Markets

Dubai Financial Market falls under 3,000 for first time in two years

Investors continued to trim their positions amid weakening global equities.

John Everington

December 09, 2015

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  • Arabic

Dubai’s headline share index fell below the 3,000 mark for the first time in two years, while Abu Dhabi hit a new low for the year, as investors continued to trim their positions amid weakening global equities.

The Dubai Financial Market General Index fell to a low of 2,967.59 at about lunchtime before recovering to finish 0.3 per cent lower at 3,000.95.

The index has ended lower eight out of the past 10 trading days, shedding 6.3 per cent of its value since the start of the month.

Emirates NBD and Amlak Finance were among the poorest performing stocks, declining 2.8 and 2.3 per cent respectively.

Damac Properties fell 2.2 per cent to Dh2.20, after the developer said that it was sticking by its partnership with the Trump Organization, despite comments by its founder Donald Trump calling for “a total and complete shutdown of Muslims entering the United States”.

Arabtec Holding and Emaar Properties recovered from their lowest levels of the year, climbing 0.9 and 0.1 per cent, respectively.

Shares in the capital closed down 0.6 per cent at 4,083.86.

Meanwhile, Brent crude futures recovered ground after dipping below the $40 per barrel mark for the first time in six years on Tuesday. Brent was trading up by about 52 cents at $40.78 per barrel by midafternoon UAE time.

Elsewhere, Saudi stocks edged up 0.1 per cent to 7,027 points – above the psychological support level of 7,000. Emaar Economic City surged 9.6 per cent after having fallen 3.8 per cent on Tuesday, while Saudi Telecom jumped 1.4 per cent after four straight sessions of losses.

jeverington@thenational.ae

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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

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7. Limited time periods for audits

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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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