UAE stocks lose momentum in Abu Dhabi and Dubai

Local markets were lack-lustre on the last trading day of the week, as investors pulled out of stocks in the absence of strong catalysts.

Emaar Properties, the region's biggest developer, lost 0.9 per cent to Dh3.25 a piece on Thursday. Tamweel, a mortgage company complying with Shariah rules. lost 1.5 per cent to Dh1.24. The DFM General Index was down 0.2 per cent to 1656.15 points.

"The markets are in consolidation mode, with no major moves expected unless retail investors decide to play certain stocks for speculation," said Marwan Shurrab, the chief trader at Gulfmena Investments in Dubai. "But from a fundamental level, there are no major catalysts to warrant entry into specific stocks today."

Property stocks led the declines on the Abu Dhabi Securities Exchange.

Aldar Properties, the developer behind Yas Island, lost 1.7 per cent to Dh1.13.

Sorouh Real Estate, the capital's second biggest developer, lost 0.8 per cent to Dh1.13 a piece. RAK Properties fell 2.5 per cent to 39 fils a share.

The ADX General Index was little changed at 2510.46 points.

Elsewhere in the region, Kuwait's measure slipped 0.1 per cent to 6329.10 points. Bahrain's index was little changed at 1146.78 points, Oman's MSM 30 Index fell 1.2 per cent to 5842.38 points. Qatar's QE Index lost 0.2 per cent to 8633.38 points.

The Saudi Tadawul exchange was closed for the day.

halsayegh@thenational.ae

Monday's results

UAE beat Bahrain by 51 runs
Qatar beat Maldives by 44 runs
Saudi Arabia beat Kuwait by seven wickets

UAE currency: the story behind the money in your pockets

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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

The biog

Family: Parents and four sisters

Education: Bachelor’s degree in business management and marketing at American University of Sharjah

A self-confessed foodie, she enjoys trying out new cuisines, her current favourite is the poke superfood bowls

Likes reading: autobiographies and fiction

Favourite holiday destination: Italy

Posts information about challenges, events, runs in other emirates on the group's Instagram account @Anagowrunning

Has created a database of Emirati and GCC sportspeople on Instagram @abeermk, highlight: Athletes

Apart from training, also talks to women about nutrition, healthy lifestyle, diabetes, cholesterol, blood pressure

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