Ratings agency S&P defends decision to downgrade Saudi banks

Five of the eight Saudi banks rated by S&P have faced downgrades

GCC official condemns attack of Saudi daily Asharq al-Awsat’s Beirut office

The attack came in response to a cartoon published by the newspaper on April 1

Dubai ranks among world’s top five favourite cities for millionaires

The emirate welcomed 2,000 new millionaires last year, finds report

Emirates renews sponsorship deal with soccer league team New York Cosmos

The contract has been extended for three years

Saudi Arabia plans $2 trillion post-oil investment fund

The kingdom is planning for the end of the oil era

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

Modi will hold key meetings with senior Saudi officials on Sunday

After the flydubai tragedy, should we be worried about safety in the air?

Despite all the fears, today’s air travel is safer than it has ever been

Social platforms have changed TV and radio, say media bosses

Not having a comprehensive social strategy can be damaging for a media company

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

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

Dubai street art initiative to include Middle East's largest mural

Dubai street art initiative to include Middle East’s largest mural

Dubai Walls will feature 15 permanent murals from the world’s top street artists

UAE, Saudi government bank deposits decline

Saudi Arabia’s money supply also fell for the first time in more than a decade.

UAE is biggest investor in European football shirt sponsorship

Shirt spending by UAE companies rises to Dhs 3.4bn

Apple to launch new iPhone SE in early April in UAE, priced from Dhs 1,649

The smaller 4-inch smartphone includes many features from the iPhone 6s

UAE start-up costs dropped $96,500 in four years, says tech boss

Director of DTEC says the cost of starting a business has fallen from $100,000 to $3,500 since 2012

Dubai hotel security officer stands trial for insulting Christianity

His colleagues are also accused of spreading a video clip about him on social media without his consent.

Saudi prince slams Obama’s ‘free riders’ comment

Prince Turki Al Faisal criticised the President of the United States as “petulant” in a scathing open letter.

UAE officials warn of jail, fines for social media rumours - report

UAE officials warn of jail, fines for social media rumours – report

The warning comes after social media sites were awash with images and videos of the rain in the UAE last week

Kuwait arrests 47,000 expats in three months as crackdown continues

Kuwait arrests 47,000 expats in three months as crackdown continues

Around 6,000 of those arrested were deported

Small expat families can no longer own big vehicles in Jeddah - reports

Small expat families can no longer own big vehicles in Jeddah – reports

Under new rules, an expat family of less than five members will not be permitted to own a seven-seater

Work begins on installation of world's largest umbrella in Mecca

Work begins on installation of world’s largest umbrella in Mecca

The project is one of a number of giant shades being installed in the holy city

Expo 2020: Firms selected to design theme pavilions

Expo 2020: Firms selected to design theme pavilions

The firms will design the pavilions of opportunity, mobility and sustainability

Small expat families can no longer own big vehicles in Jeddah - reports

Small expat families can no longer own big vehicles in Jeddah – reports

Under new rules, an expat family of less than five members will not be permitted to own a seven-seater

UAE officials warn of jail, fines for social media rumours – report

The warning comes after social media sites were awash with images and videos of the rain in the UAE last week

Senior Dubai police official warns of ‘clash of civilizations’ if Trump wins

Senior Dubai police official warns of ‘clash of civilizations’ if Trump wins

If he wins the US election, Trump’s anti-Islamic rhetoric will see him face-off ISIL head Baghdadi

Dubai students returning from holiday killed in Sharjah crash

Dubai students returning from holiday killed in Sharjah crash

The accident occurred on Hatta Road on Friday at around midnight, sources say

Dubai plans to host international tech-based sporting tournament from 2017

Dubai plans to host international tech-based sporting tournament from 2017

The World Future Sports Games will feature events like driverless car racing and robotic soccer