Imkan, an Abu Dhabi-based developer, awarded a contract worth Dh236 million to Dhabi Contracting to build the first phase of Al Jurf Gardens a project along the UAE's coast between Dubai and Abu Dhabi.
The first phase of the project will include villas, a private beach, a marina and a wellness retreat.
Dhabi Contracting will construct 146 residential and two show villas over a total area of 5.78 hectares at Sahel al Emarat, Imkan said on Sunday. The project is scheduled to be completed in 2022.
"Our priority in choosing a construction partner for this project was to work with one that shares our ethos and beliefs," said Imkan's chief executive Walid El Hindi. "We are confident that Dhabi will play a vital role in the smooth delivery of Al Jurf to the best standard while – most importantly –protecting Al Jurf's natural habitat and ecosystem."
Set up in 1983, Dhabi Contracting's project portfolio includes Al Khail Avenue Mall, Adnoc's villas in Ruwais and Le Royal Meridian Abu Dhabi.
"As a company that has played a major role in the growth of the UAE, with its numerous specialised developments, we will be drawing on our unrivalled expertise to bring to life this premium lifestyle concept," said Dhabi Contracting's general manager Samy Edward.
Al Jurf will also house Sha Emirates, a branch of European wellness clinic and retreat, Sha Wellness.
A wholly owned subsidiary of Abu Dhabi Capital Group, Imkan has a portfolio of 26 projects worth Dh100 billion in different countries such as the UAE, Egypt, Morocco, Seychelles and Sri Lanka.
Last year, it launched Le Carrousel, a 10ha development along the Atlantic coast in Morocco. The total investment in the mixed-use project is 1.5bn Moroccan dirhams (Dh558m).
The company is also looking to expand in Egypt, where it purchased a 67.17ha plot from the Egyptian government to develop a mixed-use project in New Cairo near the American University campus for 4bn Egyptian pounds (Dh934m) last year.
In Abu Dhabi, Imkan's projects under development include Pixel, a mixed-use scheme in its Makers District development on Reem Island; Nudra, a luxury beachside villa community; and Sheikha Fatima Park, with retail and food and beverage outlets.
The UAE's real estate market is expected to face strong headwinds in the near term due to the coronavirus pandemic and low oil prices, consultancy Core said in a report last month.
However, the stimulus measures introduced by authorities are expected to help the property sector recover from the current situation.
The UAE Central Bank introduced a Dh100bn stimulus package this year, and later increased it to Dh256bn.
The regulator reduced reserve restrictions on bank deposits and expanded its Targeted Economic Support Scheme to cushion the economic blow of the Covid-19 outbreak.
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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