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.

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.

The Federal Tax Authority’s Decision No. 3 of 2024 introduces specific registration timelines for taxable persons under UAE Corporate Tax, effective from 01.03.2024, with penalties for non-compliance.

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 introduction of transfer pricing regulations in the UAE highlights the need for companies to ensure transactions between entities are conducted at arm’s length, aiming for transparency and compliance in international business operations.

The Dubai International Financial Centre (DIFC) has reported a 15% increase in job creation and a 26% year-on-year increase in active companies, with revenues and operating profits rising by 23% and 27%, respectively.

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.

The UAE job market in 2024 is set to experience a 4.5% increase in average salaries, with a significant demand for skills in management, leadership, and technology, highlighting the need for professionals to adapt to evolving market dynamics.

The UAE Federal Supreme Court has banned compound interest in financial transactions, shifting towards simpler interest models and benefiting borrowers.