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Egypt agrees to hand over disputed islands to Saudi Arabia

The decision could see the territories used for a proposed bridge between the two countries

Dubai’s Emaar has not cut property prices – Alabbar

​Emaar chairman says good supply still lagging demand in Dubai’s property market

Saudi bans ‘anti-Islamic’ footballer haircuts

A video shows a player being given a last-minute haircut before a match

Saudi to fine restaurants serving soft drinks

New legislation comes as the country tries to tackle a diabetes epidemic

SKAI plans to replicate Dubai tower design in other global cities

The Viceroy Dubai Jumeirah Village will open next year

Sharjah eyes creation of offshore financial centre

An offshore zone could form part of the emirate’s diversification strategy

Fire at Indian temple kills 84

The blaze at Puttingal temple in Kerala is believed to have started by fireworks

GCC stock markets: Where is the research?

Why is there a lack of coverage of Gulf stock markets, examines MR Raghu

UAE’s first KidzMondo theme park planned at new Abu Dhabi mall

Located at the World Trade Centre mall in Abu Dhabi, it will open in 2017

New Dubai projects unveiled: Vertical Industrial City, Dubai Stairs and Safari Golf

The Dubai Municipality has planned several new projects across the emirate

UAE non-oil private sector growth hits 2016 high

Business conditions have improved at the strongest rate in four months

sharjah airport

Sharjah joins Dubai in levying Dhs 35 airport fee

The charge will be levied on passengers exiting via the airport

Expats may no longer be allowed to hold HR jobs in Saudi Arabia

Authorities reportedly mulling a plan to restrict hiring- related roles to Saudis

Qatari firm plans to convert US embassy in London to luxury hotel

Qatari Diar is also undertaking a $2bn rental venture in the UK capital

Middle East boating industry defies regional economic slump

Loyal customers and a booming market have helped the industry stay buoyant

Middle East boating industry defies regional economic slump

Loyal customers and a booming market have helped the industry stay buoyant

Liverpool FC in Middle East takeover bid, says report

The famous Premier League football club could be sold for more than $900m

Emirates renews sponsorship deal with soccer league team New York Cosmos

The contract has been extended for three years

Indian PM Modi to discuss investment, security during first Saudi visit

Modi will hold key meetings with senior Saudi officials on Sunday

Five minutes with.. Centric founder and CEO Usman Khalid

Khalid discusses the digital marketing industry and the company’s expansion plans

GCC needs to create stronger union to boost foreign investment

A single GCC market could increase the region’s economy by $36bn

Abu Dhabi developer reveals plans for UAE's largest aquarium

Abu Dhabi developer reveals plans for UAE’s largest aquarium

The attraction will “absolutely” be bigger than the Dubai Mall’s, according to reports

Kuwait signs $2.9bn deal for LNG facility

Kuwait signs $2.9bn deal for LNG facility

When completed, the site will import 3,000 British units of LNG per day

Amnesty report says Qatar 2022 world cup workers still suffering abuse

Amnesty report says Qatar 2022 world cup workers still suffering abuse

Organisation cited incidents of pay and passports being withheld from workers

Saudi plans SAR 100,000 fine for firms that violate weekend rule

Saudi plans SAR 100,000 fine for firms that violate weekend rule

Companies warned against counting weekends as part of annual leave

Oman could become the first country in the Gulf Cooperation Council to introduce value added tax as it looks to raise revenues, according to reports. Oman Daily Observer cites an official familiar with the matter as saying the “final touches” are being made to the country’s draft law relating to VAT. “It is only a matter of timing,” he said, without specifying the tax rate. "There will be no exemptions, and all consumers will pay the VAT upon its implementation," he said, adding, "key sectors, sectors such as health, education and social services may not be included in the new tax net". The source said around 94 food items would also be exempt and the country expected to raise OMR 300m ($779m) each year from the levy for state coffers. However, he ruled out any plans to introduce income tax in the country, according to the publication. A GCC-wide agreement to implement a VAT rate of 5 per cent is in the works with the UAE already confirming its plans. Last month, the emirates said it would implement the levy from January 1 2018. Under the agreement, UAE minister of state for financial affairs Obaid Humaid Al Tayer said other countries in the region would have until January 1 2019 to follow suit. He said at least 100 foot items, bicycles, healthcare and education would be exempt from VAT, which is expected to raise Dhs 12bn ($3.2bn) for the country in its first year. In a report this month, consultancy firm EY’s MENA indirect tax leader Finbarr Sexton said VAT would have a “broad impact” on businesses in the region. “It will diversify government revenue sources and reduce reliance on oil revenues to finance government expenditures,” he said. “The additional revenues collected are likely to fund programmes for the development of job opportunities for nationals and improve education and healthcare in the GCC.” But he warned that there would be severe penalties for non-compliance. “All businesses must undertake a review of their current contracts to determine if VAT has been appropriately addressed,” he said. The implementation of VAT in the GCC is being driven by a prolonged decline in Brent crude prices from a $115-per-barrel peak in mid-2014 to around $40 this month. GCC countries are expected to post average fiscal deficits of 16 per cent this year, with a $275bn regional shortfall, according to the International Monetary Fund. Related articles VAT could become additional cost for GCC businesses Industry GCC Rail Completion Date Could Be Pushed To 2020 - UAE Minister Industry UAE Launches Strategy To Become Most Innovative Country In Seven Years Industry Newsletter Subscribe to get a Gulf Business update each day. By Robert Anderson Email Robert Latest More senior executives at Abu Dhabi bank FGB depart Emirates would buy more A380s even if new version shelved Saudi Aramco prepares for global expansion as IPO looms UAE workers say CEOs accountable for data breaches

Oman could be first to launch VAT in GCC

The country is reportedly putting the “final touches” to its draft tax law

Abu Dhabi's TAQA cuts spending target

Abu Dhabi’s TAQA cuts spending target

The company also reduced its CAPEX by 52 per cent last year

Qatar says will investigate worker abuse claims raised by Amnesty

Qatar says will investigate worker abuse claims raised by Amnesty

New ​Amnesty report accuses Qatar of failing to protect migrant workers’ rights

EgyptAir hijacking ends with no casualties

Flight MS181 was hijacked by a passenger who said he was wearing an explosives belt

Apple expected to unveil smaller, cheaper iPhone on Monday

The new 4-inch iPhone SE is rumoured to have similar features as the iPhone 6s