UAE announces major investments and transport strategies:

UAE announces major investments and transport strategies

The United Arab Emirates (UAE) announces major investments continues to make significant strides, with recent developments highlighting growth and strategic initiatives.

Dubai Real Estate: Anticipated Rental Surge in 2025

Dubai’s real estate market is poised for significant growth in 2025. With industry experts forecasting an average rental increase of 18% for short-term leases and over 13% for long-term agreements. This surge is attributed to the influx of professionals relocating to Dubai for its dynamic work environment and lifestyle, coupled with rising property values. Investors are keen to capitalize on these trends, seeking robust returns from the city’s thriving rental market.

Arabian Business

UAE Overhauls University Admission Criteria

In a landmark decision, the UAE has abolished the Emirates Standardized Test (EmSAT) for 12th-grade students, granting universities greater autonomy in setting admission standards. This move aims to align educational pathways with students. Academic and career aspirations, fostering a more personalized and flexible higher education landscape. Universities now have the discretion to offer remedial courses for students. Who may not meet specific subject requirements, ensuring broader access to specialized programs.

Arabian Business

Dubai’s Ambitious Transport Transformation

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum has unveiled a comprehensive AED16 billion ($4.4 billion) transport plan for Dubai, set to roll out between 2024 and 2027. The initiative includes 22 projects aimed at expanding the road network, reducing travel times, introducing trackless trams, and creating dedicated lanes for buses and taxis. These developments are expected to benefit over six million residents, supporting Dubai’s vision for sustainable urban mobility.

Corporate Tax Registration Deadline Approaches

The UAE Federal Tax Authority (FTA) has announced that businesses with licenses issued in October and November must complete their Corporate Tax registration by November 30, 2024. This directive, part of FTA Decision No. 3 of 2024, outlines the registration timelines under the Corporate Tax law effective from March 1, 2024. The FTA emphasizes adherence to these deadlines to ensure compliance and facilitate a smooth transition into the new tax framework.

Dubai’s Real Estate Strategy Targets $272 Billion Market

Dubai has launched the Real Estate Sector Strategy 2033, if aiming to expand the property market to AED1 trillion ($272 billion). The strategy seeks to double the sector’s GDP contribution to approximately AED73 billion ($19.9 billion). Increase homeownership rates, enhance Emiratisation, and boost transaction volumes by 70%. Leveraging artificial intelligence and innovative technologies, Dubai plans to reinforce its position as a premier destination for international investors.

UAE Unveils National Investment Strategy 2031

The UAE has introduced the National Investment Strategy 2031, with the goal of tripling the cumulative Foreign Direct Investment (FDI) balance to AED2.2 trillion ($599 billion) by 2031. The strategy focuses on key sectors such as advanced manufacturing and renewable energy. Aiming to double cumulative FDI to AED1.3 trillion ($354 billion), representing 30% of the national investment volume. This initiative underscores the UAE’s commitment to fostering a robust and diversified economy.

Employers Encouraged to Adopt UAE Savings Scheme

The UAE government is urging employers to participate in the new Savings Scheme, an alternative to traditional end-of-service gratuity payments. Designed to enhance employee financial well-being, the scheme offers potential for increased savings and investment returns. It also allows employees to make voluntary contributions and is accessible to self-employed and freelance individuals. By adopting this scheme, employers can attract top talent and strengthen their reputation in the competitive UAE labor market.

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