Author - Truth Consultancy

January 2021

The UAE strengthens its forefront in Islamic finance globally after Corona

Reda Mosallam, partner and general manager of the “Truth” economic and management consultancy, said that the UAE and Dubai have declared that it is the capital of the Islamic economy, which is an economy as we know that depends on the instructions of the tolerant Sharia and adopts indicators such as murabahah.

He explained that the UAE issued to that position to be the capital of the world for the Islamic economy was not overnight, as it started since the seventies of the current century, when it developed legislation for the field of Islamic banking, indicating that it is as a result of the accumulated experiences of banks in the country and with the assistance of the Islamic Development Bank for excellence in The field of finance for all economic fields The UAE has been distinguished as a leading country in this field.

He indicated that targeting the state to develop legislation in the field of Islamic economics, especially the requirements for financing operations, enhances the role of the UAE in the same field in light of finding permanent solutions commensurate with modern economic developments. He pointed out that Islamic finance always fills the deficit that other types of financing, such as commercial financing or international financing, do not provide to meet the requirements of all economic sectors.

December 2020

Experts: The law provides a healthy economic environment to face the emergencies

Economic expert Reda Mosallam said, the law is in the matter of consumer protection, the sustainable development of a series of legislations and laws that support and enhance the global competitiveness of the state, entrench the concepts of the state’s protection of the consumer against fraud and imitation, and instill confidence in the souls of local and international consumers, who are in the state to shop.

He added: The law has closed some gaps in the previous laws, the most important of which are: ensuring the quality of the good or service, ensuring that the commodity is obtained at the declared and approved price by the official authorities, and ensuring that there is no hidden increase, in addition to the consumer obtaining his full rights before the seller, advertiser or agent After-sale service, as per years of warranty.

The launch of a unified tourist identity rediscover the fortunes of UAE

A recent report issued by the “Truth” Economic and Management Consultancy said that the launch of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, “May God protect him”, the unified tourism identity initiative, which contributes mainly to discovering the wealth of the UAE.

The report that the company assigned to the newspaper “The Vision” indicated that in light of the pandemic of the “Covid-19” virus that has swept the world and struck all over the globe and the whole world has been sitting in their homes for more than 4 months, flights have completely stopped, and all international tourism delegations have been canceled. Among the destinations of those delegations is the United Arab Emirates.

The partner and general manager of the company, Reda Mosallam, said that from here, the unified tourism identity initiative was launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister and Ruler of Dubai, “may God protect him”, to move strongly towards domestic tourism and rely on it. During the current period until the world’s life returns as it was before the pandemic, and then restructuring the tourism sector to face global tourism, including the local airlines (Etihad – UAE and others) to bring in those delegations.

He pointed out that the campaign “The Most Beautiful Winter in the World” has been launched, which is the first unified campaign for domestic tourism at the level of the UAE, and will continue for a period of 45 days, with the participation of all tourism agencies in the country, under the coordination of the Ministry of Economy, and with the support of the Media Office of the UAE government.

He explained that the campaign targets various groups of Emirati society, including citizens, residents and visitors, to encourage domestic tourism in the regions and emirates of the country as a whole, as one destination, while highlighting the characteristics and features of each emirate, and rediscovering the country’s natural, geographical and historical wealth, and the multiple attractions throughout the emirates of the state.

He emphasized that the state’s tourism sector is one of the most important sectors of the state’s domestic product, and this is due to several things, foremost of which is the state’s possession of the various types of tourism, for example marine tourism and the practice of marine mathematics, as it has the most beautiful beaches, their extension, diversity and calm waves.

He pointed out that one of those elements is conference tourism, as there are large areas and various places equipped with the latest means that help the two conferences to rest and reach the best decisions, adding that among those elements is shopping tourism and desert sports, because the state has advanced and large shopping centers that allow displaying the largest commodities. And others.

He explained that this sector contributes a large percentage to the gross domestic product, and also contributes to a strong and real addition to soft power, as the state exerts all efforts to form the mental image of the state regionally and internationally.

He indicated that among the most important of these efforts is the development of a unified identity of the state in all humanitarian, economic, tourism, media and scientific fields, and the strengthening of the UAE’s position as a gateway to the Arab region and its cultural stock and as the capital of the Arab world for culture, art, media, tourism and science.

He added that among those efforts is also the development of effective international networks with individuals and institutions around the world to serve the goals and interests of the state, in addition to consolidating the country’s reputation as a modern, open, tolerant and loving country for all peoples of the world.

8 factors enhancing the UAE’s position in the Arab and global competitiveness index

Reda Mosallam, director of the company “Truth” economic and management consultancy, told “alroeya” that the UAE has the two largest aviation networks in the region, “Etihad Airways” and “Emirates Airlines”, and has airlines with most countries of the world, as well as two commercial ports, “Jafza.” “And” Jebel Ali “, and we also do not forget the largest oil export port in the region on the Arabian Sea, which is the port of Fujairah, and this helped the country to be at the forefront of countries competing to attract foreign investment.

He pointed out that a series of legislations had been issued that help with competitiveness, for example the Competitiveness Law, which transformed the National Statistics Center into the Federal Competitiveness and Statistics Authority.

Mosallam explained that the UAE is characterized by high quality, and that it takes into account and exerts significant costs in quality and maintaining quality, safety standards and discipline, so any product in the Emirates is an internationally approved product and is known for its quality and compatibility with standards, whether in the foodstuff or manufacturing sector, all of this. Help the UAE to be at the forefront of the Arab countries.

The UAE economy.. Exemplary resilience to the repercussions of the pandemic

The economist, partner and general manager of the “Truth” Economic Consultancy Company, Reda Mosallam, identified a number of factors that enabled the UAE to preserve its position as a model for emerging markets in the Middle East region despite the Corona pandemic crisis and its severe repercussions.

The first of those factors that Mosallam spoke about in statements to “Sky News Arabia” is the state’s important location in the Arabian Gulf, in addition to the superior infrastructure, especially with regard to ports such as Kizad Port in Abu Dhabi and Jebel Ali Port in Dubai. As well as the very important free zones, in addition to the two largest airlines in the region (Etihad and Emirates).

He explains that “the UAE is a rich country, and it has strong financial surpluses, and at the same time its progress stems from the conviction of all that is new and innovative that is applied. The UAE maintains strong relations with all countries of the world.

Among the factors that Mosallam highlighted, is the factor of “legislation” that facilitates foreign investment, which are “clear and easy” legislation and laws.

The economist stresses that all sectors of the GDP in the Emirates are superior, in addition to the fact that the country has soft power and a positive mental image in the whole world, and is making huge efforts to make the world know that it is a state of happiness and tolerance.

The economist touched on Abu Dhabi, which ranked ninth in the world in the axis of economic performance, indicating that it is rich in financial surpluses represented by the sovereign funds that exceeded a trillion dollars, in order to protect them and strengthen their position, to the point that some countries maintain the dirham as a currency reserve currency.

Mosallam added, “The oil surpluses that the state enjoys suffices for long periods and large quantities. The UAE in general produces about three million barrels per day, has a huge surplus of natural gas, and God has blessed it with energy resources, in addition to that it has occupied an important position in foreign aid since the sheikh. Zayed bin Sultan Al Nahyan, who has always had white hands on poor Arab and Islamic countries, has provided generous aid to the needy. “

November 2020

Experts: Providing investment options that support the economy with quality projects

Reda Mosallam, partner, and general manager of the “Truth” Economic and Management Consultancy said that the adoption of amendments to the Companies Law to allow the introduction of new forms of companies while allowing foreigners to fully own projects and thus attract more investments and permanent foreign inflows that pump into the arteries of the national economy.

Mosallam added that these amendments will strengthen the legislative environment in the country, especially in the economic aspect, and will have several positive effects, as the establishment of companies with foreign ownership will provide more job opportunities as well as the availability of new products and services, which will be reflected in the growth of the foreign domestic product.

Experts: The discoveries establish the UAE as a global energy resource

Reda Mosallam, an economist and managing partner at the “Truth” Economic Consultancy Company, confirmed that the new discoveries announced by the Supreme Petroleum Council will add new strength to the oil and gas sector in the UAE, as well as increase the support for oil as an important economic commodity.

He explained that the petroleum discoveries will support the UAE’s strength in the international oil market, and double the petroleum reserve, indicating that the UAE’s monetary reserve has global strength.

He added that the new oil discoveries will support the UAE dirham in international markets, noting that the UAE is a major player affecting the market in terms of quantity, prices and meeting demand, along with America, Saudi Arabia and Russia.

10 advantages that placed the UAE among the first in the global Islamic economy index

The managing partner of Truth for Economic and Management Consultancy, Reda Mosallam, confirmed to “Alroeya” that the UAE is one of the most important Islamic countries that have made and are still supporting and strengthening the consolidation of Islamic culture in all aspects of life, whether in Islamic countries or elsewhere.

He explained that one of the most important factors that helped and worked for the state to occupy the second place in the index of the Islamic economy is that the state’s religion is the Islamic religion according to and in accordance with the permanent constitution, and the scientific and practical application of the rulings of the tolerant Sharia among residents of different religions, without opposing those religions.

He pointed out that among those factors is the state’s possession of “soft power,” which refers to the geographical location, which mediates the world and the state’s hosting of more than 208 nationalities on its soil who live in peace and harmony, which convinced them to enter the true Islamic religion.

He indicated that among these factors also is the state’s technical progress and its adoption of artificial intelligence during the coming decades, especially as it has a strong and modern infrastructure, The state owns the two largest aviation companies and the largest network of lines with the countries of the world, which helps the ease of linking the countries of the world to each other, the state has more than one aid association as these associations provide generous aid that the state provides to poor Islamic countries and also provides aid to any country exposed to disasters and grants.

Offering the shares of free zone companies qualifies the UAE market to be promoted to “advanced”

The report of the “Truth” Economic and Management Consultancy said that the government decision regarding setting up a system that allows the offering and issuance of shares of companies located in the free zones in the UAE comes within the framework of the efforts made by the Ministry of Economy, especially the Securities and Commodities Authority, to create a legislative environment that qualifies local markets. To upgrade to advanced markets.

In a statement singled out by Al-Ru’ya newspaper, Reda Mosallam, Managing partner of the company, stated that it’s also aims to expand the size of the capital and securities markets to include the market values of these companies, which means increasing the market values of countries with the same values.

He pointed out that the benefits of the decision are to expand the base of joint-stock companies, by entering foreign companies registered in the free zones, in front of potential investors, who prefer to invest in the financial markets of the state.

He stressed that the decision will also have its positive effects on opening the state’s markets to companies looking to offer their shares in new markets, instead of the traditional markets that tighten their requirements, which will have positive effects on the state’s markets.

 

He pointed out that the decision to allow foreign companies and establishments in the free zones to offer their shares means an important leap in the promotion of the state’s financial markets and steadily increasing its market value.

He pointed out that the decision would strengthen support for the UAE dirham, and make it reach the level of free currencies that countries and investors buy as a safe haven.

The new federal budget confirms the strength of the UAE economy through facing Corona

The report of the “Truth” Economic and Management Consultancy said that the UAE’s new federal budget figures for the fiscal year 2021 confirm that UAE has survived the “Covid-19” pandemic that prevailed in the world and wreaked havoc and beaten relentlessly in all aspects of life, especially economic life. The world’s most powerful economies have entered a recession and then deflation.

Reda Mosallam, the company’s director, explained in a statement singled out by “Al-Ru’ya” newspaper, the announcement of the federal budget for the fiscal year 2021 is a clear and honest indication of the strength and durability of the national economy and its strong interest in development, economic and social projects. The sectors of social development and social benefits received the largest share, as 26 billion dirhams of the total budget were allocated to the social development sector (426% of Budget), including an amount of 96 billion dirhams for public, higher and university education programs.

He pointed out that the state has paid great attention to the health care and community protection sector, as it has allocated 5 billion dirhams, representing about 8% of the total budget, indicating that the state is devoting most of its energy to confront the Corona pandemic.

According to the report, Reda Mosallam said that the budget numbers reflect the strenuous efforts made by the state agencies in order to maintain the desired and targeted growth of the state’s domestic product, mitigate the negative effects of the Corona pandemic, and provide all support to small and medium enterprises and maintain them as one of the main engines of sustainable development to the state.

Mosallam pointed out that the overriding goal that the rational government raises is to raise living standards and provide a decent life for citizens and residents of the country, and to exert every precious to achieve this.