The Ministry of Finance has issued Cabinet Decision No 35 of 2025, establishing guidelines for determining a non-resident person’s nexus in the UAE for the purposes of the country’s corporate tax law.
The new decision, which replaces Cabinet Decision No 56 of 2023, clarifies when a non-resident juridical investor in a qualifying investment fund (QIF) or real estate investment trust (REIT) is deemed to have a nexus in the UAE, thus becoming subject to taxation under Federal Decree-Law No 47 of 2022 on the Taxation of Corporations and Businesses.
This follows the earlier issuance of Cabinet Decision No 34 of 2025, which focused on Qualifying Investment Funds and Qualifying Limited Partnerships.
Clarity for non-resident juridical investors involving corporate tax
Under the new decision, a nexus for a non-resident juridical investor in a QIF will arise under two circumstances. If the QIF distributes 80 per cent or more of its income within nine months from its financial year-end, the nexus is established on the date of the dividend distribution.
Alternatively, the nexus arises on the date the ownership interest is acquired if the QIF fails to distribute at least 80 per cent of its income within the same period.
Additionally, a nexus will also be created if the QIF fails to meet the diversity of ownership conditions during the tax period in which the failure occurs.
For REITs, a similar rule applies: a nexus is established either on the date of the dividend distribution, if 80 per cent or more of income is distributed within nine months from the financial year-end, or on the date of ownership acquisition if the REIT does not distribute at least 80 per cent of its income within the specified timeframe.
The decision provides clarity on when non-resident juridical investors in QIFs or REITs will be considered to have a taxable presence in the UAE, reducing compliance burdens for foreign investors.
Other than the above cases, non-resident juridical investors exclusively investing in QIFs and/or REITs will not be deemed to have a taxable presence in the country.
The issuance of this decision underscores the UAE government’s ongoing commitment to maintaining an attractive and competitive investment environment, while ensuring compliance with its tax regulations.
Traders work on the floor of the New York Stock Exchange during morning trading on April 03, 2025 in New York City. (Photo: Getty Images)
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Global stock markets extended their recent rout on Friday, with S&P 500 companies wiping out $5tn in stock market value since US President Donald Trump unveiled sweeping tariffs on Wednesday, while investors fled to the safety of government bonds.
The Nasdaq confirmed it was in a bear market, ending more than 20 per cent below its record high close, while oil prices and other commodities plunged.
That $5-trillion loss marked a record two-day decline for the S&P 500 benchmark, exceeding a two-day loss of $3.3 trillion in March 2020 when the pandemic ripped across global markets, according to LSEG data compiled by Reuters.
Responding to Trump’s tariffs, China on Friday said it would impose additional levies of 34 per cent on American goods, confirming investor fears that a full-blown global trade war is under way and that the global economy may be at risk of a recession.
Trump slapped a 10 per cent tariff on most US imports and much higher levies on dozens of countries, erecting the steepest trade barriers in more than 100 years.
“It’s sort of the worst fears of where the tariff programme was headed,” said Rick Meckler, partner at Cherry Lane Investments, a family investment office in New Vernon, New Jersey.
“For those investors who were sure it was just a negotiation – while that still may be true at some point – it’s getting awfully deeper into the detail and more dangerous for companies.”
The tech-heavy Nasdaq has fallen 22.7 per cent from its December 16 record close as investors fled riskier assets on the tariff worries.
Meanwhile, the Dow Jones Industrial Average and pan-European STOXX 600 index each confirmed they were in a correction.
All three of the major US stock indexes suffered their biggest weekly percentage losses since March 2020, and the Cboe Volatility Index .VIX jumped to 45.31, its highest closing level since April 2020.
Companies with exposure to China fell across the board, with Apple dropping 7.3 per cent. The chipmakers index sank 7.6 per cent. Bank and energy shares dropped amid the recession fears.
The Dow Jones Industrial Average fell 2,231.07 points, or 5.50 per cent, to 38,314.86. The index confirmed a correction, finishing more than 10 per cent below its record closing high from December 4.
The S&P 500 fell 322.44 points, or 5.97 per cent, to 5,074.08 and the Nasdaq Composite fell 962.82 points, or 5.82 per cent, to 15,587.79.
The pan-European STOXX index closed 5.1 per cent lower, its biggest daily loss since the COVID-19-fuelled selloff in 2020. The index fell nearly 12 per cent from its March 3 all-time closing high, confirming it was in correction territory.
MSCI’s gauge of stocks across the globe fell 43.35 points, or 5.37 per cent, to 764.29, and was set for its biggest weekly percentage drop since 2020.
Oil prices plunged about 7 per cent to settle at their lowest in over three years, after the tariff response from China, the world’s top oil importer.
Brent crude futures fell 6.5 per cent to settle at $65.58. US crude futures lost 7.4 per cent to settle at $61.99.
Data showing the US economy added far more jobs than expected in March did little to brighten the mood.
Federal Reserve Chair Jerome Powell said in remarks at a business journalists’ conference in Arlington, Virginia, that Trump’s new tariffs are “larger than expected” and the economic fallout, including higher inflation and slower growth, likely will be as well.
He also said the US central bank does not have a prediction of a downturn in its outlook but he recognised private-sector forecasters are shifting on that front.
Earlier, investment bank JP Morgan said it was forecasting a 60 per cent chance of the global economy entering a recession by year-end, up from 40 per cent previously.
“I think (Powell’s) comments will be disappointing for those who believe that the Fed is going to step in anytime soon,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.
The US dollar recovered against the euro and yen, with Powell signalling a cautious tone on future easing. The dollar index was last up 0.7 per cent on Friday after its biggest fall since November 2022 on Thursday.
The euro was last down 0.69 per cent at $1.10976, after jumping 1.8 per cent – its biggest daily rise since November 2022 – on Thursday. Against the Japanese yen, the dollar strengthened 0.58 per cent to 146.9.
After years of huge flows into US stocks and a booming American economy, investors are grappling with where to put their cash.
That helped drive a powerful rush towards government bond markets. The yield on the benchmark US 10-year Treasury note fell 12.2 basis points to 3.933 per cent after falling to a six-month low of 3.86 per cent. Yields move inversely to prices.
The German 10-year bond yield, the benchmark for the euro zone bloc, fell as much as 17 bps during the day.
Money market futures were pricing in cumulative rate cuts of 110 basis points from the Fed by the end of this year, compared with about 75 bps a week earlier.
Traders increased their bets on Bank of England and European Central Bank reductions too.
“A lot of investors I’ve talked to have just said in this kind of environment, let’s go to cash and just wait it out,” Meckler said.
Launched to close a gap in the UAE’s wellness space, Recovery On Demand delivers high-performance recovery tools — think ice baths, infrared saunas, and hyperbaric chambers — directly to your doorstep, gym, or office. No traffic, no queues, no compromise.
Here, we speak to co-founder Joe Hanney to uncover how the business is transforming recovery into a lifestyle and why education and convenience are at the core of the model.
Image: Supplied
What inspired you to launch Recovery On Demand, and how does it address a gap in the UAE’s wellness market?
Recovery On Demand was born from a disconnect in the wellness industry — while recovery tools have advanced, accessibility hasn’t. In a city where everything is on-demand, recovery still requires travel, wait times, and rigid scheduling. With worsening traffic and busier lives, this outdated model no longer fits.
Research shows that frequent recovery use is key, yet traditional services make consistency difficult. We bridge this gap by delivering elite recovery directly to clients — whether at home, work, or the gym — eliminating barriers to regular use.
Whether it’s ice baths, infrared saunas, hyperbaric oxygen chambers, or red light therapy, we make recovery as easy as ordering food or booking a ride.
By redefining access, we don’t just make recovery convenient — we make it effective. True recovery isn’t a one-off session; it’s a lifestyle integration.
How does the Recovery On Demand model work, and what sets it apart from traditional recovery and wellness services?
Traditional recovery services require scheduling, travel, and wait times — adding stress instead of relieving it. We’ve flipped the model. Instead of people going to recovery, we bring recovery to them. We deliver, set up, and maintain everything — so all they have to do is use it.
Beyond convenience, education is key. Unlike one-size-fits-all wellness centres, we tailor recovery to individual goals — be it performance, detoxification, stress relief, or metabolic health. With more than 32 years of experience in biohacking and recovery, we’ve worked with elite athletes like Usain Bolt and Tai ‘BamBam’ Tuivasa. We empower clients with knowledge, helping them optimise results and take control of their health.
Privacy and hygiene also set us apart. Many don’t want to share cold plunges or saunas with strangers. Our service ensures a personal, sanitised setup every time. Plus, unlike buying equipment that requires maintenance, with rentals, we take care of everything—from servicing and repairs to upgrades — so clients never have to deal with downtime.
How has the demand for at-home recovery and wellness services evolved in the UAE, and what trends are driving this shift?
When we launched, we were first to market with this model. The rapid shift since then — competitors now replicating our rental approach — validates the demand. People prefer flexibility over ownership.
Choice paralysis is a major trend. With so many recovery tools available, people struggle to choose. Rentals allow a trial-first approach before committing to a purchase. Unlike home gym equipment, which often goes unused, recovery is low effort but high reward — no grinding through workouts, just consistent use with tangible benefits.
The corporate sector is also shifting. Major brands now approach us to manage rental verticals, recognising that consumers value access over ownership. This aligns with the UAE’s broader shift towards subscription-based convenience, seen in everything from car rentals to IV therapy.
The hospitality industry is catching on, too. Luxury hotels like The Ritz-Carlton Abu Dhabi already offer private wellness suites, and guests are renting ice baths and hyperbaric chambers for in-room recovery. Holiday home operators are also leveraging recovery tools to attract bookings —
one saw a major difference in guest interest after adding an infrared sauna.
Dubai is also becoming a training hub for elite athletes. Fighters prepping for high-stakes competitions in Saudi Arabia rent our recovery equipment to maintain peak performance. The demand for accessible, high-performance recovery is only growing.
Image: Supplied
What challenges have you faced as an SME in the health and wellness sector, and how have you navigated them?
Our biggest challenge wasn’t convincing people of recovery’s importance — it was mastering logistics. Importing, warehousing, and deliveries were all new territory, but we knew operational efficiency was key to accessibility.
We started lean — managing stock ourselves, handling setups firsthand, even riding along for installations. This hands-on approach ensured a seamless client experience from day one. Rather than overstocking, we prioritised early adopters, refining our service through real feedback before scaling.
Demand continues to outpace supply. We currently have a waiting list of 24 people — six just last week — for hyperbaric chambers. Constant reinvestment in stock is essential to keeping up. Staying true to our client-first philosophy has built trust, fueling our rapid growth.
Are you incorporating any technology or digital solutions to enhance your services and customer experience?
While we’re developing tech-driven solutions, we’re focused on making them seamless and client-first. More importantly, we cut through marketing hype to ensure every tool we provide delivers real benefits.
Take red light therapy. Many brands exaggerate power claims, leading people to believe higher intensity means better results — it doesn’t. We conduct third-party testing to verify manufacturer claims, ensuring:
No exaggerated power ratings
Optimal LED angles for maximum absorption
Minimal flicker and EMF exposure to avoid headaches and eye strain
Every product we offer is vetted for efficacy and safety, ensuring clients get the best results without misinformation. Our approach is rooted in science, not sales hype, and that’s what makes our service truly stand out.
What strategies have been most effective in scaling Recovery On Demand, and do you have plans for regional expansion?
One of our biggest growth drivers has been customer service and word of mouth. With 22 five-star Google reviews and counting, we make it a priority to reward loyal customers for their referrals. By focusing on precision recovery solutions rather than a one-size-fits-all approach, we’ve built a strong foundation in Dubai.
As for regional expansion, we’re not in a rush to move beyond the UAE just yet. There’s still significant opportunity here, and we’d rather refine and perfect our model before looking further afield. That said, you never know what the future holds.
What advice would you give to aspiring entrepreneurs looking to start an SME in the UAE’s wellness industry?
First, deeply understand your niche — whether it’s recovery, longevity, or performance optimization. The UAE’s wellness market is competitive, so differentiation is key. Second, for the lucky few, success might come from a get-rich-quick scheme, but those stories are rare. What you see on social media — the highlight reels of entrepreneurs — can trick you into thinking it’s easy. It’s not. For every successful rental we’ve done, we’ve probably made several mistakes. The reality? Building something that lasts takes time, effort, and a ridiculous amount of persistence.
The image featured on the card was taken at the Atlanta courthouse, which later became a defining moment in his re-election campaign.
In February, Trump proposed replacing the visa program for foreign investors with a so-called “gold card” that could be purchased for $5 million, offering a route to American citizenship.
Trump told reporters that he would replace the “EB-5” immigrant investor visa program—which allows foreign investors who contribute large sums of money to create or preserve U.S. jobs—with the “gold card.”
The EB-5 program grants “green cards” to foreigners who promise to invest in U.S. businesses.
“We are going to be selling a gold card,” Trump said. “We will be pricing that card at about $5 million,” he added.
“It’s going to provide green card privileges and serve as a pathway to (American) citizenship, with wealthy individuals gaining access to our country by purchasing this card,” Trump explained.
(With inputs from Reuters)
Saudi Arabia opens doors to foreign investors in real estate
The ministry has outlined certain conditions for foreign investors to participate in these activities
The Ministry of Investment in Saudi Arabia has revealed that foreign investors are now allowed to own and engage in the buying and selling of real estate in the country.
However, the ministry has outlined certain conditions for foreign investors to participate in these activities. The most notable conditions include:
The property must be located outside the boundaries of the holy cities of Makkah and Madinah.
The purpose of buying and selling real estate should not be for commercial speculation, which refers to the practice of purchasing assets (such as stocks, commodities, or real estate) with the expectation of profiting from price fluctuations. Speculators typically take on high-risk, high-reward investments to make quick gains.
The ministry also clarified that foreign investor firms must obtain approval to own real estate for personal residences, industrial facilities, company headquarters, employee residential facilities, and warehouses.
Additionally, there is no financial fee for this service. It is provided through the ministry’s e-services portal, and approval is granted within five business days.
Document submission requirements
Interested entities are required to submit:
A copy of the municipality’s building permit, a letter of approval from the municipality, or a statement indicating the intended use of the land, issued by an official authority.
A copy of the deed for the property to be acquired.
Real estate development companies wishing to implement or sell a real estate project must submit a report from an engineering office accredited by the Saudi Council of Engineers, detailing the total project cost. The cost should be no less than SR30 million for both land and construction, and the project must be located outside Makkah and Madinah. The development must be utilized within five years.
World cocoa and coffee prices fell on Thursday as investors fretted that President Donald Trump’s move to slap punishing tariffs on US imports would damage chocolate and coffee demand in the world’s top consumer of the products.
Sugar prices also fell, caught in the melee of tariffs as the US is also one of the world’s top sugar importers.
Trump said he would impose a 10 per cent baseline tariff on all US imports, taking the maximum to nearly 50 per cenr for some countries and unleashing turbulence across world markets as investors fret about the end of a decades-long era of trade liberalisation.
The worst hit coffee growers
Top robusta growers Vietnam and Indonesia were targeted with 46 per cent and 32 per cent tariffs, respectively, top arabica and sugar grower Brazil was hit with 10 per cent tariffs for its goods, while top cocoa growers Ivory Coast and Ghana face 21 per cent and 10 per cent tariffs.
The first US tariffs on coffee imports since colonial times will increase costs and complexity to importers and roasters already dealing with near-record prices, experts said on Thursday.
The US is also a major importer of processed cocoa products like butter and powder from the EU, Malaysia and Indonesia. Trump slapped 20 per cent tariffs on EU imports and 24 per cent on Malaysian goods, while the 32 per cent tariffs on Indonesia of course apply to both robusta coffee and to cocoa products.
“We don’t know the (full) impact right now (but) there are no winners, this is bad for everyone. For the US, its inflationary while others lose access to the US, a huge market,” said a Europe-based coffee trader.
Arabica coffee futures on the ICE exchange, seen as a global price benchmark, settled down 3.6 cents, or 0.9 per cent, at $3.8525 per lb, having earlier fallen nearly 3 per cent, while robusta coffee futures slipped 0.2 per cent at $5,388 a ton, having earlier fallen 2.5 per cent.
How are tariffs effecting
London cocoa futures fell 1.4 per cent to 6,683 pounds per ton, having earlier fallen nearly 5 per cent, while New York cocoa gained 3.6 per cent to $9,291 a ton, having earlier risen nearly 6 per cent.
Dealers said New York cocoa was being boosted by weakness in the dollar as the harsher-than-expected Trump tariffs sent investors scrambling for bonds and gold.
A weak dollar makes dollar-priced cocoa cheaper for non-US investors.
Sterling for example gained versus the dollar, making sterling-priced London cocoa more expensive for investors outside Britain and prompting them to sell.
In other soft commodities traded, raw sugar settled down 0.48 cents, or 2.5 per cent, at 19.11 cents per lb, while white sugar sank 1.6 per cent at $543.80 a ton.
