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SAUDI ARABIA EMARATES BAHRAIN KUWAIT OMAN QATAR

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Press Dossier

By Date

11/03/2023

	UAE: Domestic tax residency rules to benefit individuals and companies International companies as well as individual consultants will benefit from the domestic tax residency rules, say experts. Arun Leslie John, Chief Market Analyst of Century Financial gave the example of a German-incorporated company with a trading branch in Dubai that has a taxable income of Dh100 million in the fiscal year beginning June 1, 2023.
	UAE Central Bank helps improve hawala operators’ compliance The term hawala is used in a number of jurisdictions and is associated with a money transfer mechanism that operated extensively in South Asia many centuries ago, and which still exists there, as well in the Middle East, and in Africa.
	Dubai recordsDh12.9b in weeklong real estate transactions A total of 3,332 real estate transactions worth Dh12.9 billion were conducted during the week ending 10th March, 2023, according to figures released by the Dubai Land Department (DLD).
	Over 25 agreements worth more than $2.93bn signed on the opening day of Biban 2023 Saudi Arabia’s Small and Medium Enterprises General Authority, also known as Monsha’at, signed a flurry of memorandums of understanding on the first day of Biban 2023 to help catalyze the entrepreneurial ecosystem in the Kingdom and achieve the socioeconomic goals set in Vision 2030.
	Saudi privatization program records investments over $50bn The pace of Saudi Arabia’s privatization program is accelerating with investments now exceeding $50 billion, Mohammed Al-Jadaan, the minister of finance and chairman of the National Center for Privatization Projects, has revealed.
	Saudi Arabia’s GDP rises 5.5% in 2022 Q4 The Saudi economy grew 5.5 percent in the fourth quarter of 2022 compared to the prior-year period, estimates from the General Authority for Statistics showed on Thursday, as non-oil activities boosted overall growth.
	Global construction firm Egis to acquire Saudi architectural and engineering consultancy Omrania International construction engineering firm Egis is set to acquire Saudi-based architectural and engineering consultancy Omrania, according to a statement.
	151,992 residency violators in Kuwait: CSB Kuwait has a population of 4,385,717 of whom 1,488,716 are Kuwaitis or 34 percent of the total population, said Central Statistics Bureau on Tuesday in its final report of the 2021 census project for Kuwait.

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