Other Briefings
Dubai Approves Largest Budget Cycle to Drive Sustainable Growth and Innovation (2025-2027)
Dubai’s 2025-2027 budget, its largest ever at AED272 billion, focuses on sustainable growth, community welfare, and innovation, supporting major infrastructure, social, and digital transformation initiatives aligned with Dubai’s long-term development goals.
Lulu Retail’s IPO Fully Subscribed, Set to List on Abu Dhabi Exchange on Nov. 14
Lulu Retail’s IPO’s offering size is estimated to fall between 501 and 527 crore dirhams. The final offer price will be confirmed on November 6.
Strengthening UAE-India Economic Partnership: The 2024 Bilateral Investment Treaty
The 2024 UAE-India Bilateral Investment Treaty replaces the 2013 Bilateral Investment Promotion and Protection Agreement (BIPPA) that expired in September this year. We discuss key provisions of the BIT that aims to balance investor protections with state regulatory autonomy.
Bahrain to Implement 15% Domestic Minimum Top-Up-Tax on MNEs from January 1, 2025
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.
Managing ESR Compliance in the UAE After 2024 Legal Amendments
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.
New Saudi Arabia-China SEZ to Boost Cross-Border Trade, Light Industries
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.
LuLu’s Landmark IPO Set to Reshape the GCC Retail Market
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.
UAE Amendments to Economic Substance Regulations: Impact on Businesses
The UAE Ministry of Finance announced amendments to the Economic Substance Regulations (ESR) through Cabinet Resolution No. (98) of 2024, published on September 16, 2024. A key change limits the ESR’s application to accounting periods from January 1, 2019, to December 31, 2022.
Saudi Arabia and Italy Strengthen Business and Industrial Ties Amid High-Level Visit
Saudi Arabia and Italy are boosting economic ties after the Saudi Industry Minister’s visit to Italy, focusing on manufacturing, mining, and renewable energy collaboration to advance Saudi Arabia’s Vision 2030 diversification goals.
Saudi Arabia Expands E-Invoicing Regime to Cover More Businesses in 2025: Key Details
More businesses will be subject to e-invoicing compliance in Saudi Arabia by 2025 as the 15th and 16th waves of integration get implemented by March 1 and April 1, respectively. We discuss the criteria of applicability and how businesses can prepare.
