Latest news with #Dh3.2
Al Etihad
20-07-2025
- Business
- Al Etihad
FTA announces Dh3.2 billion in tax refunds for UAE nationals building new residences by June
20 July 2025 17:52 ABU DHABI (WAM)The Federal Tax Authority (FTA) continues to see strong results from its digital VAT refund systems for eligible categories, maintaining high levels of accuracy and operational efficiency throughout FTA on Sunday revealed the results of these systems for the first half of the year, including the VAT refund system for new residences for UAE nationals and the VAT refund system for FTA announced that, since the launch of the service approximately eight years ago and up until June 2025, the total number of approved applications for VAT refunds related to new residences for UAE nationals reached approximately 38,000, amounting to a total value of Dh3.2 marks a significant increase from the 31,000 approved applications valued at Dh2.54 billion by June 2024, reflecting a 22.74% growth in the number of applications and a 25.72% increase in the value of refunds within the past FTA also highlighted that more than 7,000 new applications for VAT refunds for UAE nationals building new residences were approved between June 2024 and June 2025, amounting to Dh653.1 million. Furthermore, in the first half of 2025 alone, 3,097 new applications were approved, resulting in refunds totalling Dh284.77 FTA highlighted the continued significant expansion of the digital tax refund system for tourists, as the number of retail shops electronically linked to the system saw consistent growth across all emirates. By the end of June 2025, the number of outlets registered with the Authority and connected to the system had increased to 18,410 shops, compared to 17,720 shops by the end of 2024 and approximately 17,080 shops by June FTA further noted that 697 outlets connected to the system in the first half of 2025, up from 540 outlets during the same period in 2024, marking an increase of over 29%. This brings the total number of outlets that have joined the digital tax refund system for tourists in the past two years, including the first half of 2025, to 3,390 regard to the self-service machines that fully automate the tax refund process for tourists departing the country in approximately two minutes per transaction, which are available at major shopping malls, hotels, and departure points for tourists, the number of these machines reached 96 by the end of Ali Al Bustani, Director General of the FTA, said, 'The indicators reflect the ongoing development and upgrade of our digital systems in line with global best practices, and in alignment with the UAE's digital transformation strategy. The Authority's initiatives in this regard have positively impacted the overall quality and performance of its services, particularly the digital VAT refund systems for eligible categories.'Notable examples include the tax refund services for new residences for UAE nationals and VAT refund for tourists, which have undergone continuous improvement to streamline and expedite the refund process.'Among the key initiatives in this area is the 'Maskan' smart application, which enhances the ease and convenience of VAT refunds for UAE nationals, and relies on paperless procedures with 100% fully digitised procedures.'Al Bustani added, 'As part of its efforts to develop digital services, FTA launched last December the world's first e-commerce purchases VAT refund system for tourists during their stay in the UAE, supporting the UAE's leadership in all sectors, including the tourism sector and the e-commerce sector, in continuation of what has been achieved in this field, where more than two years ago the Authority launched the digital VAT refund system for tourists, which is based on 100% paperless procedures and is constantly updated, and provides a digital platform that allows tourists to scan their passports easily, and automatically share their transactions as digital invoices, check their invoices through the shopper portal for a seamless shopping experience, and receive a refundable tax credit for their purchases in a convenient and fully digitalised manner.' He stressed that the Authority would continue to launch and implement various projects and initiatives in the field of digital transformation in the tax sector to keep pace with the government's digital transformation strategy placed for all services based on smooth and proactive digital infrastructure, supporting efforts to reduce bureaucracy and maintain high levels of customer satisfaction.
Gulf News
28-04-2025
- Business
- Gulf News
Gulf House Real Estate's Olaia Residences offers luxury waterfront living
Gulf House Real Estate, a premier luxury real estate developer in Dubai, has launched its signature development, Olaia Residences, an exclusive residential project set in the heart of Palm Jumeirah – one of the world's most iconic destinations. Leading UAE brokerage firm Metropolitan Premium Properties is the exclusive sales and marketing partner for the project. Located on Dubai's most prestigious address, Olaia captures the very essence of luxury waterfront living, boasting panoramic views of the Arabian Gulf, Dubai skyline and private beach access. State-of-the-art amenities include indoor and outdoor pools (rooftop), a wellness centre, a mini-golf, 24/7 security and concierge services. 'Olaia is more than just a residence; it's a living statement, a symbol of elevated living and personal distinction,' says Mohammed Mana Sultan Aballala, Founder and Chairman of Gulf House Real Estate. 'At Gulf House, we believe exceptional living goes beyond aesthetics, which means our developments are designed to deliver personalised service, attention to detail and a seamless experience from purchase through to post-handover care.' Blending architectural brilliance with refined elegance, Olaia Residences offers a limited collection of bespoke duplexes and luxury apartments, crafted to deliver an extraordinary lifestyle where opulence meets serenity. The collection of uniquely designed homes, created for discerning buyers who seek individuality and prestige, boasts a sophisticated design with floor-to-ceiling glass and expansive terraces showcasing uninterrupted views. Palm Jumeirah is synonymous with luxury and grandeur and Olaia Residences is the newest crown jewel within this globally recognised community. Olaia will become a destination where everyday life feels like an escape—where breathtaking sunrises and evenings by the sea become a daily ritual. Investment opportunity 'From an investment perspective, the Palm Jumeirah community is among the most popular and high-performing in Dubai and it has already helped sell 20 per cent of the project prior to launch,' says Maria Karmalova, Head of Exclusive Sales at Metropolitan Premium Properties. 'There is a limited availability of new luxury developments on Palm Jumeirah, strong rental demand from high-net-worth tenants as well as excellent resale potential thanks to its central location and prestigious surroundings.' The residences will consist of one- to three-bedroom apartments and three- to five-bedroom duplexes with the price of a one-bedroom unit starting at Dh3.2 million and the initial price for a duplex at Dh11 million. There are 18 duplexes on the top floor, with private pool, and 16 on the ground floor with sizes ranging from 2,200 square feet up to 4,000 square feet. The available payment plan is 50/50 with a 10 per cent booking fee. Handover of the project is expected in the fourth quarter of 2027. Olaia Residences is situated on Al Ittihad Park, 1.1 million square feet of green oasis where visitors can take relaxing strolls, have a picnic, jog on a 3.2km track, do yoga or exercise amidst beautiful greenery and a picturesque setting. Olaia is also next to The Palm Monorail, the only public transportation system on the Palm that lets its users explore key destinations such as the Golden Mile Galleria, Al Ittihad Park, Nakheel Mall and Atlantis Aquaventure. The Monorail also connects residents within minutes to the vibrant city centre, providing easy access to five-star hotels, Michelin-starred restaurants, designer boutiques and premier leisure destinations. Gulf House Real Estate is a forward-thinking real estate developer renowned for redefining the landscape of luxury living in the UAE. With a focus on innovation, craftsmanship and lifestyle-centric design, the developer is committed to creating timeless properties that reflect the aspirations of a new generation of homeowners.
