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UAE: Five banks, two insurers fined Dh2.62 million for violating rules

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The Central Bank of the UAE (CBUAE) has imposed financial penalties amounting to Dh2.62 million on five banks and two insurance companies for failing to comply with international financial reporting standards.

The fines were issued due to violations of the Common Reporting Standard (CRS) and the Foreign Account Tax Compliance Act (FATCA) guidelines, which require financial institutions to ensure accurate reporting and due diligence. Despite being given sufficient time to correct their processes, these institutions failed to meet the necessary compliance standards.

The CBUAE stated that these measures aim to strengthen the UAE’s financial sector by enhancing transparency and aligning with global efforts to prevent tax evasion. This step also reinforces the country’s reputation as a trusted international financial hub committed to best practices.

(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.

Announcements

Indian tourists can get UAE visa fees waived for Abu Dhabi: Who qualifies

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Indian travellers planning a holiday in Abu Dhabi can now have the cost of their UAE entry visa covered under a new tourism initiative.

The Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) has launched a limited-time programme for eligible Indian passport holders who book qualifying Abu Dhabi holiday packages through participating travel companies and online travel agencies.

The offer is available until October 31, 2026, during an initial pilot that will support up to 20,000 visas.

However, the offer comes with specific booking requirements. Travellers must book a package that includes both a return flight from India and at least three consecutive nights at an Abu Dhabi hotel.

Who is eligible for the free UAE visa offer?

The programme is aimed at Indian passport holders travelling from India to Abu Dhabi.

To qualify, travellers must book through a participating travel partner or online travel agency. The holiday package must include:

  • A minimum three-night stay at an Abu Dhabi hotel
  • A return flight from India
  • Booking through an eligible participating travel partner or OTA

The visa benefit cannot be claimed through an independent application. It is tied to qualifying holiday bookings made through the programme’s participating partners.

When is the Abu Dhabi free visa offer available?

The initiative runs from:

August 1 to October 31, 2026

DCT Abu Dhabi says the pilot programme will initially support up to 20,000 visas.

For eligible bookings, the tourism authority will cover the full cost of the UAE entry visa, potentially reducing the upfront expense for Indian visitors planning a trip to the emirate.

How does the visa fee waiver work?

Travel partners participating in the scheme have two ways to process the visa arrangements.

One option is to work with a DCT-appointed destination management company (DMC). In this case, DCT Abu Dhabi will pay the visa costs directly.

Travel companies can also use their existing DMC partners. Under this arrangement, DCT Abu Dhabi will reimburse Dh285 for each visa issued under the programme.

For travellers, the key point is that the benefit is handled through the participating travel partner rather than by applying for reimbursement independently.

Why is Abu Dhabi targeting Indian travellers?

India continues to be an important international source market for Abu Dhabi’s tourism sector.

According to DCT Abu Dhabi, the new programme is part of wider efforts to make the destination more accessible to Indian visitors while strengthening relationships with travel companies and improving connectivity between India and Abu Dhabi.

The initiative also aims to encourage visitors to spend more time in the emirate exploring its hotels, cultural attractions, entertainment options and natural landscapes.

Is the UAE visa completely free for all Indian tourists?

No.

The offer does not mean that every Indian passport holder automatically receives a free UAE tourist visa.

The visa fee is covered only when travellers meet the programme’s conditions and book through a participating travel partner or online travel agency.

The booking must include at least three consecutive hotel nights in Abu Dhabi and a return flight from India.

Travellers should therefore check with their chosen travel provider before booking to confirm that the package and visa arrangement qualify for the offer.

Abu Dhabi holiday offer: 

Who: Eligible Indian passport holders travelling from India
Destination: Abu Dhabi, UAE
Offer period: August 1–October 31, 2026
Hotel requirement: Minimum three consecutive nights
Flight requirement: Return flight from India
Booking requirement: Participating travel partner or OTA
Visa cost: Covered by DCT Abu Dhabi for eligible bookings
Pilot capacity: Up to 20,000 visas
Independent applications: Not eligible for the programme

For Indian travellers already considering an Abu Dhabi getaway, the initiative could make an eligible holiday package more affordable, but checking the participating travel provider and meeting all the booking conditions will be essential.

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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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Business

No cash? No card? No problem: Now shop at Dubai Duty Free with crypto

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Dubai Duty Free has become the first airport retailer in the Middle East to introduce Crypto.com Pay, allowing eligible UAE residents to pay for purchases using their Crypto.com accounts.

The new payment option is now available at Dubai International Airport (DXB), Al Maktoum International Airport (DWC/AMIA) and online at Dubai Duty Free’s website.

The rollout follows a strategic partnership signed between Dubai Duty Free and Crypto.com in July 2025 and supports Dubai’s wider push towards a cashless economy under the D33 Economic Agenda.

How it works

For in-store purchases, shoppers simply select Crypto.com Pay at checkout, scan the QR code displayed at the counter using the Crypto.com app and approve the payment. The transaction is processed instantly, with Dubai Duty Free receiving settlement in UAE dirhams.

Online shoppers can also choose Crypto.com Pay during checkout, scan the QR code generated on the payment page and confirm the transaction through the Crypto.com app. Mobile users are redirected directly to the app before returning to complete their purchase.

Available for eligible UAE residents

The service is currently available to eligible UAE residents with a Crypto.com account. Payments are processed through Crypto.com’s regulated payment platform, with transactions settled in dirhams.

Dubai Duty Free said the launch expands its range of digital payment options, which already includes Apple Pay, Alipay and TerraPay, while offering customers another convenient way to pay.

The move also strengthens Dubai’s ambition to become a global leader in digital commerce, with the emirate targeting 90 per cent of financial transactions to be cashless by the end of 2026.

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