Sustainability reporting increases in top UAE companies amid new mandates

Increase attributed to greater commitment to national green initiatives

Bahrain-Manama

Bahrain, UAE and Saudi ranked among world’s top five Islamic finance economies

Islamic Development Bank report places Bahrain in third place globally

Truck

Dubai trade with Bahrain increases 170% in 10 years

In the first half of 2020, trade between Dubai and Bahrain amounted to Dhs5.37bn

Saudi Arabia plans spending cuts in 2021 as economy recovers

The kingdom will stick to its plan to cut spending by 7.3 per cent in 2021

KUWAIT-EGYPT-HEALTH-VIRUS

Kuwait to offer only one-year residency for expats – report

The new decision will apply to all expats entering the country

Kuwait parliament assembly

Kuwait post-election cabinet has new finance, oil ministers

Kuwait elected a new National Assembly on December 5

Global Islamic finance assets expected to reach $3.69 trillion in 2024

The Islamic banking sector grew 14 per cent in 2019, equating to $1.99 trillion in global assets

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai

Sheikh Mohammed issues new laws to ramp up efficiency of Dubai government entities

Dubai Nuclear Energy Committee, Awqaf and Minors Affairs Foundation, Dubai Real Estate Institute and Dubai Institute for Human Resource Development fall under the ambit of the new laws

British investments in UAE valued at $20.5bn

The UAE is also one of the 27 top investors in the UK

Abu Dhabi

Abu Dhabi’s toll gate system to go live on January 2, 2021

Motorists need to register and activate their toll accounts

Abu Dhabi wealth fund targets Africa, renewables to lift returns

ADIA started a climate-change equity portfolio this year, aimed at boosting its green-economy exposure

Oman foreign minister

Oman plans more labour reforms and new taxes – foreign minister

The country also has plans to extend visa-free arrival for up to 30 days for citizens of more than 100 countries

Kuwait parliament national assembly

Kuwaiti voters replace more than half of sitting parliament

The incoming legislature will have 31 new members

UAE airport

UAE authorities issue guidelines on applying for amnesty as Dec deadline looms

Following the amnesty period, those found with expired visas face fines of up to Dhs315 per week

Saudi business conditions hit 10-month high as sales, jobs climb

Business activity in Saudi Arabia grew at the fastest pace since the beginning of the year, fueled by a sharp rise in sales and strengthening sentiment

Global bank job cuts reach five-year high

The total number of positions that have been eliminated has reached 85,540 globally

Bahrain awards $2.7bn worth of contracts in first nine months of 2020

Robust figures come despite impact of Covid-19 on the global economy

Free parking in Dubai, Abu Dhabi, Sharjah to mark 49th National Day

Motorists in the three emirates can park their vehicles for free during the three-day holiday period

How new Saudi labour reforms benefit the economy

This initiative is a win-win situation for employees as well as employers

DIFC FinTech Hive and Israel’s FinTech-Aviv sign cooperation agreement

Over 50 per cent of all fintech businesses in the GCC now operate from DIFC

KUWAIT-INDIA-HEALTH-VIRUS amnesty

Kuwait offers second amnesty this year for undocumented expats

The amnesty will require expats living illegally to either get a valid residency or leave the country after paying their fines to avoid a ban

Nasdaq Dubai Dubai Islamic Bank

Dubai Islamic Bank lists $1bn sukuk on Nasdaq Dubai

Dubai Islamic Bank is now the largest UAE-based sukuk issuer by value on Nasdaq Dubai with a total of $7.3bn listed on the exchange

UAE President pardons 628 prisoners ahead of National Day

Sheikh Humaid bin Rashid Al Nuaimi, Ruler of Ajman, also ordered the release of 49 prisoners

UAE to allow 100% foreign business ownership: Key points to note

The new decision is hoped to enhance the UAE’s attractiveness for investment and business growth

Forgery of electronic documents in UAE could cost Dhs100,000 or more

Those who use a forged electronic document bearing knowledge of its falsification will also be punished

Foreign nationals permitted 100% business ownership in the UAE

The rule will be applicable from December 1, 2020, with businesses no longer requiring an Emirati sponsor

OMAN-HEALTH-VIRUS-TRAVEL

Over 7,600 expats register to exit Oman as part of its initiative to waive overstay fines

The initiative, which began on November 15, runs until the end of the year

DIFC Dubai

Israel’s Bank Hapoalim signs agreement with DIFC, AGDM

The agreement enables Bank Hapoalim to access banking and innovation opportunities in the Middle East, Africa and South Asia through the DIFC platform

G-20

Leaders at the Saudi-hosted G20 summit to pledge to ensure fair distribution of vaccines

The battle to counter the pandemic dominated the first day of a virtual summit of G20 nations on Saturday

Government employees in Abu Dhabi to receive full housing allowance

Citizens and residents living in Abu Dhabi are entitled to full housing allowance and rent stipend in line with their job grade