New UAE laws; Petrol price increase; Dubai’s ‘viral chocolate’; Visa amnesty extended; Tax rules updated – 10 things you missed this week

Then there was an insider chat with creators of “viral chocolate bars in Dubai”, a pivot from Saudi Arabia’s PIF and final preparations for the historic LuLu IPO and much more besides.

Catch up on 10 of the biggest stories this week, as selected by Arabian Business editors.

UAE announces petrol price rise for November 2024

The UAE Fuel Price Committee has announced a hike in petrol and diesel prices across the country for November 2024.

The price modifications follow the UAE’s fuel pricing policy changes during the COVID-19 pandemic.

The current price structure reflects global crude oil market movements, with UAE fuel prices now being determined by international market dynamics.

Dubai announces new financial misconduct laws with travel bans and asset freezing for offenders

Dubai has announced new laws for financial misconduct and auditing, including potential travel bans and asset-freezing for violators.

Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has issued Law No. (24) of 2024, amending certain provisions of Law No. (4) of 2018 pertaining to the establishment of the Financial Audit Authority.

In the new Law, Articles (34), (35), and (36) of the original law have been replaced with new provisions regarding the investigation of violations and the imposition of disciplinary penalties on offending employees, as well as the establishment of a grievance committee.

Dubai viral chocolate: FIX founder Sarah Hamouda reveals how she built the ‘Hermes of Desserts’

In the heart of Dubai, where culinary concepts bloom and fade at the speed of light, one woman has managed to carve her niche with nothing more than a craving and an insatiable passion for chocolate.

Sarah Hamouda, founder of the now-cult-favourite brand, FIX, has transformed a pregnancy craving into a booming artisanal business globally known as the ‘Dubai Viral Chocolate’.

Her products are so in-demand they’re snapped up within minutes, evoking the anticipation of Coldplay tickets or as she jokes, “the Hermes bags of chocolate.”

UAE visa amnesty extended to December 31

The UAE has extended a visa amnesty for violators until the end of the year as it gives resident and visit overstayers a chance to rectify their status.

It means visa violators have an additional two months to leave the country without the entry ban stamp or obtain a job opportunity and remain in the country.

The Federal Authority for Identity, Citizenship, Customs, and Ports Security (ICP) announced the extension of the grace period for violators to rectify their status by two months, with the deadline now set for December 31, 2024.

LuLu IPO: How to invest in UAE’s latest blockbuster public listing

On Monday, Lulu Retail Holdings PLC, the pan-GCC retailer, began its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX), with shares priced between AED 1.94 and AED 2.04.

The company plans to sell 2.58 billion ordinary shares, representing 25 per cent of its total issued shares.

Based on the price range, Lulu Retail’s market capitalisation could reach between AED 20.04 billion and AED 21.07 billion.

London’s loss is Dubai’s gain: Fears of UK non-dom tax law change triggers influx of real estate buyers

The concerns on anticipated changes in the UK non-domicile tax law is leading to an influx of American buyers relocating from London to the UAE, an industry expert said.

This, along with the continued spike in demand from international investors, will keep demand for prime and super-prime luxury properties in Dubai strong in the last quarter of this year through to 2025.

The limited availability of ready-to-move-in prime or super-prime homes, especially in sought-after Dubai neighbourhoods by the global wealthy such as Dubai Hills, Emirates Hills, and Jumeirah Bay Island, is emerging as a matter of concern, George Azar, Chairman and CEO of Dubai Sotheby’s International Realty, said.

Dubai launches MASSIVE AED1tn real estate strategy for 2033

Dubai Land Department has launched the Real Estate Sector Strategy 2033, targeting a doubling of the sector’s GDP contribution to AED73bn and pushing the market value to AED1tn.

At a media gathering at the Government of Dubai Media Office, Director-General Marwan Ahmed bin Ghalita presented the strategy, which follows the vision of His HighnessSheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

The plan aligns with the Dubai Economic Agenda D33, Dubai Social Agenda 33, and the Dubai 2040 Urban Master Plan, incorporating AI-driven analysis and digital solutions for property management.

UAE introduces new tax law

The UAE has announced new laws to transform tax collection and record-keeping for businesses in the country.

Under new rules, taxpayers in the UAE will be able to standardise and automating invoicing with new digital channels. The Ministry of Finance (MoF) has announced the issuance of Federal Decree-Law No. 17 of 2024, amending key provisions of Federal Decree-Law No. 28 of 2022 concerning tax procedures.

These legislative updates mark a pivotal step towards implementing the eInvoicing system, reflecting the government’s ongoing commitment to digital innovation and enhancing the efficiency of the national economy.

Dubai real estate: LEOS International announces massive $7bn UAE investment, relocates HQ to Dubai

LEOS International has announced a massive $7bn investment fund in the UAE as the firm continues to move operations to the country.

“The size of this fund shows not only how serious we are about investing in the UAE but also how strongly we believe in this market,” Rui Liu, the CEO and founder of LEOS International told Arabian Business.

The fund is already being used to roll out two new luxury townhouse and villa projects over the next 10 days at Meydan and Dubai Silicon Oasis, Group Chief Operating Officer Jake Jacobs confirmed.

Saudi Arabia’s PIF pivots to domestic focus, eyes AI revolution, says Al-Rumayyan

Saudi Arabia’s Public Investment Fund (PIF), managing assets exceeding $900 billion, announced plans to reduce its foreign holdings from 30 per cent to 18-20 per cent, while intensifying its focus on domestic projects.

The announcement came during the eighth Future Investment Initiative summit in Riyadh on Tuesday, often referred to as “Davos in the Desert.”

PIF Governor Yassir Al-Rumayyan, speaking to a packed audience of global investors and business leaders, revealed that the fund has established over 92 new companies, with major investments in transformative projects including NEOM, Red Sea, and Qiddiya. These investments reflect Saudi Arabia’s broader economic diversification strategy, as the kingdom maintains its position as the fastest-growing economy within the G20.