Middle East Briefing

Bahrain to Implement 15% Domestic Minimum Top-Up-Tax on MNEs from January 1, 2025

Tax & Accounting Oct 28
Bahrain has introduced a 15% Domestic Minimum Top-Up Tax (DMTT) on profits of Bahraini subsidiaries of large multinational enterprises, effective from January 1, 2025. This marks Bahrain’s first general profit tax beyond the oil and gas sector.
Tax & Accounting

Managing ESR Compliance in the UAE After 2024 Legal Amendments

Oct 28

The 2024 legal amendments exempt UAE businesses from compliance under the Economic Substance Regulations (ESR) for financial periods starting after January 1, 2023. However, compliance for the 2019–2022 ESR Period is required, with records retained for six years for potential Federal Tax Authority review.

Economy & Trade

New Saudi Arabia-China SEZ to Boost Cross-Border Trade, Light Industries

Oct 25

Located within King Salman International Airport, the Saudi-China Special Economic Zone will feature a logistics and light industrial park to bolster local supply chains, an international trade hub for streamlined business services, and a residential zone with quality facilities for employees and families.

Economy & Trade

LuLu’s Landmark IPO Set to Reshape the GCC Retail Market

Oct 23

LuLu Group International is preparing for one of the UAE’s largest IPOs of 2024, offering a 25 percent stake to raise US$1.7–US$1.8 billion, valuing the company at US$6.5–US$7 billion.

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