Dubai has launched a new law to regulate endowments and minors’ trusts as part of efforts to support the UAE’s vision for social development and welfare.
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, issued law No 17 of 2022 on the emirate's Endowments and Minors’ Trust Foundation, Dubai Media Office said in a statement on Thursday.
He also issued law No 18 of 2022, affiliating the Mohammed bin Rashid Global Centre for Awqaf and Endowment to the foundation.
Law No 17 of 2022 applies to the Awqaf and Minors Affairs Foundation, which was created pursuant to law No 9 of 2007, the statement said.
The name of the foundation will be changed from Awqaf and Minors Affairs Foundation to the Endowments and Minors’ Trust Foundation, Dubai Media Office said.
An endowment is a donation of money or property to a non-profit organisation, which uses the resulting investment income for a specific purpose, according to Investopedia.
The Awqaf and Minors Affairs Foundation was responsible for overseeing and monitoring the waqf establishment. Waqf is a charitable endowment under Islamic law.
The foundation registered 761 endowments at the end of 2021, representing a total value of Dh7.71 billion ($2.09bn). The registered endowments included charitable, progeny and joint endowments.
Real estate endowments comprised 700 of the total, while 61 were financial assets and stocks. Men accounted for 561 out of 761 endowments, while women contributed 130, and entities and institutions were responsible for 70 endowments, the foundation reported.
Women’s participation in endowment activity in the UAE experienced a marked increase last year. They played an important role in supporting the education and health sectors as well as empowering orphans and people of determination.
Women-led endowments included real estate, financial assets, stocks and in-kind donations.
Sheikh Mohammed pledged a Dh5bn endowment towards social and charitable goals throughout the Arab world in 2016 in tandem with the launch of the Mohammed bin Rashid Global Centre for Endowment Consultancy, which provided free advice to organisations on setting up endowments.
Both the new laws will be effective from the date of their publication in the Official Gazette, Dubai Media Office said.
The new law specifies the mandate, functions, responsibilities and organisational structure of the foundation.
It also outlines the foundation’s duties and responsibilities regarding the management of Sharia-compliant endowments and donations, with the exception of those generated by mosques.
The law lists the powers granted to the foundation to invest endowment funds in Sharia-compliant investments, the statement said. It also defines the foundation’s functions related to the management of minors’ funds.
A special register of wills created by the foundation will list those issued pursuant to a court decision or ruling.
Under the new law, endowments are exempted from fees, taxes and litigation fees, Dubai Media Office said.
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.
UAE currency: the story behind the money in your pockets
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Who is Mohammed Al Halbousi?
The new speaker of Iraq’s parliament Mohammed Al Halbousi is the youngest person ever to serve in the role.
The 37-year-old was born in Al Garmah in Anbar and studied civil engineering in Baghdad before going into business. His development company Al Hadeed undertook reconstruction contracts rebuilding parts of Fallujah’s infrastructure.
He entered parliament in 2014 and served as a member of the human rights and finance committees until 2017. In August last year he was appointed governor of Anbar, a role in which he has struggled to secure funding to provide services in the war-damaged province and to secure the withdrawal of Shia militias. He relinquished the post when he was sworn in as a member of parliament on September 3.
He is a member of the Al Hal Sunni-based political party and the Sunni-led Coalition of Iraqi Forces, which is Iraq’s largest Sunni alliance with 37 seats from the May 12 election.
He maintains good relations with former Prime Minister Nouri Al Maliki’s State of Law Coaliton, Hadi Al Amiri’s Badr Organisation and Iranian officials.
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Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
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