11th March 2025 - 17th March 2025 | WEEKLY BUSINESS ROUNDUP
March 17, 2025
FTA extends grace period for tax record updates until March 2025
The Federal Tax Authority (FTA) has issued a reminder to taxpayers who have not yet updated their tax records to utilise the extended grace period, which allows submissions until the end of March 2025 without incurring administrative penalties. As per the Cabinet Decision on the Executive Regulations of the Federal Decree-Law on Tax Procedures, registrants must notify the FTA of any changes to their data within 20 business days using the approved form and mechanism.
UAE establishes benchmark in autonomous mobility
Blending advanced infrastructure with strategic partnerships UAE is setting a benchmark for adopting autonomous systems. The country has positioned itself as a leader in autonomous mobility, transforming its cities into centres of excellence for the future of transportation. Successful pilot programmes and development of the mobility ecosystem bring into play operational efficiency and sustainability goals.
UAE cinema box office hit USD218mn & e-gaming revenue crossed USD 408mn in 2024
As per industry reports, it is revealed the UAE cinema sector reported USD 218mn in revenue in 2024. Almost 15mn tickets were sold and 1262 films screened. Driven by the surge in demand for video games, the e-gaming sector reported significant growth, generating more than USD 408m in revenue in 2024. Authorities play an integral role in bolstering the competitiveness of the film and gaming sectors by updating policies and regulations and launching strategic partnerships.
UAE set to introduce drone navigation rules; number of operators set to double
It is reported the number of drone operators in the UAE are expected to double in the coming years. Authorities in the UAE have laid out plans for navigation and airspace rules in the country. The country aims to integrate drone operations into the existing aviation ecosystem providing specialised air navigation services through licensed entities.
UAE achieves significant milestone with new USD 65.4bn investment strategy
The UAE’s approval of the National Investment Strategy (NIS) 2031 marks a significant milestone to solidify the nation’s position as a global investment hub. The UAE’s USD65.4bn investment strategy is likely to attract foreign businesses; greater foreign direct investment (FDI), boost economic diversification and ensure long-term sustainable growth.
UAE ranks among top 17 countries setting new dividend records in 2024
As per industry reports, UAE was among the 17 countries that achieved new dividend payout records; strengthening its position as a key destination for investors focused on income. Global dividends reached an unprecedented USD 1.75 trillion in 2024, marking a 6.6% increase from 2023. In the realm of global dividend growth, the UAE financial sector cemented its position as a ‘standout performer’.
Dubai Chamber of Commerce reveals record growth with 70,500 new members in 2024
Dubai has been strengthening its position as a global investment destination and this is further reinforced in Dubai Chamber of Commerce announcing 70,500 companies joining its membership in 2024. The trading and services sector reportedly led the growth with 29000 new members.
Dubai reports record demand for office space; outpacing supply for new businesses
With Dubai’s economy witnessing a surge in momentum of new business setup, it is reported there is severe shortage of high-quality office space. The increase in demand in key locations is outpacing supply, resulting in a wave of relocations to emerging areas like Expo City. It is reported approximately 740,000 sqft of new office space was added in 2024, yet demand continues to outpace available supply in freezones and prime commercial areas.
Dubai luxury transport sector expands; 75.6 mn passenger journeys reported in 2024
Dubai’s luxury transport sector marked 44% increase in trips in 2024, reaching 43,443,678 compared to 30,219,821 in 2023. The number of passengers transported through Dubai’s luxury transport services amounted to approximately 75.6 mn. These figures reflect the emirate’s positive economic momentum affirming its position as a global destination for investment and tourism.
First sports and entertainment business free zone cluster ISEZA launches in Dubai
Aiming to streamline licensing for sports and entertainment businesses, UAE’s first dedicated sports and entertainment business cluster operating within a Free Zone environment – ISEZA - was launched. The zone will also support emerging areas such as e-sports, AI-driven sports technology, and fan tokens. It is reported Dubai’s sports industry currently contributes approximately USD 2.5 billion annually to the Emirates’s economy.