The Central Bank of the UAE has maintained its Base Rate for the Overnight Deposit Facility at 5.40%, signaling stability and control in the monetary environment, crucial for the country’s economic balance.
The DIFC Courts handled more and larger cases than before in 2023, with the main court settling 111 cases worth AED 16.5 billion.
Dubai has once again shown itself as a leader in digital innovation by attracting nine multinational companies, worth more than AED 304 billion.
Businesses operating in the UAE must align their accounting practices with the standards set by the Federal Tax Authority to avoid penalties and optimize tax positions.
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The UAE's Federal Tax Authority has released a comprehensive guide on Corporate Income Tax for partnerships, detailing taxation rules, compliance, and reliefs to ensure proper adherence to tax laws.
Saudi Arabia announces customs duty exemptions for various manufacturing imports to stimulate industrial growth and reduce operational costs for companies.
Strong performances in both the non-oil and oil sectors, alongside the introduction of a corporate income tax, are expected to drive the UAE economy to grow by 5.2% in 2025.
The UAE's Federal Tax Authority has made significant improvements in the issuance of tax certificates, streamlining processes to enhance efficiency and user experience.
Saudi Arabia's National Tourism Strategy, part of its Vision 2030 initiative, aims to reduce the economy's oil dependence by developing the tourism sector to contribute 10% to GDP by 2030, supporting over a million jobs.
Dubai launches a Unified Digital Platform to streamline business setup processes, backed by Sheikh Hamdan's resolution to enhance the investor journey.
The Middle East's economy and real estate sector are thriving, with substantial growth in the non-oil sector, notably in Saudi Arabia and the UAE, and the construction and real estate sectors playing a crucial role in reducing oil dependency.
Dubai's new Law No. (1) of 2024 introduces a 20% tax rate for foreign banks, aiming to enhance fiscal governance and align taxation policies with global standards.
Dubai witnessed a decrease in annual inflation to 3.36% in February, driven by lower transportation and discretionary spending costs, alongside robust non-oil private sector growth.