We’ve got some exciting news on the income tax front (really!), real estate updates that will blow your mind, a sellout of crypto tokens in 1 hour, and a new retirement savings scheme that’s actually worth reading about.
*Data as of 11/09/2023 — 8:20 GST
Metal Moves: Gold prices dipped to a three-week low amid a fading 'war premium' and a stronger U.S. dollar, with December gold falling $5.40 to $1,952.40.
Golden News 👑
(Haven Project rendering from Aldar Properties)
UAE announces new tax rules that clarify tax regulations on intellectual property and income earned trading selected items on registered stock exchanges.
Why it matters: These new rules include an expanded scope of exemptions and qualifying activities, including a 0% corporate tax rate that applies to income earned from trading things like metals, minerals and energy on recognized stock exchanges.
Al Ansari Financial Services, one of the leading integrated financial services groups in the UAE, has approved its first proposed interim dividend payment of AED 300M at 4 fils per share.
Why it matters: This approval aims to ensure consistent returns and long-term value for shareholders, which will affect investors differently depending on individual income needs, investment horizon, and portfolio diversification.
Expat Wallet 💸
The UAE government’s new voluntary retirement savings scheme launched at the beginning of November. It’s an alternative to the existing Gratuity Scheme, where employees receive a lump-sum payment when they leave their jobs.
The Voluntary Alternative End-of-Service Benefits Savings Scheme for employees in the private and free zone sectors works differently: it enables employees, regardless of their salary, to invest their end-of-service benefits and build long-term wealth. This includes self-employed people and independent business owners, as well as expats working for government agencies and institutions.
Investments can be made in a variety of investment portfolios, allowing employees to choose their financial risk level. Funds are managed by an administrator who provides services that include fund manager, custodian, and other entities to operate as a broker. End-of-service benefits are held with a third party licensed financial institution instead of the employer.
This new scheme is poised to revolutionize financial planning for both UAE-based investors and expats. (Source)
Money Brief 💰
A roundup of the biggest deals in the UAE this week.
Dana Gas reported 21% Q3 fall in net profit to AED 381 million (ZWY)
JSW Infrastructure, a port operator, sees Q2 net profits increase 85%, and approves acquisition of a UAE oil terminal (BQP)
Empower nets AED 685M profit for a 9-month period this year (GN)
TECOM Group sees their 9-month net profit surge 20%, with revenues increasing to AED 1.6B (E247)
Aldar Properties profits jump 48% on the back of AED 19B+ sales surge driven by international property investors (AB)
Emirates Investment Bank Q3 2023 profit jumps to AED 25 million (ZWY)
What we’re watching next week:
ADNOC Gas, Abu Dhabi Ports, Emaar Development, Tabreed, Shuaa Capital
UAE-based cybersecurity startup SpiderSilk raises AED 33M in a funding round led by Wa’ed Ventures, with participation from STV and Global Ventures (WD)
Dubai based buy now, pay later platform Tabby nabs AED 734.6M in Series D funding (TC)
DIEZ launches AED 499.5M Venture Capital Fund for fintech startup support (SSM)
M&A / Investments:
Ducab Group, a UAE manufacturer, signs MoU with Moroccan engineering firm, Somagec Group, to enter Angolan market (E247)
Dubai Financial Market (DFM) and multi-purpose superapp, Tawasal, partner to boost accessibility and investor engagement (E247)
Dubai records 116,116 new real estate transactions worth AED 429.67B in 9 months (E247)
Dubai real estate sector records AED 11.75B of transactions this week (AB)
Sales: Downtown Dubai leads apartment sales rates at AED 2,453/sq ft, while Palm Jumeirah tops the charts for villas, reaching AED 4,995/sq ft.
Rentals: Palm Jumeirah offers luxury with an average annual rent of AED 257,366. If you're eyeing exclusivity, Al Barari's villas might be your match with rents averaging at AED 1,098,788.
What You Get: AED 260,000 luxury 2-bedroom apartment in Harbour Point, Dubai 🏙️
A fully furnished Harbour Point apartment with 2 bedrooms, 2 bathrooms and expansive Dubai Creek and Burj Khalifa views. (Source)
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See you in your inbox with more updates next week 👋🏾