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Retiress from federal entities, other emirate governments, or the private sector who are registered in Sharjah will now receive a supplementary grant.

This is according a statement published on local news agency WAM. Individuals earning a pension below Dhs17,500 per month will be eligible for this financial support.

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The decree with regards to the same has been issued by Sheikh Dr Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah.

Who is eligible for the grant

The grant will ensure their monthly income is raised to Dhs17,500, provided they do not receive any other salary, bonus, or pension that exceeds this amount.

Payments will begin from the date the application is submitted.

The decree also establishes a “Supplementary Grant Committee for Retirees” in Sharjah under the supervision of the Department of Human Resources.

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Disbursement of the grant

The Department of Human Resources will oversee the receipt and review of applications, annually updating beneficiary data and verifying eligibility.

The entity will also prepare and regularly audit lists of eligible retirees.

The Sharjah Social Security Fund will handle monthly disbursements of the supplementary grant, while the committee will define the required documentation and procedures for application.

‘Vibrance Senior’: Tailor-made insurance plan for senior citizens in UAE

It was in November 2024, that Aster DM Healthcare had teamed up with Dubai Insurance to launch ‘Vibrance Senior’, a first-of-its-kind health insurance plan that is tailored to meet the needs of senior residents in the UAE.

The health insurance plan ensures that seniors have access to comprehensive medical services, ranging from preventive care to advanced treatment, through Aster’s expansive network of hospitals, clinics, and pharmacies.

Vibrance Senior offers premiums tailored to different age groups, subject to medical underwriting. These include seniors aged 65–69: Dhs16,693 annually, seniors aged 70–74: Dhs22,146, and seniors aged 75–79: Dhs27,591.

The dollar partially rebounded on Tuesday after sliding the day before as President Donald Trump suggested the US could impose tariffs on Canada and Mexico by February 1, challenging suggestions his trade policy may be more gradual.

Trump told reporters his team was thinking of tariffs around 25 per cent, but offered no other specifics. He also floated the idea of universal tariffs, but said the US was not ready for that yet.

The dollar had fallen sharply on Monday after Trump’s first day included no specific plans on tariffs and officials signalled any new taxes would be imposed in a “measured” way, a major relief for trade-exposed currencies.

A following trade memo merely directed agencies to investigate and remedy persistent trade deficits.

“Just because nothing specific was announced, there is clearly a threat that tariffs are coming and they could be quite chunky in size,” said Dominic Bunning, head of G10 FX strategy at Nomura.

“Some of the threat in terms of speed and scale of those tariffs coming in quickly has been diminished, but I think the market is still wary.”

The market reaction was a knee-jerk fall in the Canadian dollar and Mexican peso and a jump in the dollar. The US currency climbed 0.8 per cent to 1.4429 Canadian dollar and added 1.2 per cent on the Mexican peso.

The dollar index, which measures the currency against six peers, rose 0.6 per cent to 108.58, having shed 1.2 per cent on Monday in what had been the sharpest one-day drop since late 2023.

‘Taking back Panama Canal’

The euro eased back to $1.0362, from an early top of $1.0434. The EU runs a sizeable trade surplus with the United States and has been seen as a major target for Trump’s tariffs.

Talking to reporters on Monday, Trump said he would remedy the trade imbalance either through tariffs or by Europe buying more US oil and gas.

“The first few hours of the Trump administration has underscored that policy environment will be dynamic once again and markets should brace for volatility,” said Charu Chanana, chief investment strategist at Saxo in Singapore.

“Clearly, the markets celebrated too soon with tariff threats missing at the outset in Trump’s inaugural speech.”

The inauguration speech focused on emergencies in immigration and energy and a more expansionist foreign policy, including a pledge to take back the Panama Canal.

In his first term in office, Trump had a history of announcing imminent plans for policy proposals, including on healthcare and infrastructure, only for nothing to eventuate.

Against the yen, the dollar was little changed at 155.68.

“The yen still has some room to tactically outperform,” Nomura’s Bunning added.

“(Japan) is probably less directly impacted by tariffs than many other countries.”

The yen has alsorecently been supported by growing expectations the Bank of Japan would raise rates at its policy meeting this Friday, following comments from policymakers last week.

Markets are pricing around an 86 per cent chance of a quarter-point hike

The dollar added 0.3 per cent on the offshore Chinese yuan to 7.2896. Trump has previously threatened China with tariffs of up to 60 per cent, but was vague on his plans on Monday.

Beijing later set a stronger fix for the yuan, suggesting it was still inclined to not let the currency fall too quickly.

The onshore yuan finished the domestic session at 7.2798 per dollar, the strongest such close since December 13.

dnata Catering & Retail, part of the Emirates Group, is investing $31.2m (AUD50m) to expand its Melbourne Airport facility, which will advance the logistics giant’s capacity to meet the evolving demands of its growing customer base by providing innovative catering and retail solutions.

The expansion project will add 5,700 square meters to the company’s existing facility, increasing its total footprint to over 16,000 square meters – the largest airline catering centre in Victoria with the capacity to produce 25 million meals annually.

The construction of the facility is underway, and it is scheduled to be operational in September 2026.

“This significant expansion of our Melbourne facility is an important step in our ongoing growth journey, enabling us to meet the rapidly increasing demand for our quality services. It will contribute to our efforts to support the local economy and communities by creating new jobs and stimulating growth in associated sectors,” said Hiranjan Aloysius, dnata Catering & Retail’s Regional CEO for Asia Pacific.

dnata’s planned AUD80m in infrastructure investment is expected to create more than 300 direct jobs over the next three years and generate indirect employment through partnerships with local suppliers.

Last year, the logistics firm invested more than AUD200m in products sourced from local Australian suppliers.

dnata currently provides catering and retail services in Australia to more than 40 airline customers at nine airports. The company’s catering and retail division produced over 50 million meals, serving full-service, low-cost and VIP carriers from more than 60 locations in the first six months of 2024/25.

Read: dnata Logistics expands footprint with $27m facility in Dubai South

Virtuzone, the UAE-based provider of company formation solutions, corporate services, and tax consultancy, has announced its acquisition by Ascentium, a Singapore-based global business services platform supporting over 20,000 active clients across 25 cities and nine markets in the Asia Pacific (APAC) region.

The acquisition, which includes Virtuzone’s sister companies Taxready.ae, Next Generation Equity and MAKTABI, strengthens Virtuzone’s leadership in the UAE business landscape while empowering Ascentium to expand its presence in the UAE and tap into emerging markets within the Gulf Cooperation Council (GCC) region.

This strategic move aligns with the UAE’s robust foreign direct investment (FDI) flows, which reached $30.6bn in 2023, and the Middle East’s projected GDP growth of 3.9 per cent in 2025. Together, Virtuzone and Ascentium aim to capitalise on these favourable economic conditions, strengthening their positions in the region and beyond.

Virtuzone CEO emphasises synergies between the companies

Neil Petch, chairman and co-founder of Virtuzone, said: “As global leaders in the corporate services industry, Ascentium embodies the core values that Virtuzone has upheld over the years, empowering businesses and delivering customer-centric solutions, transformative innovation, and unrivalled service excellence.

“By combining their business acumen with our local market leadership and expertise, I believe this new era will bring significantly greater value to our clients, partners, and the communities that we serve.”

Through the acquisition, Virtuzone’s clients will gain access to global markets, including the Far East and Latin America, while leveraging Ascentium’s international network to streamline compliance with global business laws. Clients will also benefit from cutting-edge AI-powered tools designed to digitise processes, enhance productivity, and improve customer satisfaction.

Lennard Yong, Founding Management and group CEO of Ascentium, expressed confidence in the acquisition, stating, “We are pleased to expand in the GCC through the acquisition of Virtuzone and we welcome them to the Ascentium group. Their expertise and commitment to excellence will bolster our organisation and drive us towards our strategic goals.

“Virtuzone’s strong presence in the Middle East complements our existing capabilities and together we look forward to achieving new milestones and delivering exceptional value to our global clientele.”

Ascentium backed by Hillhouse Investment

Ascentium, backed by Hillhouse Investment — a prominent Asian private equity firm managing $100bn in assets — plans to infuse capital into Virtuzone, allowing the Dubai-based company to expand its corporate services portfolio, strengthen its local presence, and act as a launchpad for Ascentium’s broader expansion from APAC to the Middle East.

Founded in 2005 by Zhang Lei with initial backing from the Yale University Endowment, Hillhouse Investment is a diversified asset manager with a proven track record of completing large transactions across more than 30 countries.

George Hojeige, group CEO of Virtuzone, shared his enthusiasm for the partnership: “We are excited to join the Ascentium family where our shared values and vision will drive us towards even greater success. The opportunities ahead for Virtuzone within Ascentium are truly promising, especially in expanding our reach in the Asia-Pacific region.

“Ascentium’s global network and expertise will enrich our service offerings both in activities and in regions covered, and allow us to deliver tailored solutions to our clients, further solidifying our position as a leader in the corporate solutions sector.”

Virtuzone is renowned for its innovative approach, including the launch of AI-driven tools such as TaxGPT, the world’s first AI-powered UAE corporate tax assistant, ChatVZ, the world’s first business setup AI chatbot, and SwyftPlan, a business plan builder powered by OpenAI’s ChatGPT.

The company also provided complimentary tax and accounting solutions for thousands of SMEs in the UAE following the introduction of corporate tax laws in the country.

Dubai Land Department (DLD) has announced that private property owners in the Sheikh Zayed Road area (from the Trade Centre Roundabout to the Water Canal) and Al Jaddaf area can now convert their ownership status to freehold, available to all nationalities.

A total of 457 plots are eligible for conversion: 128 plots along Sheikh Zayed Road and 329 plots in Al Jaddaf.

The initiative is expected to benefit landowners in these areas by enhancing the market value of their properties, particularly for those choosing to convert their land to freehold ownership.

It is also anticipated to boost the economic appeal of these locations, paving the way for real estate developments aimed at freehold investors, and attracting a new wave of investment to Sheikh Zayed Road and Al Jaddaf.

Marwan Ahmed bin Ghalita, director-general of DLD, said that enabling private property owners in these designated areas to convert their properties to freehold ownership would drive significant growth in Dubai’s real estate sector.

He added that the move also reinforces Dubai’s position as a global economic hub and a leading destination for real estate investment, in line with Dubai’s Real Estate Strategy 2033.

“This initiative will not only enable owners to benefit from price changes but will also enhance the attractiveness of the Dubai real estate market, drawing long-term investments,” said bin Ghalita. “The Dubai Land Department is committed to providing all the services needed to facilitate this move.”

Property owners can confirm their eligibility for the conversion through the Dubai REST smart app.

Freehold properties: Process for applying for land assessment

To proceed with the conversion, they must submit an application to DLD for land assessment and valuation.

Common area fees and service charges will be determined according to Real Estate Regulatory Authority (RERA) guidelines.

Following this, a conversion fee of 30 per cent of the property’s valuation (based on gross floor area) will be applicable. Once payment is processed, a map and freehold ownership title deed will be issued for the converted property.

The Dubai Real Estate Strategy 2033 aims to fulfil its ambitious objectives through a set of key performance indicators, which include increasing real estate transactions by 70 per cent, raising the total value of Dubai’s real estate market to Dhs1tn, and expanding the value of Dubai’s real estate portfolios to Dhs20bn.

Commenting on the development, Firas Al Msaddi, CEO of fäm Properties, said: “This bold new initiative is a win for all stakeholders – investors, developers, and Dubai’s real estate market as a whole,” said Al Msaddi. “It will not only attract a larger pool of investors but also enhance the long-term resilience and growth of the market.”

“Both Al Jaddaf and Sheikh Zayed Road are now positioned as prime real estate hotspots. Granting freehold ownership to all nationalities in prestigious areas like these will boost market sentiment and investor confidence.”