The digital economy’s contribution to the UAE’s local GDP in 2019 reached 4.3 per cent
Saudi Arabia increased its value-added tax from 5 per cent to 15 per cent on July 1
The bill was designed to raise as much as $65bn
Exports rose by 20 per cent year-on-year to Dhs31m from Dhs25.7m, while re-exports stood at Dhs6.5m
Salons, gyms, barbershops, tailors, and spas are set to reopen from August 18
Its net revenue also declined nearly 11.5 per cent year-on-year to Dhs2.5bn
The new route will be served by a fleet of eight vessels ranging in capacity from 10,000-13,000 TEU
Construction as well as the wholesale and retail industry are leading the upswing
The Gulf state is aggressively looking to reduce its expat population
Nearly half of all Saudi employees are below the age of 35
Kuwaiti lawmakers have approved amendments to the rent law, allowing tenants to delay their rent payments
The UAE’s central bank had provided more than $70bn of stimulus by March to aid businesses
Measures to be followed include social distancing and limited capacity
Re-exports fell 24.6 per cent year-on-year to Dhs13bn and non-oil exports by 8.5 per cent to Dhs18.3bn
Employment continued to fall in Saudi Arabia, the UAE and Egypt despite a stronger pickup in non-oil private sector activity in July
China accounted for the highest percentage of DAFZA’s trade, with 21 per cent valued at Dhs7.7bn
There were 190 FDI projects announced in the emirate in H1 2020, around 50 per cent of them being greenfield initiatives
The first six months saw $72bn of bond issuance from the region
DMCC also said that newly registered companies will be offered a free 12-month membership of the Dubai Diamond Exchange
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
The UAE is the first Arab country, and the 33rd nation globally, to produce nuclear energy
The bank had asserted in March that no employees would be made redundant as a result of the Covid-19 pandemic
In February last year, the British bank received approvals from Saudi Arabia’s financial regulator to open a branch in the kingdom
Under the new proposal, Indians must not exceed 15 per cent of the population of Kuwaitis
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
Jiaozi Fintech Dreamworks and DIFC will collaborate on key sectors such as blockchain, artificial intelligence, big data and cloud computing
The insurance refund requests were valued at Dhs3.2bn
In H1 2020, 4,536 women investors completed 5,112 investments worth Dhs6.6bn
An official within the government added that the “issue is fundamentally not for discussion”
The two-week lockdown will commence from July 25