Author: Suhail Hasan
Suhail Hasan
Suhail Hasan is a British businessman and entrepreneur who is the COO of Fame and guest author of Dubai News.
The UAE has effected major changes to its Value Added Tax regime that it hopes to improve its investment climate and attract more firms. Some of these amendments are as follows: Regarding the correction of these amendments, these amendments are part of the ongoing reform process in the country’s tax system, namely: Key exemptions and necessary new rules aimed at stimulating economic development and harmonizing with the norms and standards of the International Convention. Key VAT Amendments The Ministry of Finance has revealed Cabinet Decision no 100 of 2024, which entails some changes on the Executive Regulations of Federal Decree-Law…
DMCC, the world’s number one free zone and Government of Dubai’s official commodities trade association, has now attracted over 500 Italian companies, up 6% this year, 2024. This came after the DMCC recently completed the Made For Trade Live roadshow, which it conducted in Milan and Rome to showcase the opportunities in goods that include jewellery, luxury, and fashion. Italian foreign trade reached $6.3 billion for the same year and using Dubai as a gateway to the world, DMCC helps Italian companies to trade beyond $9.3 billion to the UAE in 2023. The incentive business environment in the free zone…
FTAA has released new dates for filing of Corporate Tax Returns and payment for the Corporate Tax Payable. The new deadline laid down to be December 31, 2024 concerns short tax periods up to February 29, 2024. This extension was allowed by Decision No. 7 of 2024 under the Federal Decree-Law No. 47 of 2022 On the taxation of Corporations and Businesses. The change to the Conduit Development aims to help those business especially those with First Tax Period of less than 12 months to meet their tax obligations. FTA Director-General Khaled Ali Al Bustani insisted on the readiness of…
A recent survey by Dubai Design District (d3) and Dubai Media City in conjunction with Monstarlab put the size of the global digital creative economy at AED27tn ($7.3tn). This puts Dubai in the center of this rapidly evolving sector, which is spear-headed by technologies like AI, Web3, and VR. Also, the new Digital Creative Economy 2024 war paper shows that the global income for creative economy is expected to be 11% per annum up to AED 27 trillion by 2030. This paper distributed an anonymous online questionnaire to 400 professionals working in the design and media industries, focusing on the…
The Dubai Financial Market (DFM) today successfully conducted the periodic review of the general index and Islamic index as of September 23, 2024. The DFM conducts these reviews frequently to maintain the efficiency and up-to-date information of its indices which are widely used of market performance. The new stock weights for both of the indices will be implemented during today’s trading period, being Monday. This review is one of the ways that DFM remains committed to offering a clear and effective channel for market operations to foster the independence of investors. The general index, and the Islamic index, in particular,…
Economic outlook for the UAE: Oxford Economics predicts that the country’s economy will grow at an even quicker clip than previously expected to 4.8% by 2025 as non-oil sectors continue to perform well. As and sampled learn from Scott Livermore, Chief Economist and Managing Director of Oxford Economics Middle East, non-oil economy in UAE is projected to rise by 4.6% year-on-year in 2024 driven by increases in travel and tourism. When talking to the Emirates News Agency (WAM), Livermore pointed to DXBs unprecedented visitor numbers and traffic as well as tourism as the main drivers of the growth with the…
A new forecast from Henley & Partners warns that the number of centi-millionaires—those with investable assets of $100m plus—will soar in Gulf cities such as Dubai, Abu Dhabi and Riyadh. These are now the favorite cities for the ultra-wealthy as these places encourage investor migration and have open business standards. Launcher: the increase to centi-millionaires in these cities by 150% by 2040 will overshadow growth in many early-stage markets. To be specific, there are 29,350 centi-millionaires all over the world with the United States and China being the leaders. However, Gulf cities are among the emerging front runners in this…
UAE Cabinet headed by His Highness Sheikh Mohammed bin Rashid Al Maktoum announced appointment of Mouza Mohammed Al Suwaidi as Secretary-General of the Gender Balance Council of the UAE. This appointment comes at the wake of the UAE seeking to improve the status of women in positional authority and decision-making roles, thereby increasing the country’s competitiveness on the international market. The Head of UAE Gender Balance Council, Her Highness Sheikha Manal bint Mohammed bin Rashid Al Maktoum said that she has been receiving full backing from top leadership in the rights and growth of women. She said that Al Suwaidi’s…
The United Arab Emirates (UAE) seeks to unify the regulation of the nation by allowing VASPs licensed in Dubai to operate across the country More than fifty firms have been licensed by the Dubai Integrated Information Portal, which will enable them to offer their services throughout the United Arab Emirates. This will help ease the process of establishment of crypto businesses from Dubai to the rest of the emirates thus strengthening the unity in the cryptocurrency market across UAE. The programme entails a coordination between the Dubai Virtual Asset Regulatory Authority (VARA), and the United Arab Emirates Financial Services Authority…
A free zone in the UAE for the digital commerce, Dubai CommerCity has declared a massive partnership with the e-commerce giant eBay. This new agreement of cooperation was outlined in the Memorandum of Understanding (MoU) signed on the 11 th of September 2024 and will seek to foster cooperation in an attempt to internationalize Dubai CommerCity based firms. It was signed by Abdulrahman Shaheen, the Executive Vice President of Operations at Dubai CommerCity and Ashish Chhabra, the Vice President and General Manager of Global Verticals at eBay at the Dubai CommerCity headquarters as a part of the signing ceremony of…