Dubai UAE

JPMorgan sees virus fallout stoking Middle East deals into 2021

The first six months saw $72bn of bond issuance from the region

Dubai DMCC Diamond Exchange

Dubai’s DMCC cuts business registration fees for diamond companies by 50%

DMCC also said that newly registered companies will be offered a free 12-month membership of the Dubai Diamond Exchange

china oman

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

China’s state-owned oil giant is reportedly conducting advanced discussions with BP for a 10 per cent stake in the Khazzan natural gas field

barakah nuclear energy uae

UAE begins nuclear energy production at Barakah plant

The UAE is the first Arab country, and the 33rd nation globally, to produce nuclear energy

ADCB

UAE’s ADCB to lay off around 400 employees – reports

The bank had asserted in March that no employees would be made redundant as a result of the Covid-19 pandemic

Standard Chartered

Standard Chartered appoints new CEO for Saudi Arabia banking division

In February last year, the British bank received approvals from Saudi Arabia’s financial regulator to open a branch in the kingdom

Kuwait workers

Kuwait’s draft law on expat quotas to exempt domestic workers, those on government contracts

Under the new proposal, Indians must not exceed 15 per cent of the population of Kuwaitis

New survey in Dubai reveals 88% satisfaction in government’s handling of Covid-19 pandemic

There were 91 per cent of respondents who approved of the effectiveness of the national sterilisation programme, while 88 per cent were satisfied with the testing measures in place

DIFC

China strengthens fintech cooperation with Dubai through new agreement with DIFC

Jiaozi Fintech Dreamworks and DIFC will collaborate on key sectors such as blockchain, artificial intelligence, big data and cloud computing

Dubai Customs furnished 452,000 insurance refund requests in H1 2020

The insurance refund requests were valued at Dhs3.2bn

Dubai

Dubai’s real estate sector records transactions worth Dhs72.5bn in H1 2020

In H1 2020, 4,536 women investors completed 5,112 investments worth Dhs6.6bn

Saudi Arabia

Saudi Arabia refutes reports that it is mulling income tax

An official within the government added that the “issue is fundamentally not for discussion”

Muscat Oman

Oman to reimpose nationwide lockdown to contain spread of Covid-19

The two-week lockdown will commence from July 25

Kuwait runs into resistance on bill to boost borrowing

Kuwait raised $8bn in March 2017 in its first sale of international bonds

Dubai Food Security

Dubai’s external food trade valued at Dhs32bn in H1 2020

The emirate’s food imports reached Dhs22bn, while exports were recorded at Dhs5.5bn and re-exports amounted to Dhs4.5bn

G20 to make debt relief extension call closer to year end

All member countries have started implementing the Debt Service Suspension Initiative that currently is set to only run through December

Abu Dhabi

Abu Dhabi records Dhs80.23bn non-oil foreign trade in first five months of 2020

Saudi Arabia was the emirate’s top trading partner during the period, accounting for Dhs17.91bn worth of trade

Dubai Chamber announces task force to manage late payments issue

The task force will explore the causes of late payments, raise awareness and encourage the adoption of best payments practices

Abu Dhabi bourse plans first ETF next month, followed by futures

The exchange in the capital of the United Arab Emirates is close to setting up a central clearing house

DP World

DP World lists $1.5bn sukuk on Nasdaq Dubai

The capital raised by the sukuk will be used for general corporate and growth purposes including refinancing debt

How to rebuild a post-Covid-19 world: The ‘new normal’ is green

As the world recovers from the aftermath of the Covid-19 pandemic, sustainable policies and investments will help build a better future for generations to come

Abu Dhabi Fund for Development

Covid-19: Abu Dhabi Fund suspends debt repayment for beneficiary countries, companies

It covers the payment of instalments and interests over the period from January 1 to December 31, 2020

Dubai SME provides Dhs170m worth of incentives, services to entrepreneurs in 2019

Overall, local entrepreneurs received over Dhs630m worth of incentives and support from Dubai SME since its inception in 2002

Dubai reveals additional stimulus package worth Dhs1.5bn to support businesses

The stimulus package aims to support small and medium enterprises and a number of strategic sectors

Five recession-proof business ideas for UAE entrepreneurs

In light of the Covid-19 crisis, it would be prudent to consider businesses that are immune to recessions and/or economic crises

UAE residence-visa 2

Expired UAE residence visas, ID cards no longer valid until December-end

UAE citizens, GCC nationals and residents inside the country have a grace period of three months to renew their documents

Abu Dhabi aims to attract skilled expats by making life cheaper

Abu Dhabi is the 39th most expensive place for expatriates, according to New York-based consultant Mercer, more costly than Boston or Milan

Sheikh Mohammed Dubai Metro Route 2020

Video: Sheikh Mohammed inaugurates Dubai Metro’s Route 2020

The new route will provide direct metro connectivity to the Expo 2020 Dubai site

Saudi central banker says ‘too early’ to call recovery V-shaped

The International Monetary Fund is predicting a 6.8 per cent contraction for Saudi Arabia this year

Dubai

Dubai Developments Group offers tenants rent relief of upto six months

The package is valued at Dhs200m and expected to benefit over 1,500 businesses