More than 20,000 companies across 14 economic sectors will have to comply with directive. Dubai: The Ministry of Human Resources and Emiratisation (MoHRE) has started implementing the Cabinet decision to expand the scope of companies subject to Emiratisation targets, where more than 12,000 companies with 20-49 employees, operating across 14 specific economic sectors, are now required to hire at least…
Unified registry aims to double sector’s contribution to the nation’s GDP The UAE, the second-largest hub in the Middle East for family-run businesses after Saudi Arabia, has launched a unified registry for family firms as part of a series of measures aimed at doubling this key sector’s contribution to the nation’s gross domestic product to $320 billion by 2032. The…
Hamdan Bin Mohammed issues resolution encouraging people to adopt eco-friendly lifestyle. Dubai: Single-use plastic bags will be banned in Dubai from January 1, 2024, according to a new resolution issued on Sunday. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, has issued an Executive Council Resolution No. (124)…
UAE Unveils 10 Economic Principles for Global Leadership: A Blueprint for Sustainable Growth In a bid to position itself as a leading global economic powerhouse, the United Arab Emirates (UAE) has recently unveiled a comprehensive economic roadmap consisting of 10 guiding principles. His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice-President and Prime Minister of the UAE and Ruler…
UAE Issues Strict Penalties for Data Infringement: Up to Dh3 Million Fine and 5 Years in Prison In the United Arab Emirates (UAE), the Public Prosecution has recently reiterated its stance on the severe penalties associated with data infringement. Violators of the law on combating rumors and cybercrimes may face imprisonment for a minimum of 5 years, coupled with fines…
UAE Corporate Tax: Considerations for Business Owners When Drawing Salaries and Bonuses In the ever-evolving landscape of the UAE’s corporate tax system, business owners are urged to exercise caution when determining their salaries and bonuses. While the corporate tax rules are relatively clear, the issue of business owners’ salaries remains contentious and bewildering, with multiple schools of thought on the…
UAE Minister Urges Businesses to Embrace Sustainability for Inclusive Climate Solutions In a bid to accelerate climate action and achieve the UAE’s Net Zero by 2050 goal, Mariam bint Mohammed Almheiri, the Minister of Climate Change and Environment, recently urged businesses to make sustainability a central part of their operations. Speaking at the 12th National Dialogue for Climate Ambition (NDCA),…
UAE’s New End-of-Service Scheme: A Comprehensive Guide The United Arab Emirates (UAE) has recently introduced a groundbreaking end-of-service scheme, offering an alternative to the traditional gratuity payment system. This new initiative is open to employees in both the public and private sectors, as well as those in free zones. Its primary aim is to safeguard end-of-service benefits while providing employees…
Dubai, UAE has recently implemented NEW requirements for Real Estate Golden Visa applicants. AS BEFORE, Real estate investors with property worth AED 2 million or more can apply for a 10-year renewable resident visa, allowing them to sponsor their spouse and unmarried children. If the property is mortgaged, a statement of account and a no objection certificate from the mortgagee…
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…
