UAE Ministry of Finance Undersecretary reiterates plan to introduce VAT by 1st of January 2018
In brief United Arab of Emirates (UAE) Ministry of Finance officials have declared during the World Government Summit the intention of all GCC Member States to implement VAT by January 1st, 2018. In detail Younis al-Khouri, the UAE Ministry of Finance Undersecretary, has reiterated the GCC Member States’ intention to simultaneously apply VAT across the […]
Everything you need to know about Insurance Brokerage in UAE
Insurance brokerage profession can be carried on only after obtaining License to practice insurance activities in the UAE as a Company or a Branch or an Insurance Agent of Foreign Company. All Insurance Broker in the UAE is subject to resolution 15 of 2013 including amendment thereto from time to time. Under Federal Law No. […]
3 major regulations for distribution of pharmaceuticals in the GCC region
Introduction The GCC healthcare market in one of the fastest growing industry in the region and still have enough potential for future growth at the same or higher rate considering various ongoing mega projects supported by the respective Governments as part of their long-term strategy to streamline the issues related to health care of […]
Six ways the Central Bank will combat money laundering in UAE
The Central Bank and United Arab Emirates (UAE) Government, considers it extremely important that monies earned by illegal means abroad are not circulated in the financial system of the country for the benefit of the criminals. To combat with it terrorism Central Bank has issued circular no. 24/2000 including other amendment resolution issued from time […]
Recent Developments in Taxation Issues in UAE
Introduction Taxes – a word alien to this part of the world will longer be so. The last few years have seen various new developments related to taxation in whole of Gulf region and the United Arab Emirates (UAE) is not an exception. Implementation of Common Reporting Standards (CRS) Nations across the world have recognized […]
GCC : Will Growth Rate Continue to Decline?
Introduction Tough days are still on for all six countries of Gulf Cooperation Council (GCC). Various reports and survey including report of World Bank provides for slashing growth rate and tightening of monetary and fiscal policies and increased fiscal deficits. World Bank agrees that the prime reason for this forecast is majorly due to expectation […]
MENA energy investment to reach $900b in five years
DUBAI: A new report from Arab Petroleum Investments Corporation (Apicorp), owned by Organisation of Arab Petroleum Exporting Countries (Opec) says that the total committed and planned energy investments in the MENA region could reach $900 billion over the next five years. The report reveals that planned MENA investments in the energy sector are estimated to […]
Impacts of employment law on education providers in UAE
Introduction Federal Law no. 8 of 1980 “Labour Law” governs the provisions related to employment of nationals and expats in United Arab Emirates (UAE). All the privately held companies and employers are bound by the provisions of this law. State and publically held companies maLabour Lawy also be subject to other laws as may be […]
Organizing sports event in UAE: How to manage risk
UAE is currently witnessing transformations in fields related to sport and entertainment activities. In the recent past UAE have successfully hosted major sports event e.g. Abu Dhabi Formula 1, Dubai Air Show, Dubai desert challenge to name a few and will soon be hosting other major sport event likes Gulf Bike Week, Dubai Motor Festival, […]
UAE and Saudi non-oil exports increase
Saudi and UAE exports picked up last month, as robust regional demand spurred on the non-oil sector, according to data from the HSBC Purchasing Managers Index, a monthly economic survey. Orders for Saudi exports increased for about a third of the country’s non-oil companies, while a quarter of the UAE’s non-oil businesses experienced higher demand […]