Foloosi Crosses 3Million+ AED Transactions in Quater4

Foloosi (https://www.foloosi.com ) is a UAE Fintech startup facilitating consumer-to-business card payments by enabling the business to display QR code, Payment Link and API integrations for the customer to scan & pay conveniently.

Foloosi was founded in 2018 and launched its product in the year 2019 that enables simple and easy ways to accept, process, and disburse payment solutions for businesses. It helps businesses by providing payment gateway, payment link, subscriptions and POS software. Foloosi’s payment solutions can be integrated by both web and mobile applications.

We are very happy to announce that we have achieved 3million+ transactions in Quater4, a milestone that reflects the considerable growth of Foloosi in UAE. This is not possible without our Foloosi community and followers. We as a team believe that the mighty God is helping us to flourish the company more and more. 

It is a significant percentage, and an increasing number of users are adding more than one card to their mobile phone to make payments. In addition, the number of people using their mobile for payments currently stands a high percentage in UAE.

At present, Foloosi has launched a cloud- based point- of- sale system with payment processor with an aim to make the payment processing easier and faster and it will be live soon.

Foloosi will furnish a full POS solution with Payment terminal, which is intended to be completely coordinated with each sort of business. We additionally plan to make the creative gadget quick, straightforward and secure so as to enable corporate clients’ to all the more likely spotlight on their organizations.

Foloosi’s cloud based POS software will allow businesses to easily key in a sale, quickly accept any form of payment, and print receipts, from one device.

Our cloud based POS will be provided with the following:

Foloosi enables a simple and easy way to accept, process, disburses payment solutions for businesses. We help businesses by providing payment gateway, payment link, subscriptions and POS software. Foloosi payment solutions can be integrated by both web and mobile applications.

UAE bank told to pay for Dh4.7 million after SIM swap fraud

Dubai: A recent judgment by a Dubai court, which held a local bank responsible for a Dh4.7 million SIM card swap fraud, serves as a reminder to all banks and telecom providers to adopt tighter security measures, a Dubai-based lawyer has said on Sunday.

Ghassan El Daye, Partner and Head of Litigation for the Middle East with the UK-based law firm Charles Russell Speechlys, said that in a landmark judgment, the Dubai Commercial Court recently found a local bank responsible for a SIM card swap fraud that cost a customer Dh4.7 million in life savings.

The case dates back to 2017 when the customer’s money was stolen from his account which the bank had then closed without his knowledge.

El Daye said the court has ordered the bank to pay the customer Dh4.7 million with a nine per cent interest from the date the case was lodged.

“This judgment is significant because it involves new essential factors related to the UAE’s banking sector and its customers. The judgment suggests recommendations for banks and telecom providers, including the need to apply strict security measures, carry out continuous monitoring, upgrading of PIN numbers and tighter background checks on employees,” said El Daye.

He said telecommunications companies should also impose tighter controls over SIM card replacement applications as several scams have been reported in the country.

“It must be forbidden to issue a replacement SIM card unless the holder of the card goes physically to the bank and telecommunications provider with original ID.”

According to Al Daye, his client, who used to work in the UAE, had opened a savings account at the local bank in Dubai in 2015 before he moved out of the country, leaving behind Dh4.7million in the account. But to the horror of the man, whose nationality and age wasn’t disclosed by the lawyer, the account showed zero balance in May 2017. The man then lodged a criminal complaint. But a Charles Russell Speechlys litigation team, headed by El Daye, advised him to pursue a civil case in order to get his money back.

During a court hearing in September this year, the victim’s defence said the bank should be held responsible based on facts and expert findings. The bank had insisted it’s the client’s responsibility since he had possession of the original SIM card and PIN number. It had argued that he should have objected to the transactions within 30 days of reviewing the account statement.

According to case documents, the bank failed to disclose its internal investigation reports to an expert appointed by the court and claimed the incident was a result of faulty transactions.

“For such a scam to succeed, our client’s confidential information must have been deliberately exposed by some bank employees who had access to it,” said El Daye.

The expert’s report submitted to court was in favour of the client and stated that confidential data, including official documents and contact numbers, were illegally revealed to others by a bank employee.

“This information was illegally passed on to other suspects who used it to obtain a replacement SIM card for the client’s phone number from the local telecommunications service provider in Dubai,” the lawyer said.

The fraudsters were able to change the PIN code connected to his bank services before logging him out and transferring the money.

However, the Dubai Commercial Court rejected the bank’s claims in October 2019 and held it responsible for the scam.

How SIM swap cards work

Once cyber criminals have gathered enough information on a target, they create a false identity. First, they call the victim’s cell phone provider claiming that his or her SIM card has been lost or damaged. Then they request a replacement SIM. Most telecom providers won’t acquiesce to those requests unless security questions are answered, but the fraudsters come prepared, using the personal data they’ve collected to defeat the security checks.

As the victim’s SIM card stops working, the criminal gains access to any online service that requires security codes to be sent to a user’s mobile phone. Banks do ask for confirmation via text messages to the phone number but since it’s already with the criminal, victims remain in the dark even after their bank accounts have been drained.

How to protect yourself from SIM swap fraud:

If your cell phone number stops working for an unknown reason, get in touch with your telecom operator immediately.

Register your number for SMS and email alerts to stay updated about transactions on your bank account.

Don’t respond to unsolicited calls and text messages asking for your bank details.With inputs from Mazhar Farooqui, Features Editor – Special Repor

Source: https://gulfnews.com/uae/uae-bank-told-to-pay-for-dh47-million-after-sim-swap-fraud-1.68348671

What is a Payment Gateway and How Does It Work?

Online payments have turned into a piece of our day by day lives in the blink of an eye. We’re executing on the web through debit or Visas as well as through various different modes like UPI, net banking and wallets too.

Furthermore, why not? Online payments are quick and advantageous. They enable you to purchase items and administrations from everywhere throughout the world. In the event that you are a vendor, you can offer to anybody on the planet with a conventional web association. Your client doesn’t need a PC; a cell phone is sufficient.

Paying on the web is a key component that each e- commerce platform on the planet offers. What’s more, they can furnish this facility by incorporating with a payment gateway.

Be that as it may, what precisely is a payment gateway? Is it safe to execute through a payment gateway? Does it bode well for your business to have payment gateway integration? 

What is a payment gateway?

An online payment gateway (PG) is a passage that interfaces your financial balance to the stage where you have to move your cash. A PG is a product that approves you to lead an online exchange through various payment modes like net banking, debit card, platinum card, UPI or the numerous online wallets that are accessible nowadays.

A PG assumes the job of an outsider that safely moves your cash from the ledger to the shipper’s payment gateway.

How payment gateways work?

A payment gateway focuses on verifying the touchy data given by the client all through the procedure. It guarantees security by encoding information like card and bank subtleties that have been given by the client.

The following are the basic steps showing how a typical payment gateway works.

Step 1: A customer places his or her order and then presses the Submit or Checkout button, or its equivalent button, on the website

Step 2: Once this happens, the website or the e-commerce platform takes the customer to a payment gateway where he or she enters all the relevant information about the bank or the card they are using to pay. The PG then takes the user directly to the page of the issuing bank or a 3D secure page, asking for the transaction to be authorized.

Step 3: Once the payment gateway gets the approval for the transaction, the bank then checks whether the customer has sufficient balance in the account to make this transaction a success or not

Step 4: The payment gateway sends a message to the merchant accordingly. If the reply from the bank is a “No’”, then the merchant subsequently sends an error message to the customer, telling them about the issue with the card or the bank account. If the response is a “Yes” from the bank portal, then the merchant seeks the transaction from the bank

Step 5: The bank settles the money with the payment gateway, which in turn settles the money with the merchant

When this procedure is finished, the client gets an affirmation message of the request being put. 

As referenced before, the exchange of cash includes touchy data about an individual’s bank and card subtleties that are completely close to home to the person in question. Along these lines, it is basic to ensure that this data remains safe.

How payment gateways keep information secure?

A payment gateway guarantees the security of the data you put in. Here is a rundown of things that a PG does to protect your information:

First of all, the whole exchange is brought out through a HTTPS web address. This is not quite the same as the HTTP as the S in the HTTPS represents Secure. The exchange happens through this equivalent passage

Because of the hash work, the framework frequently utilizes a marked solicitation from the vendor to approve the solicitation of the exchange. This marked solicitation is a mystery word, which just the dealer and the payment gateway know

To verify the payment page aftereffect of the procedure, the IP of the mentioning server is checked to identify any malevolent action

Virtual Payer Authentication (VPA) is something that the acquirers, guarantors and the payment gateways are sponsorship to verify the procedure much more. VPA, actualized under the 3-D secure convention, includes an extra layer of security and helps the online purchasers and merchants to validate each other effectively

Benefits of using a payment gateway:

Utilizing a payment gateway isn’t only for moving cash, yet it has different advantages also. A PG can enable a shipper to give the client improve understanding.

PCI-DSS Wallet – The PCI-DSS consistence makes it secure enough to enable the client to store their own information in the entrance or passage for repeating payments. 

White-Label Wallet – Payment gateways enable you to make computerized exchanges through versatile wallet applications. This is the present pattern, as it empowers the client to make every one of his exchanges by simply sitting at one spot. You can get your cash from the record equalization to the portable wallet application and afterward further use it to make payments on different applications or sites

Extortion Screening Tools – Many payment gateways furnish you with misrepresentation screening instruments to decrease the danger of losing data. These apparatuses incorporate the Card Code Value (CCV), Card Verification Value (CVV) or even the Address Verification Service (AVS). These apparatuses guarantee that there is no deceitful exchange

A payment gateway focuses on creating a safe pathway between a client and the dealer to encourage payments safely. It includes the confirmation of the two gatherings from the banks included.

The most significant advantage of a payment gateway is the way that it enables a huge number of clients to utilize it in the meantime, making it feasible for you to buy or sell products and ventures at whatever point you need.

BEST PAYMENT GATEWAY IN UAE

1. Foloosi

2. Telr

3. PayFort

4. CashU

5. PayTabs

UAE fintech startup Foloosi raises Pre-SEED funding

Foloosi, a UAE Fintech startup facilitating consumer-to-business card payments through several ways by enabling businesses to display QR code, share Payment Links and API integrations makes it possible to accept card payments without the need of a POS machine.

Foloosi has raised an undisclosed amount of pre-seed fund from Angel fund investor Rashed Alfalasi in May 2019.

Co-founders Omar Bin Brek and Mohan K with an in-house team of 6 has managed to get the idea off the ground and continue to serve as a valuable start-up in the UAE market.

United Arab Emirates has the highest banking penetration rate in the middle east region. Though in contrary, according to UAE central bank figures (in 2017): 75% of the whole UAE economy is based on cash transactions. Furthermore, compareit4me.com survey (2018) show that 85% of online orders are processed through cash-on-delivery option as a method of payment. Residents need more advanced and modern options in line with the UAE’s 2021 vision.

Foloosi will enable a digital economy empowerment for local businesses, operating merchants and most importantly the e-commerce sector. Foloosi will feature a wide range of advanced technological products on its modern platform – including the core function of ‘Scan to Pay’ feature, which allows a business to accept card payment by displaying QR code technology.

Just-in also, Foloosi has launched its new product ‘Point of Sale’ for small and medium sized businesses. This dedicated POS system will provide merchants a wholly complete system including digital checkout eyeing for a huge potential in the GCC market.

Foloosi enables businesses to go for a complete digital transformation including paperless receipt checkout, which helps the society become greener.

Foloosi CEO, Omar Bin Brek says…

“With the support of our strategic investors, we are accelerating the development of our products further in this digital world and this is a great opportunity to improve in the advanced technology experienced by our users”

The Investor Rashed Alfalasi says…

“I invested in Foloosi because I believe the future will be cashless and that Foloosi is one of the companies that will emerge to lead this effort because of its great team and their strong vision. With dedication and the right strategy, Foloosi can build the cashless society and will provide payment solutions that serve all kind of businesses.”

Source : https://magnitt.com/news/uae-fintech-startup-foloosi-raises-pre-seed-funding

List of Best Online Payment gateway Portal for your E-Commerce Business

Having the best payment portal for your E-Commerce business can be the most important apparatus to succeed. It ought to be planned according to your necessities. It causes you to offer a solitary, coordinated answer for purpose of offer (POS) and handling the payment, which can be offered to traders as a substitution of the present payment strategies. To guarantee that shippers don’t bargain with their present supplier, your pay door arrangement must be verified to take out the risk of chargebacks, and have an all the more wide extent of decisions for making the payments. It even offers centered cost, start to finish client support, speedier settlement, and phenomenal detailing.

Foloosi

Foloosi Technology, a payment gateway UAE brings to you easy to use options that are designed to be accessible, convenient and simple backed by reputed partners to provide security and a credible and reliable customer experience.

Foloosi - Payment Link

For Android : 
https://play.google.com/store/apps/details?id=com.foloosi.customer&hl=en

For iOS : 
https://itunes.apple.com/us/app/foloosi/id1424241732?ls=1&mt=8

Foloosi Technology, online payment gateway UAE provides a convenient way for a user to make in – store payments and can be used at business listed with the Foloosi Technology service provider.

Telr

At first known as Innovate Payments, it was once considered as a standout amongst the best new businesses of UAE. Telr offers its administration in excess of 120 monetary forms around the world. One of the remarkable highlights of Telr is that they offer their administrations in creating nations like Indonesia and Pakistan. Their yearly support cost is $ 95, $27 and $13.5 for section, little and medium dimension accounts separately.

There is additionally no charges on the settlement to the trader represent the section level arrangement. Their administration charges are referenced underneath:

Pay U

PayU, created by the Indian payment handling company, is the most straightforward E Commerce paymentment framework intended to fill the holes left by different complex specialist organizations. PayU is generally acknowledged because of its high change rates and acknowledgment more than a few other payment strategies. The PayuBiz’ API’s and SDKs help associate this stage to any site, application, or related outsider frameworks.

PayU permits payment with a solitary tap. A critical specialized progression is made by allowing the recurrent clients to avoid the progression of entering CVV over and over. The stage even permits perusing and entering OTP before the clients, and consents to the most noteworthy of PCI and DSS principles to guarantee installment data. It likewise stores all credit vault information, so neither the trader nor their clients would need to key it more than once.

Braintree

Presented in the year 2012, and as of now the best portable payment entryway in India and furthermore over different nations. Financed by financial speculator and financial specialists, Braintree is various in its programming, and the code can be set explicitly into a vendor’s online website. It gives a protected checkout experience to the clients, accordingly reassuring them to come back to the site. It is a perfect entryway for associations hoping to process payments productively and overhaul their request the board. It is by and by prepared to form into customary E Commerce locales that license the trading of things or administrations. It offers an online payment door to new and rising associations that empowers them to address associations that probably won’t be able to deal with the payment structure.

Paypal

Set up in 1999, for both MasterCard and debit card payments, and is free for buyers, while traders need to pay change expenses while using PayPal for Visa payments. This payment portal does not require any setup costs, passage expenses, or month to month charges. The advantages are that merchants don’t have to pay once the deal is finished. While using PayPal Standard, clients may leave the site to register out and sign with their PayPal record, or they can pay through Credit card or Visa card without information exchange. PayPal Pro enables dealers to have and alter their entire look at procedure with the goal that customers don’t have to leave the site. It furthermore acknowledges Mastercards utilizing fax, mail, or phone.

Payment Gateways are the eventual future of B2B E Commerce business. They develop a secure connection between the site/browser and the payment processor, thus encrypting payment information for each credit/check card transaction. Therefore, make the right choice for your online store that depends on quality standards, policies, and secures the available sensitive data.

CashU

CashU was set up in 2002 with the sole motivation behind serving clients in UAE yet it has now turned out to be exceptionally mainstream in Europe also. Strangely CashU offers free record creation and has the support charge of 1$ every year which is least in the market. There per exchange charges relies upon the measure of exchange. A total rundown of the considerable number of charges can be found here.

CashU

Recently CashU has additionally begun their virtual charge card administration with the coordinated effort of MasterCard. UAE inhabitants with an enlisted CASHU record will almost certainly make their Virtual MasterCard Prepaid Card immediately, to make payment gateways on web based business entryways that acknowledge MasterCard.

For more details on most popular payment gateways and payment gateway processes or integrating them during your Grocery app development or some other digital assistance reach out at us.

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Payments Landscape in the UAE: Opportunities and Risks to 2022

Payments Landscape in the UAE: Opportunities and Risks to 2022”, report provides detailed analysis of market trends in the Emirati cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, cards, credit transfers, direct debits, and cheques during the review-period (2014-18e).

The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2018e-22f). It also offers information on the country’s competitive landscape, including market shares of issuers and schemes.

Get Sample Copy of This Report at@ www.orbisresearch.com/contacts/request-sample/2701953

The report brings together GlobalData’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.

Key Leading Companies Mentioned:
Emirates NBD
Dubai Islamic Bank
First Abu Dhabi Bank
ADIB
Emirates Islamic
Abu Dhabi Commercial Bank
RAKBANK
Mashreq Bank
HSBC
Commercial Bank of Dubai
Standard Chartered
Citibank
National Bank of Abu Dhabi
First Gulf Bank
Mastercard
Visa
American Express
Diners Club

This report provides top-level market analysis, information and insights into the Emirati cards and payments industry, including –
– Current and forecast values for each market in the Emirati cards and payments industry, including debit, credit, and charge cards.
– Detailed insights into payment instruments including cash, cards, credit transfers, direct debits, and cheques. It also, includes an overview of the country’s key alternative payment instruments.
– E-commerce market analysis.
– Analysis of various market drivers and regulations governing the Emirati cards and payments industry.
– Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.

Scope

– To strengthen consumer confidence in card-based payments, the Central Bank of the UAE issued a notice prohibiting the double-swiping of payment cards at point of sale (POS) terminals. The move is intended to prevent unauthorized storage of card holders’ information. Once the card is swiped for the first time at the POS its details are briefly stored within the POS terminal’s memory before being transmitted to the payment processor. The second swipe might provide the opportunity for malware installed on the terminal to copy the card data. According to the central bank, almost all merchants in the country have complied with the new regulation.
– To boost the e-commerce market, in October 2017 the Dubai Airport Free Zone Authority and wasl Asset Management Group announced the launch of e-commerce free zone Dubai CommerCity, the first free zone dedicated to e-commerce in the Middle East and North Africa. The free zone is designed to provide government, administrative, customs, and logistics services to e-commerce companies. It allows local and international manufacturers to store their goods in warehouses to be shipped to the local market. Free zones offer various incentives to e-commerce traders, such as no taxes on personal income or capital gains, no corporate taxes, no duties on the import or export of goods, provision of 100% foreign ownership, and 100% repatriation of capital and profits. The rise in e-commerce activities will drive electronic payments in the country.
– In April 2018 the government introduced Emirates Blockchain Strategy 2021. The strategy aims to use blockchain technology for 50% of government transactions in order to reduce costs and free up resources over the next three years. The adoption of blockchain technology is expected to generate AED11bn ($3bn) in savings associated with transaction and document processing.

Reasons to buy

– Make strategic business decisions, using top-level historic and forecast market data, related to the Emirati cards and payments industry and each market within it.
– Understand the key market trends and growth opportunities in the Emirati cards and payments industry.
– Assess the competitive dynamics in the Emirati cards and payments industry.
– Gain insights into marketing strategies used for various card types in the UAE.
– Gain insights into key regulations governing the Emirati cards and payments industry.

Source : https://newstechmarkets.com/2019/05/03/payments-landscape-in-the-uae-opportunities-and-risks-to-2022/

Fintech firms to benefit from DIFC $100m fund

Fintech Fund (DIFC)

Dubai:  Dubai International Financial Centre’s (DIFC) new $100 million (Dh367 million) FinTech fund, which will come from internal resources, will support Fintech Hive start-ups in Artificial Intelligence, blockchain, robotics, DIFC governor Essa Kazim said on Tuesday.

He was speaking at the Global Financial Forum, which was opened by Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum, Deputy Ruler of Dubai and the president of DIFC.

DIFC thinks that fintech is “underserviced” and the allocation of funding going into this new business is “very very limited” in the MEASA region, accounting to less than 1 per cent of the total.

DIFC Fintech Fund

“We are ready to spend the money. But it will depend on opportunities and if it makes commercial sense,” Kazim told reporters. “We want to consolidate the position of the DIFC and to be at the forefront of the changes that may happen in the financial sector.”

The fund can grow bigger, Kazim said.

“We have been talking with some government departments at federal level, or local level. If the interest materialises into anything then definitely the structure of the fund will be different,” he said.

“We don’t mind having other entities mainly government or semi government entities to participate in this fund. Today the fund is sufficient to support our own initiatives whether it is development of Fintech hive, the type of companies that are going to be supported by accelerator,” Kazim added.

Importance of Fintech

The 2024 strategy, which was a 10-year plan of the DIFC to triple its size, was launched 3 years ago, but Kazim didn’t envisage that Fintech would have been a part of the strategy, when the announcement was made.

“There is a new order that global financial services industry needs to navigate … the new alliances are being forged. The rapid emergence of advanced technology in all areas of finance is creating shifts like never before in the industry,” Kazim said.

Updating on the achievements made so far in the 10 year strategy rolled out in 2015, Kazim said “We are on track (in terms of meeting targets for the 10 year strategy). In certain areas we have passed our targets, but other areas we are lagging behind in area of employment. Although the number of licenses are on track attracting companies, but there is a little lag (not significant) in terms of employment,” said Kazim.

Falling oil prices has not been a negative for the center to attract businesses. Before the drop in oil price, the DIFC licensed 150 companies a year on an average, after that the average jumped to 300 companies.

“That (funding) element has encouraged banks to really expand their balance-sheet and provide credit to regional governments. Governments have been active in issuing bonds and sukuk and that also encouraged financial activities in the DIFC,” Kazim said.

DIFC also hopes to attract more asset managers, financial institutions from India and China.

Regarding competition from other financial centers, Kazim said “competition is always there. The UAE was built on competition and on market forces. We have 5 airports, and 7 ports, and financial activity is one of those things. We don’t fear competition, and it is always good.”

Source :
https://gulfnews.com/business/markets/fintech-firms-to-benefit-from-difc-100m-fund-1.2124444

Dubai South to offer freelance work permits

Growing number of professionals seeking work options that have flexible working hours

Dubai Aviation City Corporation (DACC), which is the licensing and regulatory body for Dubai South free zones, has announced that freelancers can now avail the opportunity to work under a freelancer work permit.

The initiative is in line with global trends of a growing number of professionals that are seeking work options that have flexible working hours and work-from-home agreements, said a statement.

This new development reflects Dubai South and DACC’s commitment to help position the emirate as the most innovative business hub attuned to the modern needs of both companies and the workforce in line with the directives of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, it said.

Dubai South continues to build new initiatives that support businesses in Dubai to maintain its global attraction as a magnet for foreign investors, it added.

The emirate is strategically positioned in key sectors surrounding innovation and digital technology such as e-commerce, AI, blockchain and fintech, following 26 per cent increase of foreign direct investments (FDI) during the first half of 2018, reaching Dh17.7 billion ($4.81 billion).

Dubai South’s ongoing initiatives are further boosting the business activities of its partners which include startups, SMEs and multinational companies, and most recently, individual professionals in specialised professional sectors.

Shoaib Al Rahimi, vice president of the Business Park, Dubai South, said: “Our commitment to create a viable business environment for SMEs and multinationals alike continues to be reflected in various initiatives.”

“Considering the ever-evolving business landscape, policies and strategies from 10 years ago had to undergo huge transformation to adapt to current trends and meet the needs of businesses. We are keen to be on top of leading efforts that meet the needs of today’s SMEs, startups as well as individual professionals seeking independence through a range of customized solutions that will further hep them grow their business,” he added.

The new scheme is expected to widen the scope of income sources for professionals in Dubai and the UAE and take advantage of the business opportunities within Dubai South.

Among other initiatives, the Business Park continues to boost the role of multinational companies (MNCs) and connect them with SMEs at Dubai South Business Park through various engagement sessions, including periodic workshops.

The Business Park is home to some of the leading international business organisations such as the Japan Trade Center, Chinese Business Hub, and Queensland Australia.

Business entities also enjoy a range of incentives such as rent reduction from 5 per cent up to 25 per cent for existing and new tenants in line with customer loyalty program, leading to 85 per cent tenants’ retention.

It also allotted 10 per cent of its annual procurement and projects to Dubai-based SMEs, including more than 25 per cent reduction on annual rent.

The latest initiative defines a freelancer as a sole practitioner who conducts his business in his birth name as opposed to a brand name. Freelancers, who manage their own schedule, will have the flexibility to choose the company they work with and the projects they accept.

When applying for a work permit in Dubai South, they must be a degree holder and they should submit a professional certificate or proof of relevant freelance experience. The guidelines also state that no lease is required to be granted the permit and benefiting from the free zone privileges while maintaining a sustainable business environment and three years visa.

Khalid Abdulla Ahmed, vice president – licensing and regulatory affairs, Dubai Aviation City Corporation, said: “We made the decision to issue this special permit to keep up with the dynamic changes that we have been seeing over the past years.”

“This is in line with the UAE’s phenomenal rise as a leading business hub which is reflected by a clear long-term vision towards sustainable development by the country’s leaders,” he added. – TradeArabia News Service

https://www.foloosi.com/e-commerce-payment-business

Source : https://www.zawya.com/mena/en/business/story/Dubai_South_to_offer_freelance_work_permits-SNG_140033885/