This week, the UAE Ministry of Finance confirmed that a 15% Domestic Minimum Top-up Tax (DMTT) will apply from January 1, 2025, to large multinational groups with consolidated revenues exceeding EUR 750 million. In other developments, AE Coin received its final license from the Central Bank of the UAE (CBUAE) to launch operations. FIFA announced that Saudi Arabia will host the 2034 World Cup. Meanwhile, Eric Trump stated that his father, US President-elect Donald Trump, will be “the most pro-crypto president in the history of America.”
These were the top stories this week as selected by Finance Middle East editors.
What the new 15% Domestic Minimum Top-up Tax means for businesses
The UAE Ministry of Finance has announced updates to Federal Decree-Law No. 47 of 2022, introducing a 15% Domestic Minimum Top-up Tax (DMTT) and proposing new tax incentives to foster growth and innovation.
The DMTT will apply to multinational enterprises with consolidated global revenues of €750 million or more in at least two of the four financial years immediately preceding the effective financial year. The measure aligns with the OECD’s Two-Pillar Solution, requiring large corporations to pay a minimum effective tax rate of 15% in each jurisdiction where they operate.
Effective January 1, 2025, the DMTT follows Federal Decree-Law No. 60 of 2023 and closely adheres to the OECD’s GloBE Model Rules.
Saudi Arabia World Cup revenues set to surpass FIFA’s baseline by $240 million
The FIFA 2034 World Cup, set to be hosted by Saudi Arabia, is expected to significantly surpass the football organisation’s financial expectations.
According to FIFA’s evaluation, Saudi Arabia’s bid could yield substantial growth in ticketing and hospitality revenues, which would exceed FIFA’s baseline by over 32%. This would translate to an additional $240 million in revenues, according to estimates reported by the Saudi Gazette, based on the country’s official bid.
The Kingdom’s bid anticipates a 10% increase in the global live TV audience, as a result of its strategic location, as well as innovative fan engagement strategies, including digital campaigns and advanced technologies. Moreover, licensing and retail revenues are predicted to outperform FIFA’s baseline by $7 million.
Additionally, FIFA estimates that organising costs will be approximately $450 million below the baseline. Savings are expected in areas such as IT&T services, safety and security, and technical services.
Donald Trump will be the most pro-crypto president in US history, says Eric Trump
Eric Trump claimed his father, President-elect Donald Trump, will be “the most pro-crypto president in the history of America” during a keynote at the Bitcoin MENA Conference in Abu Dhabi. Outlining a bold vision, Eric highlighted plans to position the US as a global leader in digital assets, with Bitcoin and blockchain technology at the core of his father’s economic strategy.
Eric Trump’s comments come at a time when the global cryptocurrency market has reached a value of $1.3 trillion in 2024, according to data from CoinGecko, and institutional interest in digital assets is growing.
“My father stood on stage in Nashville and said he’s going to be the Bitcoin president,” Eric Trump told the audience. “He’s going to make America the crypto capital of the world, and that’s what it should be.” He emphasised that under the new administration, regulatory barriers would be minimised. “He’s going to put in small regulation. He’s going to do all the right things,” Eric said.
Abu Dhabi’s CYVN Holdings acquires McLaren’s automotive division
Abu Dhabi’s CYVN Holdings has acquired McLaren’s automotive division and a non-controlling stake in its racing unit from Bahrain’s sovereign wealth fund, Mumtalakat. The transaction is pending customary closing conditions and regulatory approvals.
CYVN Holdings, an Abu Dhabi government-owned investment firm, focuses on smart mobility solutions and has previously invested in companies like NIO Inc., Forseven and Gordon Murray Technologies. Mumtalakat, which acquired full ownership of McLaren Group in March 2024, aims to optimize its portfolio for sustainable long-term financial returns.
AE Coin secures UAE central bank license to launch
AE Coin has secured the final Central Bank of the UAE (CBUAE) license to launch.
AE Coin aims to bridge conventional fiat currencies and the decentralised digital economy, enabling secure, instantaneous and cost-effective transfers. By leveraging blockchain technology, stablecoins offer unprecedented transparency and efficiency while maintaining the reliability of fiat-backed stability, where one AE Coin is equivalent to one UAE Dirham. This includes empowering individuals and businesses to access modern financial tools, fostering financial inclusion, and supporting innovation in e-commerce, remittances, and decentralised finance (DeFi). AE Coin is poised to lead this evolution, establishing itself as a cornerstone of the UAE’s forward-looking digital economy strategy.
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