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    Why construction industry is booming in Dubai

    The cost of construction in the UAE is lower than most - if not all - developed cities mainly due to intense competition and low wages in the construction industry, a new report reveals.

    According to a report by the UK-based construction services firm Turner & Townsend, Dubai has been ranked the 28th expensive place for construction and rated 'lukewarm' for tendering conditions, characterised by rising prices and growing competition for projects.

    The"...

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    Palestinians in Jerusalem reject Ramadan meals provided by UAE May 20, 2018

    Jerusalemite activists have launched a hashtag on Twitter – #we are not hungry – as a rejection of Ramadan meals provided by the UAE for visitors to Al-Aqsa Mosque. They argue that the Gulf State is consorting with the Israeli occupation of Palestine, having sent a team to cyclists to participate in the international Giro d’Italia cycle race which passed through occupied Jerusalem on the 70th anniversary of the Nakba.

    The Palestinian Olympic Committee has ...

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    FTA sets rules for VAT refund May 20, 2018

    The Federal Tax Authority (FTA) has set three requirements and procedures for UAE nationals to refund Value Added Tax (VAT) incurred on the new residences.

    The conditions state that in order to refund VAT, applicants must be UAE nationals; the monetary cost in question must have gone towards financing the construction of a new residence, set to be used exclusively as a residential unit for the applicant and/or their family; and finally, the VAT refund only includes the money spent on establishing the unit, such as the amounts paid as building materials.

    The FTA issued a comprehensive guide that clarifies the VAT refund process, publishing it on its official website.

    The guide can be"...

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    7 mistakes that could nullify car insurance

    Your car insurance is a year-long financial commitment that's going to set you back by a few thousand dirhams. But even after paying all that money you could be in for a rude awakening - When you find out that your car insurance policy has been 'invalidated'.

    Even an innocent slip-up could cost you thousands when your claim is rejected, or even worse, your policy cancelled by the insurer. Not only will your insurance premium go down the drain, but you'll also be liable to pay for any damages or repairs from your own pocket.

    As per the law in the UAE, the"...

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    Federal Tax Authority sets requirements and procedures to refund VAT on new residences for UAE nationals

    The Federal Tax Authority (FTA) has set three requirements and procedures for UAE nationals to refund Value Added Tax (VAT) incurred on the new residences.

    The conditions state that in order to refund VAT, applicants must be UAE national; the monetary cost in question must have gone towards financing the construction of a new residence, set to be used exclusively as a residential unit for the applicant and/or their family; and finally, the VAT refund only includes the money spent on establishing the unit, such as the amounts paid as building materials.

    The FTA issued a comprehensive"...

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    Dubai’s fintech accelerator opens applications for 2018

    FinTech Hive at DIFC, a start-up accelerator in Dubai’s financial free zone the Dubai International Financial Centre, has invited applications for its 2018 programme starting May 20, it said on Saturday.

    The programme was launched last year in partnership with Accenture, the New York-listed technology firm, and is one of the first fintech accelerators in the Middle East, Africa and South Asia region.

    “As fintech continues to be a game-changer for the financial services industry, nurturing innovative talent is a fundamental priority because of the immense benefits"...

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    Dubai ruler launches $107m Shindagha Bridge project

    Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai has launched the construction of the AED394 million ($107 million) Shindagha Bridge Project.

    The Shindagha Bridge is part of the AED5 billion Shindagha Corridor Project extending 13km along Sheikh Rashid Street as well as Al Mina, Al Khaleej and Cairo Streets, state news agency WAM reported.

    It added that the bridge features an iconic design based on the concept of the mathematical infinity sign.

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