UAE tax rule; May petrol prices revealed; Trump Tower in Dubai; Viral chocolate maker speaks out – 10 things you missed this week
The UAE and Saudi Arabia have both issued updates on waivers for tax fines this week as Gulf countries look to support businesses with their obligations.
Also this week the UAE has revealed petrol prices for May, rules were released for recognising higher education certificates in the country, the Trump Organisation announced a luxury skyscraper in Dubai and a report highlighted the potential of branded residences in the emirate.
Catch up with 10 of the biggest stories this week, as selected by Arabian Business editors.
UAE announces new tax rule
The Ministry of Finance (MoF) and the Federal Tax Authority (FTA) have announced the issuance of a Cabinet Decision launching an initiative to waive administrative penalties for corporate taxpayers and certain exempt persons who failed to submit their tax registration applications with the FTA within the required time-frame. To qualify, eligible parties must file their tax return or annual statements within a period not exceeding seven months from the end of their first tax period, as stipulated under the Corporate Tax Law.
The Cabinet's decision reflects the proactive approach of the Ministry of Finance and the Federal Tax Authority to enhance tax compliance. It aims to encourage registrants to file tax returns or annual statements before the deadline, bolstering early compliance with legal requirements.
UAE announces new higher education certificate rules
The UAE has introduced new rules to recognise and authenticate qualifications issued by foreign higher education institutions.
The Ministry of Higher Education and Scientific Research (MoHESR) has issued Ministerial Resolution No. (34) of 2025 regarding the recognition of qualifications issued by foreign higher education institutions (HEIs).
The resolution outlines key conditions, including verifying the qualification's authenticity, and ensuring that the issuing HEI is legally established, licensed and accredited by the relevant accreditation body in its home country.
UAE announces petrol prices for May 2025
The increase follows a sharp drop in April, which was recorded across all categories.
Starting May 1, the cost of filling up vehicles in the UAE will be:
E-Plus: AED2.39 a litre from AED2.38 in April
Special 95: AED2.47 a litre from AED2.46 in April
Super 98: AED2.58 a litre from AED2.57 in April
Diesel: AED2.52 a litre from AED2.63 in April
Dubai traffic to ease: RTA opens new 1.8km flyover in major upgrade
Dubai's Roads and Transport Authority (RTA), working with Etihad Rail, has opened a new 1.8 km flyover.
The new flyover on Al Yalayis Street is set to improve traffic flow to and from Dubai Investment Park.
The signal-controlled, three-lane structure includes right-turn slip roads for vehicles approaching from Dubai and for those exiting towards Sheikh Zayed Road.
EXCLUSIVE: Creator of viral 'Dubai Chocolate' recipe says he was written out of global success story
The Filipino chef who co-created Dubai's viral pistachio kunafa chocolate has revealed he was an original investor in the venture before stepping away—only to watch the product achieve global recognition without him.
Chef Nouel Catis, a dessert specialist with 16 years of experience in the UAE, said in an exclusive interview with Arabian Business that he co-developed the confection for FIX Dessert Chocolatier and helped purchase equipment to launch the brand. However, he exited the business arrangement before it went viral.
'It was really the intention to have an equal partnership, where I put my money into the technical side, the operational side, while she [Sarah Hamouda] does the branding [and] marketing,' said Catis, referring to FIX's founder.
EXCLUSIVE: Meet Mirwais Azizi – The man behind billion-dollar developments in Dubai – and the world
Inside a marble-clad office at Dubai's Conrad Hotel, Mirwais Azizi sits in a leather chair, flanked by royal furnishings, a grand chandelier, and a discreet camera quietly recording the meeting – standard protocol for the billionaire founder of Azizi Developments. There's no room for ambiguity here. Every exchange is documented, archived, and intentional – mirroring the scale and meticulousness of Azizi's vision.
Despite the grandeur, Azizi exudes calm and humility. Soft-spoken, often smiling, he engages without airs. He makes it easy to forget you're in the presence of a man whose developments span skylines and whose next project, Burj Azizi, will become the world's second tallest tower. The man behind hundreds of buildings and now the driving force behind the second-tallest tower leans back in his chair.
Although sometimes short for words in English, he delivers his message with the clarity of a brand new skyscraper's glass façade. In a rare interview – his first in over half a decade – the founder of Azizi Developments offered a glimpse into the mind of the man behind a multi-billion-dollar real estate legacy.
UAE unveils massive 25mn sq ft 'Downtown UAQ' development project
The Crown Prince of Umm Al Quwain, Sheikh Rashid bin Saud bin Rashid Al Mualla, has unveiled plans for an extensive new development called Downtown UAQ during a ceremony at the UAQ Chamber of Commerce & Industry.
The project, described as a 'Coastal City Within a City', spans 25 million square feet and features 11 kilometres of shoreline, including 7 kilometres of beach and beach park, the Emirates News Agency (WAM) said in a statement.
The development is structured around three districts: North Beach, Trade Centre, and South Beach.
Dar Global and The Trump Organisation have announced the launch of Trump International Hotel and Tower, Dubai.
The landmark project marks the Middle East's first and only Trump International Hotel and Tower and represents the fifth collaboration between Dar Global and the Trump Organisation. The firms have worked together on developments such as Trump Tower Jeddah in Saudi Arabia and Trump International Golf Club and Hotel in AIDA, Oman.
Trump International Hotel and Tower will occupy 80 floors and reach 350m high, with hospitality offerings comprising exquisite rooms and suites, private lounges, personalised service, and world-class amenities for guests.
Dubai real estate: Branded residences to double as demand surges, buyers ready to pay 69% premium
Dubai's branded residence sector is expanding at a record pace, positioning the city as the global leader in luxury property aligned with major international brands.
'The demand for branded residences in Dubai has surged, with buyers willing to pay up to 69 per cent more per square foot compared to non-branded residences in the same locations,' Omar Elammary, Partner at Driven Properties said in an exclusive interview with Arabian Business.
More than 13,000 branded units were sold in 2024, a 43 per cent increase over 2023, according to property consultancy Global Branded Residences (GBR). Dubai's branded residential inventory now exceeds 132 developments and 43,000 units, with the number expected to more than double over the next five years.
Saudi Arabia issues tax update
Saudi Arabia has urged taxpayers to take advantage of a waiver on fines and penalties before June 30.
The Zakat, Tax, and Customs Authority (ZATCA) has called on all taxpayers subject to tax regulations to take advantage of the Cancellation of Fines and Exemption of Penalties Initiative, which is set to end on June 30.
The authority noted that the initiative includes exemptions from penalties related to late registration in all tax systems, late payment, and late filing of tax returns, in addition to VAT return correction penalties and violations related to field audits concerning e-invoicing regulations and other general provisions of the VAT Law.
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