this is the conversion factors for DLTM to WGS
False Northing = 0.0 • False Easting = 500,000 •Central Meridian =55 20 00 • Scale Factor =1.0
If you have some other solution, please do share those.
There is a Dubai Local TM defined in ArcGIS, WKID 3997. It is WGS84 based so no datum transformation is necessary.
If you want to create new data in UTM 40N, add the DLTM data to a new map doc, the DF will be set to DLTM.
Right click the data frame and get the properties page, coord sys. Select your UTM zone (WGS84 based).
Then you can export from the TOC your data using the coord sys of the DF.
Or use the Reproject tool in the tool box.