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.

The Central Bank of the UAE enhanced its financial oversight in 2023, conducting examinations across 181 institutions and imposing fines of AED 113.675 million for non-compliance with AML and CFT regulations.

Dubai’s rental market has seen a remarkable recovery, with a 43.5% increase in tenancy contracts and a 22.0% rise in average rents, indicating strong growth and sector vitality.

The UAE is set to exit the FATF’s “grey list” after addressing deficiencies in its AML, CTF, and anti-proliferation financing frameworks, promising smoother international transactions for MNCs.

Real estate maintenance responsibilities in Dubai primarily fall on the landlord for major repairs, while tenants are tasked with minor issues, guided by Law No. 26 of 2007.

The United Arab Emirates has launched a comprehensive online platform providing access to its legal documents since 1971, reflecting its commitment to legal transparency and inclusivity.