RAK’s Sheikh Saud orders exemption of renewal fees for select commercial activities to counter Covid-19

Nurseries have been granted 50 per cent exemption on trade licence renewal

How will economies trace their recovery pathways in the wake of Covid-19?

Recovering from the ‘great compression’ caused by Covid-19 is going to be a slow and uncertain process, led by epidemiological factors

DP World

Dubai-based DP World acquires feeder operators for greater reach into Indian subcontinent

Transworld Feeders and Avana Global are independent feeder and Non-Vessel Operating Common Carriers (NVOCC) operators

Stakes rising in Oman for regional financial aid

The sultanate’s dollar-denominated bonds have lost 1.6 per cent this year, the worst performer in the region

Sheikh-Mohammed Dubai

Sheikh Mohammed outlines new law for family-owned businesses in Dubai

The validity of a family ownership contract can extend up to 15 years, after which it must be renewed

Kuwait can’t pay salaries beyond October, minister tells Parliament

The government estimates a budget deficit of KD14bn in the current fiscal year

Fitch follows Moody’s by downgrading Oman deeper into junk again

Fitch’s latest downgrade brings its ranking of Oman to the same level as that of Moody’s Investors Service and S&P Global Ratings.

Saudi Arabia avoids reference to UAE normalisation with Israel

Saudi Arabia’s media has been more unfettered in its praise of the UAE’s decision

Bahrain, Manama, Cityscape view of Bahrain World Trade Center and Bahrain Financial Harbor

Bahrain awards 769 tenders worth $1.7bn in H1 2020

The construction and engineering sector accounted for the biggest share of contracts in the first six months of the year

DIFC-gate

DIFC launches new license starting at $1,500 for startups and entrepreneurs in Dubai

Businesses can secure up to four visas when renting a desk space within the freezone

Bahrain seen needing more Gulf aid as it’s downgraded by Fitch

Lower oil prices and the global coronavirus pandemic have combined to stretch its finances

Kuwait expats

Kuwait unlikely to extend visas beyond Aug 31, to stop issuing work permits for certain expats aged over 60

Expatriates whose visas expired by the end of May were given a three-month free grace period to renew their documents

Sheikh Mohammed Digital Economy

Sheikh Mohammed says digital economy is next priority for UAE

The digital economy’s contribution to the UAE’s local GDP in 2019 reached 4.3 per cent

Saudi Arabia’s inflation rate surged to 6.1% in July on VAT hike

Saudi Arabia increased its value-added tax from 5 per cent to 15 per cent on July 1

kuwait-skyline

Kuwait’s $65bn debt plan in peril after draft law rejected

The bill was designed to raise as much as $65bn

jebel-ali-free-zone

Dubai’s foreign trade in medical sterilisers grows 23% to Dhs70m in H1

Exports rose by 20 per cent year-on-year to Dhs31m from Dhs25.7m, while re-exports stood at Dhs6.5m

KUWAIT-HEALTH-VIRUS

Kuwait to move into fourth phase of reopening this week

Salons, gyms, barbershops, tailors, and spas are set to reopen from August 18

Abu Dhabi Islamic Bank

Abu Dhabi Islamic Bank records 52% decrease in net profit for H1 2020

Its net revenue also declined nearly 11.5 per cent year-on-year to Dhs2.5bn

CSP Abu Dhabi Terminal

CSP launches new direct service from Abu Dhabi to Europe and Indian subcontinent

The new route will be served by a fleet of eight vessels ranging in capacity from 10,000-13,000 TEU

Dubai-new

Dubai businesses return to growth in July as pandemic impact eases

Construction as well as the wholesale and retail industry are leading the upswing

KUWAIT-HEALTH-VIRUS worker expat

Kuwait mulling plan that could see 360,000 expats deported in the ‘short-term’

The Gulf state is aggressively looking to reduce its expat population

Saudi Arabia Youth

Two-thirds of Saudi Arabia’s population is under the age of 35

Nearly half of all Saudi employees are below the age of 35

Kuwait city

Kuwaiti MPs reject draft law allowing private sector firms to cut salaries by up to 50%

Kuwaiti lawmakers have approved amendments to the rent law, allowing tenants to delay their rent payments

UAE plots new stimulus measures to bolster economy

The UAE’s central bank had provided more than $70bn of stimulus by March to aid businesses

AI everything

Dubai issues guidelines to restart exhibitions, live events and concerts

Measures to be followed include social distancing and limited capacity

Abu Dhabi

Abu Dhabi ports’ non-oil foreign trade valued Dhs66.5bn for first four months of 2020

Re-exports fell 24.6 per cent year-on-year to Dhs13bn and non-oil exports by 8.5 per cent to Dhs18.3bn

Jobless recovery from virus takes shape for top 3 Arab economies

Employment continued to fall in Saudi Arabia, the UAE and Egypt despite a stronger pickup in non-oil private sector activity in July

DAFZA

Exports from Dubai’s DAFZA up 54% in Q1 2020

China accounted for the highest percentage of DAFZA’s trade, with 21 per cent valued at Dhs7.7bn

Dubai attracted around Dhs12bn of FDI in H1 2020

There were 190 FDI projects announced in the emirate in H1 2020, around 50 per cent of them being greenfield initiatives

Dubai UAE

JPMorgan sees virus fallout stoking Middle East deals into 2021

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