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12/21/23, 10:17 AM UAE 2023: A year in review - Arabian Business
with enthusiasm from investors, raising $210.4 million in IPO proceeds.

But perhaps one of the standout IPOs this year was ADNOC Gas. The company’s listing on
the Abu Dhabi Securities Exchange (ADX) in March, generated substantial excitement

among investors. ADNOC Gas raised $2.5 billion in IPO proceeds, solidifying its position as
a key player in the industry.

Dubai scraps alcohol tax

In a move to boost the city’s economy, Dubai authorities announced the suspension of the

30 percent tax on alcohol in January. The changes meant that hotels, bars and restaurants
would pay 30 percent less than previous years when purchasing alcohol.

In addition to scrapping the excise fees, Dubai also removed costs for obtaining an alcohol

license within the city. Previously, license fees were AED270 annually with a four-week
processing time, but individuals eligible to purchase alcohol can now obtain licenses free of

charge from the 21 branches of the MMI stores across Dubai.

UAE Corporate Tax comes into effect

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