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UAE Central Bank keeps borrowing costs steady in line with US Fed decision

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The Central Bank of the UAE (CBUAE) has announced that it will keep the Base Rate for the Overnight Deposit Facility (ODF) steady at 4.40%, following the US Federal Reserve’s decision to leave its Interest Rate on Reserve Balances (IORB) unchanged. This move aligns the UAE’s monetary policy with the US, given the dirham’s peg to the US dollar.

In addition, the CBUAE confirmed that the interest rate for short-term liquidity borrowing through its standing credit facilities will remain 50 basis points above the Base Rate. This ensures stability in the UAE’s financial markets and helps maintain liquidity conditions.

Monetary Policy Impact

The Base Rate, which is linked to the US Federal Reserve’s IORB, serves as a key benchmark for overnight money market interest rates in the UAE. By maintaining its current stance, the CBUAE signals a commitment to monetary stability, supporting economic confidence while keeping inflation in check.

Why It Matters

With the global economy facing uncertainty, central banks worldwide are carefully adjusting their policies. The UAE’s decision to hold rates steady provides businesses and investors with clarity, ensuring a predictable financial environment. Additionally, the move reflects the UAE’s strong economic fundamentals, as the country continues to attract foreign investment and maintain steady growth.

(Source: Wam)

With over 35 years of experience in journalism, copywriting, and PR, Michael Gomes is a seasoned media professional deeply rooted in the UAE’s print and digital landscape.

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Dubai warns engineering firms over costly villa designs

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Dubai Municipality has issued warnings to several engineering consultancy offices after finding that they exaggerated structural designs for citizens’ villas.

According to officials, these inflated designs went against the Dubai Building Code and led to unnecessary construction costs for property owners, without any real engineering need.

The move is part of the Municipality’s efforts to regulate Dubai’s construction sector and protect residents from extra financial burdens. Consultancy offices across the emirate had already been reminded through circulars to strictly follow approved engineering standards.

Eng. Maryam Al Muhairi, CEO of the Buildings Regulation and Permits Agency, said:

“Compliance with the Dubai Building Code is not only a legal requirement but also a professional and ethical responsibility. The goal is to ensure safe, high-quality construction without forcing citizens to pay more than necessary.”

She added that Dubai Municipality will continue to monitor consultancy offices and contractors to prevent excessive use of building materials, including steel, and ensure construction remains efficient, safe, and cost-effective.

Repeat offenders could face disciplinary measures, including poor annual evaluations or even suspension. Earlier this year, two consultancy offices were banned from licensing new projects for six months due to violations.

By cracking down on such practices, Dubai Municipality says it aims to strengthen the emirate’s construction sector, cut waste, and support sustainable urban growth.

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UAE jobs: Thousands of opportunities and internships on offer as Careers Festival returns to Ras Al Khamiah

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Jobseekers across the UAE will have the chance to connect with top employers and explore real career opportunities when the Ras Al Khaimah Jobs and Internships Festival (RAKJIF) returns on October 9. The one-day event at the RAK Exhibition Centre will feature on-the-spot interviews, internships, CV clinics, and personalised career guidance, making it one of the country’s fastest-growing career platforms for young talent and professionals alike.

Ras Al Khaimah is set to host its third edition of the Jobs & Internships Festival (RAKJIF) on Thursday, October 9, at the RAK Exhibition Centre, bringing together leading UAE employers and ambitious jobseekers.

Organised by the Sheikh Saud bin Saqr Al Qasimi Foundation for Policy Research, in partnership with the Investment and Development Office Ras Al Khaimah (IDO) and the Department of Human Resources, the festival has quickly grown into one of the UAE’s most trusted platforms for career development.

This year’s edition will feature employers across key industries, including banking, oil and gas, consulting, engineering, hospitality, and real estate, with opportunities for on-the-spot interviews, CV clinics, and personalised career guidance. More than 1,000 Emirati job seekers are expected to attend.

New for 2025 is the AI & Future of Work Forum, where international experts, business leaders, and policymakers will share insights on how artificial intelligence is reshaping recruitment, workplace culture, and the skills needed for the jobs of tomorrow.

The one-day event, running from 9am to 5pm, aims to serve as a hub for professional growth, networking, and talent development.

For more information or to register, employers and job seekers can visit www.alqasimifoundation.com/rakjif

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UAE urges businesses to file Corporate Tax returns on time to avoid fines

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The Federal Tax Authority (FTA) has reminded companies in the UAE to finalise their financial records, submit their Corporate Tax returns, and pay any tax due within the official deadlines to remain compliant with the law.

In a statement today, the FTA stressed that all Corporate Tax taxpayers, including exempt persons required to register, must file their returns (or annual declarations) and settle outstanding tax within nine months from the end of each tax period.

The Authority underlined that timely filing and payment are legal obligations, with non-compliance exposing businesses to fines and penalties for delays or non-submission.

To ensure smooth and accurate filing, the FTA advised companies to begin preparations early by compiling essential documents such as commercial licences, financial statements, and business activity details. Early readiness, it said, allows registrants to meet obligations “efficiently and on time.”

Highlighting its role in supporting businesses, the FTA stated that it remains committed to enhancing services in line with global best practices. Digital filing and payment can be completed via the EmaraTax platform, available 24/7, which offers “clarity, ease, and speed.”

The Authority also urged taxpayers to ensure that submissions are complete and accurate. Corporate Tax returns can be filed directly through EmaraTax or with the assistance of authorised tax agents listed on the FTA’s website.

Stakeholders seeking detailed guidance on Corporate Tax law, implementing decisions, and related regulations can access resources directly at tax.gov.ae.

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