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Dubai’s Diverse Ramadan Culinary Offerings

‘Ramadan In Dubai’ campaign offers residents, visitors opportunities to indulge in Dubai’s diverse culinary offerings….reports Asian Lite News

During the Holy Month of Ramadan, Dubai’s diverse gastronomic scene truly comes to life, offering a range of Iftar and Suhoor options and creative culinary experiences. As part of the ‘Ramadan In Dubai’ campaign, the Dubai Festivals and Retail Establishment (DFRE) is inviting the community to connect and create lasting memories together amidst the city’s enchanting Ramadan ambience. From specially curated menus featuring international and authentic Emirati flavours to festive dining settings, there’s a delightful array of opportunities for everyone to celebrate the spirit of this month together.

Ramadan tents

The ‘Ramadan In Dubai’ campaign brings the city together amid twinkling lights and a sense of togetherness. Nowhere epitomises this festive community feel more than the city’s Ramadan tents, where families and friends gather to share laughter and stories, as they break their fast.

At the Zabeel Iftar tent at the Marriott Hotel Al Jaddaf, guests can savour dishes from a carefully curated à la carte menu. Arabic cuisine takes centre stage, complemented by live qanun players, creating an ambience that promises a memorable evening of delectable food and delightful entertainment.

An Arabesque set-up amidst the clouds, SLS Dubai is serving panoramic vistas of the city with its Iftar served at an opulent Ramadan tent on the 75th floor. Adorned with plush seating, colourful lanterns and traditional carpets, this is one of the most luxurious tents in the city.

The Al Majlis tent has made its annual return to Madinat Jumeirah, delighting residents and tourists alike. Renowned as one of the city’s most popular destinations, it offers a delectable array of flavours suitable for the whole family. Set against one of Dubai’s most iconic backdrops, it promises an unforgettable dining experience.

Fairmont The Palm has welcomed back its much-loved majlis. The outdoor garden tent features open buffet stations offering a delectable selection of Middle Eastern and international dishes, accompanied by live Arabian entertainers and musicians, creating an immersive dining experience.

Meanwhile, at the Mandarin Oriental Jumeirah, guests are treated to the epitome of luxury at The Majlis by Mandarin Oriental. Warm interiors adorned with gold decorative detailing create an inviting atmosphere, complementing the lavish spread of traditional specialities and bestsellers from the hotel’s esteemed restaurants, including Netsu by Ross Shonhan and the Michelin-starred Tasca by José Avillez.

Authentic Iftar and Suhoor

Dubai’s restaurants are also offering an extraordinary array of Iftar and Suhoor options, with appetising selections and price ranges to suit everyone. Beyond simply dining, Iftar represents a moment of unity and festivity, providing families and friends with daily opportunities to explore new culinary experiences together.

Arabian Tea House invites residents and visitors to indulge in a special Emirati Iftar experience, titled ‘From the farm to your plate’, featuring 100 percent sustainable dishes crafted from ingredients sourced directly from their own farm.

For those craving authentic Middle Eastern flavours, Al Mashowa in Riverland™ Dubai offers a captivating dining experience under the stars, where live cooking brings Arabian dishes to life. Each evening, guests can enjoy a specially curated Iftar menu featuring heritage-inspired delicacies that perfectly capture the essence of the season. Adding to the enchanting ambience, the melodious tunes of an oud player and the mesmerising performance of a tanoura dancer will take place every Friday, Saturday, and Sunday.

Ramadan Street Food Festival

Amidst the city’s festive atmosphere and diverse experiences, the ‘Ramadan In Dubai’ campaign introduces a multitude of markets and festivals, providing everyone with the chance to enjoy delectable cuisine, bask in the pleasant weather, and create cherished memories with loved ones long into the night.

The highly anticipated second edition of the Ramadan Street Food Festival is set to take place from 22nd March to 7th April at the Sheikh Hamdan Colony in Karama. The event promises a vibrant community atmosphere where attendees can delve into local flavours, enjoy entertainment, and admire festive decorations.

Markets and festivals

Global Village is recognised as Dubai’s renowned multicultural hub. Throughout the Holy Month, it warmly welcomes visitors to embark on an enchanting global journey through its Ramadan Iftar and Suhoor offerings. Set amidst a vibrant outdoor ambience, this nightly feast showcases a diverse array of cuisines, promising to satisfy every taste bud.

Ramadaniyat at The Hub at Majlis Al Khawaneej offers families and friends the chance to explore a diverse array of food offerings from various vendors. This delightful event provides a wonderful opportunity to spend quality time together, extending well into the evening.

Careem’s Dine-Out Deals

During Ramadan, Careem’s ‘Everything App’ has introduced a new feature enabling Dubai residents and tourists to explore, book, and pre-pay for Iftar packages at over 200 venues. Notable establishments include Jun’s Downtown Dubai, Terrace Between the Towers at Jumeirah Emirates Towers, and Al Sultan Majlis at Jumeirah Zabeel Saray. Customers can enjoy instant savings ranging from 15 percent to 50 percent on their dining bills across all venues, along with an additional 30 percent off their Hala Taxi rides to and from the venues.

‘Ramadan In Dubai’ campaign

Launched by the Dubai Media Council under the directives of H.H. Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai and Chairman of the Dubai Media Council (DMC), the ‘Ramadan In Dubai’ campaign brings the public and private sectors together for the first time for a unified celebration of the Holy Month.

The Dubai Media Council has tasked Brand Dubai, the creative arm of the Government of Dubai Media Office (GDMO), with overseeing the campaign’s execution. The campaign has been designed to bring to the community the unique spirit, beauty and warmth of Ramadan and share the rich cultural heritage and traditions that are an integral part of celebrations during the Holy Month. The initiative also aims to create a unique ambience across the city that captures the true essence of Ramadan, reflecting the authentic Emirati customs and traditions that make the occasion truly special.

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Journey Through Dubai’s Lively Ramadan Districts

The vibrant and welcoming atmosphere of the markets adds to the joyous evenings and the spirit of togetherness during the Holy Month…reports Asian Lite News

This year, pleasant evening temperatures provide a splendid opportunity for residents and visitors to savour their evenings post-Iftar and explore an array of vibrant Ramadan markets across Dubai as part of the city-wide #RamadanInDubai campaign launched by the Dubai Media Council under the directives of His Highness Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai and Chairman of the Dubai Media Council (DMC).

Offering something for everyone, the city’s Ramadan markets allow families, friends, couples, and individuals to discover unique traditions and shop for distinctive gifts from local artisans and vendors. The vibrant and welcoming atmosphere of the markets adds to the joyous evenings and the spirit of togetherness during the Holy Month.

Lively vibe

Set in the heart of the city, with the stunning Museum of the Future providing the backdrop, the Ramadan District at Jumeirah Emirates Towers is just the place to experience Dubai’s lively vibe on a Ramadan night. There is the promise of wholesome family fun on moonlit nights, with the chance to discover more about the allure of Emirati and regional culture in the process. Featuring stalls set up by local designers, creative food offerings, daily events and activities, and a designated children’s play area, families can enjoy hours of togetherness and come away with memories to last a lifetime. Delicious Iftar and Suhoor meals will also be served each evening.     

The ever-popular Ramadan Souq organised by Dubai Municipality, as always, has plenty in store by way of household essentials and food specialities to help residents make their Ramadan truly special. The Old Municipality Street in Bur Deira is another place that offers a unique shopping experience, with an abundance of items to be found at great prices. There is also a mini marketplace showcasing items traditionally associated with Ramadan. Vibrant live entertainment shows draw visitors of all ages, and there are also fun activities youngsters can participate in.

Close by, City Walk, the open-air lifestyle destination that is home to hundreds of exclusive retailers and must-visit restaurants is hosting an unmissable Night Market. Located next to The Green Planet, it allows visitors to scour the shops for a variety of unique gifts that are perfect for the gifting season.

Then there is Ramadaniyat, at The Hub at Majlis Al Khawaneej, where families and friends can explore an array of food offerings from artisanal vendors. The whole experience is based upon trying out new flavours, soaking up the community atmosphere, and sharing time together long into the evening.

Across town, the Bay by Social Night Market at Dubai Festival City Mall is the place for visitors of all ages to immerse themselves in cultural workshops and activities, besides exploring a range of wares displayed by local vendors. A lavish Iftar is also served here as the famous Ramadan cannon signals sunset. With so much to see and explore, visitors have the liberty to stay back until Suhoor.

Range of activities

Over at Dubai Expo City, Hai Ramadan, one of Dubai’s biggest and most beloved events of the Holy Month, is back once more. Designed to depict a traditional Emirati community, more than 20 outlets and food carts showcase handicrafts, traditional garments and local delicacies. A truly authentic experience, a ‘grandmother’s supermarket’, known as a ‘Dukan Yadoo’, invites children to buy candy using tokens from a traditional ‘Floos bank’ – a popular payment system. Visitors can soak up the vibrant atmosphere and be part of celebrations all evening, with a diverse range of activities and options awaiting them, including Iftars and Suhoors across the destination’s outlets.

For those preferring an alternative daytime experience, the family-favourite Ripe Market heads to the Dubai Police Academy Park every Saturday and Sunday, allowing visitors to shop for Ramadan gifts from artisanal stalls. Local farms sell fresh organic produce, and guests can join craft workshops and wellness sessions, which are open to all ages, in a beautiful al fresco setting.

From 23 – 31 March, Al Serkal Avenue welcomes residents and visitors for a special Ramadan programme named ‘Stay a Little Longer.’ The event showcases transnational accounts of histories of diverse communities in the UAE. Visitors can explore a lively market featuring a rich variety of products, besides attending special talks, live music performances, an outdoor photographic exhibition, art tours, and workshops. Welcoming guests of all cultures and nationalities, the events and activities will unfold in a host of languages including Arabic, Hindi/Urdu, Malayalam, Tagalog, and English among others.

The #RamadanInDubai campaign brings the public and private sectors together for the first time for a unified celebration of the Holy Month. The Dubai Media Council has tasked Brand Dubai, the creative arm of the Government of Dubai Media Office (GDMO), with overseeing the campaign’s execution. The campaign has been designed to bring to the community the unique spirit, beauty and warmth of Ramadan and share the rich cultural heritage and traditions that are an integral part of celebrations during the Holy Month. The initiative also aims to create a unique ambience across the city that captures the true essence of Ramadan, reflecting the authentic Emirati customs and traditions that make the occasion truly special.

ALSO READ-Dubai’s Diverse Ramadan Culinary Offerings

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Dubai, Abu Dhabi CPs Receive Ramadan Well-Wishers

During discussions with the guests, Hamdan said that Dubai’s economic achievements across sectors continue to reinforce the business community’s confidence in the economy’s sustained growth potential…reports Asian Lite News

H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, received Ramadan well-wishers at his Majlis in Nad Al Sheba, Dubai.

Sheikh Hamdan, in the presence of H.H. Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai, and many other officials, accepted the greetings of well-wishers who included ministers, senior officials and directors, businessmen, entrepreneurs, and investors.

During discussions with the guests, Hamdan said that Dubai’s economic achievements across sectors continue to reinforce the business community’s confidence in the economy’s sustained growth potential.

Thanks to the forward-looking vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, Dubai has developed a resilient economic strategy centred around collaboration with the private sector, which promotes mutual success and growth, H.H. Sheikh Hamdan noted.

Emphasising the private sector’s role in supporting Dubai’s development journey, His Highness said that the strong partnerships between Dubai’s public and private sectors support the emirate in realising the objectives outlined in the Dubai Economic Agenda, D33.

The attendees conveyed their gratitude to the leadership for their steadfast commitment to supporting investors across diverse business sectors and their efforts to make Dubai the world’s best city to live, work and visit.

Meanwhile, His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, received this evening at Al Bateen Palace a group of well-wishers for the holy month of Ramadan.

He exchanged congratulations and blessings with the group, which included sheikhs and senior officials from various civil, military and security organisations, as well as dignitaries and citizens.

The well-wishers prayed for a bright and prosperous future for the nation under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and extended heartfelt wishes for enduring prosperity and blessings on Arab and Islamic nations worldwide.

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Dubai Sees 21% Rise in International Tourist Arrivals

Dubai’s international visitor performance bolstered its ranking as the No.1 global destination for an unprecedented third successive year…reports Asian Lite News

Dubai welcomed 1.77 million international tourists in January 2024, an increase of 21% compared to 1.47 million visitors in the same period of 2023.

According to the Dubai Tourism Performance Report for January issued by the Dubai’s Department of Economy and Tourism, Western Europe ranked first in terms of source markets for international tourists to Dubai with a share of over 18% and a number of 327,000 visitors. The GCC countries followed with 311,000 visitors, representing nearly 18%, and South Asia ranked third with 294,000 visitors, accounting for about 17% of the total international visitors to the emirate.

The number of international visitors from Russia, the Commonwealth of Independent States (CIS) and Eastern Europe reached 262,000 or 15%, ranking fourth, while the number of visitors from the Middle East and North Africa (MENA) region reached 211,000 or 12% of the total number of tourists coming to Dubai, ranking fifth.

North and Southeast Asia ranked sixth with 149,000 visitors and a share of 8%, followed by the Americas in seventh place with 115,000 visitors or about 6% of the total number of international visitors, Africa in eighth place with 71,000 visitors representing 4%, and Australia in last place with 33,000 visitors representing 2% of the total number of international visitors.

Dubai’s international visitor performance bolstered its ranking as the No.1 global destination for an unprecedented third successive year in the Tripadvisor Travellers’ Choice Awards 2024, the first city to achieve this unique accolade. This was further reinforced at ITB Berlin after Dubai was named 2023’s highest-rated destination in the Destination Performance Index (DPI) by IPK International, one of the world’s leading tourism consultancies specialising in tourism research, marketing and planning. The annual study, taking into consideration global tourist trips, traveller satisfaction, recommendations, and the desire to revisit, highlighted Dubai’s outstanding performance in attracting and satisfying tourists.

Recently, the Dubai Department of Economy and Tourism (DET) showcased Dubai’s diverse attractions at the Internationale Tourismus-Börse Berlin (ITB Berlin) trade show, accompanied by 56 partners. This marked Dubai’s 32nd participation at ITB Berlin, drawing nearly 100,000 attendees. DET, joined by co-exhibitors such as Address Hotels + Resorts and Atlantis Dubai, aimed to highlight Dubai’s tourism offerings to global industry leaders. Participation in such shows is integral to DET’s strategy to attract visitors from various markets. In 2023, Dubai recorded 17.15 million international visitors, with a significant contribution from the German market, which witnessed a 36% YoY growth. The Dubai delegation engaged with top politicians and industry leaders at the event.

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New Hub to Boost Dubai’s Biz Environment

The Unified Digital Platform seeks to integrate various licensing processes in Dubai to significantly improve the investor experience in the city….reports Asian Lite News

In his capacity as the Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, issued Decree No. (13) of 2024 on the Unified Digital Platform for establishing companies in Dubai. The Decree forms part of Dubai’s efforts to enhance its business environment and advance economic growth.

The platform seeks to integrate various licensing processes in Dubai including those managed by the Department of Economy and Tourism, the Authorities of special development zones and freezones, including the Dubai International Financial Centre (DIFC), and other relevant entities. The integration is aimed at significantly improving the investor experience in Dubai. By offering a streamlined channel for accessing information, obtaining licenses, and availing other services related to economic activities, the platform seeks to enhance the ease and convenience of investors.

The Decree, which applies to all economic activities in Dubai, also aims to regulate the issuance of licenses, permits and approvals in the emirate to enhance clarity and simplicity. It also seeks to help investors overcome obstacles in setting up or operating businesses in Dubai.

The Decree seeks to enhance electronic integration between licensing departments and other key entities to avoid duplication of procedures, and support Dubai’s digital transformation in line with the objectives of the Dubai Economic Agenda D33 to establish the city as a digital economy hub.

In a move that complements the new Decree, H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, issued Resolution No. (5) of 2024 of the Council, approving the key principles behind facilitating the investor’s journey in Dubai. These principles are applicable to the processes for all licenses, permits and approvals related to business activities in Dubai. The Resolution is effective from the date the new Decree goes into effect.

According to the Resolution, all licensing entities and federal and local entities tasked with regulating and supervising business activities in Dubai, are responsible for facilitating a smooth journey for investors in Dubai and implementing the procedures required to facilitate this.

The Resolution also outlines various measures to provide a smooth experience for investors including registration on the ‘Invest in Dubai’ digital platform, unified digital data registration, instant licensing, instant license renewal, one-step fee payment, streamlining of licensing requirements, and the standardisation of procedures, rules and conditions.

According to Decree No. (13) of 2024, the Department of Economy and Tourism is responsible for operating, managing and developing the ‘Invest in Dubai’ platform in collaboration with relevant licensing bodies, in line with the digital transformation guidelines set by the Dubai Digital Authority.

According to the Decree, all requests related to licensing and permits should be processed through the ‘Invest in Dubai’ digital platform in accordance with the procedures, requirements, timelines and fees mentioned in the ‘Guide’, an electronic document developed by the Department of Economy and Tourism, which outlines the requirements for operating a business in Dubai.

The Chairman of The Executive Council of Dubai will issue the decisions necessary to implement this Decree, which annuls any other legislation that may contradict it. This Decree is effective from the date of its publication in the Official Gazette.

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Indian Investors Lead New Business Entries in Dubai

The number of new Syrian-owned companies joining Dubai Chamber of Commerce reached 2,755 in 2023, representing YoY growth of 28.8%. The country ranked fourth among the top investor nationalities for new company registrations…reports Asian Lite News

A recent analysis by Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has revealed that Indian investors topped the list of nationalities of new non-UAE businesses joining the chamber last year. A total of 15,481 new Indian-owned companies became members in 2023, representing year-over-year (YoY) growth of 38% and underlining Dubai’s continuing attractiveness among Indian businesses and investors.

Pakistan ranked second in terms of new company memberships in 2023, with the chamber welcoming 8,036 new Pakistani businesses in 2023 – a remarkable growth rate of 71.2% compared to the previous year. Egypt ranked third, with 4,837 new members registering, representing YoY growth of 63.2%.

Prominent destination for investments

His Excellency Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented: “During the past year, Dubai has consistently attracted foreign direct investment from many different nations and sectors, underlining the diversity of the emirate’s business environment and its broad economic appeal as a global business destination.”

His Excellency added that the chamber is committed to providing specialised value-added services that support its strategic priorities, facilitate business activity, and enhance the competitiveness of companies in the emirate, stating: “The remarkable increase in the diversity of nationalities represented among the owners of member companies reflects Dubai’s growing prominence within the global business landscape, especially since the announcement of the Dubai Economic Agenda (D33).”

Dynamic growth trajectory

The number of new Syrian-owned companies joining Dubai Chamber of Commerce reached 2,755 in 2023, representing YoY growth of 28.8%. The country ranked fourth among the top investor nationalities for new company registrations.

The United Kingdom ranked fifth with a total of 2,267 new companies, up from 1,503 in 2022 to achieve YoY growth of 50.8%. The number of new Bangladeshi-owned member companies increased by 42.8% to reach 2,252. China ranked seventh on the list with 1,560 new companies joining the chamber in 2023, achieving an annual growth rate of 66.5%.

The number of new Jordanian companies increased by 31.6% to reach 1,469, compared to 1,116 in 2022. Iraqi companies ranked ninth on the list, with 1,247 new companies registered during 2023. This represented YoY growth of 95.5% compared to the 638 companies that joined in 2022. Yemeni companies ranked tenth with 1,214 new companies, achieving an annual growth rate of 57.5% over the 771 companies that joined in 2022.

Increases across diverse sectors

The majority of new companies that registered with Dubai Chamber of Commerce in 2023 operate within the wholesale and retail trade and repair of motor vehicles sector, which accounted for 44.2% of new memberships. This was followed by companies from the real estate, renting, and business activities sector, which represented 32% of the total. The construction sector ranked third with 8.3% of total new companies, while the transport, storage, and communications sector came fourth, accounting for 8.1% of the new companies joining as chamber members.

Established in 1965, Dubai Chamber of Commerce continues to represent, support, and protect the interests of the business community in Dubai, create a stimulating business environment, and promote the emirate as a global business hub. The chamber is one of three chambers operating under the umbrella of Dubai Chambers, which was restructured under a decree issued by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

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Dubai Tourism Shines at ITB Berlin

Participating at major international trade shows such as ITB Berlin is a key element of DET’s marketing strategy to promote Dubai to a global audience and grow inbound visitation from both traditional and emerging overseas markets….reports Asian Lite News

The Dubai Department of Economy and Tourism (DET) successfully showcased Dubai’s diverse destination proposition alongside 56 key partners and stakeholders at the Internationale Tourismus-Börse Berlin (ITB Berlin) trade show, held recently. This was the 32nd time that Dubai had exhibited at one of the world’s leading travel trade shows, which this year attracted almost 100,000 attendees.

Demonstrating the breadth of the city’s tourism offering to global travel industry leaders and professionals, DET was joined in Berlin by co-exhibitors from across the tourism ecosystem including government entities, hotels, tour operators and destination management companies (DMCs), and among them were Address Hotels + Resorts, Atlantis Dubai, Banyan Tree Dubai, Museum of The Future, and, for the first time, flydubai.

Participating at major international trade shows such as ITB Berlin is a key element of DET’s marketing strategy to promote Dubai to a global audience and grow inbound visitation from both traditional and emerging overseas markets. In 2023, Dubai welcomed a record 17.15 million international overnight visitors, representing a 19.4 percent YoY growth compared to the 14.36 million tourist arrivals in 2022. The German market played a crucial role, contributing significantly to Dubai’s tourism success, with a remarkable 36 percent YoY growth and 574,979 overnight guests in 2023.

At its stand in Berlin, the Dubai delegation engaged with travel trade professionals from around the world and welcomed top politicians and industry leaders including Kai Wegner, Governing Mayor of Berlin; Franziska Giffey, Berlin Senator for Economics, Energy and Public Enterprises; and Julia Simpson, President and CEO of the World Travel & Tourism Council.

Issam Kazim, CEO of the Dubai Corporation for Tourism and Commerce Marketing (DCTCM), said, “As Dubai continues its growth in alignment with the Dubai Economic Agenda, D33, set forth by our forward-thinking leadership, we are strategically harnessing the significant momentum generated during a highly successful 2023 to showcase Dubai’s diverse destination offering to key overseas markets. The strong, unified presence of the Dubai delegation at ITB Berlin reflected the city’s robust public-private partnerships and our determination to showcase Dubai as the best city to visit, live, and work in. Together with our stakeholders, we were able to enhance Dubai’s visibility and perception among travel trade professionals from around the world, creating new paths to attract more visitors to the city and consolidate its status as a leading destination.”

Dubai’s international visitor performance bolstered its ranking as the No.1 global destination for an unprecedented third successive year in the Tripadvisor Travellers’ Choice Awards 2024, the first city to achieve this unique accolade. This was further reinforced at ITB Berlin after Dubai was named 2023’s highest-rated destination in the Destination Performance Index (DPI) by IPK International, one of the world’s leading tourism consultancies specialising in tourism research, marketing and planning. The annual study, taking into consideration global tourist trips, traveller satisfaction, recommendations, and the desire to revisit, highlighted Dubai’s outstanding performance in attracting and satisfying tourists.

Reflecting Dubai’s commitment to creating unique and memorable experiences for travellers of all budgets and preferences, the milestones are a testament to the emirate’s vibrant and diverse offerings, supported by world-class infrastructure, exceptional service at all touchpoints, and continuous collaboration between the government and private sectors.

This year’s ITB Berlin welcomed almost 100,000 visitors across the three-day event, including more than 5,500 exhibitors from 170 countries, 1,300 senior buyers, 80 ministers and state secretaries, 72 ambassadors, and 3,200 accredited journalists. Much-discussed topics at the Berlin Exhibition Grounds included AI and its potential uses in tourism and the urgency of the sector achieving sustainability.

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MBR issues law on taxation of foreign banks in Dubai

The Director-General of the Department of Finance will also issue the necessary decisions to implement the provisions of this Law, which will be published in the Official Gazette…reports Asian Lite News

In his capacity as the Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, issued Law No. (1) of 2024 on taxation of foreign banks operating in Dubai.

The Law applies to all foreign banks operating in Dubai, including special development zones and free zones, with the exception of foreign banks licensed to operate in the Dubai International Financial Centre (DIFC).

According to the law, foreign banks are subject to a 20 per cent tax on their annual taxable income. However, if these banks pay corporate tax in accordance with Federal Law No. (47) of 2022 on the Taxation of Corporations and Businesses and its amendments, the amount of corporate tax will be deducted from their total tax liability.

The Law specifies the principles governing the calculation of taxable income, tax filing and payments, procedures for the audit of tax filing, voluntary disclosure, and responsibilities and procedures related to tax auditing.

The law also outlines the rights of foreign banks and their branches licensed by the Central Bank of the UAE. It specifies the steps for notifying the results of the tax audit. Further, it allows the taxable entity to lodge objections with Dubai’s Department of Finance regarding the amount of tax or fines imposed on them, subject to certain conditions detailed in the law.

According to the Law, the Chairman of The Executive Council of Dubai will issue a decision on acts deemed as violations of this Law and penalties imposed for violations. The total penalties imposed should not exceed AED500,000. The fine will be doubled in case of repeat violations within two years up to a maximum of AED1 million.

This new Law applies to the tax year beginning after its enactment.

The Director-General of the Department of Finance will also issue the necessary decisions to implement the provisions of this Law, which will be published in the Official Gazette.

The new Law annuls Regulation No. (2) of 1996 or any other legislation that may contradict it. Decisions and memos issued to implement Regulation No. (2) of 1996 will remain in place till the issuance of new decisions that replace it.

Law No. (1) of 2024 on taxation of foreign banks operating in Dubai is effective from the date of its publication in the Official Gazette. (ANI/WAM)

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Dubai Announces 20% Annual Tax On Foreign Banks

The Law specifies the principles governing the calculation of taxable income, tax filing and payments, procedures for the audit of tax filing, voluntary disclosure, and responsibilities and procedures related to tax auditing…reports Asian Lite News

In his capacity as the Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, issued Law No. (1) of 2024 on taxation of foreign banks operating in Dubai.

The Law applies to all foreign banks operating in Dubai, including special development zones and free zones, with the exception of foreign banks licensed to operate in the Dubai International Financial Centre (DIFC).

According to the law, foreign banks are subject to a 20% tax on their annual taxable income. However, if these banks pay corporate tax in accordance with Federal Law No. (47) of 2022 on the Taxation of Corporations and Businesses and its amendments, the amount of corporate tax will be deducted from their total tax liability.

The Law specifies the principles governing the calculation of taxable income, tax filing and payments, procedures for the audit of tax filing, voluntary disclosure, and responsibilities and procedures related to tax auditing.

The law also outlines the rights of foreign banks and their branches licensed by the Central Bank of the UAE. It specifies the steps for notifying the results of the tax audit. Further, it allows the taxable entity to lodge objections with Dubai’s Department of Finance regarding the amount of tax or fines imposed on them, subject to certain conditions detailed in the law.

According to the Law, the Chairman of The Executive Council of Dubai will issue a decision on acts deemed as violations of this Law and penalties imposed for violations. The total penalties imposed should not exceed AED500,000. The fine will be doubled in case of repeat violations within two years up to a maximum of AED1 million.

This new Law applies to the tax year beginning after its enactment.

The Director-General of the Department of Finance will also issue the necessary decisions to implement the provisions of this Law, which will be published in the Official Gazette.

The new Law annuls Regulation No. (2) of 1996 or any other legislation that may contradict it. Decisions and memos issued to implement Regulation No. (2) of 1996 will remain in place till the issuance of new decisions that replace it.

Law No. (1) of 2024 on taxation of foreign banks operating in Dubai is effective from the date of its publication in the Official Gazette.

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Dubai Residency, Work Permits in Just 5 Days

His Highness Sheikh Mohammed said: “Today marks the inaugural launch of the ‘Work Bundle’, a pioneering project designed to expedite, simplify, and streamline the processes related to residency and employment.”…reports Asian Lite News

The UAE government has launched the “Work Bundle” to facilitate employee residency procedures and work permits in private sector companies. The first phase of the initiative will be implemented in Dubai and will be gradually expanded to include other emirates.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, gracefully announced, “In our ongoing quest for government excellence, we have recently introduced the ‘Zero Bureaucracy’ initiative, aimed at streamlining procedures and enhancing efficiency within the federal government. In alignment with this vision, today marks the inaugural launch of the ‘Work Bundle’, a pioneering project designed to expedite, simplify, and streamline the processes related to residency and employment.”

Sheikh Mohammed further elaborated, “The Work Bundle is set to reclaim 62 million working days previously devoted to the renewal of residencies and employment contracts within government frameworks. This project is expected to curtail 25 million procedures on an annual basis, thereby yielding substantial savings for both the governmental and private sectors. We would like to thank all federal and local entities for their invaluable collaboration in bringing this project to fruition. Our commitment to eradicating bureaucracy remains unwavering, to make people’s lives easier and happier.”

The initiative aligns with the “Zero Bureaucracy” programme aimed to simplify and reduce government procedures and eliminate unnecessary requirements. This enhances levels of efficiency, quality, and flexibility in the UAE, supporting efforts to eliminate bureaucracy.

Dubai received 14.36 mn int’l visitors in 2022, close to pre-Covid levels.

A single platform

The “Work Bundle” serves the business community by simplifying and accelerating the procedures for private sector companies. The project offers a single platform to complete employment services including renewal, cancellation, medical examination, and fingerprinting.

The initiative is a result of close cooperation between federal and local government entities to enable clients to complete their transactions in the fewest steps possible through digital platforms where the service is available.

The entities include the Ministry of Human Resources and Emiratisation, the Federal Authority for Identity and Citizenship, Customs and Ports Security, the General Directorate of Residency and Foreigners Affairs in Dubai, and Dubai Health. The project is supported by the Dubai Department of Economy and Tourism.

The project is also supported by Digital Dubai, which provides the digital infrastructure and services to allow seamless data exchange between the relevant entities.

Digital transformation

The “Work Bundle” is a key step within the UAE digital transformation efforts in a way that contributes to enhancing the UAE’s competitiveness in global indicators related to the ease of establishing and managing businesses for private sector companies.

The “Work Bundle” also improves the customer experience by providing one platform instead of 5, and reduces procedures from 8 services to a unified single platform, while the required steps were reduced from 15 steps requiring 16 documents to 5 steps and 5 documents only, and reduced the number of visits from 7 visits to only two visits, which in turn reflected on the time taken to complete the transaction, also reduced from 30 working days to 5 working days.

The project aims to simplify procedures and reduce effort and time, it will cut 25 million procedures annually, 12.5 million annual visits, and 62.5 million working days annually.

The Work Bundle will be provided as a first phase on the “Invest in Dubai” platform, and it is also planned to be available on a number of other government digital platforms in the coming period and in https://workinuae.ae/.

Steps for recruiting a new employee from outside the country include filling out the unified application, and issuing a work permit for the employee, then the employee should continue to complete the residence procedures, which include medical examination and issuance of the Emirates ID card, as mandatory steps that require employee’s presence.

Renewal service requires the owner of the company to fill out the unified application, then the employee completes the medical examination and is issued an Emirates ID card.

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