The UAE Ministry of Finance has released a new ministerial decision regarding Small Business Relief, which enables small businesses with revenues of $816,880 (Dhs3m) or less to receive tax relief during a tax period when their revenue does not surpass a certain threshold. The objective of Small Business Relief is to help startups and other small or micro businesses by decreasing their corporate tax burden and compliance expenses, according to Article 21 of the corporate tax law. The ministry has specified that taxable persons who are UAE residents may receive Small Business Relief if their revenue in the relevant and previous tax periods is below Dhs3m for each period. The revenue threshold will apply to tax periods beginning on or after June 1, 2023, and will remain in effect until the end of December 31, 2026, for all subsequent tax periods. 

Small businesses’ revenue will be calculated according to applicable accounting standards recognized in the country. The UAE’s new corporate tax, which will be imposed for the first time in June 2023, will not apply to qualifying free zone entities or multinational companies as defined in Cabinet Decision No. 44 of 2020. The Ministry of Economy stated that the number of small and medium-sized enterprises (SMEs) operating in the country had reached 557,000 by the end of 2022, with the aim of increasing this number to one million by the end of 2030. SMEs contribute 63.5% of non-oil GDP, according to Abdullah bin Touq Al Marri, UAE Minister of Economy.

Saudi Arabia’s Public Investment Fund (PIF)-owned Savvy Gaming Group has agreed to purchase mobile games studio Scopely for $4.9bn, with plans to strengthen the company’s global gaming and e-sports position. Scopely, founded in 2011, is known for popular mobile games including Yahtzee With Buddies, Star Trek Fleet Command, Marvel Strike Force, Stumble Guys, and Scrabble Go. 

Savvy said Scopely will continue to operate as an autonomous company and benefit from its patient financial backing. The acquisition is subject to regulatory approval. Savvy’s investment strategy includes four programs with specific objectives, including a $50bn acquisition and development program to become a strategic development partner.

National Bonds, a leading savings and investment company in the UAE, reported a remarkable 15% growth in its investment portfolio in 2022, reaching a total of Dhs13.7bn ($3.7 billion). The growth was attributed to both individual and institutional investors, as well as the impressive returns of up to 5% given to bondholders. The company’s rewards program, the largest in the country, further incentivized customers with a significant Dhs35m in prizes. National Bonds’ innovative solutions, such as the Golden Pension Plan, Global Savings Club, and Sukuk Al Waqf, also contributed to the strong growth in 2022.

 The company’s commitment to providing diversified plans and innovative saving solutions has resulted in a remarkable shift in the culture of saving and consistent saving habits. National Bonds plans to continue developing more innovative solutions in 2023, such as Level Up and Second Salary, to further encourage savings behavior and improve customers’ experience.

The Central Bank of the UAE (CBUAE) has released a new polymer banknote worth Dhs1,000 for public circulation. The note will be available at banks and exchange houses from April 10, according to the state news agency, WAM. The banknote features different shades of brown, similar to the existing Dhs1,000 note, with fluorescent blue representing the UAE nation brand in the center. The front of the note showcases the late Sheikh Zayed bin Sultan Al Nahyan alongside a model of a space shuttle, commemorating his meeting with NASA pioneers in 1974, as well as the Emirates Mars Mission ‘Hope Probe’. The reverse side features the Barakah Nuclear Energy Plant in Abu Dhabi, which aims to diversify energy sources in the country and reduce carbon emissions. To prevent counterfeiting, the note includes advanced security features such as Spark Flow Dimensions, the largest multi-colored Kinegram surface applied foil stripe in the MENA region, and Braille symbols to help the visually impaired identify the note’s value. 

The new banknote will be in circulation alongside the current Dhs1,000 note. In addition, the CBUAE has partnered with G42 Cloud and R3 to launch its Central Bank Digital Currency (CBDC) strategy, as part of its Financial Infrastructure Transformation (FIT) Programme, with the first phase of the initiative expected to complete within the next 12 to 15 months.