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Arabian Business
5 days ago
- Arabian Business
Eid Al Adha 2025 dates announced; UAE petrol prices change; new tax rule revealed; Dubai real estate tokenisation – 10 things you missed this week
The UAE has announced Eid Al Adha holiday dates for the public and private sectors next week. The long-awaited announcement came during a week which also saw updated tax rules, the imminent change of petrol prices, a Dubai real estate tokenisation project and more. Catch up on 10 of the biggest news stories this week, as selected by Arabian Business editors. UAE announces Eid Al Adha 2025 holidays The UAE has announced Eid Al Adha 2025 holidays for the public and private sectors. The holidays will begin on 09 Dhu Al-Hijjah 1446 AH, corresponding to Thursday, June 05, 2025, and will continue until 12 Dhu Al-Hijjah 1446 AH, corresponding to Sunday, June 08, 2025. Official work will resume on Monday, June 09, 2025. UAE petrol prices to change for June 2025 The UAE is set to announce petrol prices for June 2025 this week. Petrol prices increased fractionally in May, following two months of increases, although prices for motorists filling up on Super 98, Special 95, E-Plus 91 and diesel have remained stable. It is currently significantly cheaper to fill up a tank than year ago, with all categories becoming more affordable, despite prices fluctuating throughout the past 12 months. The UAE Ministry of Finance has issued a Cabinet Decision introducing a new tax treatment option for unincorporated partnerships. The move is part of the government's ongoing efforts to enhance tax transparency and improve the business environment. Under the Federal Decree-Law No. (47) of 2022 on the Taxation of Corporations and Businesses, unincorporated partnerships are generally regarded as tax transparent entities. New Dubai road to cut journey times from 20 minutes to just 3.5 A new road in Dubai will slash journey times in one neighbourhood from 20 minutes to less than four. The Roads and Transport Authority (RTA) is set to open a new entry and exit point to Al Warqa directly from Sheikh Mohammed Bin Zayed Road early June 2025, aiming to facilitate smoother access to and from the neighbourhood. Once complete, the project will increase road capacity by 5,000 vehicles per hour, reduce travel time by 80 per cent—from 20 minutes to just 3.5 minutes—and cut trip distances from 5.7km to 1.5km. The initiative is being implemented in collaboration with the Virtual Assets Regulatory Authority (VARA), the Central Bank of the United Arab Emirates (CBUAE), and the Dubai Future Foundation (DFF) as part of the Real Estate Sandbox. Zand Digital Bank has been appointed as the banking partner for the pilot phase. Binghatti Holding Ltd has acquired freehold land spanning over 8 million square feet of gross floor area for its first large-scale master-planned residential community in Dubai. The Dubai-based real estate developer, known for luxury-branded residences, expects the development to have a total value exceeding AED 25 billion. The land sits in Nad Al Sheba 1 within Dubai's Meydan district. The area previously housed the Nad Al Sheba Racecourse, which served as the former venue for the Dubai World Cup. The location maintains connections to major roads and sits near Dubai's key landmarks. Disneyland Abu Dhabi triggers real estate shift: Price moves, investor interest and new hotspots identified Disney recently announced a theme park in Yas Island, Abu Dhabi, marking its seventh destination globally. According to real estate experts, the announcement is already positively impacting the capital's property market. While the project is years from completion, early signs point to growing investor interest, increased inquiries for off-plan units, and early price adjustment discussions. 'Even for an established, world-class tourism and leisure hub, Yas Island's recent announcement of Disneyland Abu Dhabi is a major touristic coup, and yet another reason why Yas is one of Abu Dhabi's most dynamic residential investment destinations. The news has put Yas firmly in the spotlight and immediately boosted investor confidence in this world-class destination,' Riyad Magdy, Chairman and Founder, Oia Properties, said in an exclusive interview with Arabian Business. EXCLUSIVE: Dubai real estate giant Sobha Realty eyes 3 Texas cities for major U.S. expansion Dubai-headquartered luxury property developer Sobha Realty has revealed more of its plans to expand into the United States market, with Texas cities forming the 'cornerstone' of its international growth strategy. The company, which has operated in the UAE since 2013, will focus on Dallas, Houston, and Austin for its U.S. debut. In an exclusive interview with Arabian Business, Ravi Menon — Chairman of Sobha Group — cited the cities' rapid population growth, strong economic fundamentals, and demand for luxury residential developments as key factors in the decision. UAE malls in 'non-prime' areas could face pressure from Chinese goods diversion amid U.S. tariffs The new U.S. tariffs imposed by Donald Trump could create 'ripple effects' throughout global supply chains that could eventually reach the UAE market, according to PP Varghese, Head of Professional Services at Cushman & Wakefield Core. 'While the UAE doesn't heavily import directly from the US, many products pass through complex international supply chains where tariff-related price increases get passed down,' he told Arabian Business. UAE takes legal action against 30 domestic worker recruitment rulebreakers The UAE is penalising domestic worker recruitment offices over rule breaking and violations of guidelines. The Ministry of Human Resources and Emiratisation (MoHRE) has taken legal action against 30 domestic worker recruitment offices across the UAE after confirming their involvement in 89 violations flagged during the first three months of 2025. The measures form part of the Ministry's ongoing efforts to implement its integrated field and digital monitoring system, which aims to identify and address any violations by domestic worker recruitment offices and ensure their compliance with relevant legislation.
Arabian Business
23-05-2025
- Arabian Business
UAE announces tax exemption; Expected holiday dates; Dubai real estate cryptocurrency buying tips; visa application centre opened – 10 things you missed this week
The UAE has revealed new tax guidelines, industrial investment plans and visa and transport projects this week. At the same time real estate analysts have focussed on cryptocurrency and proptech developments in Dubai, with major announcements and buying tips hitting the headlines. Catch up on 10 of the biggest stories this week, as selected by Arabian Business editors. UAE announces tax exemption The UAE has announced an exemption on Corporate Tax for certain foreign entities. The Ministry of Finance (MoF) has announced the issuance of Cabinet Decision No. (55) of 2025 on Exempting Certain Persons from Corporate Tax for the purposes of Federal Decree-Law No. (47) of 2022 on the Taxation of Corporations and Businesses. The decision expands the scope of the corporate tax exemption to include foreign entities that are wholly owned by certain exempted entities, such as government entities, government-controlled entities, qualifying investment funds, and public pension or social security funds. Dubai to slash journey times on major road with new bridge The new bridge will serve residential communities in Nad Al Sheba and provide direct connection for inbound traffic from Dubai–Al Ain Road towards Al Ain. With a design capacity of 2,600 vehicles per hour, the bridge reduces travel time from Dubai–Al Ain Road to Nad Al Sheba by 83 per cent, cutting the journey from six minutes to just one. UAE holidays 2025: Will residents get a long weekend ahead of Islamic New Year? If confirmed by UAE authorities, the public holiday would align with the country's Saturday–Sunday weekend, potentially offering a three-day break from June 27 to 29. As with all Hijri calendar-based holidays, the official date depends on the moon sighting and will be confirmed closer to the time. Dubai launches $1.2bn PropTech Hub to power future real estate Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, Chairman of The Executive Council of Dubai, and Chairman of the Higher Committee for Future Technology and Digital Economy, chaired a meeting of the Committee and issued directives to launch The Dubai PropTech Hub. The move seeks to fast-track the expansion of the PropTech market in the emirate, aiming to more than double its value to surpass AED4.5bn ($1.2bn) over the next five years. Abu Dhabi announces car manufacturing plans as it eyes $27bn automotive plan and 7,000 skilled jobs The Abu Dhabi Investment Office (ADIO) announced the launch of a major economic programme targeting the establishment of an end-to-end automotive ecosystem. Backed by multi-billion-dirham investments from global industry leaders, the programme aims to transform Abu Dhabi into the region's foremost hub for smart automotive manufacturing and assembly, R&D, restoration, auctions and luxury automobiles. Announced during the Make it in the Emirates Forum 2025 (MIITE), the automotive programme is projected to contribute AED100bn ($27.2bn) to Abu Dhabi's GDP by 2045, attract more than AED8bn ($2.2bn) in FDI and create 7,000 high-skilled jobs. Umm Al Quwain an 'investment hotspot' in UAE, say real estate experts The northern emirate, known for its 23 km of coastline and natural landscapes, is experiencing increased investor interest as neighbouring property markets reach maturity and price points that exclude many buyers. In an exclusive interview with Arabian Business, Andrew Cummings, Head of Residential Agency at Savills Middle East, attributes the growth to a broader trend of investment focus shifting to the northern emirates. Off-plan real estate sales in Dubai have already reached $24.5bn this year as high returns and easy finance lure investors Off-plan Dubai real estate sales have already reached AED90bn ($24.5bn) so far this year, according to W Capital data. The findings, based on data from the Dubai Land Department, indicated that the Dubai real estate market witnessed 40,500 off-plan property transactions between January and May 15, 2025. The AED90bn ($24.5bn) total, making 38 per cent of total market sales. Ready-built properties, which recorded AED147.4bn ($40.1bn), accounted for 62 per cent of sales during the same period. According to the data, off-plan transactions included 36,359 residential units and 4,141 buildings. World's largest visa application opens in Dubai with 10,000-per-day capacity The world's largest visa application facility has opened in Dubai and is capable of handling 10,000 visa applications a day. VFS Global launched its flagship Visa Application Centre in Wafi City, marking the opening of the largest visa application facility in the world. At nearly 150,000sq ft, the centre is equipped to handle up to 10,000 visa applications daily, a capacity that stands as the highest for any single location, and is supported by a skilled and diverse team of over 400 trained professionals from more than 25 nationalities. The pros and cons of buying Dubai real estate with cryptocurrency With the UAE's proactive approach to blockchain and digital asset regulation, Dubai is now one of the few cities in the world where cryptocurrency can be used to legally and securely purchase residential and commercial real estate. As more developers and buyers embrace crypto payments, the conversation is shifting from 'Is this possible?' to 'What are the risks and rewards?' – whether you're a seasoned crypto investor or a newcomer to Dubai's property market. Emirates NBD gets RBI go-ahead to set up wholly owned subsidiary in India Setting up a wholly owned unit will allow Emirates NBD to be treated on par with local banks. A statement by the RBI on Monday said: 'Emirates NBD Bank is currently carrying on banking business in India in branch mode through its branches located in Chennai, Gurugram and Mumbai. The in-principle approval has been granted to the bank for setting up a WOS through the conversion of its existing branches in India. The RBI would consider granting a licence for commencement of banking business in WOS mode under Section 22 (1) of the Banking Regulation Act, 1949 to Emirates NBD Bank PJSC, on being satisfied that the bank has complied with the requisite conditions laid down by the RBI.'
Arabian Business
22-05-2025
- Arabian Business
Umm Al Quwain an ‘investment hotspot' in UAE, say real estate experts
Umm Al Quwain is positioning itself as the UAE's next property hotspot, with major developers launching large-scale projects in partnership with the emirate's government. The northern emirate, known for its 23 km of coastline and natural landscapes, is experiencing increased investor interest as neighbouring property markets reach maturity and price points that exclude many buyers. In an exclusive interview with Arabian Business, Andrew Cummings, Head of Residential Agency at Savills Middle East, attributes the growth to a broader trend of investment focus shifting to the northern emirates. Umm Al Quwain's rising market potential 'The renewed focus on northern emirates as investment hotspots is playing a key role, particularly with the rise of Ras Al Khaimah following the Wynn announcement. Umm Al Quwain is emerging as a natural alternative, offering early-stage opportunities in a market still in its growth phase,' Cummings explained. Major masterplan developments, specifically Sobha Siniya Island and Downtown UAQ | Sobha Realty in Umm Al Quwain, have become the primary investment catalysts in the emirate. These flagship projects, delivered through strategic partnerships between the government and established developers like Sobha Realty, are transforming the landscape and driving market growth. 'With its serene natural landscape and rich cultural heritage, Umm Al Quwain is now entering a new phase, led by a bold and ambitious vision for sustainable growth and urban development,' Francis Alfred, Managing Director at Sobha Realty told Arabian Business. Alfred further explained that the company's expansion into Umm Al Quwain aligns with their long-term vision to extend luxury living options across the UAE. The developer's recently announced Downtown UAQ | Sobha Realty, is a 25 million sq. ft. coastal 'city within a city' masterplan featuring 11 km of shoreline, with 7 km dedicated to beaches and beach parks. According to Alfred, the development will be divided into three districts covering entertainment, residential and commercial purposes, with over 50 per cent allocated to green and open spaces. The project focuses on apartment buildings with 1 & 2-bedroom apartments and 3-bedroom duplex options, starting from AED 1.11 million. High-yield investment potential For investors and first-time buyers, the emirate offers an opportunity to enter the market at prices significantly lower than Dubai or Sharjah. 'Downtown UAQ | Sobha Realty offers an exceptional entry point for first-time buyers, allowing them to invest in a flagship master-planned community during its formative phase,' Alfred explained. He added that investors can expect annual rental yields in the range of 7-9 per cent, making it 'a compelling opportunity for both passive income and asset growth.' This assessment aligns with Cummings' view, who noted that 'gross yields of 6-8 per cent are achievable, particularly in the villa segment. With capital values still on the rise, there is upside potential for investors entering at this stage' in the emirate overall. The property market in Umm Al Quwain has shown 'consistent upward momentum since 2020,' according to Alfred, reflecting infrastructure development and the emirate's growing profile. Waterfront villas and off-plan residential units in new masterplans are performing well, with buyers seeking lifestyle-led communities that offer potential for long-term capital appreciation. The buyer demographic spans regional investors, mid-income end users, and those priced out of neighbouring markets. Cummings also noted a 'growing base of buyers who are seeing this as a second-home market with strong future upside.' Government involvement has been crucial to this development trajectory. 'The government has played a clear role by enabling large-scale partnerships with trusted developers and prioritising long-term infrastructure planning,' Cummings explained. Sobha Realty's Alfred further highlighted their partnership with the Government of Umm Al Quwain as reflecting 'a shared vision to create a future-proof destination that balances economic growth with environmental preservation.' The Downtown UAQ | Sobha Realty project includes major road, utility, and coastal infrastructure improvements, with provisions for commercial zones and free trade operations. While the growth outlook appears positive, challenges remain. Cummings identified awareness and infrastructure delivery timelines as potential obstacles. 'As with any emerging market, consistent execution will be key to sustaining momentum and building long-term buyer confidence,' he stated. Alfred pointed to Sobha Realty's 'Backward Integration' business model as key to maintaining quality while keeping prices accessible. 'Unlike traditional development business models that rely on multiple external contractors, vendors, and service providers, we maintain complete in-house control over every aspect of the development process, from design to engineering, manufacturing, and construction,' he explained. This approach, he added, protects projects from global supply chain volatility and price fluctuations by sourcing raw materials locally through their own manufacturing units. Sobha Realty, Deyaar projects lure investors to Umm Al Quwain real estate market Looking ahead, Sobha Realty anticipates sustained demand for their masterplans in Umm Al Quwain. Over the next five years, they plan to begin handing over both their masterplan developments in the emirate. Beyond Sobha's projects, other developments gaining traction include Deyaar's AYA Beachfront Residences and the UAQ Creek Waterfront, which are attracting lifestyle-driven buyers. For investors considering the market, Cummings advised watching the phased rollout of Downtown UAQ | Sobha Realty, particularly as commercial and hospitality elements become available. Sobha Siniya Island's luxury residential offering is also expected to drive interest in the medium term. 'Umm Al Quwain offers a combination of value, scale, and long-term vision. For investors, it represents an opportunity to get in early in a market that is just beginning to define itself,' he concluded.
