The Economic Times

Industry News

Hermes Sales Hit by Chinese Spending Curbs and Dubai Retail Disruptions

Hermes International reported flat constant-currency revenue in its region that includes China for the third quarter, trailing analyst expectations of 1.6% growth. The performance was weighed down by Chinese consumer spending cutbacks and regional conflict disrupting shopping destinations such as Dubai. Following the announcement, Hermes shares fell up to 9% in Paris, extending year-to-date declines to 41%.

Policy & Legal Updates

UAE VAT Amendments Restrict Input Tax Recovery on Employee-Related Business Expenses

The UAE has revised value-added tax rules governing input tax deductions, narrowing the scope of recoverable employee-related expenses and cash purchases. The new framework took effect on October 1 following guidance published by the Federal Tax Authority on September 28. Tax experts note that labour-intensive companies face heightened compliance procedures and potentially hundreds of thousands of dirhams in added annual costs.

Policy & Legal Updates

UAE Leads 2026 Passport Index With Mobility Score of 182, Report Shows

The United Arab Emirates ranks first in the 2026 Passport Index compiled by Arton Capital, offering simplified travel access to 182 destinations. Singapore and Malaysia share second place with access to 175 destinations, followed by Spain with 174. India ranks 72nd with a mobility score of 70, while the United States holds the 10th position.

Policy & Legal Updates

UAE Confirms Family Sponsorship Privileges Under 10-Year Golden Visa Scheme

The UAE government has confirmed family sponsorship terms under its 10-year Golden Visa program, permitting holders to sponsor spouses, parents, and children of any age. Sponsored dependents receive 10-year residency matching the primary holder and may stay until permit expiry even if the primary sponsor passes away.