OECD’s free zone tax review ‘to boost UAE’s competitiveness’
The UAE Ministry of Finance has announced that the latest review by the Organisation for Economic Co-operation and Development (OECD) on preferential tax regimes has officially recognised the country’s Free Zone Corporate Tax regime as ‘non-harmful,’ underscoring the UAE’s robust tax legislation and its alignment with international standards. This rating is part of the OECD’s […]
Aramex Q4 2023 net profit doubles to $21m
Aramex, a leading global provider of logistics and transportation solutions has seen its fourth-quarter (Q4) 2023 net profit more than doubled to AED77 million ($21 million) compared to Q4 2022, driven by a growth in EBITDA. The substantial EBITDA growth of 33% YoY in Q4 2023 was driven by an increased focus on quality revenue, […]
Emirates Post signs strategic agreement with Qatar Post
Emirates Post, the UAE’s official postal services provider and the postal arm of 7X, has signed a strategic partnership agreement with Qatar Postal Services Company (Qatar Post), the national postal services provider of Qatar, to facilitate eCommerce shipping operations between both countries. In accordance with this agreement, both parties will work together to deliver goods […]
GBI to produce biodegradable Poly Lactic Acid in KEZAD
Khalifa Economic Zones Abu Dhabi (KEZAD Group), the largest operator of integrated and purpose-built economic zones, has welcomed Gulf Biopolymers Industries Ltd. (GBI) to the KEZAD ecosystem. The GBI facility will be the first unique producer of biomass-based, recyclable, and biodegradable polymer in the Middle East. Under the 50-year lease agreement, GBI will leverage KEZAD’s […]
Dubai Chambers & FTA unite to enhance cooperation
Dubai Chambers has entered into a new strategic partnership with the UAE’s Federal Tax Authority (FTA) in order to enhance cooperation and promote awareness of the country’s tax system. The initiative is aimed at helping private sector companies, business owners, and investors to make smarter decisions about how they work, comply with tax laws, and […]
ADGM & Solana Foundation to advance DLT solutions, blockchain innovation
Abu Dhabi Global Market (ADGM), a leading International Financial Centre (IFC), has signed a Memorandum of Understanding (MoU) with the Solana Foundation, a non-profit organization dedicated to the decentralization, adoption, and security on the Solana network. This significant partnership is dedicated to enhancing Distributed Ledger Technology (DLT) solutions and advancing blockchain innovation. The initiative aligns […]
Integrated Transport Centre strikes MoU with Einride AB
According to the memorandum, the parties will collaborate to establish the Falcon Energy Project network in the Emirate of Abu Dhabi, United Arab Emirates. The network will extend from Al Ruwais to the Khalifa Industrial Zone Abu Dhabi (KIZAD) and also to the city of Al Ain. The network will deploy a thousand electric heavy-duty […]
UAE’s first integrated battery recycling plant unveiled
Dubatt Battery Recycling’s fully integrated battery recycling plant – the first of its kind in the UAE – has been inaugurated at Dubai Industrial City. Dubatt signed a musataha agreement during the inauguration ceremony to expand the plant, raising its total investment at Dubai Industrial City to AED216 million ($59 million). The factory is aligned […]
Ras Al Khaimah to host renowned scientists at IWAM
His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah, will attend the opening of the 15th International Workshop on Advanced Materials (IWAM). IWAM will bring together prominent scientists from internationally acclaimed educational institutions for three days of lectures, discussions and poster sessions on how advanced materials […]
DAE 2023 revenue rises 16% to $1.3bn; profit at $351m
Dubai Aerospace Enterprise (DAE) has seen its 2023 revenue increase 16% to $1.3 billion and the profit for the year reaching $351 million. The company acquired 20 aircraft in the year (owned: 10; managed: 10), sold 30 aircraft (owned: 22; managed: 8) and acquired a 64 aircraft orderbook position. Lease agreements, extensions and amendments signed […]