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Posts by msi1

Mergers of Banks in Abu Dhabi may help UAE economy

Bank Mergers in UAE Market

Banks in Abu Dhabi are set to merge later in this quarter which is set to impact UAE in several ways. ADCB (Abu Dhabi Commercial Bank) and UNB (Union National Bank) are set to merge. The combined company is then to acquire Al Hilal bank which is still set to act as a separate Islamic bank entity in this new group. It is expected for the final merged and acquired company to remain under the name of ADCB. This is the most recent merge of banks after the merger of National Bank of Abu Dhabi and First Gulf Bank last year. In addition to this, there has also been recent news about a potential merger of some local banks in Sharjah.

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VAT, De-Registration

Update on De-Registration From VAT in UAE

The FTA (Federal Tax Authority) has recently cleared concerns about the conditions and procedures regarding de-registration from VAT, since it’s implementation in 2018. This is especially important for smaller businesses that are nearer to the tax threshold, as an administrative fine is liable to the firm is this law is not complied with.

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impact of vat in uae

First year Impact of VAT in UAE

At the end of one fruitful year of implementation of  VAT, let’s go back and see how VAT affected the people in UAE. VAT or Value Added Tax is the tax levied on the consumption of goods and services at each point of production. The end users finally bear the charge and businesses gather the same on behalf of the government.

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100% Foreign ownership Law

100% Foreign ownership Law

We have now received more information about the long-awaited 100% Foreign ownership law which is to come into effect in the UAE. According to legal sources, the “Negative List” has been issued where it contains 14 industries which cannot be permitted for full foreign ownership.

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China-UAE Trade Agreements

China-UAE Trade Agreements

The Chinese President Xi Jinping’s recent visit to UAE is set to make gradual, yet large economic change in UAE. Both countries spoke about boosting different industries and have made 13 strategic agreements. These agreements include construction of embassies and cultural centers, advancing energy cooperation, e-commerce ties, numerous investments, and the infamous Belt and Road Initiative all of which the UAE government strongly supports, and would bring an inflow of income into the UAE.

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