The United Arab Emirates, which already boasts the world’s tallest skyscraper and has launched a bold Mars mission, now hopes to become a pioneer in the depths of the metaverse. In a project launched at Dubai’s gleaming Museum of the Future, it announced that the UAE’s economy ministry was setting up shop inside the immersive virtual world that is now taking shape. The metaverse is an online world where users will eventually be able to game, work and study, its proponents say
Non- UAE citizens can fully own businesses in the Country – A law that is going to boost the economy. The UAE has announced changes to laws surrounding business ownership and commerce in the country. This has been implemented this year to make the UAE more expat-friendly and to open up the country to business and foreign investment to boost the local economy. President HH Sheikh Khalifa bin Zayed Al Nahyan has issued a decree overruling foreign ownership
An acquisition is a corporate transaction where a company purchases most or all of the other company’s shares to gain control over the acquiring company. The acquisition is a good strategic move if proper planning and analysis are done. The acquisition is a big-budget process than starting from scratch. Even though the acquisition is costly, there are many benefits like getting financial assistance, acquiring valuable legal rights, accessing a wider customer base, obtaining human resources, etc. The following is the summary
Over the last few years, there has been rapid development in technology which affects every industry and in a highly competitive global market. It’s very important to adopt these technologies to stay competitive in the market. The finance department within a company is key for measuring the performance of the company, managing the risk, and assessing the return on investment. Therefore it’s important to keep the finance department up to date with the latest technology. One of the ways to increase
Nowadays, information technology has affected the structure of businesses. Technology has given new focus and identity to all aspects of organizational structure and functions including policy formulation, decision-making, administration, production, sales, marketing, communications, and human resources. The invention of faster internet connectivity and powerful online tools has resulted in a new commerce arena i.e., E-commerce, which offered many advantages to companies and customers. Electronic commerce also known as “E-commerce’ is the process by which businesses and consumers buy and sell
Introduction of Corporate Tax in the United Arab Emirates In the past couple of years, UAE has gone through significant changes in the tax system to modernize and cope with the international best standards. UAE has taken wide steps to enhance tax transparency long before by introducing various laws. One of them was the Value Added Tax (VAT). The main objectives of the UAE CT are that it will boost UAE’s position as a world-leading hub for business
Abu Dhabi Offshore Power Transmission Company has secured more than $3.2 billion in financing with export credit agencies and banks for an offshore electricity transmission project, the Japan Bank for International Cooperation said in a statement. The financing is to build and operate a high-voltage direct current offshore power transmission system linking two offshore production facilities owned by state-controlled oil giant Abu Dhabi National Oil Company (ADNOC) to Abu Dhabi’s onshore grid. “The project will receive payment of power transmission charges from
Companies in the United Arab Emirates are largely resisting demands for higher pay to offset the impact of inflation, according to a survey that showed two-thirds of companies have received requests for salary increases. Mercer, in its 2022 UAE Inflation Spot Survey of 200 international and local firms, said only 16% of them have taken some action, like one-time lump-sum payments, off-cycle salary bumps or housing allowance increases, as they look to retain talent. The Central Bank of the UAE projects inflation
A British man accused by Denmark of masterminding a USD 1.7 billion tax fraud has been ordered by a Dubai court to pay Copenhagen’s tax authority USD 1.25 billion, court filings seen on Friday show, just days after another Dubai court rejected an extradition order for him. The order by the Dubai Court of Appeal against Sanjay Shah comes as part of a civil case filed four years ago by Denmark’s tax authority, who have been pursuing him as part of
The United Arab Emirates’ economy grew by an estimated 8.2% in the first quarter, buoyed by higher oil production, the central bank said on Wednesday. Real gross domestic product (GDP) is expected to grow 5.4% this year and 4.2% next year, the central bank said. There was a high probability of stronger growth due to higher oil production and a government pledge to double the manufacturing sector’s size by 2031. Hydrocarbon GDP climbed an estimated 13% in the first quarter, when
