The UAE is one of the most rapidly developing countries in the world with a dynamic business landscape that is constantly changing. From international events to changes in local regulations, it’s essential to stay informed of all the latest business news in the UAE. In this article, we’ve highlighted the top five business news updates in the UAE that you need to know today.
1. The Expo 2020 Event Postponed to 2021
The much-awaited Expo 2020 event in Dubai has been postponed to 2021 due to the ongoing global pandemic. However, the event’s organizers have assured that it will be worth the wait, with innovative exhibits and experiences scheduled to take place over six months.
2. Abu Dhabi Launches New International Business Centre
Abu Dhabi has launched a new international business center to attract foreign investors and companies. The center, named ‘Abu Dhabi Global Market (ADGM),’ offers a range of legal and financial services to support businesses in the UAE and across the world.
3. UAE Allows 100% Ownership of Companies for Foreign Investors
The UAE has allowed foreign investors to own 100% of their companies, thereby doing away with the previous requirement that a UAE national own at least 51% of the business. This move is aimed at attracting more foreign investment and boosting the country’s economy.
4. Dubai Launches New Digital Platform for Business Licenses
Dubai has launched a new digital platform for business licenses, aimed at streamlining the licensing process and making it easier for entrepreneurs to start their businesses. The platform, called ‘Dubai Economy,’ is part of the government’s ongoing efforts to develop a thriving business ecosystem in the UAE.
5. New VAT Law Introduced in the UAE
The UAE has introduced a new value-added tax (VAT) law, which will be effective from 1st January 2021. Under this law, the VAT rate will increase from 5% to 15%, affecting a range of goods and services, including food, electronics, and transportation. The move is intended to reduce the country’s reliance on oil revenues and diversify its economy.
Conclusion:
In conclusion, staying informed about the latest business news in the UAE is crucial for entrepreneurs, investors, and business professionals. The above updates highlight some significant developments that are likely to impact the country’s business landscape. With the UAE’s continued focus on innovation and growth, it is essential to stay up-to-date on the latest business news and trends to stay competitive and succeed in this vibrant marketplace.
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