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Office rents comes under 5% VAT from January 2018

All non-residential properties, including office rents will be subject to 5 per cent value-added tax (VAT) from January, Federal Tax Authority of the UAE said urging commercial property owners to register for VAT for properties that exceed the value of Dh375,000 a year.

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Union Properties reports Dh45 million loss in Q3, 2017

Union Properties reported Dh45 million net loss in the third quarter ending September 30, 2017, compared to Dh32 million profits in the corresponding period last year.

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New property law to push buyer to pay up on time

His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has issued a new Law No. (19) of 2017 partially amending Law No. (13) of 2008 on Interim Property Registration in Dubai and deals with cases of breaches of sale contracts by the buyer.

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Dubai has 28,600 buildings under construction

The number of buildings under construction in Dubai is about 28,600, covering an area of 551,034,564 square feet, a senior Dubai Government official said.

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Dubai Investments reports 2.35% decline in 9 months net profits to Dh830 million

Dubai Investments, the leading diversified investment company, has reported a 4.8 per cent increase in its net profit to Dh350 million in the quarter ending September 30, 2017, over Dh334 million achieved during the same quarter in the last year.

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Dubai’s property brokers earn Dh1.3 billion commissions in nine months

Dubai Land Department (DLD), said, 6,200 real estate brokers generated Dh1.3 billion worth of brokerage commissions in Dubai’s real estate market between the beginning of January 2017 and the end of September this year.

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Dubai Sustainable City saves 1,402 tonnes of carbon dioxide emissions in a year from October 2016

Dubai Sustainable City said, it has saved 1,402 tonnes of carbon dioxide emissions in a year from October 2016, through water recycling, electric mobility, and solar energy production.

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DEWA installs solar panels on 453 buildings as part of Shams Dubai

Dubai Electricity and Water Authority (DEWA) said, it has connected 453 photovoltaic (PV) installations on the roofs of residential, commercial and industrial buildings in Dubai, with a total capacity of about 18.7 MW, under the Shams Dubai initiative launched by DEWA to encourage customers to install solar photovoltaic panels on the roofs of their premises to generate electricity from solar power and export any excess to the power grid. These numbers are expected to increase in the future to eventually cover all buildings in the Emirate by 2030.

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Dubai announces Dh2.7 bn first regional e-commerce free zone, CommerCity

A Dh2.7 billion e-commerce free zone will be established in Dubai, its developers, Dubai Airport Freezone Authority (DAFZA) and Wasl Properties, announced on Saturday. This is slated to be the first such e-commerce free zone in the Middle East and North Africa region.

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India targets US$100 billion foreign investment to speed up economic growth

Foreign Direct Investment (FDI) from the UAE in to India is expected to jump manifold this year from US$675 million in 2016-17, with the latest US$1 billion investment by Abu Dhabi Investment Authority (ADIA), officials say. The UAE is the 10th largest FDI source market for India with cumulative FDI reaching US$4.76 billion in the last 17 years from April 2000 till March 2017.

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