MIDDLE EAST FOCUS – FEBRUARY 2021
- UAE to offer citizenship to select foreigners
- Riyadh seeks role as Middle Eastern regional headquarters venue
- Saudi lifts prohibition on foreigners running Saudi firms
- New passenger terminal opens at Bahrain International Airport
- Saudi launches ‘The Line’ within the NEOM project
- DMCC launches new flexible pricing packages for companies
- Why you should consider the Ras Al Khaimah (RAK) Economic Zone
- Five good reasons to prepare Financial Audit Reports in the United Arab Emirates
UAE to offer citizenship to select foreigners
The UAE government announced plans on 30 January to offer citizenship to a select group of foreigners. The proposed changes will allow the UAE to grant citizenship to selected investors and professionals, including scientists, doctors, engineers, artists, authors and their families.
Riyadh seeks role as Middle Eastern regional headquarters venue
The growing attraction of Riyadh as an economic, financial and investment hub has been underlined by recent decisions by 24 multinational companies to establish their regional headquarters in the Saudi capital.
Saudi lifts prohibition on foreigners running Saudi firms
Expat workers and business people have welcomed the decision by the Saudi government to allow foreign nationals to run Saudi-owned firms for the first time. The move was announced in January by the Ministry of Justice and is intended to strengthen and broaden economic activity in the Kingdom.
New passenger terminal opens at Bahrain International Airport
Bahrain International Airport (BAH) announced the successful opening of its new Passenger Terminal Building on 28 January. Local flag carrier Gulf Air operated the first commercial flights in and out of the new terminal. The first departure took off for Delhi at 14:35 local time. Shortly after, the first incoming flight arrived from Lahore.
Saudi launches ‘The Line’ within the NEOM project
Saudi Arabia’s Crown Prince Mohammed bin Salman launched a futuristic new city called ‘The Line’, within his hugely ambitious US$500 billion NEOM project, a proposed urban development in northwestern Saudi Arabia.
DMCC launches new flexible pricing packages for companies
The Dubai Multi Commodities Centre (DMCC) has launched two new packages – ‘Jump Start’ for small companies and start-ups and ‘Prime Plus’ to support medium and large companies – to support new businesses in the free zone by providing further discounts and offers on the company’s incorporation packages. They will both be available from February 2021.
Why you should consider the Ras Al Khaimah (RAK) Economic Zone
If you are looking to register your company in the UAE, there are many good reasons to consider setting up in the Ras Al Khaimah (RAK) Economic Zone.
Located close to Saqr Port (seaport) and boasting an excellent logistics network, the RAK Economic Zone (RAKEZ) is home to over 15,000 Free Zone Companies. Offering world class infrastructure, 0% personal and corporate income taxation and a low cost of doing business, RAKEZ is a highly advantageous jurisdiction for those looking to enter the UAE market.
Five good reasons to prepare Financial Audit Reports in the United Arab Emirates
An audit is an independent examination of the financial report of an entity – including balance sheet, income, equity and cash flow – to form a view on whether the information presents a true and fair view of the financial results and position of the entity and whether it is in compliance with the relevant financial reporting standards and any applicable rules and regulations.
