Abu Dhabi Implements New Measures To Shift Away From Oil Dependency

by THEFUTURE.TEAM

December 5, 2024

Abu Dhabi, the capital of the United Arab Emirates (UAE), has introduced significant measures to simplify business operations and support economic diversification as the region looks beyond oil. With over 90% of the UAE’s oil reserves concentrated in Abu Dhabi, the emirate is intensifying efforts to foster growth in non-oil sectors such as tourism, logistics, manufacturing, and industry.

Centralised Business Registry

One of the key initiatives unveiled is the Abu Dhabi Registration Authority (ADRA), a centralized platform for business registration. This authority will operate under the Abu Dhabi Department of Economic Development (ADDED), serving as a single point for registration while ensuring compliance with UAE and international regulations. Ahmed Jasim Al Zaabi, chairman of ADDED, highlighted during Abu Dhabi Business Week that streamlining these processes aims to make business operations more accessible and efficient.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Economic Growth Beyond Oil

Abu Dhabi’s economy expanded by 4.1% in Q2 2024, driven by robust growth in non-oil GDP, which surged by 6.6%. This growth was powered by advancements in construction, manufacturing, and finance. However, as global efforts to reduce reliance on fossil fuels gain momentum, Abu Dhabi is accelerating its pivot toward sustainable economic models.

Supporting the Private Sector

The emirate also announced a strategic roadmap for the Abu Dhabi Chamber of Commerce and Industry to bolster private sector growth. Additionally, a Family Business Council was established to support family-owned enterprises, recognizing their critical role in the economy.

Regional Competition

Abu Dhabi’s diversification push comes amidst growing competition, particularly from neighbouring Saudi Arabia, which is undergoing rapid economic and social transformation. Both nations are racing to attract foreign investment and establish themselves as leading hubs in the Middle East.

These initiatives underline Abu Dhabi’s commitment to transitioning toward a diversified and sustainable economy while retaining its competitive edge in an evolving global landscape.

The Future Forbes Realty Global Properties

EU Adopts New Package Travel Rules With 14-Day Refund Requirement

by THEFUTURE.TEAM

April 3, 2026

The Council of the European Union adopted updated rules on package travel, introducing stricter requirements for refunds, transparency and consumer protection across member states. Updated provisions revise the existing directive and define obligations for travel providers offering bundled services such as flights, accommodation and transfers.

Clarifying The Package Travel Directive

The updated directive clarifies the definition of package travel and excludes certain linked travel arrangements from its scope. Coverage applies to services sold as a single product, including combinations of transport, accommodation and additional services. This revision standardizes how travel products are classified and clarifies rights and obligations for both providers and consumers at the point of purchase.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Enhancing Transparency And Consumer Rights

New rules require providers to disclose key information before and during travel, including payment terms, visa requirements, accessibility conditions and cancellation policies. These disclosures aim to reduce disputes and improve consumer awareness. Defined refund timelines include a 14-day period for cancellations due to extraordinary circumstances and up to six months in cases of organiser insolvency. The measures address gaps identified in earlier versions of the directive.

Ensuring Accountability And Trust In Travel Services

Organisers must implement complaint-handling systems and provide clear information on insolvency protection under the updated framework. These provisions aim to improve accountability across the travel sector. Previous disruptions, including the collapse of Thomas Cook and travel restrictions during COVID-19, exposed weaknesses in refund processes and consumer protection. Updated rules respond to those issues.

Implications For Cyprus And The Broader Industry

Tourism accounts for approximately 14% of Cyprus’s GDP, with package travel playing a central role in visitor flows. Major operators such as TUI and Jet2 provide structured travel offerings that support demand. Such operators contribute to revenue stability and help extend the tourism season by securing transport and accommodation in advance. Greater regulatory clarity may support continued sector growth.

A Model For Future Consumer Protection

Clearer rules on vouchers, refunds and insolvency protection now apply across the European Union. These measures aim to reduce consumer risk in cross-border travel. Implementation across member states will determine the impact on both consumers and travel providers. The framework may influence future regulatory approaches in the sector.

Breaking news