This week’s UAE weekly business news highlights major developments shaping the Gulf economy, from new tax reforms to record-breaking real estate sales.
The UAE’s Ministry of Finance announced updated corporate tax rules for Free Zones, widening the scope of qualifying activities to include industrial chemicals, by-products, and environmental commodities. This move is expected to boost trade transparency and compliance.
Dubai’s property market surged with AED 51.1 billion ($13.9bn) in August sales, marking a 7.9% year-on-year rise. Apartments dominated the market with transactions worth $8.2bn, reflecting continued demand from residents, investors, and Golden Visa holders.
Key Business Shifts Across the Gulf
In hospitality, Tashas Group struck a $27m joint venture with Arada to open 10 premium restaurants across Sharjah, Ras Al Khaimah, Al Ain, and Dubai’s Nad Al Sheba, pointing to growing lifestyle spending in suburban communities.
Meanwhile, Oman launched a landmark Golden Residency programme, granting renewable 10-year visas to investors and their families. Pathways include property ownership in ITCs, company setups, government bonds, and bank deposits. The scheme supports Oman Vision 2040 and aims to attract long-term FDI, which has already topped $77.9bn.
Saudi Arabia’s retail sector is also booming, with Knight Frank forecasting an additional 600,000 sqm of lifestyle retail space in Riyadh and Jeddah by 2027, reflecting changing consumer habits.
New Rules and Revivals in Dubai
Dubai issued new guidelines for its $1.36bn online food delivery market to improve transparency and competitiveness, while also officially rebranding Nakheel Mall as Palm Jumeirah Mall. The latter’s redevelopment introduces a wider mix of fashion, lifestyle, and dining brands to strengthen Dubai’s retail appeal.
At the same time, Dubai’s World Islands are seeing a revival, with ultra-wealthy investors and family offices snapping up plots for prices ranging from $14m to $160m. This marks the most significant wave of activity since the 2008 financial crisis.
