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.

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.