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China’s Lenovo reports 65pc growth in Q2 profit

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Lenovo, a Chinese multinational technology company, posted on Thursday a 65 percent growth in second-quarter profit.
In a statement, the world’s biggest maker of personal computers said it continued to expand its market presence by securing more components amid a shortage of global chip supply.
Lenovo said its earnings in the corresponding quarter, ended September 30, grew $512 million against $310 million in the same period last year. The company said it intends to double profitability in three years.
According to Refinitiv data, Lenovo’s revenue increased 23 percent to $17.9 billion, slightly above an average estimate of $17.3 billion by analysts.
The component shortage of various integrated circuits remained a business challenge, causing delays in order fulfilment, it said, adding that Lenovo kept its capability to excel in operational efficiency by securing more supply of components than peers to outgrow the market.
The company witnessed strong sales growth in China and America, but its sales decreased in the Asia Pacific due to fewer educational deals in Japan.
According to research consultancy Gartner, growth in worldwide PC shipments slowed in the September quarter as easing measures against the pandemic and the rising availability of coronavirus vaccines shifted consumer and educational spending away from computers to other priorities.
Gartner said Lenovo’s global market share increased 1.8 percent to 23.7 percent in the third quarter.

Companies

Dubai eases housing rules to boost family well-being

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Dubai has launched a new initiative called ‘Home First’ to improve housing for Emirati families. This is part of the ‘Year of Community’, announced by President Sheikh Mohamed bin Zayed Al Nahyan.

The initiative aims to strengthen family ties, improve quality of life, and make housing more flexible for Emiratis. It also supports the Sheikha Hind bint Maktoum Family Programme, which promotes family values and sustainable living.

Key Changes in Housing Rules:

  • More Flexible Home Designs – Families can now customise their homes to better suit their needs.
  • Side Family Annex Before Main Villa – Homeowners can build additional spaces like bedrooms, living rooms, and kitchens before completing the main villa.
  • Extra Villa for Sons – A separate villa can be built within the family property to maintain privacy while keeping families close.
  • Bigger Homes – Families can fully extend their villas on the second floor.
    Relaxed Setback Rules – Minimum space between villas has been reduced to 1.5 metres, allowing more efficient use of land.
  • Higher Service Annexes – Annex buildings can now be up to 8 metres high (two floors).
    Townhouse Upgrades – Townhouses can now be built next to each other across two plots.

Why This Matters

Marwan Ahmed bin Ghalita, Acting Director-General of Dubai Municipality, says this plan will make Dubai a better place to live, as part of the Dubai Social Agenda 33. The goal is to boost family well-being, provide better housing, and create strong communities.

Emirati citizens can learn more about ‘Home First’ by visiting Dubai Municipality’s website or calling 800900.

Dubai Municipality continues to improve building rules and support sustainable urban development, making sure Dubai remains a top city for quality living.

(Source: Wam)

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Business

UAE corporate tax: Businesses must update records by March 31 or face penalties 

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The Federal Tax Authority (FTA) has urged businesses that have yet to update their tax records to take advantage of an extended grace period, allowing them to submit their details by March 31, 2025, without incurring administrative penalties.

In a statement issued Thursday, the FTA reminded registrants that, under the Executive Regulations of the Federal Decree-Law on Tax Procedures, businesses must notify the authority of any changes to their registered information within penalties. Failure to do so may result in penalties.

The required updates include key business details such as company name and address, trade license activities, legal entity type, partnership agreements for unincorporated entities, and articles of association or equivalent documentation.

To support compliance, the UAE Cabinet has introduced a grace period that allows businesses to update their records without facing penalties. Any fines incurred during this period for late updates will be waived and reimbursed.

The FTA emphasised that the initiative aims to support businesses, simplify tax compliance, and contribute to economic growth. Registrants seeking further details can refer to the public clarification available on the FTA’s official website.

(Source: Wam)

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Announcements

Dubai announces first business free zone for sports and entertainment

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ISEZA is set to be the UAE’s first dedicated sports and entertainment business cluster within the Free Zone environment.

It will serve as an industry-focused business hub facilitating licensing for distinct sports and entertainment business activities, fostering a unique collaborative ecosystem to support and accelerate the industry’s growth.

https://twitter.com/DXBMediaOffice/status/1899372779822035311

Dubai’s sports industry contributes approximately $2.5 billion annually to the Emirates’s economy. The UAE has also been a pioneer in Economic Zones development, with over 40 Free Zones focusing on various industries. ISEZA will serve as a dedicated hub to support the thriving sports and entertainment business sector in the UAE and the wider Middle East.

The Zone will provide a unified platform for licensing businesses across established sectors, such as sports management and marketing, event management, talent representation and media and broadcasting, while also supporting growth in emerging areas like e-sports, AI-driven sports tech, fan tokens. The Zone will be home to a diverse range of industry players including global brands, sports leagues and franchises, rights owners and investors, sports and talent agencies, artists, sports and media personalities, social media influencers and creative industries professionals.

ISEZA will offer comprehensive corporate and legal support tailored to its members, working closely with key UAE authorities, such as the UAE Ministry of Sports, Dubai Sports Council, UAE National Olympic Community, and others.

Khaled AlFahim, Vice President of Asset & Investment Management at Dubai World Trade Centre, emphasised DWTC’s long-standing legacy in hosting major sporting events and live entertainment. He stated, “The launch of ISEZA within the DWTC Free Zone will foster a dynamic ecosystem, empowering sports and entertainment businesses, startups, and entrepreneurs to thrive. ISEZA members will benefit from our award-winning Free Zone’s prime location in the heart of the city’s business district, streamlined business setup, and access to valuable networking opportunities through our diverse events and exhibitions calendar. By attracting sports and entertainment-focused businesses, we are reinforcing Dubai’s status as a global business hub and contributing to the growth of the sports sector in alignment with the Dubai Economic Agenda (D33).”

The Zone will also attract international and regional sports organizations, such as sports federations, associations and leagues, both in established and emerging sports. With its exceptional global connectivity, world-class infrastructure, investor-friendly policies and favourable tax regime, Dubai offers a strong competitive advantage for hosting global sports organizations.

ISEZA CEO, Mr. Damir Valeev, added “Our project is aligned with Dubai’s strategic vision of being a global destination for sports, entertainment and tourism. This initiative will have a major social impact creating a unique environment for hosting sports exhibitions, museums, academic programs and community projects in Dubai World Trade Centre and Dubai Expo areas. Driven by the UAE’s vision of business development with higher social impact, we believe it will further contribute to the promotion of active sports and healthy lifestyle in the UAE overall”.

Located in One Central, in Dubai’s dynamic business district, next to the Dubai Museum of the Future, ISEZA will shape the future of sports & entertainment industry growth in the years to come and will become a new center of gravity for the industry entrepreneurs, professionals, enthusiasts, and talents.

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