From Property to Residency: SmartZones UAE Paving the Golden Visa Path in 2026

With more than 100,000 Golden Visa applications granted through real estate in recent years, property investment in Dubai is skyrocketing. Backed by 10 years of valid residency, and long-term stability, UAE Golden Visa route has emerged as the most preferred pathway for global investors seeking long-term stability in the UAE.

What began as an initiative to attract high-value investors has now become a mainstream for foreign investors, entrepreneurs, and professionals to get UAE residency valid for 10 years. In 2026, investment in Dubai is not just owning a property – it is about securing a future in one of the world’s most investor-friendly and tax-friendly cities.

A Truly Global Investor Base

The UAE’s Golden Visa initiative has now transformed into one of the most attractive long-term residency options – drawing investors from every continent. With strong inflows from Europe, the UK, South Asia, and Africa, the applications through property-led investments continue to grow steadily.

According to recent UAE Government data, over 100,000 applications has been received for Golden Visa, with nearly 40% linked to real estate investments.

Substantiating the above statement, Akeel Malik, the Managing Director of Smart Zones UAE said that the current demand in real estate sector clearly shows that investors are really interested in obtaining residency-linked investments in the UAE. “In the last year alone, we have successfully support over 150+ Golden Visa applications, among over 55% is securing golden visas through investing in Dubai properties,” Malik stated.

Why Do Dubai’s Property Market Attracts Global Investors?

Compared to other international markets, Dubai’s real estate sector has proven to be one of the safest and most profitable investments in the world. Key factors attracting global investors are:

Economic stability compared to global cities
Zero tax on personal income
Flexible corporate tax
World-class infrastructure
High-end lifestyle, and healthcare sectors

For many investors, buying a property in Dubai serves two purposes at once: investing for a future while securing 10-year valid residency.

Golden Visa Offers Long-Term Security

In a world where visa rules often change and renewals can be uncertain, this UAE’s 10-year residency with zero sponsorship offers peace of mind. However, not all the investments are eligible for securing Golden Visas. Led by the industry leaders Akeel Malik and Shobhna Thapa, Smart Zones UAE, the business setup consultancy in Dubai offers structured support across company formation, residency advisory, and investment planning. It also actively advises investors on investment pathways for obtaining Golden Visa.

2026 Marks a Turning Point

With more than 100,000 applications received for Golden Visa through property investment, 2026 stands as a defining year for this initiative program. As the world faces uncertainty, investors are seeking forward-looking solutions to secure their future. The UAE Golden Visa offers exactly that – long term residency, and lifestyle security.

For global investors, the message is clear – Investing in Dubai is not just about the return on investment or the 10year valid residency – it’s all about building a secure future in a globally connected economy.

DXB sets new global benchmark as record traffic volumes become the norm

Dubai Airports today announced that Dubai International (DXB) welcomed 95.2 million guests in 2025, up 3.1% year on year, marking the busiest year in the airport’s history and the highest annual international passenger traffic ever recorded by any airport.

More significantly, 2025 was defined not by a single peak, but by sustained performance at record levels. DXB achieved its busiest day, month, quarter and year on record, operating at the edge of physical capacity while consistently delivering operational excellence. What would represent extraordinary strain elsewhere has become part of DXB’s normal operating rhythm.

December closed as the busiest month in DXB history, with 8.7 million guests, up 6.1% year on year. The fourth quarter was also the busiest ever, with 25.1 million guests, an increase of 5.9% compared to the same period in 2024.

Total flight movements reached 118,000 in Q4, up 5%, bringing the annual total to 454,800 a rise of 3.3% year on year. Despite continued growth in movements, average passengers per movement remained strong at 214, reflecting sustained deployment of larger aircraft and high load efficiency. The annual load factor stood at 77.6%, a marginal adjustment of 0.5 percentage points.

Consistency at Scale

Rather than a story of isolated surges, 2025 demonstrated DXB’s ability to operate continuously and deliver a superior guest experience at record levels through disciplined planning and close coordination across the oneDXB community comprising airlines, service partners and government stakeholders.

DXB efficiently managed 86.75 million bags in 2025, a 4.95% year-on-year increase, marking the highest ever baggage volume handled during the calendar year. Highlighting the airport’s commitment to operational excellence, 89% of all arriving baggage was delivered to guests terminating at DXB within 45 minutes of the aircraft arriving on stand. DXB continued to deliver world-class mishandled baggage performance at 99.75%, translating to 2.47 mishandled bags per 1,000 guests. Guest processing times also remained stable at scale, with 99.35% of guests experiencing waiting times of less than 10 minutes at departure passport control, while 98.8% waiting under 15 minutes at arrival passport control. Security check waiting times remained below 5 minutes for 98.9% of guests.

Broad and Balanced Global Connectivity

India retained its position as DXB’s largest country market with 11.9 million guests, followed by the Kingdom of Saudi Arabia at 7.5 million, the United Kingdom at 6.3 million, Pakistan at 4.3 million, and the United States at 3.3 million.

Several markets recorded particularly strong growth during the year. Traffic from China increased 16.6% to 2.5 million, Russia grew 6% to 2.8 million, Turkey rose 6.7% to 2.2 million, Egypt expanded 14.3% to 1.8 million, and Italy climbed 12.5% to 1.6 million.

London remained DXB’s busiest city destination with 3.9 million guests, followed by Riyadh at 3 million, Mumbai and Jeddah at 2.4 million each, and New Delhi at 2.2 million.

By the end of 2025, DXB was connected to 291 destinations across 110 countries, served by 108 international airlines, reinforcing its position as one of the most globally connected hubs in the world.
Paul Griffiths, CEO of Dubai Airports, said, “Airports are often defined by moments of intensity, but long-term performance is defined by how well those moments are sustained. In 2025, DXB showed that record traffic is no longer an exception, but part of its operating reality. That consistency at scale reflects the maturity of the system and the strength of collaboration across our oneDXB airport community to deliver excellence under growing demand. We expect traffic to approach 99.5 million in 2026, supported by close coordination across the sector and the oneDXB community.”

Outlook

With demand continuing to build and capacity carefully managed, Dubai’s airports are entering a phase where performance is defined not by how high it can surge, but by how reliably it can sustain growth while consistently delivering a superior guest experience. As traffic patterns evolve, the complementary role of Dubai World Central – Al Maktoum International (DWC) will continue to expand, ensuring the emirate remains prepared for the next era of global aviation.

Source: https://mediaoffice.ae/en/news/2026/february/11-02/dxb-sets-new-global

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Dubai’s tourism industry achieves third successive record-breaking year

– Dubai’s tourism industry achieves third successive record-breaking year with 19.59 million international visitors in 2025, up 5% YoY

Strategic partnerships, global marketing campaigns and major events contributed to Dubai welcoming 19.59 million international overnight visitors in 2025, marking a 5% increase compared to 18.72 million arrivals in 2024, according to data published by the Dubai Department of Economy and Tourism (DET), and a third successive year of record-setting figures. The city ended the year by welcoming more than 2 million visitors in a single calendar month for the first time in December, building strong momentum heading into 2026.

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence of the UAE, and Chairman of The Executive Council of Dubai, said the remarkable annual performance of the city’s tourism industry reflects the strategic vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the ambitious goals set out in the Dubai Economic Agenda, D33.

“Dubai’s strong tourism growth momentum has been driven by the leadership’s commitment to building a city that connects the world, creates opportunity, and offers distinctive and enriching experiences for global travellers. By further enhancing the city’s exceptional infrastructure and forging strong global partnerships, we continue to consolidate Dubai’s emergence as one of the world’s most sought after destinations. Dubai’s success also reflects the city’s diversity, cultural vibrancy, and its ability to continuously evolve its tourism and hospitality offerings. Through close collaboration between all stakeholders, we are focused on driving greater innovation and raising service excellence across the tourism ecosystem.”

“The tourism sector is one of the key drivers of economic diversification and sustainable growth, in line with the goals of the Dubai Economic Agenda D33. We are focused on further developing Dubai’s integrated tourism ecosystem to reinforce its status as a leading global destination for business and leisure and one of the world’s best cities to visit, live and work in.” His Highness added.

Growth in key regions
DET’s diversified year-round market strategy, delivered in collaboration with domestic stakeholders and more than 3,000 international partners, showcased Dubai to new and returning visitors from both traditional and emerging markets. This led to an increase in arrivals from key regions, while also attracting new permanent residents, investors and businesses. In December, the city welcomed 2.04 million international overnight visitors, marking 6% year-on-year growth. The previous record month for the city was January 2025, with 1.94 million visitors.

According to DET’s full year data, the GCC and MENA proximity markets had a combined 26% share of overall visitors to Dubai in 2025, with 2.99 million (15%) and 2.17 million (11%) arrivals respectively. Western Europe was again the largest source market to Dubai, with 4.1 million visitors (21%), up from 3.74 million in 2024, followed by CIS and Eastern Europe (2.89 million; 15%), South Asia (2.89 million; 15%), North East and South East Asia (1.85 million; 9%), the Americas (1.40 million; 7%), Africa (897,000; 5%) and Australasia (401,000; 2%).

His Excellency Helal Saeed Almarri, Director General of the Dubai Department of Economy and Tourism (DET), said: “Under the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum and His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai’s 2025 tourism performance reflects the strength of our economic model, one anchored in effective public-private collaboration and aligned with the Dubai Economic Agenda, D33. Tourism continues to be a key driver of economic diversification, delivering tangible impact through GDP growth, investment inflows, and global talent attraction. Our focus remains on scaling sustainable, accessible growth and accelerating progress toward the D33 ambition to double Dubai’s economy by 2033.”

The continued growth in visitation reflects the strength of Dubai’s diversified destination strategy, delivered in close partnership with the public and private sector. Building on Dubai’s ranking as the world’s leading hub for Greenfield Foreign Direct Investment (FDI) project attraction, tourism and hospitality continues to be a key driver for economic growth, contributing significantly to the emirate’s gross domestic product (GDP) and supporting the wider D33 ambition to double the size of the emirate’s economy by 2033. According to data published in the Financial Times Ltd’s ‘fDi Markets’ tracking database, in the first half of 2025, hotels and tourism (21.3%) was one of the top five sectors for total estimated FDI capital flows into Dubai.

Hotel sector performance
Adding to its appeal for international audiences, new openings and the launch of strategic initiatives saw Dubai’s hotel and hospitality sectors record impressive results in 2025. By the end of December, the city’s hotel inventory reached 154,264 rooms across 827 establishments, which puts it well ahead of global peer cities such as Bangkok, New York, Paris and Singapore, and almost on par with London in terms of total room inventory. In 2025, the city welcomed new property openings across all segments and in various locations, including Ciel Dubai Marina, Vignette Collection by IHG, the world’s tallest hotel; Jumeirah Marsa Al Arab; Mandarin Oriental Downtown, Dubai; Cheval Maison – Expo City; and Vida Dubai Mall.

Average occupancy for hotels in Dubai stood at 80.7% in 2025, up from 78.2% in 2024, according to DET’s hospitality metrics. Occupied room nights increased by 4% to 44.85 million in 2025, compared to 43.03 million in 2024, with guests’ length of stay averaging 3.7 nights. The average daily rate (ADR) rose to AED579, an increase of 8% compared to AED538 in 2024, while revenue per available room (RevPAR) increased by 11% to AED467 compared to AED421 the previous year.

His Excellency Issam Kazim, CEO of the Dubai Corporation for Tourism and Commerce Marketing (DCTCM), part of DET, said: “Guided by visionary leadership, Dubai’s record international visitation is a testament to global confidence in the destination and the effectiveness of policies aligned with the Dubai Economic Agenda, D33, as well as the collective strength of partnerships across sectors and communities that defines our city. We’re attracting the world’s top talent through progressive visa policies and positioning Dubai as the destination of choice for entrepreneurs, remote workers, and families, and elevating Dubai as the world’s leading hub across a wide range of economic sectors. As we look forward, our priorities will be to continue enhancing Dubai’s global competitiveness through digital innovation and providing exceptional guest experiences at every touchpoint, with powerful momentum after surpassing the 2 million figure for a single month in December for the first time. In partnership with stakeholders across the public and sectors, we remain dedicated to sustained investment in capacity, infrastructure development, and initiatives to make Dubai the world’s best city to visit, live and work in.”

In 2025, a number of new initiatives were introduced to drive the growth in Dubai’s hospitality sector. Launched by DET in October, the Hotel Incentive Programme for investors is designed to stimulate development in future high-growth areas, and applies to new hotels, resorts, hotel apartments and other facilities located within Dubai South, Palm Jebel Ali, Dubai Parks, and the Dubai Islands.

Developed by DET, a citywide introduction of a one-time contactless hotel guest check-in solution was also unveiled in December, which will allow guests to bypass in-person check-in procedures once implemented at the city’s hotels and holiday homes to maximise time in the city.

Campaigns and partnerships
Showcasing Dubai’s ever-evolving and diverse destination offering, the Dubai Corporation for Tourism and Commerce Marketing (DCTCM), part of DET, launched a series of campaigns in 2025, including ‘Find Your Story’, with Millie Bobby Brown and Jake Bongiovi; ‘Dubai. That’s How You Summer’; and ‘Dubai, Ready for a Surprise?’, with Virat Kohli and Anushka Sharma. These dynamic global marketing campaigns continue to be a key driver of visitation by promoting Dubai to new international audiences.

Further supporting the goals of the D33 Agenda, DET signed strategic partnerships in 2025 with global organizations such as Marriott International, Visa, Hyatt, Premier Inn, and Amadeus to enhance the visitor experience and elevate the city’s global appeal. A highlight last year was the unveiling of the Beautiful Destinations Academy, Powered by Dubai, to further develop the creator community.

Launched in April by DET in partnership with Beautiful Destinations, the pioneering professional development initiative sets new global benchmarks for travel content creation.

Global recognition
Reinforcing a commitment to accessible travel, sustainability and safety, Dubai received multiple global accolades in 2025. One of the year’s biggest milestones came in April when Dubai was recognised as the first Certified Autism Destination™ in the Eastern Hemisphere. Other major accolades saw Dubai ranked as one of the world’s top ten safest cities in Numbeo’s Safety Index by City and named the world’s best city for solo female travellers in a study by travel insurance company InsureMyTrip, receiving the highest scores across the 62-city survey for ‘feeling safe’ and for ‘feeling safe walking alone at night’.

The World’s 50 Best Hotels 2025 list was announced in October with Dubai having three properties included: Atlantis The Royal at No.6, Jumeirah Marsa Al Arab a new entry at No.20, and The Lana Dubai at No.35. The first MICHELIN Key hotels in the Middle East were also revealed in October, with 13 Dubai-based hotels awarded keys and 34 selected for a ‘high quality stay’.

On The World’s 50 Best Restaurants 2025 list, announced in June, two Dubai restaurants were included in the top 50. Trèsind Studio was ranked at No.27, and named the best restaurant in the Middle East, while Orfali Bros re-entered the top 50, ranking at No.37. It was also announced in October that cultural food tours in Old Dubai had been named as one of the top global experiences for 2026 in Lonely Planet’s Best In Travel guide, spotlighting Dubai’s diverse and unique culinary scene.

In 2025, Dubai International (DXB) retained its position as the world’s busiest airport for international passengers for the 11th consecutive year, according to Airports Council International (ACI). DXB achieved its highest quarterly traffic in Q3 2025, welcoming 24.2 million guests between July and September – a 1.9% increase year-on-year. Total traffic for the first nine months of 2025 was 70.1 million guests, a 2.1% increase year-on-year.

Major events and festivals
Developed and managed by Dubai Festivals and Retail Establishment (DFRE), part of DET, the city’s retail calendar and marquee events such as the Dubai Shopping Festival (DSF), Dubai Summer Surprises (DSS) and Dubai Fitness Challenge (DFC) continued to attract international visitors throughout the year. In 2025, it was a record edition for DFC with over three million total participants, up from 2.7 million participants in 2024. This year it will celebrate its tenth edition.

Concluding the sporting year in December, the inaugural World Sports Summit organised by Dubai Sports Council welcomed more than 1,500 global sports leaders to the city. Aligned with the objectives of the Dubai Sports Sector Strategic Plan 2033, the summit reinforced Dubai’s position as a global hub for sports tourism and events. Looking ahead to the biggest events in 2026, the prestigious Dubai World Cup will mark a historic milestone with its 30th running since the inaugural race in 1996.
At the 2025 World Travel Awards, Dubai was named the world’s leading exhibition destination. Dubai Business Events (DBE), the city’s official convention bureau and part of DET, secured 504 successful bids in 2025 to host events through to 2029, including major congresses and high-profile incentive programmes. This achievement marked a 15% increase compared to the previous year, and represented a strong success rate from a total of 747 bids submitted, up 11% year-on-year.

Education and training
Dubai College of Tourism (DCT), established by DET, achieved notable progress in 2025, reinforcing its position as a leader in hospitality education and workforce development. In March 2025, DCT announced additional apprenticeship qualifications including the launch of Hospitality Apprenticeship Programme for Emiratis followed by a partnership with Emirates Flight Catering to expand the Culinary Arts Apprenticeship Programme. DCT graduated its first intake of students of determination in December having successfully completed a practical skills course designed to assist them to enter the workforce. A significant milestone was also achieved in 2025, with DCT securing onward articulation pathways for students to UK BA top up programmes in Hospitality, Events and Tourism. The knowledge and resourcefulness of the tourist-facing-workforce is a critical pillar for DCT and the online training platform, Dubai Way, crossed over 200,000 students, with over 70,000 now having completed training in Autism and Sensory Awareness.

Aligned with the D33 Agenda, these initiatives demonstrate DCT’s commitment to developing the city’s tourism workforce, integrating Emiratis into the private sector, and consolidating Dubai’s position as a premier global destination for hospitality excellence.

Sustainability initiatives
Aligned with the goals of the D33 Agenda, Dubai 2040 Urban Master Plan, and Quality of Life Strategy 2033, Dubai’s flagship sustainability initiatives achieved significant milestones in 2025. DET’s Dubai Sustainable Tourism (DST) drive recognised 153 hotels with the DST Stamp in February 2025, representing a 118% increase from the previous year’s 70 hotels. The recognition system awarded 18 hotels gold tier status, 64 silver, and 71 bronze based on assessments of energy efficiency, water conservation, and waste management practices. Submissions have already been made for the third cycle of the DST Stamp, with awardees to be announced soon.

Dubai Can’s Refill for Life initiative expanded its water refill station network in 2025 with redesigned stations featuring improved user-friendliness and advanced technology. By the end of the year, the initiative had eliminated 42.7 million single-use plastic bottles while dispensing more than 21.3 million litres of water via 65 strategically positioned stations. DUBAI REEF, one of the largest purpose-built reef developments in the world, also progressed with more than 68% of its planned 20,000 reef modules fabricated and more than 47% deployed by the end of 2025, supporting the conservation of local marine species.

Gastronomy
Dubai further cemented its position as one of the world’s fastest-growing and most exciting culinary capitals with a host of new restaurant openings which showcased the city’s diverse gastronomy scene. Home to a variety of gastronomical experiences appealing to all budgets and preferences, Dubai’s food and beverage sector is influenced by the tastes of nearly 200 nationalities who call the emirate home. Standout new openings in 2025 included New York-style Italian restaurant CARBONE at Atlantis The Royal, high-end Chinese restaurant brand China Tang at The Lana Dorchester Collection, and a range of dining experiences at the five-star Jumeirah Marsa Al Arab resort.

Unveiled in May, the fourth edition of the MICHELIN Guide Dubai featured a total of 119 restaurants across 35 cuisines, including FZN by Björn Frantzén and Trèsind Studio being named the city’s first three-starred restaurants. The 2025 MICHELIN Guide also included three two-starred restaurants, 14 one-starred, 22 Bib Gourmands, and three MICHELIN Green Stars. With this latest recognition for FZN, Björn Frantzén became the first chef globally to hold three MICHELIN stars for three different restaurants, while homegrown concept Trèsind Studio became the world’s first Indian MICHELIN three-starred restaurant.

Outlook for 2026 and beyond
Looking ahead, Dubai will accelerate its D33 vision with bold infrastructure advancements and cultural milestones. As the UAE observes the Year of the Family in 2026, Dubai is reinforcing the values that make it more than just a destination. The Ramadan month and Season of Wulfa period will showcase a shared heritage, bringing people together through authentic cultural experiences and community gatherings that celebrate the nearly 200 nationalities that reside in the city.

New and upcoming developments that will cater to the growing population and tourism numbers include the expansion of Al Maktoum International Airport (DWC) and the construction of the Dubai Metro Blue Line, which will further integrate neighbourhoods, making the city even more welcoming and accessible.

The extensive infrastructure developments and strategic initiatives planned for 2026 and beyond will further strengthen Dubai’s tourism proposition. Through the seamless fusion of cutting-edge technology, preserved cultural authenticity, and sustainable urban planning, Dubai is shaping a future-forward metropolis that sets new benchmarks for destination excellence. These transformative investments ensure the emirate remains at the forefront of global tourism while establishing a resilient, sustainable foundation for future generations.

Source: https://mediaoffice.ae/en/news/2026/february/09-02/dubais-tourism-industry-achieves-third-successive-record-breaking-year

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UAE financial authority warns of unlicensed company

The UAE’s Capital Market Authority (CMA) has issued an important advisory to the public, warning individuals and investors against dealing with Volcano Capital Marketing Management, a company found to be operating without the required financial license.

In a notice published on Tuesday, January 13, the authority confirmed that Volcano Capital Marketing Management is not authorized to carry out any regulated financial activities or provide investment-related services within the UAE. The CMA emphasized that it bears no responsibility for any losses or transactions conducted with this unlicensed company.

The public is strongly advised to verify a company’s regulatory status before engaging in any form of financial dealings. The authority urged investors to always ensure that the firms they work with are registered and licensed under UAE law to protect themselves from potential fraud and financial misconduct.

This is not the first time the authority has issued such a warning. On December 4, the CMA cautioned residents about a Dubai-based company, Global Capital Securities Trading, which was posing as a legitimate capital trading firm. The entity was reportedly operating from a representative office linked to Global Capital Market Limited, but without proper authorization to conduct trading or investment activities in the country.

The UAE continues to take a firm stance against unlicensed financial operations, reinforcing its commitment to maintaining transparency, investor protection, and regulatory compliance across the financial sector.

Source: https://www.khaleejtimes.com/business/uae-financial-authority-warns-of-unlicensed-company?_refresh=true

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Dubai witnessed a significant increase (550%) in the number of global SMEs establishing operations in the emirate during the past year.

A significant increase (550%) in small and medium-sized enterprises (SMEs) establishing operations in Dubai during 2023 was driven in part by a surge in interest from Asian and Australian businesses, as reported by the Dubai Chamber of Commerce. This development aligns with Dubai’s strategic goals of doubling its economic size and becoming a top-three global city.

Data from the Chamber reveals that 104 SMEs relocated to Dubai within the past year. Geographically, 29% originated from Asia and Australia, followed by the Middle East and Eurasia (32%), Latin America and Europe (26%), and Africa (13%).

The most popular sectors for these incoming SMEs were trade and logistics (17%), IT (13%), and food and agriculture (10%).

Dubai Chambers President and CEO, Mohammad Ali Rashed Lootah, attributed this growth to the emirate’s business-friendly environment, ongoing development of services and supportive legislation, and the breadth of available investment opportunities. He further emphasized the effectiveness of the Chamber’s international network in promoting Dubai’s business community and value proposition to companies seeking global expansion.

Dubai’s leadership is committed to supporting the Dubai Economic Agenda, with a particular focus on attracting foreign direct investment across established and emerging sectors.

This influx of international SMEs coincides with an initiative to assist homegrown Dubai businesses in expanding overseas. The Dubai International Chamber’s global network of representative offices expanded by 16 in 2023, reaching a total of 31. Further support came in January 2024 with the announcement of a 500 million dirham ($136.16 million) plan by Dubai’s Crown Prince to assist SMEs in accessing international markets. This initiative, launched in collaboration with Emirates NBD (Dubai’s leading lender), will provide participating companies with access to competitive financing. It’s noteworthy that SMEs currently contribute to 60% of Dubai’s workforce.

Publish 27 Mar 2024

Source: https://arab.news/5a5fh/

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SMART ZONES UAE MD Akeel Malik Unveils Key Insights On Dubai Business Setup

In today’s video interaction, we feature Akeel Malik, the Managing Director of SMART ZONES UAE. With SMART ZONES’ distinguished reputation as a premier licensing firm in Dubai, Akeel Malik’s pivotal contributions have significantly fostered the growth and prosperity of numerous businesses in the region since 2013.

Engaging in a dialogue with Adgully ME, Akeel Malik shares his invaluable insights, experiences, and perspectives on the myriad opportunities and challenges inherent in investing in or establishing businesses in the UAE. His profound expertise and unwavering dedication to guiding aspiring entrepreneurs undoubtedly position him as an exemplary leader in this dynamic field.

During the conversation, Akeel Malik delves into the practical aspects of initiating a business in Dubai. While acknowledging the myriad legal intricacies involved, he underscores how SMART ZONES’ extensive experience substantially streamlines these processes.

Furthermore, he sheds light on the unparalleled ease of starting a business in Dubai compared to many other nations, citing the minimal tax burdens and licensing formalities.

When prompted about the potential trajectory of ties between India and the UAE following Prime Minister Modi’s recent visit, Akeel Malik exudes optimism. He firmly believes that this visit will catalyze a significant enhancement in trade relations between the two nations in the foreseeable future.

For further insights into SMART ZONES UAE growth, progress, and future endeavors, please check the link

Importance of New UAE Corporate Tax Registration Deadlines for Businesses

The Federal Tax Authority (FTA) has established new registration deadlines for businesses subject to UAE corporate tax in 2024. These deadlines supersede previous assumptions regarding registration timing.

While the new approach provides clarity on required actions, some uncertainties remain. Guidance on determining a business’s fiscal year may be forthcoming. Businesses should proactively monitor all FTA releases to ensure compliance.

The growing complexity of UAE tax regulations underscores the value of a dedicated company secretary function, responsible for managing tax compliance tasks.

Previously, businesses could register for corporate tax before settling any tax liability. Now, deadlines exist based on trade license issuance dates. Failure to initiate registration by the deadline incurs a Dh10,000 penalty. Importantly, the penalty applies for not starting the process, not for incomplete applications by the deadline.

Appeal options exist for rejected applications. However, success rates are unclear. Additionally, system-related challenges may arise, particularly for businesses already registered for VAT.

The FTA portal requires businesses to maintain current supporting documents. While the previous requirement for continual updates was discontinued, recent reminders highlight expired documents. These must be updated before initiating corporate tax registration. Potential delays may occur due to the review process for updated documents.

Misinformation regarding deadlines circulated following the announcement. Businesses are advised to seek professional guidance and act well ahead of their applicable deadlines to ensure smooth registration and avoid penalties.

Publish 6 Mar 2024

Source: https://www.thenationalnews.com/business/comment/2024/03/04/uae-corporate-tax-why-its-important-to-take-note-of-new-deadlines/

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Dubai Introduces Corporate Income Tax for Foreign Banks

The Emirate of Dubai has implemented a new legal framework for the taxation of foreign banks operating within its jurisdiction. Law No. (1) of 2024, issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, outlines the key provisions governing this taxation regime.

The Law applies to all foreign banks operating in Dubai, encompassing those located in special development zones and free zones. Notably, foreign banks licensed within the Dubai International Financial Centre (DIFC) are exempt from these new tax regulations.

Foreign banks are subject to a 20% tax on their annual taxable income as determined by the Law. However, if these banks have already paid corporate tax under Federal Law No. (47) of 2022, the amount paid towards corporate tax will be deducted from their overall tax liability under this new framework.

The Law establishes clear guidelines for calculating taxable income, filing and paying taxes, and procedures related to tax audits, voluntary disclosures, and tax audit-related responsibilities. Additionally, it outlines the rights of foreign banks and their branches licensed by the Central Bank of the UAE.

The Law specifies the process for notifying foreign banks of their tax audit results and allows them to lodge objections with Dubai’s Department of Finance regarding the assessed tax amount or imposed fines, subject to established legal conditions. Furthermore, the Law outlines potential penalties for violations, with a maximum penalty of AED 500,000 ($136,100) for the first offense and a maximum of AED 1 million ($272,200) for repeat offenses within a two-year period.

This Law applies to tax years commencing after its official publication in the Dubai government’s Official Gazette. The Director-General of the Department of Finance will issue additional regulations to facilitate the implementation of this Law.

This new Law supersedes Regulation No. (2) of 1996 and any other conflicting legislation. Decisions and memorandums enforcing Regulation No. (2) of 1996 will remain valid until replaced by new regulations under the new Law.

Law No. (1) of 2024 signifies the official commencement of this new tax regime for foreign banks operating in Dubai.

Publish 6 Mar 2024

Source: https://www.arabianbusiness.com/industries/banking-finance/dubai-announces-new-tax/

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UAE Tops “Strong & Stable Economy” And Ranks 10th In Global Soft Power

The United Arab Emirates (UAE) has ascended to the 10th position in the prestigious 2024 Brand Finance Soft Power Index, solidifying its position as a leading global soft power. This remarkable achievement underscores the country’s growing influence on the international stage and its commitment to shaping a positive global narrative.

A Cornerstone of Soft Power: A Strong and Stable Economy

The UAE’s economic prowess plays a pivotal role in its overall soft power strategy. Notably, the nation secured the top ranking in the “Strong and Stable Economy” indicator. This accomplishment is a testament to the UAE’s diversification efforts that have successfully reduced its dependence on oil and fostered the growth of dynamic sectors like tourism, technology, renewable energy, and financial services. This diversification has not only bolstered the economy’s resilience against global oil price fluctuations but also paved the way for sustainable growth and new avenues of advancement. Further solidifying its economic credentials, the UAE witnessed a monumental achievement in 2023, with its non-oil foreign trade reaching a record-breaking AED3.5tn ($953bn) despite global economic headwinds. This remarkable feat further cements the UAE’s position as a preferred destination for global investors and talent.

Beyond Economics: A Multi-faceted Approach to Soft Power

The UAE’s soft power extends far beyond its economic prowess. The report acknowledges several key pillars that contribute to the nation’s growing influence:

Active Engagement in International Affairs: The UAE’s balanced foreign policy, its advocacy for peace and development, and its active participation in international organizations contribute significantly to its positive international image.
Visionary Perspective on Future Growth: The country’s strategic investments in innovation and technology infrastructure demonstrate its commitment to shaping a prosperous future and positioning itself as a leader in the global knowledge economy.
Cultivating a Positive Global Image: The UAE’s robust media presence and its successful hosting of major events like Expo 2020 have played a crucial role in shaping a positive public perception and enhancing its global brand recognition.
Commitment to Global Well-being: The UAE’s extensive humanitarian initiatives and its generous support for nations in need solidify its reputation as a responsible global citizen and a champion of human development.
Spearheading Innovation and Technology: The UAE’s dedication to fostering a global hub for innovation is evident in its investments in education, scientific research, and cutting-edge technologies like artificial intelligence and space exploration. This commitment positions the UAE at the forefront of the future economy and serves as a beacon of progress for other nations.
Providing a Safe and Secure Environment: The UAE’s high-quality security system fosters societal stability and creates an exemplary environment for both residents and visitors. This secure environment further enhances the nation’s attractiveness as a global destination.
Embracing Sustainability: The UAE’s steadfast commitment to sustainability is reflected in its impressive rankings in the “Sustainable Cities and Transport” and “Invests in Green Energy and Technology” indicators. This dedication is further underscored by the recent extension of the Year of Sustainability into 2024, signifying the country’s unwavering commitment to environmental stewardship and its leadership in the global green transition.

The UAE’s remarkable ascent in the Brand Finance Soft Power Index is a testament to its consistent efforts to build a positive international reputation and positively impact the world. This achievement signifies the UAE’s emergence as a leading soft power and positions it as a key player in shaping the global landscape for the years to come.

Publish 29 Feb 2024

Source: https://www.arabianbusiness.com/culture-society/uae-named-most-stable-global-economy-and-10th-best-soft-power-in-the-world

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UAE Implements AED 10,000 Penalty for Late Corporate Tax Registration

The United Arab Emirates (UAE) has implemented an administrative penalty of AED 10,000 (approximately USD 2,700) for businesses that fail to register for Corporate Tax within the designated timeframe established by the Federal Tax Authority (FTA). This new measure, outlined in Cabinet Decision No. 10 of 2024, aims to promote timely compliance with relevant tax regulations and comes into effect on March 1, 2024.

This decision aligns with existing administrative penalties for late registration of other taxes in the UAE, such as excise and value-added tax (VAT). The consistent penalty structure aims to encourage a uniform and responsible approach to tax compliance across various business entities operating in the country.

Businesses operating in the UAE are strongly encouraged to review their corporate tax registration status and ensure compliance with the designated deadlines set by the FTA. Failure to register within the prescribed timeframe will result in the imposition of the aforementioned administrative penalty.

For further information and to ensure complete compliance with UAE Corporate Tax regulations, businesses are advised to consult with qualified tax professionals who can provide tailored guidance based on their specific circumstances.

Publish 27 Feb 2024

Source: https://www.arabianbusiness.com/culture-society/uae-announces-2700-tax-fines/

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