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Abu Dhabi To House 1st Global Esports Island ($280m) By True Gamers

True Gamers, a leading international network of eSports clubs, has announced the creation of a first-of-its-kind global hub for the gaming industry: eSports Island. This ambitious project, situated on a private island in Abu Dhabi, represents a $280 million investment aimed at fostering a thriving ecosystem for eSports enthusiasts, professional gamers, and industry professionals.

The island will boast a state-of-the-art infrastructure designed to cater to a wide range of needs. The centerpiece will be the TG Arena, a world-class facility equipped to host international eSports tournaments, digital exhibitions, and large-scale conferences. Adaptable to various gaming genres and competition formats, the arena will offer dedicated areas for PC gaming, console gaming, car simulation, and even a fully equipped streaming zone.

Beyond competitive gaming, eSports Island will provide a comprehensive training ground for aspiring and professional gamers. The GG Bootcamps section will offer a tailored environment for athletes to hone their skills, addressing crucial aspects like connectivity, nutrition, and equipment quality. Children’s eSports camps will further cultivate the next generation of gaming talent.

For those seeking an unparalleled gaming experience, the GG Resort will provide luxurious accommodations equipped with high-performance PCs. Guests can even choose a truly immersive check-in, mimicking the iconic parachute jump from the popular game PUBG.

The Digital Tower, a dynamic business hub within the island, will attract IT professionals, startups, and content creators. It will offer cutting-edge workspaces, an accelerator program for fledgling businesses, and animation development studios. This fosters collaboration, facilitates partnerships, and provides a stimulating environment for the eSports industry to flourish.

True Gamers’ extensive research, informed by partnerships with leading eSports teams, has ensured that eSports Island caters to the diverse needs of the gaming community. Their vision, as expressed by CEO Anton Vasilenko, is to empower gamers, ignite passion for eSports across generations, and shape the future competitive landscape.

This groundbreaking project positions Abu Dhabi at the forefront of the global eSports revolution. With its commitment to innovation and fostering a thriving eSports ecosystem, eSports Island is poised to attract investments, talent, and passionate gamers from around the world.

Publish 25 Mar 2024

Source: https://www.arabianbusiness.com/industries/technology/revealed-abu-dhabi-to-host-worlds-first-esports-island-a-280mn-global-hub-for-gamers

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Projections Indicate The Global Shisha Market Will Reach $22 Billion By 2026

Market research indicates a substantial expansion of the shisha industry, with projections reaching $22 billion by 2026. This growth coincides with a decline in cigarette smoking observed in key markets like the USA, Germany, Spain, Saudi Arabia, UAE, and Iraq. Data suggests a 21% decrease in cigarette use over the past year, potentially reflecting a shift towards alternative smoking options.

This trend aligns with a surge in shisha popularity. The industry saw an influx of new users in 2023, with an average growth rate of 18.5%. This has propelled the total number of shisha users to 20.8 million globally, with projections reaching 24.6 million by 2024 (an increase of 18.27%) and a staggering 32.3 million by 2026 (reflecting a 55.28% growth).

The shisha market’s expansion is fueled by a growing demand for innovative and potentially less harmful products. Companies like AIR Global are at the forefront of this movement, with the launch of OOKA – the world’s first charcoal-free, pod-based shisha device. This revolutionary product eliminates carbon monoxide production and boasts a 94% reduction in harmful chemicals, positioning it as a potentially reduced-risk option for both users and the environment.

The success of OOKA since its UAE launch in May 2023 is a testament to consumer demand. The initial devices sold out within a month, and sales continue to exceed expectations. This highlights a strong market appetite for innovative and potentially healthier shisha experiences.

“We are witnessing a significant rise in shisha popularity,” says Ronan Barry, Chief Legal and Corporate Affairs Officer at AIR Global. “A key driver of this growth is the consumer desire for cleaner and more social smoking experiences.”

“Furthermore,” Barry continues, “we observe a heightened awareness of eco-conscious choices among consumers. This trend underscores the evolving landscape of inhalation preferences, with shisha emerging as a potential frontrunner in meeting the demands of a more health-conscious and environmentally responsible global population.”

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Publish 19 Mar 2024

Source: https://www.arabianbusiness.com/culture-society/global-shisha-market-to-hit-22bn-by-2026/

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Importance of New UAE Corporate Tax Registration Deadlines for Businesses

The Federal Tax Authority (FTA) has established new registration deadlines for businesses subject to UAE corporate tax in 2024. These deadlines supersede previous assumptions regarding registration timing.

While the new approach provides clarity on required actions, some uncertainties remain. Guidance on determining a business’s fiscal year may be forthcoming. Businesses should proactively monitor all FTA releases to ensure compliance.

The growing complexity of UAE tax regulations underscores the value of a dedicated company secretary function, responsible for managing tax compliance tasks.

Previously, businesses could register for corporate tax before settling any tax liability. Now, deadlines exist based on trade license issuance dates. Failure to initiate registration by the deadline incurs a Dh10,000 penalty. Importantly, the penalty applies for not starting the process, not for incomplete applications by the deadline.

Appeal options exist for rejected applications. However, success rates are unclear. Additionally, system-related challenges may arise, particularly for businesses already registered for VAT.

The FTA portal requires businesses to maintain current supporting documents. While the previous requirement for continual updates was discontinued, recent reminders highlight expired documents. These must be updated before initiating corporate tax registration. Potential delays may occur due to the review process for updated documents.

Misinformation regarding deadlines circulated following the announcement. Businesses are advised to seek professional guidance and act well ahead of their applicable deadlines to ensure smooth registration and avoid penalties.

 

Publish 6 Mar 2024

Source: https://www.thenationalnews.com/business/comment/2024/03/04/uae-corporate-tax-why-its-important-to-take-note-of-new-deadlines/

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Dubai Introduces Corporate Income Tax for Foreign Banks

The Emirate of Dubai has implemented a new legal framework for the taxation of foreign banks operating within its jurisdiction. Law No. (1) of 2024, issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, outlines the key provisions governing this taxation regime.

The Law applies to all foreign banks operating in Dubai, encompassing those located in special development zones and free zones. Notably, foreign banks licensed within the Dubai International Financial Centre (DIFC) are exempt from these new tax regulations.

Foreign banks are subject to a 20% tax on their annual taxable income as determined by the Law. However, if these banks have already paid corporate tax under Federal Law No. (47) of 2022, the amount paid towards corporate tax will be deducted from their overall tax liability under this new framework.

The Law establishes clear guidelines for calculating taxable income, filing and paying taxes, and procedures related to tax audits, voluntary disclosures, and tax audit-related responsibilities. Additionally, it outlines the rights of foreign banks and their branches licensed by the Central Bank of the UAE.

The Law specifies the process for notifying foreign banks of their tax audit results and allows them to lodge objections with Dubai’s Department of Finance regarding the assessed tax amount or imposed fines, subject to established legal conditions. Furthermore, the Law outlines potential penalties for violations, with a maximum penalty of AED 500,000 ($136,100) for the first offense and a maximum of AED 1 million ($272,200) for repeat offenses within a two-year period.

This Law applies to tax years commencing after its official publication in the Dubai government’s Official Gazette. The Director-General of the Department of Finance will issue additional regulations to facilitate the implementation of this Law.

This new Law supersedes Regulation No. (2) of 1996 and any other conflicting legislation. Decisions and memorandums enforcing Regulation No. (2) of 1996 will remain valid until replaced by new regulations under the new Law.

Law No. (1) of 2024 signifies the official commencement of this new tax regime for foreign banks operating in Dubai.

 

Publish 6 Mar 2024

Source: https://www.arabianbusiness.com/industries/banking-finance/dubai-announces-new-tax/

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Dubai Mall Tops Global Destination List With 105m Visitors In 2025 And 2026

Dubai Mall Solidifies Position as Global Tourism Leader with Record-Breaking 105 Million Visitors in 2023

Dubai, UAE (March 5, 2024): Dubai Mall cemented its position as the world’s most visited retail and entertainment destination in 2023, welcoming a record-breaking 105 million visitors. This represents a significant 19% increase from the 88 million visitors recorded in 2022.

The surge in footfall at Dubai Mall is attributed to its diverse offerings, encompassing over 1,200 retail outlets, expansive entertainment options, and a commitment to exceptional visitor experiences. This successful strategy has translated into a robust sales performance, further solidifying the mall’s positive impact on the local retail sector.

The positive momentum continued in the first two months of 2024, with the mall already attracting over 20 million visitors, setting the stage for another record-breaking year.

Commenting on the achievement, Emaar founder Mohamed Alabbar stated, “These figures are a testament to Dubai Mall’s position as a global leader in the retail and entertainment industry. They also reflect the city’s forward-thinking vision and thriving economy. As an integral part of Dubai’s economic fabric, we are committed to playing a leading role in the city’s continued success and innovation.”

Mr. Alabbar further emphasized the mall’s global appeal, highlighting the diverse nationalities represented amongst its visitors. This, he noted, underscores not only the mall’s worldwide popularity but also aligns with Dubai’s status as a cosmopolitan hub.

Additionally, Dubai Mall has witnessed a significant expansion of its digital footprint, currently boasting over 1.3 million followers across various platforms.

This press release omits the information about Salik managing the parking system, as it is not directly relevant to the achievement of 105 million visitors.

 

Publish 5 Mar 2024

Source: https://www.arabianbusiness.com/industries/retail/dubai-mall-most-visited-place-on-earth-with-105mn-visitors-in-2023

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DIEZ Records Exceptional Growth, Profits In 2023, Bolstering Dubai’s Economy

The Dubai Integrated Economic Zones Authority (DIEZ) announced significant growth and record profits in 2023, highlighting its commitment to fostering Dubai’s economic diversification and global competitiveness.

DIEZ experienced a remarkable year financially. Operating profit surged by 64.6% compared to the previous year, total revenue climbed 8.1%, and the organization directly contributed 5.1% to Dubai’s GDP in 2021. These figures demonstrate DIEZ’s strong financial health and significant impact on the emirate’s economy.

Increased Business Activity:

Economic zones overseen by DIEZ witnessed a surge in activity in 2023. Company registrations jumped 15.3%, and the workforce within these zones grew by a substantial 30.5% to reach 70,000 individuals. This growth signifies the increasing attractiveness of DIEZ zones for businesses seeking to operate in Dubai.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman of DIEZ, emphasized the organization’s commitment to stimulating investment and trade, enhancing Dubai’s GDP, and contributing to the Dubai Economic Agenda D33. He further stressed DIEZ’s dedication to solidifying Dubai’s position as a leading global investment destination.

Dr. Mohammed Al Zarooni, Executive Chairman of DIEZ, highlighted the organization’s dedication to bolstering Dubai’s economic competitiveness and contributing to the UAE Centennial 2071 and “We the UAE 2031” vision. He also emphasized DIEZ’s focus on fostering knowledge-based and innovative sectors and supporting small and medium-sized enterprises through a AED 500 million venture capital fund.

Focus on Future Growth:

DIEZ remains committed to driving future growth by focusing on key areas like artificial intelligence, sustainable development, and knowledge-sharing initiatives. These efforts aim to solidify Dubai’s position as a global hub for investment and innovation, ultimately contributing to the emirate’s ambition of becoming one of the world’s leading economies.

 

Publish 22 Feb 2024

Source: https://www.arabianbusiness.com/industries/technology/uae-to-host-first-gulf-only-esports-competition-in-push-to-become-global-gaming-hub

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UAE To Host First Gulf-Only Esports Competition In Push To Become Global Gaming Hub

Continuing its commitment to fostering the UAE’s burgeoning gaming industry, True Gamers, a leading international network of esports clubs, has announced plans to host the first-ever esports competition solely involving countries within the Arabian Gulf. This initiative follows the successful execution of the inaugural amateur esports tournament between Dubai and Sharjah earlier this year.

Furthering Esports Development in the UAE and Beyond

Scheduled for the first half of 2024, this upcoming competition marks a significant step towards establishing the UAE as a global gaming hub. Industry experts anticipate the UAE’s esports industry to reach multi-million dollar status within the next five years, solidifying the nation’s position as one of the world’s fastest-growing gaming markets.

Empowering Aspiring Gamers Throughout the Region

Building upon the success of the Dubai-Sharjah tournament, True Gamers aims to organize further amateur competitions throughout the UAE and the wider Gulf region. These initiatives play a crucial role in cultivating a thriving esports culture, fostering a strong gaming community, and stimulating industry growth.

True Gamers: Committed to Advancing the UAE’s Esports Landscape

True Gamers remains dedicated to nurturing the UAE’s esports scene by providing fresh opportunities for local gamers and facilitating their transition into professional careers. By organizing high-quality tournaments equipped with advanced technology, True Gamers strives to create a platform for aspiring esports athletes to showcase their talent and represent their region on the global stage.

Looking Forward to Continued Growth and Success

True Gamers’ leadership emphasizes their commitment to establishing a robust esports culture within the region and empowering young individuals to develop their gaming skills. Through continued support and the organization of additional tournaments, True Gamers aims to solidify the UAE’s position as one of the leading forces within the global gaming landscape, aligning with the nation’s vision to become a thriving hub for the esports industry.

 

Publish 22 Feb 2024

Source: https://www.arabianbusiness.com/industries/technology/uae-to-host-first-gulf-only-esports-competition-in-push-to-become-global-gaming-hub

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UAE Implements AED 10,000 Penalty for Late Corporate Tax Registration

The United Arab Emirates (UAE) has implemented an administrative penalty of AED 10,000 (approximately USD 2,700) for businesses that fail to register for Corporate Tax within the designated timeframe established by the Federal Tax Authority (FTA). This new measure, outlined in Cabinet Decision No. 10 of 2024, aims to promote timely compliance with relevant tax regulations and comes into effect on March 1, 2024.

This decision aligns with existing administrative penalties for late registration of other taxes in the UAE, such as excise and value-added tax (VAT). The consistent penalty structure aims to encourage a uniform and responsible approach to tax compliance across various business entities operating in the country.

Businesses operating in the UAE are strongly encouraged to review their corporate tax registration status and ensure compliance with the designated deadlines set by the FTA. Failure to register within the prescribed timeframe will result in the imposition of the aforementioned administrative penalty.

For further information and to ensure complete compliance with UAE Corporate Tax regulations, businesses are advised to consult with qualified tax professionals who can provide tailored guidance based on their specific circumstances.

 

Publish 27 Feb 2024

Source: https://www.arabianbusiness.com/culture-society/uae-announces-2700-tax-fines/

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Dubai Prepares To Host The Highly Anticipated 2024 Esports & Games Festival

Under the esteemed patronage of Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, the Dubai Esports & Games Festival (DEF) proudly announces its 2024 edition, scheduled to take place from April 19 to May 5. This year’s festival promises to be a landmark event, exceeding previous benchmarks and solidifying Dubai’s position as a global hub for gaming and esports.

Ahmed Al Khaja, CEO of Dubai Festivals and Retail Establishment, emphasizes the festival’s significance: “DEF 2024 is more than just an event; it’s a celebration of the passion, skill, and dedication that drives the global gaming community. We aim to empower these communities and elevate the industry’s regional and global standing through innovative experiences and unparalleled engagement opportunities.”

Key Highlights of DEF 2024:

  • Expansive gaming showcase: Over 50 games will be playable on 200 machines, including 11 unreleased titles and 4 world-first showings, offering a glimpse into the future of gaming.
  • Global reach: Building on the success of DEF 2023, which attracted 48,200 participants from 91 nationalities, the 2024 edition promises an even more diverse and international audience.
  • GameExpo: Held at the Dubai World Trade Centre from May 3 to 5, this central event features cutting-edge gaming products, thrilling esports competitions, and interactive activations like cosplay and coding workshops.
  • Play Beyond: This platform pits top regional and global esports stars against each other, delivering an electrifying spectacle for spectators.
  • Ramadan online tournaments: The festival caters to the gaming community throughout Ramadan, offering exciting online tournaments.
  • Nurturing young talent: Initiatives like the Microsoft MakeCode Competition and the Minecraft Education Challenge provide educational programs and opportunities for aspiring gamers and developers.
  • Industry knowledge exchange: The GameExpo Summit powered by Pocket Gamer Connects offers industry professionals a space for networking, knowledge sharing, and connecting with leaders in the gaming sector.

DEF 2024 promises an immersive and engaging experience for gamers, enthusiasts, and industry professionals alike. It marks a significant step forward in Dubai’s ambition to become a leading global hub for gaming and esports, fostering innovation, community development, and individual growth within this dynamic industry.

As the Dubai Esports & Games Festival (DEF) 2024 ignites Dubai, dive into a world of electrifying competition, cutting-edge innovation, and unparalleled business opportunities. Join the throngs of passionate gamers and industry leaders, and leverage Smart Zones® UAE’s expertise to launch your dream gaming or esports business. With Dubai’s thriving ecosystem and Smart Zones® UAE’s streamlined setup process, transform your passion into a reality. Don’t miss this chance to connect, network, and propel your gaming enterprise to new heights. Start your exciting journey at DEF 2024!

 

Publish 17 Feb 2024

Source: https://www.arabianbusiness.com/industries/technology/dubai-announces-2024-edition-of-esports-games-festival

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UAE’s Fils & Telr Join Forces: Sustainable Infrastructure For Greener E-Commerce

In a strategic move to empower e-commerce businesses with sustainable solutions, Dubai-based ESG fintech Fils has partnered with Telr, a leading online payment gateway provider in the UAE. This collaboration aims to integrate Fils’ end-to-end sustainable infrastructure into Telr’s platform, enhancing the transparency and environmental impact of financial transactions.

Through this partnership, Telr merchants will gain access to emission tracking tools and the ability to participate in voluntary carbon markets, effectively mitigating the environmental footprint of their operations. This aligns with Telr’s commitment to promoting sustainable finance, as emphasized by its CEO, Khalil Alami, who stated: “This partnership underscores our unwavering dedication to driving sustainable finance, and by leveraging Telr’s expertise and partnering with entities like Fils, we aim to reshape transactions.”

Nameer Khan, CEO and Founder of Fils, highlighted the positive impact this collaboration will have on tackling climate change: “The partnership with Telr will make a real impact in tackling the issues of climate change, providing access to carbon markets via our robust and transparent infrastructure.”

This integration seamlessly expands Telr’s existing suite of services, offering a comprehensive one-stop solution for e-commerce businesses seeking to elevate their operations while minimizing their environmental impact.

 

Publish 15 Feb 2024

Source: https://www.arabianbusiness.com/industries/technology/uae-fintech-fils-partners-with-online-payment-gateway-telr-to-offer-sustainable-infrastructure-for-e-commerce-businesses

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