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  • KSA: Tourism Transformation – Opportunity for Business Setup

    • 27.03.2024
    • Posted by: Derya Bandak
    • Category: Saudi Arabia
    No Comments

    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.

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  • KSA & UAE: Real Estate Resilience and Rising Dubai Rents Amid Global Challenges

    • 20.03.2024
    • Posted by: Derya Bandak
    • Categories: Dubai, Middle East
    No Comments

    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.

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  • UAE: Dubai Implements New Tax Law on Foreign Banks

    • 20.03.2024
    • Posted by: Omar Sami
    • Categories: Dubai, Middle East
    No Comments

    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.

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  • UAE: Non-compliance with AML and CFT Regulations led to AED 113 million in Fines

    • 11.03.2024
    • Posted by: Omar Sami
    • Categories: Dubai, Middle East
    No Comments

    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.

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  • UAE Real Estate: Dubai Market to Stabilize

    • 09.03.2024
    • Posted by: Derya Bandak
    • Categories: Dubai, Middle East
    No Comments

    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.

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  • Saudi Arabia Introduced Tax Incentives to Attract Multinational Corporations

    • 08.03.2024
    • Posted by: Omar Sami
    • Category: Saudi Arabia
    No Comments

    Saudi Arabia has introduced a new tax incentive program offering a 30-year income tax exemption to multinational companies establishing regional headquarters, aiming to support foreign investment and economic growth.

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  • UAE: Impending Exit from FATF Grey List

    • 08.03.2024
    • Posted by: Uwe Hohmann
    • Categories: Dubai, Middle East
    No Comments

    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.

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  • UAE: Property Maintenance Responsibilities in Dubai

    • 21.02.2024
    • Posted by: Derya Bandak
    • Categories: Dubai, Middle East
    No Comments

    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.

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  • KSA: Jeddah´s Infrastructure Fuel Foreign Investment

    • 12.02.2024
    • Posted by: Derya Bandak
    • Category: Saudi Arabia
    No Comments

    Jeddah Central Development Co. secures four major construction contracts worth USD 3.2 billion to enhance the city’s urban landscape, aiming to redefine Jeddah as a global leisure and cultural destination by 2027.

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  • UAE Launches Online Legislation Platform to Boost Legal Transparency

    • 12.02.2024
    • Posted by: Omar Sami
    • Categories: Dubai, Middle East
    No Comments

    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.

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