International and domestic public investment fund assets in Saudi Arabia witnessed significant growth in 2024
Banking & Finance
Kuwait
Kuwait’s new 15% tax on MNEs to strengthen national economy, minister says
Kuwait’s economy is approaching a new phase of diversification and competitiveness, Fassam said
Dubai
GFH Partners acquires Dubai-based logistics fund Manrre REIT
The DIFC-headquartered company plans to bring its international experience to build on Manrre’s $136 million in GCC countries
American Express
American Express Middle East supports the evolving landscape of luxury travel and experiential gifting
According to American Express Middle East, today’s travellers are seeking more than just a destination – they’re in pursuit of curated journeys that cater to their individual preferences while offering enhanced comfort and exclusivity
saudi tax
Saudi Arabia extends tax fine exemption for 6 months
Saudi tax authority extends exemption on fines until June 30, 2025
bond issuance
SHUAA to launch two MCBs to complete capital optimisation plan
Bonds to be issued in two tranches of $115.9 million total value; MD Ahmed Al Ahmadi steps down as planned
Al Ansari Financial Services
Al Ansari Financial Services, Halan partner to launch financing solutions in UAE
The partnership introduces two key services: Salary Advance and Send Now, Pay Later (SNPL), which offer greater financial flexibility and convenience for Al Ansari Financial Services’ customers
Kuwait
Kuwait announces new tax
Kuwait will introduce a new 15% tax on multinational entities from January 1
saudi tax
Saudi tax authority issues e-invoicing update
Saudi Arabia’s Zakat, Tax and Customs Authority targets 19th wave of taxpayer for e-invoicing regulations
Dubai
Dubai to identify and fine foreign banks breaching administrative guidelines
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum issues Executive Council Resolution No. (101) of 2024 to the effect
anti money laundering
Dubai authorities bust two major international money laundering networks
Total value of crimes worth over $223 million; An Emirati and 53 foreign nationals produced in court for money laundering, and forgery of documents
acquisition
Burgan Bank receives CBK approval to acquire Bahrain’s UGB
Purchase price of the transaction settled at $190 million; Acquisition expected to be completed in the first quarter of 2025
Abu Dhabi
Abu Dhabi’s ADFD extends additional $40mn loan for Maldives airport
Abu Dhabi fund has now issued total loans of $90 million for the modernisation and expansion of the critical Velana International Airport
insurance
Orient Insurance announces official launch in Saudi Arabia
The inauguration of Orient Insurance’s offices in Al Ghadir, Riyadh, marks the company’s expansion into the Saudi market
Financial goals
UAE retail investors prioritise financial goals for new year’s resolution: Report
Among those prioritising financial goals, the most popular resolution for 2025 is increasing investments in traditional assets such as stocks, bonds, and commodities
Corporate tax
UAE corporate tax: FTA urges businesses to register before December 31 deadline to avoid penalties
The FTA noted that Cabinet Decision No. 75 of 2023 imposes Administrative Penalties on Taxable Persons who fail to register within the specified timelines
taxable income
UAE Ministry of Finance makes major amendments to Ministerial Decisions
Announcements relate to Tax Groups and Participation and Foreign Permanent Establishment Exemptions and aim to enhance compliance