On9December2022,theUnitedArabEmirates("UAE")promulgatedtheFederalActonCorporateandCorporateTaxationNo.(47)2022,referredtoasthe"CorporateTaxAct",whichcameintoforceon1June2023.TheCorporateTaxActended50yearsofexemptionfromcorporateincometaxforDubaicompanies.