Al-Zeyoudi: The corporate tax will replace many fees

1.5 trillion dirhams of UAE non-oil trade in 9 months

Al-Zeyoudi (center) during the announcement that the UAE will host the annual investment forum.

Photography: Najeeb Mohamed

Dr. Thani bin Ahmed Al-Zeyoudi, Minister of State for Foreign Trade and Vice-Chairman of the Industry Development Council, revealed that the value of the UAE's non-oil foreign trade exceeded 1.5 trillion dirhams during the first nine months of this year, compared to 1.28 trillion dirhams recorded during the same period last year.

Al-Zeyoudi said during the announcement that the UAE will host the 12th Annual Investment Forum next May in Abu Dhabi, that the UAE accounts for more than 70% of the volume of medical tourism in the Middle East region, indicating that there are opportunities to increase it during the coming period.

Al-Zeyoudi said in press statements on the sidelines of the announcement that the corporate tax, which will be applied in the middle of next year, will replace many fees, explaining that it will be applied smoothly and does not affect companies.

He stressed that the indicators of foreign direct investment in the UAE during the current year are promising, and indicate that it will exceed the value of foreign investment last year, which amounted to $20.7 billion.

Al-Zeyoudi explained that the UAE is the first in attracting foreign investments in the Arab world, and the 19th in the world, while acquiring 40% of foreign investments in the countries of the region.

He added that the country aims to focus on attracting massive foreign investments in the sectors of the new economy, especially digitization, sustainability, technological transformation and advanced industries.

For his part, the head of the Department of Economic Development in Abu Dhabi, Muhammad Ali Al-Shurafa, said that Abu Dhabi is hosting the forum after it has established its position as a preferred and thriving destination for business, noting that the emirate has launched many initiatives during the past two years, in order to attract foreign investment, including the industrial strategy. .

Follow our latest local and sports news and the latest political and economic developments via Google news