DUBAI: Dubai Investments (DI) has reported a profit surge to 123.8 million dirhams ($33.7 million) in the first quarter of the year, compared to a loss of 6.8 million dirhams in the same period last year.
This was attributed to strong performances in the company’s manufacturing and investments segments, and a relatively stabilized real estate sector, it said in a statement.
“The results in the first quarter of 2021 highlight the strong performance and resilience of our business model during what continues to be a challenging time for our region and the world,” DI chief executive Khalid Bin Kalban said.
He said the company’s growth strategy was to focus on diversification.
The company recently acquired further interest in National General Insurance Company, which Kalban described as a move to “unlock growth opportunities and deliver superior returns” for its shareholders.
DI’s total assets remained stable at 22 billion dirhams, and total equity rose to 12.2 billion dirhams – a slight increase from 12 billion dirhams in the previous quarter.
Dubai Investments swings to profit as real estate stabilizes
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Dubai Investments swings to profit as real estate stabilizes
- This was attributed to strong performances in the company’s manufacturing and investments segments
Saudi Arabia links sweetened beverage tax to sugar content
RIYADH: Saudi Arabia’s Zakat, Tax, and Customs Authority has announced that starting Jan. 1, 2026, the selective tax on sweetened beverages will be calculated based on their total sugar content, replacing the current flat 50 percent rate applied to retail prices.
Under the new regulations, graduated tax brackets will be applied according to the sugar content per 100 milliliters of ready-to-drink beverages.
The rule covers all forms of sweetened beverages, including ready-to-drink drinks, concentrates, powders, gels, and extracts intended for consumption.
ZATCA said the change aims to promote public health and encourage consumers to choose lower-sugar options. By linking taxation to sugar content, the authority expects producers and importers to reduce sugar levels in their products, in line with international best practices.
The reform follows a decision by the Financial and Economic Cooperation Committee of the Gulf Cooperation Council, which recommended adopting a volumetric, sugar-content-based excise tax methodology for sweetened beverages across the region.
The update is part of Saudi Arabia’s broader efforts to encourage healthier consumption patterns and reduce sugar intake among residents.
