The UAE Central Bank increased its gold reserves to $7.46bn in Q1 2025 as total bank transfers hit $1.48tn
Banking & Finance
Ministry of Finance
UAE issues tax guidance to help businesses
The UAE Ministry of Finance has released Mutual Agreement Procedure (MAP) guidance to help taxpayers avoid double taxation
DIFC
Wealthbrix launches in DIFC to target rising demand from UAE’s next-gen millionaires and UHNWIs
Wealthbrix Capital Partners launches in DIFC to serve UAE’s booming millionaire and UHNWI population
Income Tax
Personal income tax comes into effect in Oman from January 1, 2028
Only 1% of population in the tax net as the first personal IT law imposes 5% tax on those with income above $109,230, after deductions
SAMA
Saudi Arabia announces new credit card rules
The new credit card rules in Saudi Arabia will take effect within 30 to 90 days
UAE holidays 2025
UAE flight suspension updates; 4-day work week in Dubai; Public holiday dates announced; New Saudi dining rules, Piers Morgan interview – 10 things you missed this week
Flight suspensions, a new 4-day work week in Dubai, Saudi Arabia’s dining rule changes, Hijri New Year holidays, and major real estate moves — here are 10 big UAE and Gulf news stories you may have missed this week
saudi tax
Saudi Arabia urges businesses earning over $10.7m to file VAT returns by June 30
Saudi Arabia’s ZATCA reminds VAT-registered businesses with revenues over $10.7m to file May tax returns by June 30 to avoid fines
Qatar
Qatar’s economy to grow 6.5 per cent by 2027 on LNG expansion: World Bank
World Bank forecasts 6.5 per cent economic growth for Qatar by 2027, driven by LNG and non-oil sectors
Saudi Arabia
Saudi National Bank’s $1.25bn dollar-denominated Sukuk oversubscribed
The bank is issuing 6,250 Sukuks at a par value of $200,000; Maturity period is 10 years, but callable after five years
Corporate tax
UAE offers Corporate Tax fine waiver — but deadline looms
Federal Tax Authority urges swift registration as businesses face penalties without timely compliance
DFSA tokenisation regulatory Sandbox receives 96 global applications from six countries
The DFSA, which regulates the Dubai International Financial Centre, allows entities to test financial products and services under a controlled environment through its regulatory sandbox
Emiratisation
UAE GPSSA waives pension penalties for 1,906 small private employers
The GPSSA designed the initiative to support small private sector businesses, which contribute to job creation and economic diversification within the UAE
digital adoption
UAE banks struggle with employee digital readiness despite leading GCC innovation: Report
The findings show that 72 per cent of UAE employees operate in mobile-first environments, reflecting the country’s digital infrastructure
Asset Management
UAE real estate giant Binghatti Holding launches $1bn asset management arm in Dubai
Binghatti Capital will implement separate mandates within its real estate strategy
halal
UAE targets Islamic finance and halal industry growth as bank deposits hit $162bn and $86bn export target set
The UAE has launched a bold national strategy to boost Islamic finance and halal industry growth
IHC
IHC launches AI-native reinsurance platform RIQ from Abu Dhabi with $1bn backing
IHC launches RIQ, a next-gen AI-driven reinsurance platform based in Abu Dhabi’s ADGM, backed by $1bn and supported by BlackRock and Lunate
Qatar
Qatar tax authority extends fine waiver until August 31
Qatar’s General Tax Authority extends its 100 per cent Financial Penalty Exemption Initiative
