The Federal Tax Authority (FTA) announced on Sunday that VAT refunds for UAE nationals building new homes have reached a total of Dhs2.9 billion since the service began over six years ago. By the end of 2024, the cumulative number of approved applications stood at 35,000, compared to 27,000 at the end of 2023. This...
The Abu Dhabi stock market saw significant gains last week, adding AED 8.9 billion to its market value and closing at AED 2.996 trillion. This improvement was partly driven by better performance in US stock markets and optimism surrounding a potential decline in US interest rates. The Abu Dhabi Securities Exchange (ADX) index rose by...
The UAE’s corporate tax system is now in full effect, and some businesses have already filed their first tax returns, marking a significant milestone since the country introduced the tax in June 2023. Companies licensed in June 2023, whose financial year ended by February 29, 2024, had until December 31, 2024, to submit their returns...
DP World is collaborating with global financial institutions and technology providers to tackle the long-standing issues in cross-border payment systems. The company made this announcement during the World Economic Forum in Davos, highlighting the inefficiencies that have long plagued global commerce. Emerging markets, particularly in Asia and Africa, face challenges such as prolonged settlement times,...
Ras Al-Khaimah Police have successfully seized AED 27.5 million (approximately $7.5 million) in counterfeit currency following a tip-off regarding its intended distribution. The operation, which was carried out in collaboration with the General Directorate of Criminal Security, led to the arrest of three individuals of Arab nationality. They are charged with possessing counterfeit foreign currency...
Ajman Bank has achieved a significant milestone by reporting its highest annual profit before tax of AED 440 million, marking a remarkable growth of 213% compared to a net loss of AED 390 million in 2023. This impressive performance was shared during a board meeting presided over by H.H. Sheikh Ammar bin Humaid Al Nuaimi,...
The Federal Tax Authority (FTA) has clarified that cryptocurrency mining for personal accounts will not be subject to the UAE’s value-added tax (VAT). This announcement was made on Tuesday, addressing the growing interest in cryptocurrencies among residents. However, the FTA specified that if an individual mines cryptocurrency on behalf of someone else, this service will...
Gold prices in Dubai experienced a slight decrease at the opening of the markets on Monday, with 24-karat gold falling to Dh325.25 per gram. The 22-karat variant also showed a decline, dropping to Dh301.0 per gram. Additionally, 21-karat gold prices fell to Dh291.5 per gram, while 18-karat gold was priced at Dh249.75 per gram. Spot...
The UAE banking sector is set to experience solid lending growth in 2025, supported by relaxed monetary policies and a favorable economic environment, according to a report by S&P Global Ratings, as cited by Zawya. Puneet Tuli, an analyst at S&P Global Ratings, mentioned that UAE banks have seen a significant rise in deposits over...
UAE banks are set to remain strong in 2025, supported by a robust domestic economy and favorable business conditions, according to a report by S&P Global Ratings. While lending growth is expected to pick up due to lower interest rates and an improving economic environment, bank profits may see a slight dip compared to previous...