AB Espresso: UAE announces new tax

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In today’s newsletter:

Stay informed with the latest updates from Arabian Business. Here’s what you missed over the weekend:

The UAE Ministry of Finance has issued Cabinet Decision No. 142 of 2024, outlining details of the Top-up Tax for Multinational Enterprises. The decision provides further clarity on the UAE Domestic Minimum Top-up Tax (DMTT), following the initial announcement in December 2024.

On the real estate front, Dubai recorded AED17.05 billion ($4.6 billion) in property transactions between February 3 and February 7, according to the Land Department. Sales transactions accounted for AED12.31 billion ($3.4 billion) of the total, with 4,153 sales recorded.

Aside from this, Dubai’s Roads and Transport Authority (RTA) has completed traffic enhancements at over 50 locations across the emirate as part of its strategic plan to improve road efficiency, ease congestion, and enhance safety. The upgrades align with Dubai’s urban expansion and rising traffic volumes.

Additionally, Hafeet Rail has awarded construction contracts for the UAE-Oman railway project to Larsen & Toubro (L&T) and Power China, while China Railway Rolling Stock Corporation (CRRC) will supply freight wagons. The project aims to strengthen logistics integration and cargo efficiency between the two nations.

In other major developments, Wynn Resorts has secured a $2.4 billion construction loan for Wynn Al Marjan Island in Ras Al Khaimah, the UAE’s first casino resort. The financing, backed by a global syndicate of lenders, will fund the development of the project, located 50 minutes from Dubai International Airport.

Until next time, Sharon Benjamin for Arabian Business

THE LONGER READ:

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