The announcement follows a difficult spell for the royal family after both Charles and his daughter-in-law Catherine, revealed that they had cancer
This step aims to maintain UAE's high ranking in the ease of doing business indicators, and allows investors in gold, diamond and precious metals to conduct business with ease. The new VAT mechanism will contribute to stabilising the gold and diamond sector in the UAE as well as stimulating investment in this sector.
The law includes investments in precious metals such as gold, silver and platinum, used in trade in accordance with internationally accepted standards with a purity of 99 per cent or more.
This comes in the light of the many initiatives offered by the UAE to investors. It also provides the optimal environment, infrastructure and legislations necessary for growth and supports UAE's position as a global hub for trade.
The volume of gold trade in the UAE rose to Dh244.3 billion in 2016, with a growth rate of 13 per cent. The value of UAE's imports of gold amounted to Dh142.4 billion in the same year, while exports amounted to Dh75.9 billion, and re-export amounted to Dh26 billion.
The gold, diamond and precious metals sector is one of the vital national economic sectors and one of the most important for the economic diversification that is expected to witness significant growth in the coming period as part of the UAE's diversification objectives.
The announcement follows a difficult spell for the royal family after both Charles and his daughter-in-law Catherine, revealed that they had cancer
It reiterated that pilgrims require a Haj visa and it can be obtained through recognised official channels
The 18-year-old was taken to hospital in a serious condition
The brothers, who say they are innocent, are accused of having formed an organised criminal network in early 2021 in Romania, as well as in the US and Britain
The left-handed batter scored 3369 runs in 136 one-day internationals and 2893 in 140 Twenty20 internationals — both Pakistan records
Food supplies were distributed to 80 households
On January 31, a heart was airlifted from Delhi to Chennai, paving the way for Ayesha Rashid's life-saving surgery
The online retailer, which is headquartered in Singapore, has said it has around 108 million monthly active users in the 27-nation EU