Weekly News Highlights: Major Developments Across the Middle East
The past week brought significant updates shaping the economic, technological, and social landscapes in the UAE and beyond. From new tax initiatives and digital finance innovations to landmark global events, here’s a roundup of the biggest stories making headlines.
UAE to Introduce a New Tax in 2025
The UAE is set to implement a new tax system starting January 1, 2025. This move comes as part of Federal Decree-Law No. 60 of 2023, introducing a Domestic Minimum Top-up Tax (DMTT) for businesses. The Ministry of Finance has also hinted at potential incentives to boost growth and innovation within the country’s economy.
National Lottery to Debut in the UAE
The UAE’s first national lottery will launch on Saturday, December 14, with a grand prize of AED 100 million ($27.2 million). The General Commercial Gaming Regulatory Authority (GCGRA) has approved three games under strict federal regulations to ensure fair and secure participation. Residents are urged to avoid unlicensed lottery operators to remain compliant with the law.
Crypto Trading in Dubai Gets Regulatory Clarity
Dubai’s highest court issued a pivotal ruling regarding cryptocurrency trading, offering clear guidelines for personal and commercial virtual asset activities. The ruling states that individuals trading crypto for personal use do not require regulatory approval, while commercial activities remain under stringent oversight.
Dubai’s Massive Pedestrian Network Approved
Sheikh Mohammed bin Rashid Al Maktoum has unveiled the ambitious Dubai Walk project, aiming to establish over 6,500 km of pedestrian pathways by 2040. The initiative includes constructing 110 pedestrian bridges and tunnels to promote urban connectivity and increase pedestrian movement from 13% to 25%.
UAE Approves First Stablecoin: AE Coin
The UAE Central Bank has licensed the launch of AE Coin, the nation’s first stablecoin. Developed under the digital payment token framework, AE Coin is designed to provide a secure, efficient, and low-cost payment solution. This milestone underscores the UAE’s commitment to pioneering digital finance advancements.
Kuwait Suspends E-Visas, Offers Visa-on-Arrival
Kuwait has temporarily halted its e-visa system to modernize the platform. Citizens of 53 countries, including the USA, UK, and Canada, can still obtain a tourist visa upon arrival at Kuwait International Airport. The move aims to streamline procedures and enhance the visitor experience.
Saudi Arabia to Host FIFA World Cup 2034
Saudi Arabia has officially been awarded the hosting rights for the 2034 FIFA World Cup. The decision highlights the Kingdom’s growing influence in global sports and marks it as the second Middle Eastern nation to host football’s premier event, following Qatar in 2022.
Dubai Real Estate Surges with $11.7 Billion in Transactions
Dubai’s real estate market saw a notable rise in November 2024, recording 14,479 transactions worth AED 43 billion ($11.7 billion). Off-plan property sales played a significant role, with a 46% year-on-year increase in transaction volume. This surge underscores Dubai’s ongoing real estate boom.
Dubai Police Capture Notorious Drug Kingpin
Dubai Police have apprehended Othman El Ballouti, a billionaire Belgian national listed among the world’s most wanted criminals. El Ballouti, accused of drug trafficking and transnational organized crime, was arrested in collaboration with international law enforcement agencies.
Middle East’s Leading Family Businesses Revealed
Arabian Business has unveiled its Family Dynasties 2024, showcasing the top family-run enterprises driving economic growth in the region. From innovative real estate projects by MAG Group to global chemical leadership by Petrochem Middle East, these businesses represent the backbone of the Middle East’s thriving economy.