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  • KSA: Customs Duty Exemptions

    • 02.04.2024
    • Posted by: Derya Bandak
    • Categories: Middle East, Saudi Arabia
    No Comments

    Saudi Arabia announces customs duty exemptions for various manufacturing imports to stimulate industrial growth and reduce operational costs for companies.

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  • UAE: Economy set to grow by 5.2% in 2025

    • 02.04.2024
    • Posted by: Omar Sami
    • Categories: Dubai, Middle East
    No Comments

    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.

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  • UAE: Federal Tax Authority (FTA) Simplifies Services for Better Experience

    • 27.03.2024
    • Posted by: Omar Sami
    • Categories: Dubai, Middle East
    No Comments

    The UAE’s Federal Tax Authority has made significant improvements in the issuance of tax certificates, streamlining processes to enhance efficiency and user experience.

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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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  • Dubai: Business Setup with Unified Digital Platform

    • 27.03.2024
    • Posted by: Uwe Hohmann
    • Categories: Dubai, Middle East
    No Comments

    Dubai launches a Unified Digital Platform to streamline business setup processes, backed by Sheikh Hamdan’s resolution to enhance the investor journey.

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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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  • Inflation Decrease in Dubai

    • 20.03.2024
    • Posted by: Uwe Hohmann
    • Categories: Dubai, Middle East
    No Comments

    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.

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  • Accounting Standards in Dubai

    • 11.03.2024
    • Posted by: Uwe Hohmann
    • Categories: Dubai, Middle East
    No Comments

    Businesses in Dubai are legally required to maintain accurate financial records, prepare annual financial statements in accordance with IFRS, undergo annual audits, ensure VAT compliance, and retain records for a specific period

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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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