The Ministry of Investment of Saudi Arabia (MISA) has facilitated a total of 14 investment agreements at the Saudi Arabian Grand Prix (F1).

 

Aimed at developing the kingdom’s sports, entertainment and construction sectors, the agreements were signed as part of a comprehensive sponsorship programme hosted by Invest Saudi, Saudi Arabia’s investment promotion entity.

 

Leading sports companies

Twelve of the agreements were signed with leading sports companies and span the breadth of the sports industry in support of the kingdom’s vision for the sector to increase mass participation in sports, nurture talent development pathways and stimulate elite sporting success. New partnerships include agreements with:

 

·Sportscar manufacturer BAC Cars and VeloceLife to launch a leading manufacturing facility of BAC sports cars in Saudi Arabia.

·PureGym Group to support expansion of their gym and fitness facilities.

·Seedorf Group for the establishment of sport academies and sport medical clinics.

·Meritus Formula4 to explore the activation of the Formula 4 academies and hosting championships in Saudi Arabia.

 

Workshops

Alongside the agreements, Invest Sport (MISA’s department responsible for accelerating investments across the kingdom’s sports industry) hosted workshops with Peter Thompson, CEO of the Asian Autosport Action (AAA) Group, Faisal bin Laden, CEO of VeloceLife, and Basim Ibrahim, MISA Sport Sector Manager, which highlighted the investment potential of the burgeoning sports sector.

 

This year’s Saudi Arabian Grand Prix is the latest elite sporting event to be hosted in Saudi Arabia. Last month, the kingdom hosted a high-profile boxing event between British boxer Tommy Fury and social media star Jake Paul, in January the Spanish Super Cup was held in the historic district of Diriyah, and in October it was announced that the kingdom would host the 2029 Asian Winter Games at the mountain resort Trojena.

 

Saudi Arabia’s sports sector has seen significant development in recent years fuelled by widespread social transformation and government investment commitments of $2 billion in sports by 2024. The sector’s contribution to non-oil GDP is expected to reach over $22 billion by 2030 with an additional $5 billion in private sector contribution required, providing significant opportunities for international investors.-- TradeArabia News Service

 

RAK Properties, a leading developer in the northern emirate of Ras Al Khaimah, has reported a 40% year-on-year revenue growth in 2024 which soared to AED1.4 billion ($381 million), up from AED1 billion ($272 million) the previous year.

 

The announcement came during the company's Annual General Meeting today (March 13), where shareholders approved all agenda items, including the company's financial statements for the full year ended December 31, 2024.

 

The Emirati developer said its net profit grew by 39% to AED281 million in 2024 from AED202 million the previous year.

 

Total assets increased by 24% to AED8.01 billion as of December 31, 2024, compared to AED6.46 billion at the end of 2023, which was supported by a land contribution from the strategic shareholder, the Government of Ras Al Khaimah.

 

Total equity also saw significant growth, reaching AED5.53 billion, up from AED4.30 billion at the end of the previous year.

 

The shareholders reaffirmed RAK Properties' commitment to long-term value creation, with a strategic decision to reinvest profits into accelerating project development, enhancing asset value, and capitalising on Ras Al Khaimah's dynamic real estate landscape.

 

Rather than issuing dividends this year, the company is prioritising reinvestment into high-growth opportunities that will drive sustainable returns and strengthen its market position over the coming decade, said the developer.

 

This forward-looking approach, reinforced by the strategic support of the Government of Ras Al Khaimah, provides financial stability and the capacity to scale large-scale projects, including the flagship Mina masterplan, ensuring RAK Properties continues to deliver exceptional communities and long-term shareholder value.

 

On the solid results, Chairman Abdulaziz Abdullah Al Zaabi said: "RAK Properties has once again delivered an exceptional year of financial growth, reflecting not only the strength of our vision but also the continued confidence in Ras Al Khaimah as a rising hub for investment, tourism, and sustainable urban development."

 

"As Ras Al Khaimah continues to experience significant expansion across key sectors, RAK Properties remains committed to playing a pivotal role in shaping its future," he noted.

 

CEO Sameh Muhtadi said the group's disciplined approach has yielded exceptional financial results, reinforcing the strong market demand for its projects. 

 

"These record financial results allow us to reinvest in growth, accelerating new projects, enhancing asset value, and capitalising on opportunities across Ras Al Khaimah," he added.-TradeArabia News Service

Dhruva Consultants, a leading tax advisory firm in the Middle East, has launched a VAT Guide to simplify tax compliance for UAE’s construction sector. Designed as a key industry resource, it offers real-world insights that are in sync with Federal Tax Authority (FTA) guidelines.

 

As the UAE’s real estate sector continues to expand at an unprecedented pace, tax compliance has become a critical challenge for developers, contractors, property managers and home owners. 

 

To provide clarity and practical solutions, Dhruva Consultants, a leading tax advisory firm in the Middle East, has launched an exclusive VAT Guide tailored for the real estate sector. 

 

Designed as a first-of-its-kind industry resource, the guide simplifies complex VAT regulations, offering real-world insights that is in sync with the Federal Tax Authority (FTA) guidelines.

 

For master developers, it explores VAT implications for phased developments, infrastructure cost allocations, and strategies for maximizing input VAT recovery, said the company in a statement. 

 

Construction companies will find essential guidance on managing VAT for advance payments, handling contract amendments, and addressing the tax implications of project delays. 

 

Meanwhile, property managers and owners can gain clarity on tax treatments for leasing, service charge invoicing, and joint ownership arrangements, ensuring compliance while optimizing financial efficiency, it stated.

 

Nimish Goel, GCC Leader, Dhruva, said: "With Dubai’s real estate transactions surpassing AED761 billion in 2024 - a 36% increase from the previous year - and Abu Dhabi witnessing a 24.2% rise in real estate transactions in 2024 as compared to the previous year, the sector remains one of the most dynamic in the region."

 

"However, as projects grow in scale and complexity, so do the VAT implications, requiring developers, contractors, and property owners to adopt a more strategic approach to tax compliance," he stated.

 

Goel pointed out that VAT mismanagement can lead to unexpected tax liabilities, project financing delays and regulatory penalties. 

 

With multi-billion-dirham investments at stake, ensuring accurate VAT treatment is not just about compliance - it’s about protecting financial margins and operational efficiency. This is where Dhruva Consultants brings its expertise to the table.

 

Unlike standard tax guides, Dhruva Consultants’ VAT guide addresses the most pressing tax-related questions that real estate professionals face daily, he stated.

 

While the FTA has issued guidelines on VAT for real estate, Dhruva Consultants’ guide further complements it by incorporating industry-specific insights and practical case studies drawn from years of advisory experience with some of the UAE’s largest real estate players. 

 

This guide not only helps businesses remain compliant but also turns VAT management into a strategic advantage, it added.

 

"At Dhruva Consultants, we believe in making tax simple," remarked Goel. 

 

"The UAE’s real estate industry is evolving rapidly, and VAT compliance should not be a roadblock to growth," he stated. 

 

"This guide is a strategic tool designed to empower developers, contractors, property managers and owners with clear, actionable knowledge, helping them navigate the complexities of VAT while ensuring financial optimization," he added.-TradeArabia News Service