan said in a statement. “Precision-fermentation dairy is poised to revolutionize markets as long as it can achieve competitive prices.”

The findings suggest that increased cheese costs may not always result in a reduction in consumer cheese consumption, according to Oscar Zollman Thomas, chief researcher at Formo. Instead, he said, “consumers look for alternative options.” “The introduction of animal-free dairy made by fermentation ushers in a totally different market paradigm. Consumers generally accept the move when offered options that honor their relationship with cheese while resolving their current concerns.

The study’s findings are persuasive; they suggest that even if there is an increase in demand for dairy products around the world, a significant amount of traditional dairy consumption of cheese will be replaced by animal-free dairy cheese, greatly reducing the environmental impact caused by increased dairy demand.

The study also discovered that a whopping 79 percent of consumers looking for dairy cheese free of animal products had previously chosen traditional dairy cheese. This discovery points to the possibility of a sizeable new market, worth more than $1 billion, inside the global dairy business.

Precision fermentation will succeed in capturing mass markets.

“The findings indicate a growing public’s understanding of the costs related to industrialized dairy and an appetite for products that offer enjoyable experiences with no the social repercussions,” Formo’s founder and CEO, Raffael Wohlgensinger, said of the study.

The huge demand from cheese eaters in general supports our prediction that precision fermentation will succeed in mass markets rather than focusing only on the vegan market. We predict a paradigm shift in the availability and consumption of dairy and dairy-like products now that Formo is on track to attain cost parity with conventional dairy. Nothing less than a dairy revolution is taking place right now, he declared.

The study compared the efficacy of precision fermentation to measures like animal emission fees for reducing dairy consumption. The results show that precise fermentation is more effective than carbon taxes at reducing cattle emissions.

According to these data, precision fermentation dairy is 10 times more effective than carbon taxes at the current rate at reducing animal-dairy use, Wohlgensinger stated. This demonstrates the superior effectiveness of precision fermentation in reducing dairy consumption and ought to serve as a wake-up call for governments to support this ground-breaking technology.