The UAE is undergoing several economic changes as the Gulf state aims to transition away from oil. Last month, the Emirates announced that it would begin taxing business profits for the first time starting in 2023. Karen Young, , director of the Economics and Energy Program at the Middle East Institute, told Al-Monitor the tax is a part of a wider “diversification effort” in the Gulf and an attempt to raise government revenue. Earlier this week, an Emirati official told Al-Monitor that the new tax regimen aims to encourage startup growth by reducing business fees.