Economy

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 …

Saudi Arabia will impose a 100 per cent tax on electronic cigarettes and a 50 per cent levy on some sugary drinks, broadening the excise duty on similar products enforced in June 2017. The Arab world’s largest economy already has a 100 per cent excise duty on cigarettes and tobacco products, …

The number of business licences issued in the UAE amounted to 560,158 since the start of 2019, an increase of 3.7 percent, or 19,800 licences, compared to the end of 2018. The growth in the number of new licences reflects the improvement of various sectors since the start of the …

As the Federal Tax Authority, FTA, marks 500 days of the Value Added Tax, VAT, in the UAE, Khalid Ali Al Bustani, Director-General of the FTA, revealed that the rates of compliance with tax laws and procedures have increased exponentially among all taxable businesses. The tax came into effect on …

In yet another indicator of the growth in economic sentiments in the country, the number of automatic teller machines, ATM, operated by banks in the UAE, increased to 5,279 by end of Q1, against 5,274 in the same period last year, statistics by the Central Bank of the UAE show. …

The Business Registration and Licensing, BRL, sector in the Department of Economic Development, DED, Dubai, issued 2,805 new licenses during April 2019, a growth of 60% compared to April 2018 (1,753). The new licenses created 8,375 jobs in the labour market. Among the new licenses issued, 49% were professional, 48.1% …

Emaar Development achieved one of the highest quarterly sales during the first quarter (January to March) of 2019 underpinned by the exceptional sales of residences launched by the company. The total sales for the period increased by 51 percent to AED 5.902 billion (US$1.607 billion) compared to Q1 2018 sales …

Dubai Economy has advised all consumers to check that the detailed invoices of all their purchases are accurate. In case of inaccurate purchase invoices, Dubai Economy will take action against the violating outlets and return the additional value to the consumer. The main objective is to promote awareness and protect …

The role of trade and the easy movement of goods around the world has never been more important, even more so as the threat of a tariff-impeded environment is a buffeting wind against the tide of global trade, a UAE newspaper has commented editorially. “But the China-led Belt and Road …

Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum, said that the UAE plays an integral part in pushing forward international efforts to enhance global economic growth due to its strategic location at the centre of trade routes connecting …