Qatar Business

Doha: Qatar Central Bank (QCB) has issued treasury bills for maturities of 7 days, 28 days, 91 days, 168 days, 273 days, and 350 days worth QR 2.7 billion. In a post on X platform today, November 15, QCB said that the treasury bills issued were distributed as follows: QR 500 million for a period of 7 days (new issuance) at an interest rate of 4.9180 percent, QR 500 million for a period of 28 days (new issuance) at an interest rate of 4.8960 percent, QR 500 million for a period of 91 days (new issuance) at an interest rate of 4.8370 percent, QR 500 million for a period of 168 days (tap issuance) at an interest rate of 4.7830 percent, QR 500 million for a period of 273 days (new issuance) at an interest rate of 4.7340 percent, and QR 200 million for a period of 350 days (tap issuance) at an interest rate of 4.7120 percent. According to QCB, the total auction bids for the treasury bills amounted to QR 10.5 billion.

Qatar Business

Doha: PwC Middle East in Qatar hosted its annual Tax and Legal seminar with the theme of ‘Connecting Experts, Creating Solutions’. Experts from the firm highlighted local, regional and international tax and regulatory changes impacting Qatar’s business landscape. The seminar covered major upcoming developments such as introduction of Global Minimum Tax/Pillar II which requires a 15% effective tax to be paid by large organisations with group consolidated revenues exceeding EUR 750m (approx QR2.97bn) annually. This is expected to have a notable impact on large Qatari headquartered companies who have previously benefitted from a low or no taxation in Qatar as well as a full tax exemption, if listed on the Qatar Exchange. The event also focussed on upcoming developments such as the introduction of VAT in Qatar and E-invoicing, similar to its application in other GCC countries. Given the organisation-wide impact resulting from such changes, which requires companies to dedicate sufficient time and resources for effective preparation. Other updates included domestic tax developments from a corporate income tax and transfer pricing perspective which require tax payers and businesses to be agile and promptly address their local tax affairs. Sajid Khan (pictured), Tax & Legal Services Leader in Qatar at PwC Middle East said: “In an ever-evolving tax and regulatory landscape, adopting a proactive approach is essential for navigating changes and dealing with challenges effectively. Companies must grasp the implications of tax development coming ahead, new resourcing requirements and heightened focus on proactive tax risk management.” He added, “With PwC’s comprehensive understanding of these evolving changes, along with our local expertise and global insights, we are well-equipped to offer tailored solutions that mitigate risks and support businesses on capitalising emerging opportunities.” Bassam Hajhamad, Qatar Country Senior Partner and Qatar Consulting Lead at PwC Middle East commented: “Qatar’s General Tax Authority ensures that Qatari businesses remain competitive with regional and international standards. Providing a platform to discuss the practical implications of regulatory shifts is essential to adhere to new tax laws, international legislations, and compliance that will help structure the Qatari business environment. Navigating these complexities around regulatory shifts would be the primary step towards the country’s transformation journey.”

Middle East Business

DOHA: Growing demand for premium, ready-to-move-in Dubai homes has been highlighted by the rental of an ultra-luxury villa at AED8.5m over two years in the city’s Umm Al Sheif area. The leasing deal for the 24,000sq ft villa on a 15,000sq ft plot is a record for the exclusive residential community in the western part of Dubai. It was managed between fäm Living and fäm Lux, divisions of fäm Properties catering to ultra-high-net-worth clients and managing fully furnished luxury rentals. “With Dubai attracting an elite audience of millionaires and billionaires, demand for premium, fully furnished, move-in-ready properties is intensifying,” said Firas Al Msaddi, CEO of fäm Prop DXB Interact reports that of the 61,558 villas set for completion over the next three years, only 379 are priced at AED60m or higher, 833 fall within the AED30-60m range, and 2,854 are priced between AED15-30m. “This limited inventory, combined with Dubai’s reputation as a top destination for high-net-worth individuals, points to strong growth potential in the ultra-luxury segment,” said Al Msaddi. “The demand for high-end properties is also evident in the resale market, especially for apartments priced above AED10m. Between 2023 and 2024, resale transactions in this segment surged by more than 25%, from AED9.8bn to AED12.4bn. “Notably, this increase includes only resale transactions, and excludes off-plan sales, indicating a strong and consistent demand for luxury properties in Dubai.” DXB Interact data reveals that ultra-luxury apartments and villas generated a record AED86.1bn in sales in 2023, a dramatic leap of 1,245% from AED6.4bn in 2016.