The Dubai developer Limitless is to restart construction of its first apartment block at The Galleries in Downtown Jebel Ali.
The developer said yesterday it would resume work on the construction of 323 flats for lease which it stopped developing in 2010 following the global financial crisis, leaving the block 70 per cent finished.
Limitless, which is owned by the Dubai Government, said it had signed an agreement with its sister company Nakheel to resume work on the 30-storey tower as confidence returned to the emirate's property market after the 2008 property crash.
It declined to say exactly what the agreement between the two companies covered.
Limitless said it expected work on the tower of studios, one-bedroom and two-bedroom units, and five penthouses, to be completed by the first three months of 2015.
Work on a second Galleries residential tower and two further office towers was also expected to resume in “due course”, the developer added.
The news comes just weeks after Nakheel said it would restart work on part of its stalled Palm Deira project, which was originally intended to be the largest of the developer’s three palm-shaped islands.
“The Galleries is already an established, thriving business community, and we are seeing more and more demand for residential accommodation there too,” said Ibrahim Al Fardan, the managing director of Limitless.
The company has completed work on four of the planned eight buildings at its ambitious Galleries project, which was valued at Dh70 billion when launched in 2006.
The scheme was designed to form the focal point of the developer’s Downtown Jebel Ali project and is designed to comprise four zones, each with its own shops, hotels, offices and apartment buildings connected by a light-rail service.
Both Limitless and Nakheel were transferred from the Dubai conglomerate Dubai World to direct ownership by the emirate’s Government in 2011 in the wake of the Dubai World crisis.
lbarnard@thenational.ae
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Job: CEO JCDecaux Middle East
In the role: Since January 2015
Lives: In the UAE
Background: M&A, investment banking
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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
