On Wednesday, Arabian Business covered some of the most happening stories in the region, which included UK’s King Charles to attend opening ceremony of UAE COP28, FIVE hotels to create 50 new “staff millionaires” after IPO and more.
Here are five trending stories you missed yesterday.
New UAE fertility law legalises surrogacy for some residents, clinics predict demand surge
The UAE has taken a major stride forward in expanding reproductive rights and healthcare access with recent changes to its surrogacy and fertility treatment laws.
As of last week, unmarried non-Muslim individuals and couples can now apply to pursue surrogacy and access fertility treatments like IVF that were previously only permitted for married couples.
This progressive step recognises the growing diversity of family structures that exist within UAE society as the expat population continues to grow.
UAE COP28: UK’s King Charles to attend opening ceremony
UK’s King Charles III will be in attendance at the opening ceremony of the World Climate Action Summit at COP28 UAE.
Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, extended the invitation to The King, who will address the Summit as part of the proceedings.
The 28th Session of the Conference of Parties to the United Nations Framework Convention on Climate Change (COP28) will take place from November 30 to December 12, 2023 in Expo City Dubai.
EXCLUSIVE: FIVE hotels to create 50 new “staff millionaires” after IPO
FIVE Holdings will create up to 50 new staff millionaires following its IPO in 2025, the group’s founder Kabir Mulchandani has revealed.
In an interview published in Arabian Business, Mulchandani said the group was heading for $2bn public listing in 2025, with $200m of his own shares – around 10% of the company – allocated to staff.
“We don’t really need to do an IPO for money or growth. We are generating a significant amount of cash. The real reason is the employee stock option programme. I have moved $200m worth of my shares to be given to the employees…I think this will give them a sense of ownership,” he said.
UAE announces new tax rules for non-residents
The Federal Tax Authority (FTA) in the UAE has announced a new guide for the criteria for determining non-residents subject to corporate tax in the country.
This clarification comes as part of the corporate tax law, which came into effect on June 1, 2023.
In a statement, the FTA invited all non-residents who derive income in the UAE to consult the new guidelines and the relevant legal framework on their official website.
Saudi Arabia becomes sole bidder for 2034 World Cup, FIFA says
Saudi Arabia is the only football association that presented a bid to host the 2034 FIFA World Cup before the deadline closed, the soccer’s global governing body said.
FIFA had set Tuesday, October 31, as the deadline to submit a bid to host the tournament, but Australia’s decision to pull out leaves Saudi Arabia as the only declared candidate.
Australia said on Tuesday it would not be presenting a bid to host the tournament.
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