AB Espresso: Careem Pay launches fee-free remittance service

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In today’s newsletter:

Discover the latest stories from Arabian Business, in case you missed them on Tuesday:

Careem has introduced a new remittance feature through Careem Pay, offering zero-fee international transfers and exchange rates competitive with market benchmarks. The service is aimed at Careem Plus members, enabling savings of up to AED400 per transaction. This comes as traditional exchange houses increased their fees by 15 percent last year.

Meanwhile, the UAE’s Federal Tax Authority (FTA) has reminded all natural persons subject to Corporate Tax to complete their tax registration by March 31, 2025 to avoid penalties. The FTA also released a guide titled Registration of Natural Persons (CTGRNP1) to outline registration requirements. A natural person is defined as any living individual, regardless of age, residing in the UAE or abroad.

Aside from this, demand for blue-collar workers in the UAE is rising, driven by the government’s focus on economic diversification and infrastructure projects, according to a report by Innovations Group. The Workforce Trends and Market Insights report noted a decline in white-collar recruitment as the industrial sector grows and new businesses enter various industries.

On the real estate front, the Dubai Land Department (DLD) has permitted private property owners in Sheikh Zayed Road and Al Jaddaf to convert their properties to freehold status. This policy affects 457 plots, including 128 along Sheikh Zayed Road and 329 in Al Jaddaf, opening ownership to all nationalities. The move is part of Dubai’s Real Estate Strategy 2033, which aims for a market value of AED1 trillion.

In other major developments, Saudi Arabia Railways (SAR) and Italian hospitality firm Arsenale have revealed the designs for the Dream of the Desert train, the first luxury train in the Middle East. The project combines high-end travel with Saudi Arabia’s cultural heritage. The announcement coincided with the visit of the Italian Prime Minister to the Kingdom.

Until next time, Sharon Benjamin for Arabian Business

THE LONGER READ:

Experts also called for a complete reversal of the planned amendments to the non-dom tax rules to make it easier for wealthy individuals to relocate to the UK, particularly in light of the Trump presidency

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