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Activist investor Third Point purchases stake in Cartier proprietor Richemont

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Chair Johann Rupert has long enjoyed the command over Swiss gathering due to exceptional democratic freedoms

Activist mutual funds Third Point has taken a stake in Swiss luxury group Richemont, which possesses watch and gems brands Cartier and Van Cleef and Arpels, as indicated by individuals acquainted with the matter. The US-based asset Artisan Partners, which has been a Richemont investor for a long time and possesses a generally 1.2 percent stake, has additionally been squeezing the gathering to work on its presentation, as indicated by one individuals. Third Point didn’t return demands for input, while Artisan couldn’t quickly be gone after remark. Richemont, which will report its half-year results on Friday, declined to remark. An activist crusade at Richemont would need to battle with amazing seat Johann Rupert, who has since quite a while ago set procedure and picked administrators for the 26 maisons that have a place with the gathering. Albeit the South African finance manager claims just 9.1 percent of the capital, he controls 50% of the democratic freedoms under a double class share structure. Pundits contend that Richemont has not stayed up with contenders during a very long term blast for the extravagance business generally determined by Chinese buyers. Its market capitalisation has ascended by 79% in the beyond five years, while those of LVMH and Hermes have generally quadrupled. Investigators have additionally scrutinized the gathering’s failure to stem misfortunes at its web based business unit Yoox Net-a-Porter, which has lost piece of the pie to more up to date contenders like Farfetch and not conveyed a since a long time ago guaranteed turnround.

It still up in the air the thing Third Point was planning to accomplish at Richemont, or the size of its interest in the organization. However, the mutual funds constrained by extremely rich person financial backer Dan Loeb can embrace forceful strategies, for example, when it encouraged Nestlé to sell resources in 2017 and as of late when it required the separation of Royal Dutch Shell. It can likewise be more sober minded with its speculations, for example, when it took a stake in Vivendi this year in front of its twist out of Universal Music Group however didn’t freely push for changes there. Craftsman is a more conventional long haul store however has taken a more dissident attach a portion of its ventures recently, for example, a public mission it mounted for this present year to eliminate Emmanuel Faber as Danone CEO. Richemont’s portions failed to meet expectations area pioneers LVMH and Hermès last year as financial backers worried that its adornments dependent business would experience the ill effects of the Covid-19 pandemic. In any case, the greatest players in extravagance have snapped back quicker than anticipated from the emergency, helped generally by excited Chinese shoppers who have continued to purchase at home despite the fact that they can presently don’t venture out to shop in Europe’s design capitals. That has helped Richemont’s portions rise 48% this year, beating a 35 percent ascend for LVMH and a 12 percent ascend for Kering, proprietor of Gucci, however failing to meet expectations a 63 percent ascend for Hermès. Experts have credited the Richemont rally to investors wagering that it has space to improve. Third Point’s venture was first revealed by autonomous design distribution, Miss Tweed.

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UAE launches new digital platform to manage federal government real estate

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The UAE Ministry of Finance has launched a new digital system to centralise and manage data on all federally owned real estate, marking another step in the country’s push to modernise public asset management and strengthen governance.

The platform, known as the Federal Government Real Estate Assets Platform, will act as a unified electronic registry for federal government properties. It is designed to document, update and classify real estate data, while linking assets directly to financial and operational systems across the federal government.

The ministry said the launch fulfils the requirements of Article 18 of Federal Decree-Law No. 35 of 2023 on Union-Owned Properties, which mandates the creation of a federal electronic registry for government real estate.

Supporting digital transformation

Younis Haji AlKhoori, Undersecretary at the Ministry of Finance, said the platform is designed to strengthen regulation, governance and oversight of federal real estate assets, while supporting the UAE government’s wider digital transformation agenda.

By automating real estate-related processes, the system aims to improve data accuracy and provide better insights for policymaking, planning and long-term asset management.

Federal entities can use the platform to register and update property data under standardised classifications, manage leasable spaces, and submit real estate-related requests through automated workflows. These include inspections, transfers, sales, demolitions and structural changes to properties.

The platform also integrates with other federal systems to ensure records remain up to date, while generating reports and performance indicators to support evidence-based decision-making.

Linking real estate and financial data

Mariam Mohamed Al Amiri said the platform was developed to unify real estate data across federal bodies and connect it directly to financial and operational procedures, helping improve planning, expenditure control and transparency.

The system records both financial and non-financial data, including property values, depreciation, operating costs, location, condition and technical specifications. It also stores digital documents such as architectural drawings, site maps and contracts.

A new four-tier classification structure, covering sites, buildings, floors and individual units, standardises how government real estate is recorded and enables faster access to information.

From paper to digital

According to the ministry, the platform replaces paper-based procedures with a fully digital framework that supports real-time tracking, automated approvals and structured lease management, including contract creation, amendments and terminations.

Officials said the move will improve the efficiency of federal real estate use, enhance governance and support long-term planning of government-owned properties as part of the UAE’s broader digital government strategy.

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UAE VAT rules are changing in 2026: Here’s what businesses need to know

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The UAE’s Ministry of Finance has announced a new set of amendments to the country’s VAT law, with the revised rules taking effect on January 1, 2026. The changes are designed to make the tax system easier to use and more aligned with international best practices.

In a statement, the Ministry said the move supports the UAE’s ongoing efforts to streamline its tax framework and improve administrative efficiency. The updates are also designed to provide businesses with greater clarity and reduce unnecessary paperwork.

Simpler filing, fewer steps

One of the biggest changes removes the requirement for businesses to issue self-invoices when using the reverse charge mechanism. Instead, companies will simply need to keep the usual documents that support their transactions, such as invoices, contracts and records, which the Federal Tax Authority (FTA) can review when checking compliance.

According to the Ministry, this adjustment “enhances administrative efficiency” and provides clear audit evidence without placing extra paperwork burdens on businesses.

Five-year window for VAT refunds

The updated law also introduces a five-year limit for claiming back refundable VAT after accounts have been reconciled. Once this period ends, businesses lose the right to submit a claim. Officials say this helps prevent long-delayed refund requests and gives taxpayers more certainty about their financial position.

Tighter rules on tax evasion

To protect the system from misuse, the FTA will now have the authority to deny input tax deductions if a transaction is found to be linked to a tax-evasion arrangement. This means businesses must ensure the supplies they receive are legitimate before claiming input VAT.

Taxpayers are expected to verify the “legitimacy and integrity” of supplies as part of these strengthened safeguards.

Supporting a competitive economy

The Ministry said the amendments will boost transparency, ensure fairness across the tax system and support better management of public revenue. The updated rules also aim to maintain the UAE’s competitive edge while supporting long-term economic sustainability.


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Dubai launches new permit to help free zone firms do business on the mainland

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Businesses in Dubai’s free zones can now trade more easily on the mainland, thanks to a new Free Zone Mainland Operating Permit announced on Wednesday by Dubai’s Department of Economy and Tourism (DET).

The move is designed to simplify and make it more cost-effective for companies to operate across jurisdictions, providing them with access to domestic trading opportunities and government contracts, previously available only to mainland-licensed firms.

“This initiative cements Dubai’s position as a benchmark for regulatory innovation,” said Ahmad Khalifa AlQaizi AlFalasi, CEO of Dubai Business Registration and Licensing Corporation. “We’re enhancing ease of doing business and opening new avenues for growth, from domestic trading to government tenders.”

What the Permit Offers

  • Cross-border flexibility: Free zone companies can now engage in mainland activities without setting up a separate mainland entity.
  • Low-cost entry: The permit costs Dh5,000 for six months and is renewable for the same fee.
  • Talent mobility: Firms can use their existing staff for mainland operations without hiring additional employees.
  • Tax compliance: Revenue earned from mainland activities will be subject to the 9% corporate tax, with companies required to maintain separate financial records as per Federal Tax Authority (FTA) rules.

Who Can Apply

The first phase of the permit covers non-regulated sectors, such as:

  • Technology and IT services
  • Consultancy and design
  • Professional services
  • Trading

Plans are in place to extend the permit to regulated sectors in the future.

Eligible businesses must have a Dubai Unified Licence (DUL). They can apply online via the Invest in Dubai (IID) platform, ensuring a quick and hassle-free process for SMEs, startups, and larger enterprises.

Big Boost for Businesses

DET expects the initiative to increase cross-jurisdiction activity by 15–20% in its first year, benefiting over 10,000 active free zone firms.

By enabling free zone companies to integrate more closely with domestic supply chains, the permit opens doors to billions of dirhams worth of government tenders and contracts, creating new opportunities for growth, innovation, and job creation.

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