The UAE has announced updated tax rules for businesses in the country. With changing instructions on audited financial statements, businesses are advised to keep track of the latest requirements.
Elsewhere in the country a plan has been approved to use AI to form new laws, major stormwater infrastructure projects are underway, and Trump tariffs in the US are impacting real estate investments in Dubai.
Catch up with 10 of the biggest stories this week, as selected by Arabian Business editors.
UAE announces new tax rule
The UAE has announced new tax rules for businesses.
As part of its continued efforts to enhance transparency and ensure robust financial reporting standards for businesses operating in the UAE under the Corporate Tax regime, the Ministry of Finance has issued an updated Ministerial Decision clarifying the requirements for the preparation and maintenance of audited financial statements in accordance with Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses (“Corporate Tax Law”).
The updated decision sets out clear requirements for tax groups to prepare audited financial statements. All tax groups will be required to prepare audited special purpose aggregated financial statements. However, to mitigate the compliance burden on tax groups and in line with the UAE’s commitment as a business-friendly jurisdiction, the underlying members of the tax group will not be required to prepare audited stand-alone financial statements.
VOX Cinemas launches new IMAX experience in Dubai with premium seating in world’s first
The new cinema boasts IMAX’s 4K Laser Projection System with proprietary optical engine technology, delivering high-resolution images with enhanced brightness and contrast.
The Next-Generation IMAX Precision Sound system distributes audio evenly throughout the custom-built auditorium, the company said in a statement.
Dubai announces major AED1.4bn stormwater infrastructure upgrades
The contracts form part of the ‘Tasreef’ project, described as Dubai’s largest unified stormwater collection system and the most operationally efficient in the region.
These infrastructure developments align with directives from Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to develop strategic and future-ready infrastructure, the Emirates News Agency (WAM) said in a statement.
Trump tariffs result in increased demand for UAE property from foreign investors, here’s what you need to know
The Gulf country’s rising currency value proposition, coinciding with the non-domicile tax law changes in the UK, is also expected to lead to a spike in UK-based wealthy investors’ high-end property acquisitions in Dubai and other parts of the UAE.
With the UAE dirham pegged to the US dollar, the depreciation of the American currency leads to a fall in its value as well.
Dubai real estate: Is it the right time to invest in the property market? Experts weigh in
Record-breaking sales and double-digit price increases reflect sustained demand, led by global buyers, continue to boost the emirate as one of the world’s most attractive real estate markets.
Lewis Allsopp, Chairman of Allsopp & Allsopp, said: “Yes, now is a great opportunity to invest in Dubai real estate. The track record speaks for itself, with those who’ve invested previously experiencing consistent growth and strong returns. With industry professionals actively investing and the UAE’s economy thriving across various sectors, Dubai continues to offer attractive opportunities for long-term ROI. Dubai is a standout choice for investors seeking robust returns in a dynamic global market”.
UAE approves plan to develop new laws with AI
The UAE will develop and monitor laws in the country using a new artificial intelligence system. Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, announced the new legislative process following a meeting of the UAE Cabinet at Qasr Al Watan, Abu Dhabi.
During the meeting, the UAE Cabinet approved the launch of the first integrated regulatory intelligence ecosystem within the UAE Government. This new legislation and laws development system, which is the first of its kind globally, is based on the most advanced artificial intelligence approaches and solutions, marking a global first in smart governance.
The ecosystem introduces a proactive approach to legislative planning, enabling the government to stay ahead of rapid changes in global geopolitical, economic, social, and technological landscapes.
Real estate tokenisation: Dubai predicted to see $16bn market for digital fractional ownership
The move is also expected to further boost overseas investments in the city’s real estate sector, especially the residential segment, with tokenised online real estate platforms attracting international investors in large numbers, especially from Europe and Asia, bringing in top-dollar investments, they said.
The Dubai Land Department (DLD) announced the launch of a pilot project to tokenise property title deeds in March this year, becoming the first land registry in the Middle East to implement blockchain-based property tokenisation.
Dubai and Abu Dhabi named world’s best cities for HNWI relocations thanks to tax rules and quality of life
The trifecta of a fluid geopolitical and economic environment; changing government policies, taxes and incentives; and quality-of-life factors, is increasingly influencing where high net worth individuals (HNWIs) and footloose companies choose to locate, said Savills.
The real estate consultancy launched the Savills Dynamic Wealth Indices to identify the cities that are performing well at attracting and developing wealth and investment from individuals and businesses.
Dubai real estate sales hit $38.7bn in Q1; biggest neighbourhood price increases and best ROI revealed
The data points to a steady increase in property prices across key areas, driven by strong demand, consistent inventory supply, and Dubai’s appeal to high-net-worth individuals drawn to its robust economy and favourable tax environment.
Bayut’s insights have shown price hikes for both apartments and villas, with villa prices in DAMAC Hills recording the highest increases of up to 21 per cent. For those seeking budget-friendly options, areas such as Dubai Residence Complex, Dubai Silicon Oasis, DAMAC Hills 2 and Dubailand have been prominent choices. Mid-tier buyers have leaned towards communities such as Jumeirah Village Circle, Business Bay, Al Furjan and Reem. On the luxury front, Dubai Marina, Downtown, Arabian Ranches and DAMAC Hills have continued to attract premium investors.
Dubai’s Majid Al Futtaim announces major $1.3bn Mall of the Emirates upgrade
The project, coinciding with the mall’s 20th anniversary, aims to expand retail space and introduce new wellness, cultural and dining facilities. The transformation will add 20,000 square metres of retail space, accommodating 100 new stores across luxury, fashion and lifestyle categories. AED1.1 billion has already been allocated to enhancements currently in progress.
“Two decades ago, Mall of the Emirates set a new benchmark for retail and entertainment in the region. Today, we’re building on that legacy with a bold investment that redefines what a mall can be. This transformation goes beyond physical expansion — it’s about creating new ways for people to connect, unwind, and be inspired, all in one destination,” Khalifa Bin Braik, Chief Executive Officer of Majid Al Futtaim Asset Management said.
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