Economy

Sultan bin Saeed Al Mansouri, Minister of Economy, has issued a ministerial decision approving the status of Economic Concentration in the UAE market for the upcoming acquisition of Careem – one of the leading start-ups established in the UAE – by global company Uber. Under the Competition Law No. 04 …

The General Pension and Social Security Authority, GPSSA, has asserted that the employers’ knowledge of registration rules and bearing the monthly shares in contributions on behalf of the insured exempts them from penalties and additional amounts imposed on them due to violation of any registration rule or settlement of such …

Dubai Islamic Bank (DIB) is set to acquire Noor Bank, enhancing Dubai’s position as the capital of Islamic economy and creating the region’s most powerful Shari’a banking group. The DIB’s board meeting on Sunday recommended its shareholders consider the takeover of 100 percent shares of Noor Bank, after obtaining all …

The US economy is expanding faster than any other advanced nation, and in weeks will hit a historic milestone, but the International Monetary Fund is warning of building signs of trouble. In its annual review of the US economy, the IMF warned that “material risks” overshadow the outlook, including trade …

Latest statistics from Dubai Customs revealed the value of the emirate’s external trade in Ramadan foodstuff for the first quarter of 2019, which totalled AED8.3 billion. Foodstuffs traded weighed a total of 1.5 million tonnes, and included, meats, sugar, vegetables, flour, rice, nuts, bottled water, juice and dates, according to …

The UAE Cabinet has approved distribution of the value-added tax (VAT) revenues totalled approximately AED27 billion between the federal and local government. According to the decision 30 percent of the revenue will go to the federal government, and 70 percent to the local governments. The decision ensures the sustainability and …

The UAE Cabinet adopted a decision to amend and waive fees for a number of federal services within the framework of Government’s effort to enhance the national economy, reduce costs to business owners and increase the competitiveness of the UAE. The decision promotes economic growth in the UAE and it …

The Federal Tax Authority,FTA, will begin implementing the Cabinet Decision regarding violations of the “Marking Tobacco and Tobacco Products Scheme”, which calls for applying Digital Tax Stamps on the packaging of said products before supplying them to local markets. The Authority stressed that the penalties are meant to curb attempts …

The Sharjah Economic Development Department, SEDD, announced its connection and integration with the ‘UAE Pass’ service, a new version of the unified federal ‘Smart Pass’. SEDD is the first department in the country to implement the use of the UAE Pass. The new pass is the first UAE-wide digital identity …

Jebel Ali Free Zone will return Dh1.3 billion of bank guarantees to its clients through its new Workforce Protection Programme initiative that is set to roll out in September. The move will infuse the cash back into Dubai’s economy so that companies can invest in their operations and strengthen their …