The FTA noted that Cabinet Decision No. 75 of 2023 imposes Administrative Penalties on Taxable Persons who fail to register within the specified timelines
Banking & Finance
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
Employee engagement
UAE, Saudi banks push for enhanced employee experience in GCC: Report
The report highlighted the direct impact on profitability through prioritising employee experience on engagement, retention, and innovation
Corporate tax
UAE salaries to fall; Corporate Tax changes; Top Dubai real estate areas; Drone deliveries launched – 10 things you missed this week
UAE and Saudi salary updates, Dubai real estate analysis, Corporate Tax changes, major health insurance update and more top stories this week
Dubai Industrial City
Elite Group to open $27m facility in Dubai Industrial City
Elite Group will invest in automotive and e-commerce sectors with Dubai Industrial City project
Capital Markets
GCC debt capital markets to hit $1tn
Fitch Ratings expects debt capital markets in the GCC to grow in 2025
ACWA Power
Saudi Arabia’s ACWA Power proposes $1.9bn rights issue
Saudi Tadawul authority said the company has applied for the issue to increase in its paid-up capital
Bitcoin
Hackers steal $2.2bn in crypto in 2024 amid Bitcoin bull run: Report
The number of individual hacking incidents increased from 282 in 2023 to 303 in 2024, resulting in these losses
Abu Dhabi
AD Ports Group doubles its Revolving Credit Facility at better terms
The Abu Dhabi-based group successfully refinances and upsizes its existing RCF from $1 billion to $2.125 billion
Biodiversity
Dubai-based DP World issues the region’s first Blue Bond
The $100 million, 5-year Blue Bond priced at 5.25% coupon rate; Will fund significantly under-funded SDG 14 and SDG 6 of the United Nations
inflation
US Federal Reserve cuts interest rates for third time, dials back 2025 outlook
Incoming president Trump’s policy agenda on tariffs and taxes looms over the Fed’s outlook, though Fed chair Powell called it “premature” to assess any impacts
Abu Dhabi
ADIO and EXIM forge MoU to boost US-UAE trade in key sectors
It marks a significant milestone in facilitating the import and export of raw materials, services and technology, particularly in priority sectors
digital banking
Saudi Arabia approves licence for D360 digital bank
D360 Bank given approval to launch operations in Saudi Arabia
Abu Dhabi Islamic Bank
UAE banks team up to fund $178m London student real estate development
UAE’s Emirates NBD and Abu Dhabi Islamic Bank close funding arrangement for Purpose-Built Student Accommodation in London
Dubai
India-based FAAD Capital expands global footprint with Dubai launch
The fund organised the inaugural Dubai edition of the FAAD Network Investor Meet
Cryptocurrency
Hex Trust launches fiat on/off-ramp services in Dubai
The new service will enable investors in Dubai to seamlessly move their cryptocurrencies into fiat currencies