Economy

The Central Bank of the UAE (CBUAE) has issued new guidance on anti-money laundering and combatting the financing of terrorism (AML/CFT) for licensed financial institutions (LFIs) including banks, finance companies, exchange houses and insurance companies, agents and brokers. The guidance, which comes into effect immediately, will assist LFIs’ understanding of …

China’s foreign exchange reserves rose to US$3.1277 trillion at the end of December 2022, up 0.33 percent from a month earlier, data from the State Administration of Foreign Exchange showed Saturday, Chinese News Agency, Xinhua, reported. The foreign exchange regulator attributed the increase in foreign exchange reserves to the combined …

A total of 2,790 real estate transactions worth AED9.6 billion were conducted during the week ending 30th December, 2022, according to figures released by the Dubai Land Department (DLD). The DLD report showed that 179 plots were sold for AED 1.39 billion, while 2,071 apartments and villas were purchased for …

The net investments of non-Arab foreigners in local UAE stocks amounted to around AED30 billion since the start of 2022. The volume of investments is the outcome of the UAE’s ongoing efforts to attract foreign investors, underpinned by the resilient performance of listed companies in line with the Principles of …

 The UAE economy has quickly survived the economic impact of the COVID-19, with near-term economic growth being strong, underpinned by a rebound in domestic activity, while elevated oil prices support high surpluses in the fiscal and external balances, according to a top IMF official. “Economic growth has been robust this …

The Ministry of Economy has imposed administrative penalties on 6 Designated Non-Financial Businesses and Professions (DNFBPs) companies for violating anti-money laundering and terrorism financing laws. The companies failed to take the necessary measures to identify the financial crime risks, as 59 violations were detected, amounting to AED 3,200,000.

Dubai real estate market recorded 495 sales transactions worth AED1.32 billion, in addition to 81 mortgage deals of AED454.83 million, and 24 gift deals amounting to AED34.33 million on Tuesday, data released by the Dubai’s Land Department (DLD) showed. The sales included 479 villas and apartments worth AED1.28 billion, and …

The UAE issued Federal Decree-Law No. 47 of 2022 on Taxation of Corporations and Businesses (the “Corporate Tax Law”). Businesses will become subject to UAE Corporate Tax (“Corporate Tax”) from the beginning of their first financial year that starts on or after 1 June 2023. The UAE’s Corporate Tax regime …

Pursuant to a resolution issued by the Cabinet: • The Ministry of Finance announces the amendment of the VAT treatment on workmanship service when supplying gold and diamonds between registerants in the country. • There will be a temporary replacement for the definition of “goods” contained in Article (1) of …

The Federal Tax Authority (FTA) has launched its new integrated and fully developed digital tax administration platform EmaraTax today (Monday, 5 December 2022). The platform has been successfully activated, with all services now made available to taxpayers using the latest technologies implemented in the tax field around the world. In …