The Abu Dhabi-based developer Eagle Hills is to undertake its first project in the UAE, an Address Hotel-branded resort and serviced apartments in Fujairah.
The company’s development manager, Mohammed Al Ridha, said at Cityscape Abu Dhabi on Tuesday that the resort will be built at Sharm in Fujairah, which is about 3 kilometres south of existing resorts at Al Aqah beach, and 21km south of Dibba Al Fujairah.
The project is being built on a 1.2-million square feet plot of land and will contain an Address Hotel with 196 rooms, including a presidential suite and family suites, 10 five-bed villas overlooking a hotel plaza and 177 serviced apartments – 102 two-bed, 60 three-bed and 12 four-bed units – spread over five low-rise blocks.
These will look out on to a 500 metre-long beach promenade, and there will be parking for 432 cars.
Eagle Hills declined to give a development value for the project or indicative sale prices of the units, stating that these would be revealed at a later date.
Mr Al Ridha said the serviced apartments would all either have “partial or full” sea views and will be managed by Emaar Hospitality Group. They will be available on a freehold basis only to Emiratis and other GCC investors.
“It’s all Address-branded. It’s all serviced. You can put it back into a rental pool and we will take good care of it,” Mr Al Ridha said.
Grading of the site is due to begin in June, and it is expected that the main contract for the resort’s construction will begin in September or October. Eagle Hills is currently “in the process” of preparing the tender, he said.
“We have all of the authorities’ approval, it’s just a matter of fixing the prices and all of that. You will see things happening there very soon,” Mr Al Ridha said, stating that the project should be ready for handover by mid-2019.
Jaidev Menezes, the corporate director for business development at Emaar Hospitality Group, said he did not believe there was an existing development in Fujairah that was comparable to Eagle Hills’ proposed scheme.
“In terms of infrastructure, in terms of the location and in terms of what they are trying to do, there’s nothing like this. There are a few other hotels that have announced and branded residences, but nothing in terms of the scale and quality is comparable.”
He said that it was “only logical” for Emaar Hospitality to use the platform it had built with The Address brand in Dubai to roll out to other emirates, GCC states and overseas locations.
According to a first-quarter 2016 Northern Emirates report published at the International Property Show in Dubai on Monday, demand for smaller units is growing in Fujairah. Although prices for bigger units fell back slightly during the quarter, one-bed apartments increased in price by 30 per cent, and currently cost between Dh25,000 and Dh35,000 per year to rent.
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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.
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