The Dubai Integrated Economic Zones Authority, which includes the Dubai Airport Free Zone, Dubai Silicon Oasis and Dubai CommerCity, reported a 5 per cent annual increase in its total revenue in the first half of 2023.
The company’s earnings before interest, taxes, depreciation and amortisation (ebitda) in the January-June period rose 34 per cent, the Dubai Media Office said on Wednesday.
The media office did not disclose the exact value of earnings.
“DIEZ’s strong financial results further contribute to raising Dubai’s status as a city at the forefront of global trade and supply chain recovery and a leading international economic and logistical hub,” Sheikh Ahmed bin Saeed Al Maktoum, chairman of the DIEZ, said.
“Our robust momentum of growth encourages us to continue strengthening our strategic plans to enhance the contribution of free zones to Dubai's GDP [gross domestic product] to Dh250 billion by 2030.”
DIEZ reported a 10 per cent growth in revenue from leasing operations, a 36 per cent jump in revenue from government services and a 39 per cent growth in licencing revenue in the first half of the year.
Its three economic zones, the Dubai Airport Free Zone, Dubai Silicon Oasis and Dubai CommerCity, achieved a combined 17 per cent year on year growth in revenue and 20 per cent growth in Ebitda during the period.
In 2021, Sheikh Ahmed approved the organisation’s new structure that was aimed at enhancing free zone integration in the emirate and providing comprehensive solutions to investors and companies.
Integrating the three free zones aims to strengthen Dubai’s economy and enable the emirate to provide an “exceptional investment and business experience and high-quality solutions and services to businesses”, DIEZ said at the time.
DIEZ said its efforts are aligned with the objectives of the Dubai Economic Agenda D33 that aims to double Dubai's economy and make it one of the world’s top three urban economies by 2033.
Dubai's economy, which made a strong rebound following the coronavirus-induced slowdown, has carried the growth momentum into this year.
The emirate's economy grew an annual 2.8 per cent in the first quarter of the year to Dh111.3 billion ($30.3 billion), extending the "robust momentum of growth" achieved in 2022, when its economy expanded by 4.4 per cent.
Dubai's growth outpaces the seasonally adjusted growth output of 1.6 per cent for Organisation for Economic Cooperation and Development countries. The European Union grew by 1.1 per cent in the first quarter, while the US economy grew by 1.8 per cent.
“This growth complements our efforts to strategically and sustainably contribute to Dubai’s non-oil economy and develop a business environment that supports the growth of companies in different sectors," Dr Mohammed Al Zarooni, executive chairman of DIEZ, said.
How to get exposure to gold
Although you can buy gold easily on the Dubai markets, the problem with buying physical bars, coins or jewellery is that you then have storage, security and insurance issues.
A far easier option is to invest in a low-cost exchange traded fund (ETF) that invests in the precious metal instead, for example, ETFS Physical Gold (PHAU) and iShares Physical Gold (SGLN) both track physical gold. The VanEck Vectors Gold Miners ETF invests directly in mining companies.
Alternatively, BlackRock Gold & General seeks to achieve long-term capital growth primarily through an actively managed portfolio of gold mining, commodity and precious-metal related shares. Its largest portfolio holdings include gold miners Newcrest Mining, Barrick Gold Corp, Agnico Eagle Mines and the NewMont Goldcorp.
Brave investors could take on the added risk of buying individual gold mining stocks, many of which have performed wonderfully well lately.
London-listed Centamin is up more than 70 per cent in just three months, although in a sign of its volatility, it is down 5 per cent on two years ago. Trans-Siberian Gold, listed on London's alternative investment market (AIM) for small stocks, has seen its share price almost quadruple from 34p to 124p over the same period, but do not assume this kind of runaway growth can continue for long
However, buying individual equities like these is highly risky, as their share prices can crash just as quickly, which isn't what what you want from a supposedly safe haven.
Company%20profile%20
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MATCH RESULT
Liverpool 4 Brighton and Hove Albion 0
Liverpool: Salah (26'), Lovren (40'), Solanke (53'), Robertson (85')
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
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
Match info
Uefa Nations League A Group 4
England 2 (Lingard 78', Kane 85')
Croatia 1 (Kramaric 57')
Man of the match: Harry Kane (England)
SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
Company profile
Company: Rent Your Wardrobe
Date started: May 2021
Founder: Mamta Arora
Based: Dubai
Sector: Clothes rental subscription
Stage: Bootstrapped, self-funded
