UAE buyers may have to pay more upfront for real estate as the Central Bank publishes new directives
A new rule from the UAE Central Bank will cause a major change in the way UAE property buyers fund their purchases beginning on February 1, 2025. The new rule would require buyers to pay these fees upfront since banks can no longer finance some real estate-related expenses. Although the goal is to encourage responsible […]
UAE updates VAT law: New guidelines for jewelry and precious metals
On Friday, 10 Jan 2025, the Ministry of Finance declared that it is extending the use of the reverse charge mechanism to cover precious metals and stones among UAE-registered companies. The Ministry declared the publication of Cabinet Decision No. (127) of 2024, which broadens the use of the reverse charge mechanism. In turn, this eliminates […]
Trump Announces Record-Breaking $20 Billion Investment from UAE Tycoon
President-elect Donald Trump said on Tuesday, January 7, 2025, that the UAE company Damac Properties has invested $20 billion to create data centers in the United States. Hussain Sajwani, founder and chairman of the Dubai-based real estate developer, stated that the investment could be increased under favorable market conditions. In Palm Beach, Florida, Mr. Sajwani […]
Drydocks World announces a significant expansion to lead global renewables and marine projects
Drydocks World officially unveiled its multi-million dollar South Yard extension, a 75,000-square-meter state-of-the-art facility intended to strengthen the company’s leadership in complex offshore wind energy and marine projects worldwide and improve manufacturing capabilities. With a 40% increase in fabrication capacity and a 25% increase in yard capacity, the expansion allows Drydocks World to handle several […]
Global Tax Reform: UAE Introduces 15% Minimum Tax on Big Corporations
As part of changes to its corporate tax laws, the United Arab Emirates will impose a new tax on multinational corporations operating within the nation. On Monday, December 9, 2024, the Ministry of Finance announced that large multinational enterprises (MNEs) will have to pay a minimum of 15% tax on their domestic profits, up from […]
The GDP of the UAE is expected to increase by 5% annually
Key Highlights The UAE’s GDP is expected to rise by 5% annually in 2025. The UAE’s population grew by 10.8% between 2019 and 2023 as a result of net migration. Worldwide remittances increased from $128 billion in 2000 to $857 billion in 2023, with a further 3% growth predicted in 2024 and 2025. According to […]