Economy

The United Arab Emirates Central Bank (UAECB) and the Saudi Arabian Monetary Authority (SAMA) today announced in a joint statement the launch of the common digital currency project ‘Aber’, which will be used in financial settlements between the two countries through Blockchains and Distributed Ledgers technologies. This comes under the …

H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, will head the UAE delegation to the forty-ninth session of the World Economic Forum, which will be held in Davos, Switzerland, from 22nd to 25th January. The forum is witnessing an active UAE participation in 10 key …

The Federal Tax Authority, FTA, has outlined four conditions that would allow foreign businesses to recover Value Added Tax, VAT, incurred in the UAE in a new guide on “VAT Refunds for Business Visitors”, published on its official website. To be eligible for the VAT refund, the first condition is …

The Federal Tax Authority (FTA) has confirmed that the date of supply for Value Added Tax (VAT) with regard to Independent Directors’ services is determined either in accordance with the general rules or the special rules, depending mainly on whether the fees for the said directors were known from the …

The Business Registration and Licensing, BRL, sector in the Department of Economic Development, DED, in Dubai, is partnering with Emaar Hospitality Group to promote the Instant Licence service offered by BRL for businesses in the Emirate. An expert team from BRL will train the Front Office Managers at the hotels …

Sharjah Electricity and Water Authority, SEWA, has discussed with a delegation from the Sharjah Chamber of Commerce and Industry means to enhance cooperation and joint coordination to stimulate investors and to strengthen the links between the Authority and its members. During the meeting, the two sides discussed a number of …

The Department of Economic Development, DED, announced the release of the ‘Dubai Economic Report 2018’ on Saturday. The report reviews the major macro- and sectoral level economic developments and growth in the emirate during 2017. It aims to be a reference for public and private sector decision-making as well as …

The UAE has accomplished significant achievements during its transition to a digital economy over the past five years. These accomplishments have helped to reinforce the competitiveness of the UAE’s national economy, according to indexes published by international organisations, including the World Economic Forum, which ranked the UAE as the leading …

The Business Registration and Licensing, BRL, sector in the Department of Economic Development, DED, Dubai, has issued 1,748 new licenses during November 2018, as Dubai remained a destination of choice for investment in diverse business sectors. Among the new licenses issued, 62.3 percent were commercial, 35.2 percent professional, 1.3 percent …

Emirates NBD Dubai Economy Tracker has shown that November data signalled a stronger improvement in the health of Dubai’s non-oil private sector, reflecting faster expansions in business activity and new work and a stable trend in employment. The three main sectors monitored all registered stronger performances, with construction seeing the …