This week in the UAE, announcements were made on tax, education, work permit rules and much more.
The Ministry of Education set out rules for pupils in later-years education to select subjects tailored to their interests and abilities. New school ratings in parts of the country were also published, with improvements to the standard of teaching revealed.
With Eid Al Adha holidays drawing ever closer, holidaymakers were drawn to discount air fares for international travel during the planned vacation time.
An extension to work permits in the UAE means the mandatory document for employees is now valid for three years at a time instead of two, and the country has provided updates on the soon-to-be-launched Corporate Tax.
Elsewhere unemployment insurance, sick leave rules and a major ministry name change hit the headlines.
Check out the Arabian Business selection of the biggest stories this week.
The UAE has announced a major change to the way Year 11 and Year 12 students select subjects.
The UAE Ministry of Education has announced changes to allow students more freedom to select subjects tailored to their abilities and interests.
The UAE Ministry of Education has introduced a new model for the eleventh and twelfth-grade students in the general and advanced streams in public and private schools that implement the Ministry’s curriculum, to allow them to choose elective subjects. The model allows UAE students to shape their own education pathway by picking subjects that suit their abilities and academic level.
UAE ultra-low-fare national airline Wizz Air Abu Dhabi, has announced new reduced fares for select countries during the summer to meet the surge in demand from travellers.
Tickets to Salalah, Santorini, Maldives – to name a few – can now be booked with rates beginning from as low as AED179.
The airline also noted that flights to Medina is expected to be a popular choice among travellers preparing for the upcoming Hajj season.
UAE employees can now get work permits for three years in a new extension announced by the authorities. Previously, a worker in the UAE was only eligible for a two-year work visa.
The new decision comes following approval from the Federal National Council (FNC).
In order to work in the UAE, an employee is legally required to have a work permit.
The new decision only applies on a mandate that the employee spend one-year minimum with their company following the probationary period. The extension is only applicable if the company and the employee agree to the extended period.
The UAE has announced a new ministerial decision outlining rules on who should and should not pay Corporate Tax in the country.
The new rules, announced on Wednesday, May 17 2023 confirm that business owners in the UAE will only be liable to pay Corporate Tax if the turnover from the business activity is more than AED1m ($272,000) per year.
Furthermore, any individual’s income from real estate and personal investment will not be considered as taxable income.
New UAE school ratings have been released to give an indication of the quality of education in the country.
Sharjah’s Itqan program was launched to rate schools in the emirate and the results were announced at an event organised by the Sharjah Private Education Authority (SPEA), at University City Hall.110 schools were reviewed across ten curricula and serving more than 181,000 students.
The study found 54 schools out of 110, representing 49 percent of those evaluated, provide good or better education.
The UAE has officially changed the name of a key government ministry in the country.
The Ministry of Foreign Affairs and International Cooperation announced the change in its official name to the “Ministry of Foreign Affairs”, pursuant to Federal Decree- Law No. (3) of 2023 amending some provisions of Federal Decree-Law No. (8) of 2022 regarding the organisation of the Ministry of Foreign Affairs and International Cooperation.
Through its embassies and diplomatic missions around the globe, the Ministry of Foreign Affairs serves as the link between the leadership and people of the UAE and the rest of the world.
Emaar chairman Mohamed Alabbar says the company’s recent record performances are down to “never stop learning, never stop innovating – and just never stopping.”
Emaar Properties reported $2.5bn sales in the first quarter of 2023, riding on the surge in demand for property assets in Dubai. The Q1 sales figures are 11 percent higher than that in the corresponding period of last year.
Two months ago, the company said it would hand over a AED2.209 billion ($602 million) cash dividend to shareholders. Earnings and net profit for 2022 increased by 18 percent and 80 percent, respectively, to AED9.8 billion ($2.7 billion) and AED6.8 billion ($1.9 billion) compared to 2021, because of sustained revenue, improved margins, and continued control over costs.
The United Arab Emirates introduced a mandatory Unemployment Insurance Scheme that came into effect on January 1, 2023. The deadline to subscribe to the job loss scheme is June 1. By the end of the grace period on June 30, those who are not subscribed will be subject to fines.
The Unemployment Insurance Scheme is also applicable for freezone and semi-government workers. The insurance is available from as little as AED60 per year and covers employees who face job loss with up to AED60,000.
Visit the Arabian Business guide to see how to apply.
United Arab Emirates employees are already looking forward to the next public holiday, with Eid Al Adha expected to fall from June 27 to 30.
While official holidays are something workers across the country can look forward to, there are occasions when additional time off is needed.
When an employee is ill and unable to work, they are protected by UAE law and do not need to use annual leave allowance to take time off.
Micky Mukesh Jagtiani, Chairperson of Landmark Group has passed away at the age of 70.
The billionaire businessman started the empire in 1973 since which it has expanded exponentially with over 50 brands including Babyshop, Splash, Home Centre, Centrepoint, Shoemart, Emax, and more.
He is survived by his three children and spouse who all hold significant positions in the group.