Finance World Magazine| Edition: March 2024
This month’s edition of the Finance World Magazine focuses on the intricate world of tax and accountancy in the UAE, exploring its profound economic implications. The focus is on understanding how the introduction of corporate tax in the UAE has shaped the business landscape, with a spotlight on its influence across various sectors such as real estate, tourism, and sports. The cover story unveils leading tax and accountancy firms in the UAE, providing insights into their pivotal role amid the implementation of Corporate Tax. Between the pages is an exclusive interview with Nirav Shah, Director at FAME Advisory, who shares valuable insights into the essential skill set required to navigate the challenges and opportunities for businesses in the UAE within this new tax framework. The magazine features articles that explain the significant role of accountancy in facilitating smooth mergers and acquisitions, as well as effective personal finance management. Additionally, the article, "Investment Fund Taxation and the Path to Corporate Tax Exemption in the UAE," serves as an ultimate guide to understanding Investment Fund Tax Exemptions in the region. In alignment with emerging global trends, we bring you an exclusive interview with Malak Fouad, the Creator and host of the 'What I Did Next' podcast and Founder of A&T Media. She shares her journey in establishing the podcast and provides a unique perspective on working with a diverse group of intellectuals. Keep yourself up to date with all financial sector news with our current news segments. Each person can find something unique from us. We believe our readers deserve real value from what we have to offer.
This month’s edition of the Finance World Magazine focuses on the intricate world of tax and accountancy in the UAE, exploring its profound economic implications. The focus is on understanding how the introduction of corporate tax in the UAE has shaped the business landscape, with a spotlight on its influence across various sectors such as real estate, tourism, and sports.
The cover story unveils leading tax and accountancy firms in the UAE, providing insights into their pivotal role amid the implementation of Corporate Tax. Between the pages is an exclusive interview with Nirav Shah, Director at FAME Advisory, who shares valuable insights into the essential skill set required to navigate the challenges and opportunities for businesses in the UAE within this new tax framework.
The magazine features articles that explain the significant role of accountancy in facilitating smooth mergers and acquisitions, as well as effective personal finance management. Additionally, the article, "Investment Fund Taxation and the Path to Corporate Tax Exemption in the UAE," serves as an ultimate guide to understanding Investment Fund Tax Exemptions in the region.
In alignment with emerging global trends, we bring you an exclusive interview with Malak Fouad, the Creator and host of the 'What I Did Next' podcast and Founder of A&T Media. She shares her journey in establishing the podcast and provides a unique perspective on working with a diverse group of intellectuals.
Keep yourself up to date with all financial sector news with our current news segments. Each person can find something unique from us. We believe our readers deserve real value from what we have to offer.
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Business News<br />
Saudi PIF Launches Company for Robotic Systems and Heavy Machinery<br />
Saudi Arabia’s Public Investment<br />
Fund (PIF) has launched Alat, a<br />
new company with the ambition to<br />
position the kingdom as a global hub for<br />
sustainable technology manufacturing.<br />
Alat will operate across seven business<br />
units, including advanced industries,<br />
semiconductors, smart appliances, health<br />
devices, buildings, and next-generation<br />
infrastructure. The company, chaired<br />
by Saudi Crown Prince Mohammed bin<br />
Salman, plans to manufacture over 30<br />
product categories, spanning robotic<br />
systems, communication systems,<br />
advanced computers, digital entertainment<br />
products, and heavy machinery<br />
for construction, building, and mining.<br />
Alat aims to create 39,000 direct<br />
jobs in Saudi Arabia and contribute a<br />
direct non-oil GDP of $9.3B by 2030,<br />
reinforcing the nation’s commitment to<br />
technological innovation and economic<br />
diversification.<br />
OPEC+ Commitment to<br />
Output Cuts Boosts Oil<br />
Prices<br />
Oil prices surged on Thursday<br />
following the decision by OPEC+<br />
members to maintain their existing<br />
oil production policy during an<br />
online meeting amid ongoing market<br />
uncertainties. Brent, the global oil<br />
benchmark, witnessed a 0.78% increase,<br />
reaching $81.18 a barrel, while West Texas<br />
Intermediate, tracking US crude, rose<br />
by 0.8% to $76.46 a barrel. The OPEC+<br />
Joint Ministerial Monitoring Committee<br />
(JMMC) evaluated the current global<br />
market conditions before reaffirming<br />
the production policy. According to<br />
OPEC’s statement, the JMMC reviewed<br />
crude oil production data for November<br />
and December 2023, acknowledging<br />
high conformity among participating<br />
OPEC and non-OPEC countries. The<br />
decision underscores efforts to stabilise<br />
oil markets amidst evolving economic<br />
landscapes.<br />
GCC Banks Forecasted for Robust <strong>2024</strong> with<br />
Strong Profitability and Credit Growth<br />
The Gulf Cooperation Council<br />
(GCC) is poised for a robust<br />
financial year in <strong>2024</strong>, as affirmed<br />
by S&P Global Ratings. The credit rating<br />
agency anticipates strong profitability<br />
and credit growth across the region,<br />
fueled by resilient credit demand<br />
from the non-oil sector and ongoing<br />
economic diversification initiatives.<br />
Notably, the banking systems in the<br />
UAE and Saudi Arabia are expected<br />
to outpace their regional counterparts.<br />
S&P emphasises the dynamic non-oil<br />
growth in these key economies. Despite<br />
global challenges and geopolitical<br />
uncertainties, the six-member bloc<br />
is experiencing continued economic<br />
Dubai Multi Commodities Centre<br />
(DMCC) initiates the second<br />
phase of Uptown Dubai, breaking<br />
ground on two mid-rise towers at<br />
the southern end of the city. The 23-<br />
and 17-storey towers will encompass<br />
approximately 70,000 sq m of Grade<br />
A commercial office space and 8,000<br />
sq m for food, beverage, and retail<br />
outlets. With Swissboring Overseas<br />
Piling Corporation handling foundation<br />
works, the expansion aligns with<br />
DMCC’s commitment to enhancing its<br />
real estate offerings. Once completed,<br />
Uptown Dubai will boast a total gross<br />
floor area of 538,000 sq m, further<br />
growth momentum. S&P projects that<br />
interest rates in the GCC will remain<br />
elevated but anticipate a 1% reduction<br />
by year-end, aligning with the trajectory<br />
of the US Federal Reserve. This positive<br />
outlook reflects the GCC’s resilience,<br />
driven by both oil and non-oil sectors.<br />
DMCC Unveils New Phase of Uptown Dubai with<br />
2 Towers Under Construction<br />
solidifying its position as a premium<br />
urban community with diverse amenities,<br />
including The Plaza, a central<br />
hub for artistic and entertainment<br />
experiences.<br />
26 www.thefinanceworld.com <strong>March</strong> <strong>2024</strong>
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