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Expo 2020 delay a positive catalyst for Dubai real estate

The real estate industry is a key pillar of the UAE economy, and it has been going through a correction phase in recent years due to the widening gap between supply and demand.

Leading property developers had been rushing to complete their development projects ahead of Expo 2020, which has now been rescheduled to next year in the wake of the coronavirus outbreak.

The delay of Expo 2020 could be a positive catalyst for the real estate industry, as it will help attract investors for ready residential units in the market. Developers have held on new projects and slowed down the pace of work on existing developments so they will be able to market existing stock to potential buyers ahead of the six-month long mega event, which is expected to attract 25 million people across the world.

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Sheikh Mohammed signs VAT Executive Regulation

Nov 28 - Khaleej Times

The tax will go into force effective January 2018

The Ministry of Finance, MoF, Monday announced that His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, signed the Executive Regulation for the Federal Decree-Law No. (8) of 2017 on Value Added Tax, VAT.

The Regulation defines VAT as the 5% tax imposed on the import and supply of goods and services at each stage of production and distribution, including what is a deemed supply, with the exception of specific supplies subject to the zero rate and what is exempted as specified in the Decree-Law.

The tax will go into force effective January 2018, and all business have to take all necessary measures to avoid the risk of non-registration by 1st January, 2018, which would entail fines as stipulated in Cabinet Decision No. 40 of 2017 on Administrative Penalties for Violations of Tax Laws in the UAE.

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VAT exemptions announced for residential units in UAE

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The rent or sale of a residential part of the building shall be treated as zero-rated or exempt. 

Residential units in the UAE will be largely exempt from Value Added Tax (VAT), with the exception of the first supply of a new residential building within the first three years of its construction, according to a statement by the Federal Tax Authority, FTA.

The supply of commercial real estate, selling or leasing, will be subject to the Value Added Tax, VAT, at 5% from 2018.

The rent or sale of a residential part of the building shall be treated as zero-rated or exempt, depending on whether this is a first supply or a subsequent supply, the statement said.

The rent or sale of a commercial part of the building, however, shall be treated as subject to VAT at 5%.

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'Dubai Safari to be ready before National Day'

Lootah says wildlife project to have new soft opening in early November

Sept 27 - ORE Blog

Dubai: Dubai’s much-awaited Dh1-billion wildlife project, Dubai Safari, will be ready ahead of the 46th National Day of the UAE, a top official confirmed to Gulf News on Monday. 

The project had missed its previous opening date.

However, work is going in full swing and is expected to be wrapped up by the end of November, confirmed Hussain Nasser Lootah, director general of Dubai Municipality. 

Speaking to Gulf News on the sidelines of a press conference at the municipality headquarters, Lootah said: “We are expecting to complete and hope to open Dubai Safari by the end of November.”

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Dubai Land Department signs an agreement with Mashreq

Under the new agreement, Mashreq will provide banking services for real estate transactions made both inside and outside the country

Sept 18 - ORE Blog

Dubai: The Dubai Land Department (DLD) announced that it has signed an agreement with Mashreq concerning banking solutions for the transaction services of the “Tarweej” real estate promotion initiative. The agreement was signed by Sultan Butti Bin Mejren, Director General of DLD, and Abdul Aziz Al Ghurair, CEO of Mashreq.

Under the new agreement, Mashreq will provide banking services for real estate transactions made both inside and outside the country. In addition, the bank will receive priority as a partner for real estate promotion in accordance with the laws applied in each country, and will provide real estate customers and investors with consultation and information on products to meet their needs.

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