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.

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 has experienced its fastest hiring rate in over eight years, driven by a significant increase in consumer demand and new orders in sectors like retail, construction, and tourism.

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.

The inauguration of the German WIKA group’s factory in Dammam signifies a milestone for German business expansion and innovation in the Middle East, fostering economic and cultural ties between Germany and the region.