Dubai Announces its Third Stimulus Package

Jay Krishan, Partner

16 July, 2020

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Dubai has announced a third stimulus package worth Dh1.5 billion to support the economy at the time of Covid-19. Sheikh Hamdan stated that the stimulus package aims to help small and medium enterprises (SMEs) to cope with the situation and maintain continuity by alleviating operational costs. Numerous incentives are put forward by the emirates in different industries:

  • In the health sector, the government hastened its payments to private hospitals.
  • In the tourism and entertainment sector, there will be a refund on the municipality fees charged for hotel establishments and restaurants till the end of 2020.
  • The ‘Dirham Tourism Fee’ has been halved till the end of the year.
  • In the international sector, some of the customs fines will be reduced by 80 percent along with the option of paying in installments.
  • In the construction sector, financial dues to the contractors will be expedited, and a refund of all financial guarantees for construction activities related to commercial licenses will be made.
  • In the education sector, private schools will be exempted from penalties and a fee renewal of commercial and educational licenses until the end of the year.

Certain other incentives such as cancellation of all fines charged for late government fees, a freeze on the 2.5 percent of the market fees are also introduced. The renewal of commercial licenses can be made without mandatory renewal of lease contracts and any payment of penalties will not be required to renew commercial licenses during this period.

The cancellation of the 25 percent down payment requirement for paying government fees in installments will also made, in addition, businesses are exempted from fees for sales and special offers. Many other inducements are also made to stabilize the economy and to free the businesses from economic instability.

 
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Mohamed Sheriff
Mohamed Sheriff
16:16 28 Jun 20
Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
218141 JOSEPH THOMAS
218141 JOSEPH THOMAS
16:20 23 Jun 20
Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
PMI
PMI
07:14 23 Jun 20
In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc. Wishing HLB Hamt team all the very best.read more
RAVI CHOKSI
RAVI CHOKSI
08:28 21 Jun 20
Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
Maharajan Subramaniam
Maharajan Subramaniam
18:17 06 Jun 20
High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
Mohammed L
Mohammed L
08:07 05 Jun 20
We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
ROY ROSHAN VIVIAN
ROY ROSHAN VIVIAN
06:32 04 Jun 20
Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
Basil Daniells
Basil Daniells
05:55 03 Jun 20
I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
Amar Kashyap
Amar Kashyap
19:28 02 Jun 20
Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
Radz de Jesus
Radz de Jesus
16:03 02 Jun 20
We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
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Economic Substance Regulations Deadline UAE

Jay Krishan, Partner

13 June, 2020

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The United Arab Emirates Cabinet has issued the Cabinet of Ministers Resolution No.31 of 2019 and it requires all in-scope entities to maintain an economic substance UAE.

Economic substance regulations will be applicable to companies that engage in any of the below mentioned “Relevant Activities”;

  • Banking
  • Insurance
  • Investment Fund Management
  • Lease-Finance
  • Headquarters Businesses
  • Shipping
  • Holding Company Businesses
  • Intellectual Property
  • Distribution and Service Centers Businesses
   Free Zone AuthorityDeadline
   Abu Dhabi Media Zone Authority30th June
   ADGM30th June
   Ajman FZ30th June
   DAFZA15th June
   DIFC30th June
   DMCC30th June
   Dubai Aviation City Corporation7th June
   Dubai Development Authority25th June
   Dubai Healthcare City7th June
   Dubai World Trade Centre30th June
   Fujairah Free Zone15th June
   Hamriyah Free Zone Authority30th June
   International Free Zone Authorities30th June
   KIZAD20th June
   Ministry of Economy30th June
   RAK EZ30th June
   RAK ICC30th June
   SAIF30th June
   Umm Al Quwain Free Trade Zone30th June

 

All mainland companies must file ESR notification within 30th June.

What HLB HAMT offers?

  • Consulting on ESR
  • Identify the qualifying entities for ESR compliance
  • Identify the qualifying business segments for ESR compliance
  • Report and advise on overall ESR readiness by the Entity
  • Ongoing ESR compliance
  • Secretarial services in connection with ESR record maintenance
  • ESR filing with the authorities in the proper /prescribed format

 

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Mohamed Sheriff
Mohamed Sheriff
16:16 28 Jun 20
Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
218141 JOSEPH THOMAS
218141 JOSEPH THOMAS
16:20 23 Jun 20
Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
PMI
PMI
07:14 23 Jun 20
In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc. Wishing HLB Hamt team all the very best.read more
RAVI CHOKSI
RAVI CHOKSI
08:28 21 Jun 20
Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
Maharajan Subramaniam
Maharajan Subramaniam
18:17 06 Jun 20
High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
Mohammed L
Mohammed L
08:07 05 Jun 20
We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
ROY ROSHAN VIVIAN
ROY ROSHAN VIVIAN
06:32 04 Jun 20
Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
Basil Daniells
Basil Daniells
05:55 03 Jun 20
I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
Amar Kashyap
Amar Kashyap
19:28 02 Jun 20
Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
Radz de Jesus
Radz de Jesus
16:03 02 Jun 20
We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
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Economic Substance Regulations DIFC

Jay Krishan, Partner

image

DIFC has extended the deadline to submit Economic Substance Regulations(ESR) notification from 12th June to 30th June.

The United Arab Emirates Cabinet has issued the Cabinet of Ministers Resolution No.31 of 2019 and it requires all in-scope UAE entities to maintain an economic substance.

Economic substance regulation DIFC will be applicable to onshore and free zone companies that engage in any of the below mentioned “Relevant Activities”;

  • Banking
  • Insurance
  • Investment Fund Management
  • Lease-Finance
  • Headquarters Businesses
  • Shipping
  • Holding Company Businesses
  • Intellectual Property
  • Distribution and Service Centers Businesses

Please find below the ESR notification filing deadline for other free zones;

   Free Zone AuthorityDeadline
   Abu Dhabi Media Zone Authority30th June
   Ajman FZ30th June
   DMCC30th June
   Dubai Aviation City Corporation7th June
   Dubai Healthcare City6th June
   Dubai World trade center30th June
   Hamriyah Free Zone Authority30th June
   Ministry of Economy30th June
   RAK EZ30th June
   RAK ICC30th June

 

All mainland companies must file ESR notification on or before 30th June.

What HLB HAMT offers?

  • Consulting on ESR
  • Identify the qualifying entities for ESR compliance
  • Identify the qualifying business segments for ESR compliance
  • Report and advise on overall ESR readiness by the Entity
  • Ongoing ESR compliance
  • Secretarial services in connection with ESR record maintenance
  • ESR filing with the authorities in the proper /prescribed format

Would you like to rate us on Google?         

 

Mohamed Sheriff
Mohamed Sheriff
16:16 28 Jun 20
Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
218141 JOSEPH THOMAS
218141 JOSEPH THOMAS
16:20 23 Jun 20
Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
PMI
PMI
07:14 23 Jun 20
In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc. Wishing HLB Hamt team all the very best.read more
RAVI CHOKSI
RAVI CHOKSI
08:28 21 Jun 20
Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
Maharajan Subramaniam
Maharajan Subramaniam
18:17 06 Jun 20
High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
Mohammed L
Mohammed L
08:07 05 Jun 20
We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
ROY ROSHAN VIVIAN
ROY ROSHAN VIVIAN
06:32 04 Jun 20
Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
Basil Daniells
Basil Daniells
05:55 03 Jun 20
I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
Amar Kashyap
Amar Kashyap
19:28 02 Jun 20
Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
Radz de Jesus
Radz de Jesus
16:03 02 Jun 20
We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
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Saudi Arabia Increases VAT to 15%

Jay Krishnan, Partner

image

Saudi Arabia has decided to triple its VAT, from 5 percent to 15 percent. The measure is being taken to support the coronavirus-hit economy and it will be effective from July 1st.

Apart from this, the cost of living allowance will also be suspended, from 1 June. “These measures are painful but necessary to maintain financial and economic stability over [the] medium to long term and overcome the unprecedented coronavirus crisis with the least damage possible,” finance Minister Mohammed al-Jadaan said in the statement.

The pandemic and record low oil prices have forced the government to come up with emergency plans to reduce spending and save the economy.

Saudi Arabia had imposed VAT on goods and services in 2018 along with other Gulf countries, as a part of its economic diversification strategy. The VAT rate in UAE remains the same, despite the current crisis.

Would you like to rate us on Google?         

 

Mohamed Sheriff
Mohamed Sheriff
16:16 28 Jun 20
Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
218141 JOSEPH THOMAS
218141 JOSEPH THOMAS
16:20 23 Jun 20
Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
PMI
PMI
07:14 23 Jun 20
In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc. Wishing HLB Hamt team all the very best.read more
RAVI CHOKSI
RAVI CHOKSI
08:28 21 Jun 20
Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
Maharajan Subramaniam
Maharajan Subramaniam
18:17 06 Jun 20
High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
Mohammed L
Mohammed L
08:07 05 Jun 20
We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
ROY ROSHAN VIVIAN
ROY ROSHAN VIVIAN
06:32 04 Jun 20
Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
Basil Daniells
Basil Daniells
05:55 03 Jun 20
I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
Amar Kashyap
Amar Kashyap
19:28 02 Jun 20
Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
Radz de Jesus
Radz de Jesus
16:03 02 Jun 20
We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
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Stimulus Package for Dubai Free Zones

Jay Krishnan, Partner

image

Companies based in Dubai free zones need not worry about paying rent for the next 6 months. The Dubai Free Zones Council has come up with a major relief package, to help companies recover from the challenges caused by Covid-19.
Postponement of rent is not the core initiative included in the package; it includes various other schemes as well, mainly;

  • Facilitating payments through easy installments
  • Refunding insurance amounts, security deposits and guarantees
  • Cancelling fines on companies and individuals
  • Temporary contracts to enable free movement of labor between different firms in the free zones

Dubai Silicon Oasis Authority, the Dubai Airport Free Zone Authority, Jebel Ali Free Zone, the Dubai World Trade Centre, the Dubai International Financial Centre, the Dubai Development Authority, Dubai South, Meydan City Corporation and the Dubai Multi Commodities Centre are the entities that have contributed to the package, in coordination with the Dubai Free Zones Council.

The initiatives will ensure business continuity at a time when the world is witnessing a crisis like never before. It will provide support and relief to companies that are struggling, via a package of discounts and various other facilities.

Companies functioning in Jebel Ali Free Zone, National Industries Park and Dubai Cars and Automotive Zone need not pay fine on expired trade licenses and new firms will be exempted from paying license fees for the first year.
DIFC plans to implement the following initiatives;

Waiving annual license fees for new companies and 10 per cent discount on renewal fees for existing licenses, during the next three months

Postpone the payment plans for all commercial properties owned by DIFC Investments for six months

For property sales that happen within the three-month period, there will be a reduction in the ownership transfer fees. For this, the ownership transfers should be registered at the centre within 30 days following the end of the three-month period.

Companies that operate in Dubai Development Authority (DDA) and TECOM Group can postpone payments, and in the case of new firms, the lease period can be postponed and the registration fees can be cancelled for a period of six months. The fines on expired licences and other financial and administrative fees can be cancelled.

“We have also offered large exemptions on a wide range of fees for the 17,000 registered companies, by reducing registration fees by 50 per cent for new companies joining the centre, while current companies now have 30 per cent discounts on renewal and amendment fees. In addition, we have launched many flexible payment options for various sectors. We will continue supporting their needs and announce additional details in due course,” said Ahmed bin Sulayem, CEO and executive chairman of Dubai Multi Commodities Centre.

Jebel Ali Free Zone had earlier announced 50-70 per cent reduction in business-related fees for registration, licensing and administrative related charges.

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Automatic renewal of visas in UAE

Lavin Nalinababu, Business Consultancy

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The entire world has come to a halt because of the corona virus pandemic. People are placed under home quarantine and there are many who are unable to go to their work destinations.

Renewing your visa which is about to expire, at this time, may not be possible. UAE has made it easier for laborers and domestic workers. In case their residency visas and labor permits have expired, they will be exempted from medical fitness tests and their visas will be renewed automatically.

The move was announced by the Ministry of Human resources and Emiratisation (MOHRE), Ministry of Health and Prevention (MOHAP,) and the Federal Authority for Identity and Citizenship (FAIC) and it will be applicable for only those working for establishments as well as domestic service workers. Payment must be made via an authorized channel to renew the visa.

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Timeframe for recovering Input Tax

Harish E, Manager - TAX

image

The Federal Tax Authority has issued a Public Clarification (VAT P017) for “Timeframe for recovering Input Tax”. This Public Clarification clarifies the FTA’s position relating to

Input tax must be recovered in the first tax period in which two conditions are satisfied:

  • The tax invoice is received and
  • An intention to make the payment of consideration of the supply before the expiration of six months after the agreed date of payment is formed

It is important to note that one should receive the tax invoice from the supplier and intention to make the payment is formed. In many cases the intention to make the payment arises after certain internal process. In the case of a manufacturing industry, intention to make the payment for raw material is generally formed after completion of quality control. Unless the quality control approves, the company doesn’t have an intention to make the payment. Hence, the second condition, intention is formed on the date when the quality control accepts the raw material. Similar situation arises in construction industry.

Therefore, the taxable person should refrain to claim the input when tax invoice is received and intention to make the payment is not formed.

What happens if the input tax is not claimed in the first tax period when both the conditions are satisfied?

  • The taxable person can claim in the next tax period subsequent to the first tax period in which both the conditions were satisfied.
  • In case, taxable person miss to claim the input tax in the subsequent tax period , the taxable person should recourse to the voluntary disclosure.

What happens if the input tax is claimed but the taxable person fails to pay the supplier after the expiry of 6 months from the due date of payment?

  • Taxable person should reduce the input tax in the VAT Return in the tax period following the expiry of the six-month period and
  • Once the payment is made, the taxable person will be entitled to recover the input tax in subsequent tax period.

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HLB HAMT Partners with Automation Anywhere

Vimal Ramachandran, Director

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Automation Anywhere, a Robotic Process Automation provider, announced partnership with HLB HAMT, to deliver RPA products as part of their Accounting, Audit Assurance, and Business Consultancy practices. HLB HAMT will start deploying Automation Anywhere’s Intelligent Digital Transformation platform as a part of its service offerings, from the current month.

“Business across verticals are willing to deploy intelligent digital workforce solutions to automate repetitive and mundane tasks allowing employees to work on insight-driven activities, thus increasing business efficiency,” said Milan Sheth, Executive Vice President, Automation Anywhere, India Middle East, and Africa region.

Automation Anywhere’s traditional RPA comes bundled with cognitive and machine learning elements such as natural language processing and reading unstructured data, allowing organizations to build world-class Intelligent Digital Workforces. HLB HAMT operating with superior experience in the field of accounting practice, and business consultancy is looking to scale up by providing automation efficiency as one of the critical business offerings to the customers.

“We’re excited to partner with Automation Anywhere, implementing their unique RPA technology and incorporating it within our services,” said Vimal Rama, Director of IT, HLB HAMT. “To fully stand out in this market, we need to be at the forefront of technological advancements to provide our customers with effective and efficient services within our practice. Automation Anywhere’s state-of-the-art technology will help us do this, and we’re looking forward to working together this year.”

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Five-year multi-use visa for Tourists in UAE

Lavin Nalinababu, Business Consultancy

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UAE has welcomed 2020 with a great news for tourists; a five-year multi-use visa. The visa will be implemented in the upcoming four months and people of all nationalities can avail it.

UAE is one of the most preferred tourist destinations across the globe and the recent move further enhances its status. This will also boost the tourist and real estate economy of the country, as there will a substantial increase in tourist spending as a result of longer stays.

Currently in UAE, a 90 days multi entry visa is provided to tourists. With the new initiative, tourists can enter the country multiple times in five years, and this saves them the cost of applying for each entry. This comes as a boon for people who visits UAE regularly as it will lessen the procedures and cost associated with applying for visa.

More than 21 million tourists make it to UAE every year and around 25 million visitors are expected to be a part of Expo 2020, that is set to begin in October.

The UAE government had earlier introduced a series of initiatives aimed towards ease of doing business in the country, which was highly appreciated by the business community. Now, with the alteration in the tourist visa policy, the government has made it easier for tourists as well.

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New Business Incubator by Dubai SME

Lavin Nalinababu, Business Consultancy

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Dubai SME has recently introduced a new business incubator named Bedayat, to promote entrepreneurship and innovation in the emirate. The initiative which has been launched in collaboration with the Sustainable City in Dubai will provide novel solutions to entrepreneurs and startups, helping them thrive in the area.

The initiative intends to provide support and guidance to SMEs, encourage investment in latest technologies in Dubai, and create an ideal atmosphere for entrepreneurial startups. There are numerous other SME-approved facilities in Dubai and the current one, Bedayat, marks the seventh such initiative. Diverse variety of services, packages, and events are included in the scheme. This will enable entrepreneurs to compete in the local market and come up with innovative projects.

The other incubators launched by the country has been successful so far; they have supported 50 incubated projects along with organizing numerous events that include training workshops and specialized programmes. Bedayat is another example that reflects on the efforts taken by the nation to promote entrepreneurship and innovation and this will contribute further to the accomplishments of the other existing incubators. It will help SMEs to develop innovations in the sustainable technology arena and convert them into commercial opportunities. Novel ideas in the fields of food technology, energy, water, building materials, transportation and waste treatment is another positive outcome expected out of the initiative.

With the help of Badayat, entrepreneurs can meet business experts from diverse fields and engage in various training sessions. Success of projects are ensured by providing the opportunity to conduct research and experiments before applying them on-ground.
The initiative aims towards a “smart ecosystem for creative entrepreneurs who believe in making cities more suitable and sustainable to live in”.

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