Economy

The Ministry of Finance has announced that the UAE will introduce a federal corporate tax on business profits that will be effective for financial years starting on or after 1st June 2023. Businesses will become subject to UAE corporate tax from the beginning of their first financial year that starts …

Fuel prices for the month of February 2022: Super 98: Before: 2.65 AED/L After: 2.94 AED/L Special 95: Before: 2.53 AED/L After: 2.82 AED/L Diesel: Before: 2.56 AED/L After: 2.88 AED/L

Dubai continued to maintain its leadership position among the world’s preferred destinations for foreign direct investment (FDI), attracting AED15.9 billion (US$4.3 billion) of FDI capital inflow from 378 projects in the first nine months of 2021, a significant increase from the same period of 2020, according to data from the …

Global oil prices increased by almost 2 percent on Wednesday, and benchmark futures for Brent crude rose above $90 per barrel for the first time since 13 October 2014.As of 15:53 GMT, the price of March futures for Brent crude grew by 1.88 percent to $89.86 per barrel. Minutes earlier, …

The price of OPEC basket of thirteen crudes stood at $87.98 a barrel on Monday, compared with $87.46 the previous Friday, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi …

The Federal Tax Authority (FTA) has called on tax registrants to benefit from the Cabinet Decision to extend the grace period to benefit from the re-determination of administrative penalties on violating tax laws until 31st December, 2022, which would make the amount of the total unpaid penalties due until 28th …

The real estate and properties transactions valued at AED4.1 billion in total during the week ending 21 January 2022. The sum of transactions was 1,992. 287 plots were sold for AED1.08 billion, while 1,059 apartments and villas were purchased for AED2.25 billion. The top three transactions were a land in …

The price of OPEC basket of thirteen crudes stood at $86.54 a barrel on Monday, 17th January, compared with $85.46 the previous Friday, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial …

Deposits at UAE banks grew 80% to AED1,884 bn in 2020 from AED1,049 bn in 2010, according to a report by the Federal Competitiveness and Statistics Centre. The report, which documents the developments witnessed by the banking sector over the past decades, highlights the steady growth in bank deposits to …

The real estate and properties transactions valued at AED4.5 billion in total during the week ending 14 January 2022. The sum of transactions was 1,559. 219 plots were sold for AED 1.12 billion, 1,022 apartments and villas were sold for AED2.25 billion. Data from Dubai Land Department (DLD) showed that …