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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 CommentsDubai’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
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
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
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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Dubai Businesses Witness Fastest Hiring Rate in Eight Years
- 11.03.2024
- Posted by: Derya Bandak
- Categories: Dubai, Middle East
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.
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UAE Real Estate: Dubai Market to Stabilize
- 09.03.2024
- Posted by: Derya Bandak
- Categories: Dubai, Middle East
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
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
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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Opportunities for German Ventures in the Middle East
- 02.03.2024
- Posted by: Derya Bandak
- Categories: Dubai, Middle East
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.
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UAE’s Economy on the Rise: A 5% Growth Projection for 2024
- 02.03.2024
- Posted by: Omar Sami
- Categories: Dubai, Middle East
The UAE’s economy is poised for a 5% growth in 2024, driven by a surge in FDI and a robust expansion in the non-oil sector, highlighting the country’s successful diversification strategy.
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