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Dubai’s aviation sector rebounds from pandemic with airshow

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Dubai Airshow 2021, one of the world’s mega aviation events, is set to start from November 14 to 18.

The event will have more than 1,200 exhibitors from 148 countries, displaying over 160 aircraft. More than 250 industry experts are also participating in different conferences at the event to share insights and trends across nine areas of expertise including cargo, sustainability, technology and space.

More than 80,000 people are expected to visit the Dubai Airshow, which is taking place at its purpose-built venue – Dubai Airshow Site – at the Dubai World Central airport.

The air show comes as this mega city’s aviation sector bounces back from the coronavirus pandemic. Last year, Dubai’s two major carriers, Emirates and flydubai slowly restored their networks as key markets opened for travel.

During a media briefing earlier this month, Dubai Civil Aviation Authority’s President and Emirates’ Chairman Sheikh Ahmed bin Saeed Al Maktoum called the Dubai Airshow a testament to the emirate’s response to the pandemic.

He told the media that Dubai’s response to the pandemic was focused on protecting the health and wellbeing of the people as a top priority while minimising the impact of the crisis on the nation’s economy.

The biennial Dubai Airshow is a proof that the city is one of the world’s largest aviation hubs. Around 60 years ago, Dubai’s economy was mostly supported by pearling and fishing, and around 20,000 people used to live there. Until 1958, Dubai had no airport and a runway, which was built in 1962, was just a compacted salt bed, with no tar cover.

Now, Dubai is a busy metropolis with towering skyscrapers and a population of over 3.5 million. Defying the impact of the pandemic, its airport recently reclaimed the top spot as the world’s busiest in terms of capacity.

The resurgence of the city’s aviation sector is reflected in Emirates’ latest financial results. The company registered an 81 per cent rise in its revenue to Dh24.7 billion in the last two fiscal quarters this year. The airline carried 6.1 million passengers between April 1 and September 30, 2021, registering 319 per cent increase from the same period last year.

Meanwhile, the Dubai International Airport has been seeing an influx of travellers as the emirate enters its peak tourist season and hosts high-profile events such as the Expo 2020 Dubai and ICC T20 World Cup. During the first half of 2021, the airport registered 10.6 million passengers with its operators claiming a robust growth in the second half.

Dubai Airshow 2021 will be the largest aerospace trade event to be held globally since the beginning of the pandemic, with the cancellation of European shows Farnborough and Le Bourget in 2020 and 2021, respectively.

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Small businesses in the UAE now have tax relief until 2029

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Small businesses in the UAE with annual revenues of up to Dh3 million will continue to be eligible for Small Business Relief under the corporate tax regime until the end of 2029.

The Ministry of Finance said on Friday that Ministerial Decision No. 131 extends the period during which eligible businesses can benefit from Small Business Relief to cover tax periods ending on or before December 31, 2029.

The relief was introduced to help reduce the corporate tax compliance burden for smaller businesses and start-ups that meet the eligibility requirements.

Dh3 million threshold remains unchanged

The existing annual revenue threshold of Dh3 million, set under Ministerial Decision No. 73 of 2023, will continue to apply.

The relief applies to tax periods beginning on or after June 1, 2023 and, following the latest amendment, will remain available for subsequent tax periods ending on or before December 31, 2029.

Eligible taxable persons with annual revenue of up to Dh3 million can claim Small Business Relief, subject to meeting the conditions and requirements outlined in the corporate tax legislation.

The relief enables qualifying businesses to benefit from simplified corporate tax compliance requirements.

More time for small businesses

The extension provides eligible small businesses and start-ups with additional tax periods to benefit from the relief while continuing to meet the Dh3 million revenue threshold.

The Ministry said the decision is part of its efforts to support smaller companies and entrepreneurs, strengthen the business environment, and encourage sustainable growth and expansion.

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UAE public holiday announced: 3-day weekend coming up on August 28

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Planning your next long weekend? The UAE has confirmed Friday, August 28, as a public holiday for employees in both the public and private sectors.

The holiday commemorates Prophet Muhammad’s (PBUH) birthday, an occasion included among the UAE’s official public holidays. As the date follows the Islamic calendar, the timing changes from year to year.

A three-day break for many residents

With the holiday falling on a Friday, employees who follow a Monday-to-Friday working week can enjoy three days off:

  • Friday, August 28: Public holiday
  • Saturday, August 29: Weekend
  • Sunday, August 30: Weekend

That means residents can make the most of the break with a short trip, a staycation or a relaxed weekend at home.

Another UAE holiday is coming

The next major public holiday on the UAE calendar will be Eid Al Etihad, with celebrations and the official holiday scheduled for December 2 and 3.

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What the UAE’s new vape excise price means for consumers and retailers

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The UAE Ministry of Finance has introduced a new rule that sets a minimum excise price for liquids used in electronic smoking devices.

Beginning September 1, vaping liquids will be subject to a minimum excise price of AED 1 per millilitre.

The ministry confirmed that the existing minimum excise prices for cigarettes, water pipe tobacco (shisha), and other tobacco products will remain unchanged.

According to the ministry, the decision aims to improve tax compliance, respond to developments in the tobacco and vaping industry, and create a more consistent pricing framework across tobacco and electronic smoking products.

The UAE will also continue applying its 100% excise tax on all tobacco products covered under the country’s excise tax regulations.

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