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National

100% Foreigner Ownership of Commercial Businesses Approved in UAE

In a significant and revolutionary new rule. President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued a decree overhauling foreign ownership rules of commercial companies, as part of the government’s ongoing efforts to ensure a conducive legislative environment and open up the economy to all nationalities.

This will make it far easier & more competitive to do business in the UAE – this is to attract foreign financing in the wake of #Covid19

Categories
National

Pope Francis and Grand Imam of Al Azhar Sign Historic Abu Dhabi Declaration for World Peace and Living Together

His Holiness Pope Francis and His Eminence the Grand Imam of Al Azhar Dr. Ahmed At-Tayyeb have signed the historic Abu Dhabi Declaration – a document on Human Fraternity in the United Arab Emirates.

“You are part of this nation… You are not minorities,” he said during his speech at the ceremony.

The ceremony was part of the broader Human Fraternity Meeting that has witnessed the first ever Papal visit to the Arabian Peninsula and hosted by the UAE Government.

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Business Dubai

Sergey Brin co-founder of Google with Sheikh Hamdan bin Mohammed

Sergey Brin, who is currently the president of Alphabet Inc. also the co-founder of Google met Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum the Crown Prince of Dubai, United Arab Emirates. He is popularly known as Fazza (Faz3).

Sheikh Hamdan on twitter mentioned that Google plan is to organize the world’s knowledge and make it available for all. Whereas Dubai’s story also plays a similar tone by building for the future.

Dubai has been created as a model city for urbanism and looks forward to both Google & Dubai working together to contribute positively to the future.

Categories
Dubai Food

50KG Caviar, breaks Guinness Record for Atlantis – The Palm

Luxury US caviar company AmStur this New Year’s Eve broke the Guinness World Record for the world’s largest caviar tin. The 50kg serving of caviar was presented to guests at the resorts’ Gala Dinner and smashed the previous Guinness World Record for the world’s largest caviar tin, which was recorded in 2016, weighing in at 17kg.

The 50kg serving was presented to guests in a custom-made, diamond shaped caviar tin coined ‘Cleito’.

Alongside an official Guinness World Record adjudicator, who judged the attempt live from the New Year’s Eve Gala Dinner, over 5,000 lucky guests enjoyed taking part in this event.

Categories
Business National

VAT Era starts across UAE today

VAT is charged at each step of the ‘supply chain’. End consumers generally bear the VAT cost while registered businesses collect and account for the tax, in a way acting as a tax collector on behalf of the Federal Tax Authority.

As a supplier, you must register for VAT if your taxable turnover (which includes zero-rated supplies) exceeds Dh375,000 in a 12-month period, or if you expect your taxable turnover (which includes zero-rated supplies) to exceed Dh375,000 in the next 30 days.

Exempt supplies are listed in Article 46 of the Federal Decree-Law no. (8) of 2017 on Value Added Tax, such as:

  • Financial services including life insurance and reinsurance of life insurance as well as financial services that are not conducted for an explicit fee, discount, commission, rebate or similar type of consideration.
  • Residential buildings, other than the residential buildings which are specifically zero-rated.
  • Bare land.
  • Local passenger transport.
  • Healthcare