UAE Ministry of Economy Implements Stricter Penalties Under Updated Commercial Agency Law The United Arab Emirates (UAE) is taking a bold step in enhancing its business environment by enforcing stricter penalties under the updated Commercial Agency Law. The Ministry of Economy in the UAE is cracking down on companies found in violation of this law, sending a clear message to…

UAE Ministry of Economy Intensifies Fight Against Money Laundering and Terror Financing The UAE Ministry of Economy has taken decisive steps to ensure compliance in the battle against money laundering and terror financing. This year alone, administrative penalties totaling approximately Dh76.9 million have been imposed on 225 companies, reflecting the nation’s commitment to combating financial crimes. In addition, 50 establishments…

Dubai’s Ambitious Water Reuse Plan: Towards a Sustainable and Green Future Known for its visionary projects and transformative development, Dubai is once again making headlines with its bold announcement: by 2030, the city aims to reuse 100% of its water while reducing desalination and related power consumption by 30%. Spearheaded by the Dubai Municipality (DM), this groundbreaking initiative reflects the…

UAE Ministry Clarifies Corporate Tax on Real Estate and Immovable Property: Neutrality Assured The UAE has taken a significant stride in enhancing its corporate tax regulations, particularly concerning income generated from real estate and immovable property. The UAE Ministry of Finance recently issued a clarification aimed at ensuring neutrality between domestic and foreign companies when it comes to earning income…

Dubai’s Housing Market Soars: 22% Annual Rise in Rents Amidst Record Transactions Dubai’s housing market has continued its upward trajectory, showcasing remarkable growth throughout the summer months. Recent data from commercial real estate services and investment firm CBRE reveals that average residential rents experienced a significant 22% surge in the year leading up to July, underscoring the emirate’s robust real…

DIFC Issues Landmark Decision Recognizing California Consumer Privacy Act’s Adequacy In a groundbreaking move, the Dubai International Financial Centre’s (DIFC) Commissioner of Data Protection has issued a pioneering adequacy decision pertaining to the California Consumer Privacy Act (CCPA) of 2018. This landmark decision has significant implications for data protection and privacy, particularly in the realm of cross-border data transfers. The…

COP28 President Calls for Decisive Action in Fast-Tracking Responsible Energy Transition and Climate Finance. In preparation for the upcoming United Nations climate summit (COP28), Dr Sultan Al Jaber, the President-designate of COP28, has urged nations to be truthful about their climate commitments. During a Ministerial on Climate Action in Brussels, Dr Al Jaber revealed a comprehensive four-pillar action plan aimed…

The Dubai Courts has taken a momentous step towards fostering cultural diversity and providing comprehensive services by announcing the establishment of its first inheritance department for non-Muslims residing in the emirates. This significant development allows non-Muslims to prepare and execute their wills according to their own laws, offering them a clear legislative framework and ensuring the effective application of their…

The UAE Ministry of Finance recently issued a clarification stating that foreign companies and non-resident juridical persons will be subject to a nine percent corporate tax on income earned from real estate and other immovable property in the UAE. This new regulation applies to both immovable property used for business purposes and property held for investment. Real estate is a…