US Secretary of State Kerry meets Saudi king to discuss Syria

Talks with Russia, Iran and other countries are slated to take place in Vienna on Tuesday

Two die in UAE military aircraft crash

The plane crashed during a training programme in the country

WhatsApp can officially hide online status, announces rollout of Communities

91% of Saudi’s youth browse internet on mobile phones

Study shows 90.5 per cent of young people in the kingdom believe values and ethics should be promoted on social media

Saudi could make MSCI emerging markets index by 2019

Saudi market authorities recently announced an easing of foreign ownership restrictions

Dubai’s Arabtec Q1 net loss narrows as revenues rise

In April, its chairman said Arabtec could break even this year and should return to profit in 2017

Has the UAE property market bottomed out?

Property site says it has seen increasing buyer interest since the start of the year

Dubai’s Drake & Scull Q1 net profit falls 61%

DSI has reported worsening earnings in seven of the preceding eight quarters

Dubai’s RTA awards contract for Dhs 335m roads project in Business Bay

The project is scheduled for completion in the first quarter of 2018

Saudi accuses 32 people of spying for Iran

Moody’s cuts Saudi, Oman, Bahrain debt ratings

The ratings agency downgraded Saudi Arabia’s long-term issuer rating by one notch

Abu Dhabi National Oil Company reshuffles leadership

The firm has appointed new chief executives for six of its 18 operating units

Will Saudi raise enough revenues for its new economic reform plan to work?

The kingdom’s plan requires tens of billions of dollars of fresh revenue from the private sector

Kuwait public sector to cut “unnecessary” expats

Kuwait’s Investment Dar seeks creditor backing for new $2.7bn debt plan

Any deal is complicated by legal claims over Investment Dar’s assets

June OPEC meet to focus on dialogue, not market action – Kuwait

An earlier plan to agree on measures to stabilise soaring oil production failed during talks in Doha in April

Dubai’s Al Maktoum airport posts 79.8% jump in Q1 traffic

The passenger traffic growth was attributed to increased frequencies and growing demand

Babies sold for $830 in Kuwait as infant trafficking increases

A senior official told Kuwait Times that infant trafficking in the country was on the rise

Video: Dubai’s Expo 2020 masterplan

The 438-hectare site in Jebel Ali will be divided into several sections

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’s Shura Council argues for lifting of family visa restrictions

Royal Oman Police imposed restrictions on family visas in 2013

Qatar’s Al-Jaber to join Volkswagen’s supervisory board

Hessa Al-Jaber will replace Akbar Al Baker as Qatar’s representative on the carmaker’s board

Construction on new Nakheel Mall almost 50% complete

The Dhs 1.2bn mall is located within Nakheel’s Palm Jumerah development

Police seek Canadians, Iranian after man shot dead in Dubai Marina

The Turkish citizen of Iranian origin was shot nine times in his car in Dubai Marina

dirhams

UAE banks to assess impact of new rules on impairments

Lenders across the world are preparing for a change to international accounting rules

More senior executives at Abu Dhabi bank FGB depart

First Gulf Bank cut close to 100 jobs in November

Emirates would buy more A380s even if new version shelved

The Dubai airline is the Airbus A380’s biggest buyer

Saudi Aramco prepares for global expansion as IPO looms

Saudi Arabia is expected to sell up to 5 per cent of Aramco via an IPO

UAE workers say CEOs accountable for data breaches

New survey reveals workers expect management to be accountable for cyber attacks even if they are not informed

Dubai’s Emirates posts 56% jump in 2015 profit

The airline benefitted primarily from cheaper fuel costs

Saudi to transfer Riyadh finance district project to PIF

A new approach to the project was outlined in the Vision 2030 package of economic reforms

Saudi transport committee calls for reduced Saudisation quota

The committee’s chairman said there were not enough workers for companies to reach the current target

Qatar Airways delays launch of longest direct flight to Auckland

​The route launch has been postponed to February 2017

Dubai seen weathering Gulf slump with Expo 2020 growth forecast

The IMF’s UAE chief said Dubai will enter a period of “rapid acceleration” in the buildup to the Expo 2020