Trade Seminar in Vienna on the Latest Regulatory Developments in the UAE

More+Events ♦ Published: March 24, 2024; 21:28 ♦ (Vindobona)

Diplomacy, business, and finance representatives gathered in Vienna for a seminar dedicated to the latest regulatory developments in the United Arab Emirates (UAE). Organized by the Embassy of the UAE in cooperation with Crowe UAE and the Austrian Arab Chamber of Commerce (AACC), the seminar provided a platform for an exchange on innovations in tax, corporate, and immigration law in the UAE. The event received special support through the participation of experts from the UAE Ministry of Finance and the Austrian Chamber of Commerce.

Mouddar Khouja, Secretary-General of the Austro-Arab Chamber of Commerce, stressed the UAE's global significance as a logistical bridge between the East and West, Africa and Asia. / Picture: © Austro-Arab Chamber of Commerce (AACC)

The opening speech was given by His Excellency Hamad Alkaabi, UAE Ambassador to Austria. He emphasized the steadily growing relations between the UAE and Austria, which were expressed not least by a trade volume of one billion euros in 2023. This development is evidence of a profound partnership that is characterized by constant progress and close cooperation, both politically and economically. The recognition of the UAE Embassy in Austria as one of the best diplomatic representations of the UAE abroad underlines the quality and success of these efforts.

Martin Woller, Head of the Middle East and Africa Department at the Austrian Federal Economic Chamber, emphasized that the UAE is one of the most attractive destinations for Austrian investors and companies. He emphasized the importance of the modern infrastructure and the favorable investment climate, which make the UAE a preferred destination for Austrian business activities. Woller emphasized the growing dynamics of economic relations and the commitment of the Austrian Federal Economic Chamber and the Austrian-Arab Chamber of Commerce to further promote and support them.

DI Mouddar Khouja, Secretary General of the Austrian-Arab Chamber of Commerce, highlighted the central role of the UAE as a global logistics center that connects the East with the West and Africa with Asia. He pointed to significant UAE investment projects around the world, such as the Ras Al-Hekma project in Egypt, in which 35 billion euros have been invested. Khouja also praised the UAE's efforts to promote Arab culture worldwide and to preserve the cultural and civilizational heritage of Arabs and Muslims. One example of this is a scholarship program run by the Emirate of Sharjah, which provides young people with an intensive course in Arabic language and culture.

Fatima Al Sheikh from the UAE Ministry of Finance presented the latest changes to the UAE's tax system and the new digital opportunities for investors. She discussed the tax conditions for small and medium-sized enterprises and the tax exemptions for start-ups that do not exceed an investment volume of up to 3 million dirhams.

The experts from Crowe UAE, Mr. Susilo, and Mr. Maier, addressed the specific requirements and considerations for investors and companies looking to expand their business activities between Austria and the UAE. They addressed the tax and legal framework that is crucial for the success of such ventures and emphasized the importance of comprehensive tax advice.

The seminar in Vienna thus not only offered insights into current regulatory developments in the UAE but also promoted dialog and cooperation between the UAE and Austria. The event underlined the importance of bilateral relations and the many opportunities that arise from a further deepened partnership. By bringing together subject matter experts, diplomats, and business representatives from both countries, the seminar served as an ideal forum to discuss the latest trends and developments in the UAE's legal and business space. It provided a unique opportunity to learn directly from the decision-makers and professionals involved in shaping future policies and frameworks.

Presentations and discussions covered a wide range of topics, from the introduction of new tax incentives to the impact of digital transformation on corporate and immigration law. The presentations provided participants with valuable insights into the UAE's strategic direction and the opportunities this presents for international investors and businesses. In particular, the changes in the tax system and the new digital services were seen as important steps to further strengthen the UAE as an attractive business location.

The UAE's role as a bridge between the markets of the Middle East and other regions of the world, particularly Europe, was also a key topic of the seminar. The UAE's strategic location, combined with advanced infrastructure and an investment-friendly environment, makes the country a central hub for international business. Participants discussed the opportunities arising from this positioning and how companies can capitalize on them to expand and grow their businesses.

The interactive discussions and sharing of best practices allowed participants to take away concrete insights and advice that can be applied to their ventures and projects. The questions and answers after the presentations showed a high level of interest and the need for clear guidance on the regulatory framework in the UAE.

In addition to the technical discussions, the seminar provided a platform for networking and building business relationships between the participants. The breaks and the supporting program were used to make contacts, initiate collaborations, and exchange experiences. The event impressively demonstrated the importance of direct dialog and personal encounters in international economic diplomacy.

In conclusion, the seminar in Vienna showed that relations between the UAE and Austria are on a solid footing and offer great potential for further deepening. Participants left the event with a better understanding of business opportunities in the UAE and a strengthened network that will form the basis for future cooperation. It became clear that continued cooperation and exchange between the two countries is essential for promoting mutual prosperity and understanding.



Crowe UAE

UAE Embassy Vienna