The Finance World Magazine| Edition: March 2023

UAE Imposes Fines for Private Companies that do
not meet Emiratisation target by July 1
Private businesses will now be fined
AED 7,000 for each unemployed
UAE national if they don’t meet
new Emiratization targets, which
call for a 1% growth by July 1. The fine will
now be assessed every two years. H.E. Dr.
Abdul Rahman Al Awar, Minister of Human
Resources and Emiratisation, announced
changes to the mechanism of reaching
Emiratisation targets in private sector
enterprises with 50 or more employees
during a media briefing regarding the
Drydocks World Scores
Big with FPSO Upgrade
Contract from Altera
The contract between Drydocks
World, Aker Solutions, and Altera
Infrastructure was signed
at DP World’s Head Office in
Dubai, with attendees including H.E
Sultan Ahmed bin Sulayem, the Group
Chairman and CEO of DP World and
Chairman of Drydocks World, Sturla
Magnus from Aker Solutions, and Arne
Hygen Tørnkvist from Altera Infrastructure.
Drydocks World and Aker
Solutions have formed a joint venture
to offer comprehensive services to
the global energy industry. Altera Infrastructure
has chosen the JV for the
upgrade of an FPSO vessel in the UK oil
and gas sector. Aker Solutions will manage
equipment design and procurement
in Norway, while Drydocks World will
oversee fabrication and construction
in Dubai. The JV’s first contract is with
Altera Infrastructure for upgrading,
refurbishing, and electrifying the FPSO
Petrojarl Knarr, which will allow it to operate
efficiently and for a longer period
of time in the Rosebank field.
new schemes for the Emiratisation.
According to the modifications made to
Cabinet Resolution No. 5/19’s provisions
for 2022, this is the case. He clarified that
companies must now raise the number
of competent Emirati employees by 1%
every six months. Starting in July 2023,
businesses will be subject to fines if
they don’t fulfil the target for the first
half of 2023, while 2022 noncompliance
contributions will still be collected.
Dubai Metaverse Platform
is Launched by DIFC Amid
$4B Tech Push
Dubai International Financial
Centre (DIFC) announced
the “DIFC Metaverse Platform”
will be going live. The
metaverse platform created by the
DIFC aims to solidify Dubai’s position
as a worldwide metaverse leader by
luring in and nurturing talent from
around the world in the burgeoning
technology. A studio with an accelerator
programme for metaverse technologies
will be essential to the development.
The rising metaverse community in
Dubai will use it as a hub, for identifying
metaverse laws and regulations.
The Dubai Metaverse Strategy, which
intends to boost Dubai’s GDP by $4B,
support 40,000 virtual employment
by 2030, and draw in 1,000 firms specialising
in blockchain and metaverse
technologies. The platform also supports
the goal of the recently unveiled
Dubai Economic Agenda D33, which is
to annually generate economic value
from digital transformation worth AED
100B ($27B).
Green bond orders for
Saudi Arabia’s PIF totals
more than $12B
According to a bank document,
the sovereign Public Investment
Fund (PIF) of Saudi Arabia has
received more than $12B in
orders for the sale of dollar-denominated
green bonds made up of tranches with
tenors of seven, twelve, and thirty years.
According to the document, the orders do
not include joint lead managers’ interest
in the debt sale that is anticipated to
price later. According to an investor
presentation for the bonds sold in
October, PIF anticipates investing more
than $10B by 2026 in green projects
that qualify, such as sustainable water
management, clean transportation, and
renewable energy. In contrast, the fund
has stated that through 2025 it will
make domestic investments of around
$40B annually.
March 2023 www.thefinanceworld.com 27