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New Legislation To Bolster Cyprus’s Position In Collective Investment Schemes

by THEFUTURE.TEAM

July 2, 2024

The Cyprus Investment Funds Association (CIFA) recently announced a new legislative initiative aimed at strengthening Cyprus’s position in the global arena of collective investment schemes. As reported, this development marks a significant step forward for the Cypriot financial sector, positioning it as a more competitive and attractive destination for investment funds.

Overview of the Legislation

The new legislation introduces several reforms designed to enhance the regulatory framework governing collective investment schemes in Cyprus. These reforms are intended to align Cyprus with international best practices, ensuring that the country remains an attractive and competitive location for fund managers and investors.

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Key aspects of the legislation include:

Enhanced Regulatory Oversight: The new measures will bolster the regulatory oversight of investment funds, ensuring greater transparency and accountability. This will help mitigate risks and protect investors, fostering greater confidence in the Cypriot financial market.
Streamlined Processes: The legislation aims to simplify administrative procedures, making it easier and more efficient to establish and operate investment funds in Cyprus. By reducing bureaucratic hurdles, the country can attract more fund managers and streamline operations for existing ones.
Tax Incentives: To further attract international investment, the legislation includes provisions for favourable tax treatment of investment funds. These incentives are designed to make Cyprus a more appealing jurisdiction for collective investments, enhancing its competitive edge in the global market.
Innovation and Flexibility: The reforms promote innovation within the investment funds sector by providing greater flexibility in fund structures and operations. This includes accommodating a variety of investment strategies and asset classes, which can attract a broader range of investors.

The introduction of this legislation is poised to have several positive implications for Cyprus’s economy and its financial sector.

The financial industry in Cyprus has welcomed the new legislation, recognising its potential to drive growth and enhance the country’s position in the global investment landscape. The Cyprus Investment Funds Association (CIFA) has been a key advocate for these reforms, highlighting the benefits they bring to both local and international stakeholders.

Industry experts anticipate that the reforms will attract a new wave of investment funds to Cyprus, leveraging the country’s strategic location, skilled workforce, and favourable business environment. The legislative changes are seen as a proactive move to adapt to the evolving global financial landscape and meet the needs of modern investors.

UAE’s Foreign Trade Hits Record $820 Billion In 2024, Fueled By Strategic Deals

by THEFUTURE.TEAM

February 5, 2025

In 2024, the UAE’s foreign trade reached a historic $820 billion (AED 3 trillion), marking a significant achievement for the nation. This milestone was driven by a rise in international trade agreements, with Dubai’s ruler, Sheikh Mohammed bin Rashid Al Maktoum, highlighting the pivotal role these partnerships played in the country’s economic growth.

Strong Trade Growth

The UAE’s foreign trade saw a robust 14.6% year-on-year growth in 2024, a stark contrast to global trade growth of just 2%. Sheikh Mohammed credited the nation’s ongoing efforts to strengthen economic ties globally, with a particular emphasis on the role of UAE President Sheikh Mohammed bin Zayed Al Nahyan, who has worked tirelessly to cultivate stronger international relationships.

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The Impact Of CEPAs

A key contributor to the UAE’s foreign trade success is the implementation of Comprehensive Economic Partnership Agreements (CEPAs). These agreements, spearheaded by Sheikh Mohammed bin Zayed, added an impressive $36.8 billion (AED 135 billion) to the UAE’s non-oil trade in 2024, marking a 42% increase from the previous year. These agreements are helping to cement the UAE’s position as a global trade hub.

Achieving Ambitious Goals Early

In 2021, the UAE set an ambitious target of reaching $1.1 trillion (AED 4 trillion) in foreign trade by 2031. By the end of 2024, the country had already achieved 75% of this goal, putting it on track to surpass this target well ahead of schedule. This rapid progress reflects the UAE’s strong economic vision and strategic focus on progress over politics.

Exports Surge

The UAE’s exports also saw a significant jump in 2024, rising 32% between January and October compared to the same period in 2023. This performance highlights the strength of the country’s industrial strategy and its growing global market access.

Outlook for 2025

The UAE’s economic outlook remains strong, with the International Monetary Fund (IMF) forecasting 4% growth in 2025, driven by non-oil sectors such as tourism, construction, and financial services.

In conclusion, the UAE’s record-breaking trade figures are a testament to its effective economic strategies and its growing influence in global markets.