The UAE is set to introduce a new tax for businesses in the new year, a national lottery debuts on Saturday, December 14 and a first stablecoin has been approved by the Central Bank.
Also making headlines this week were Saudi Arabia being awarded the 2034 FIFA World Cup, Kuwait halting e-visas, a massive new pedestrian network in Dubai and the top family businesses in the region were revealed.
Catch up with the biggest stories this week, as selected by Arabian Business editors.
UAE set to introduce new tax on January 1
The UAE Ministry of Finance has announced updates in relation to certain provisions of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses. These amendments include the introduction of a new tax as well as incentives to support growth and innovation.
Following the issuance of Federal Decree Law No. 60 of 2023, a Domestic Minimum Top-up Tax (DMTT) will be effective in the UAE for financial years starting on or after January 1, 2025.
UAE issues lottery warning; 3 games approved ahead of $27m prize draw
It comes ahead of the new UAE Lottery hosting its first prize draw on Saturday, December 14 with a grand prize of AED100m ($27.2m). The General Commercial Gaming Regulatory Authority (GCGRA), the federal entity overseeing commercial gaming activities in the UAE, warned residents of the dangers of doing business or playing with unlicensed lottery and commercial gaming operators.
Under the federal laws of the UAE, only lottery and commercial gaming operators approved by the GCGRA are permitted to operate.
Trading crypto in Dubai? What you need to know about the latest court ruling
In a landmark ruling issued on Nov. 20, the Dubai Court of Cassation determined that individuals conducting cryptocurrency exchanges for their own accounts do not require regulatory approval, whilst maintaining strict oversight for commercial trading activities.
The ruling, which stems from case 452/2024 Criminal Cassation, marks a significant development in Dubai’s approach to cryptocurrency regulation, providing much-needed clarity for investors and traders in the region’s growing digital asset market.
Dubai Walk: Sheikh Mohammed approves MASSIVE 6,500km pedestrian network
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai announced the ‘Dubai Walk’ project, which will create 3,300 kilometres of new pedestrian paths and rehabilitate 2,300 kilometres of existing routes.
The plan targets increasing pedestrian movement from 13 percent to 25 percent by 2040 and includes the development of 110 pedestrian bridges and tunnels to enhance urban connectivity, according to an official statement.
AE Coin: UAE’s first stablecoin approved
Developed under the CBUAE’s digital payment token services framework and aligned with the UAE government’s forward-looking vision, AE Coin is set to revolutionise the financial services landscape, promising an instant, secure, stable, innovative, low-cost, and efficient payment experience that will reshape the future of the digital economy.
The vision for stablecoin utilisation extends beyond traditional financial transactions, aiming to create a seamless, and inclusive financial ecosystem.
Kuwait stops e-visas and offers visa-on-arrival to 53 countries including USA, UK, Canada, France and Germany
Kuwait has announced a temporary halt to its e-visa system, according to reports in local media.
The move will impact on citizens of 53 nations, according to local newspaper Arab Times. Despite the suspension, citizens of the 53 countries will be offered a tourist visa on arrival.
The Ministry of Interior said the suspension of e-visas will allow Kuwait to enhance the platform and modernise procedures for visitors in the country. Citizens of the 53 countries impacted by the e-visa suspension can get a tourist visa on arrival at Kuwait International Airport.
Arabian Business reveals Family Dynasties 2024: Top 20 family businesses ranked
In the Middle East, economic strength is built on more than corporations – it’s the families behind them. These dynasties have nurtured industries, turned bold visions into enduring legacies, and crafted the very foundation of the region’s economy.
Take MAG Group Holding, where innovative real estate projects redefine urban living. Or Petrochem Middle East, a chemical empire that began in a spare room and now dominates globally. Then there’s Alabbar Enterprises, seamlessly blending international luxury with homegrown excellence in retail and hospitality.
Dubai real estate transactions climb to $11.7bn in November as off-plan sales cover decline in ready properties
The value of these transactions increased by 1.6 per cent, totalling to AED43bn ($11.7bn). Property Finder identified trends and data revealing the growing importance of off-plan sales and a decline in the volume and value of ready properties sold.
The off-plan market kept supporting the Dubai real estate market in November 2024, with transactions witnessing a year-on-year increase of approximately 46 per cent in volume, with around 8,548 transactions. The value of these transactions experienced a notable increase of around 30 per cent YoY, reaching around AED18.2 bn ($5bn), compared to AED14bn ($3.8bn) in November 2023.
Dubai Police arrest ‘billionaire’ drug trafficker Othman El Ballouti
Dubai Police have arrested Othman El Ballouti, one of the world’s most wanted individuals.
Listed on INTERPOL’s Red Notice and Europol’s database, El Ballouti, a Belgian national, is accused of involvement in transnational organised crime and drug trafficking.
The arrest was carried out by Dubai Police’s General Department of Criminal Investigation, in collaboration with the Ministry of Interior, following an international arrest warrant issued by Belgian authorities.
Saudi Arabia to host FIFA World Cup 2034
FIFA has confirmed Saudi Arabia will host the 2034 World Cup.
The anticipated announcement came during the FIFA Congress on Wednesday, December 11 and represents a significant milestone in the Kingdom’s ambitious sporting vision and make it the second Middle Eastern nation to stage football’s showpiece event.
Meanwhile, Morocco, Spain, and Portugal are set to host the men’s 2030 World Cup, with Uruguay, Argentina, and Paraguay.
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