Sheikh Mohammed bin Rashid Al Maktoum

UAE cabinet approves Dhs58bn budget for 2021

The new federal budget is 5.2 per cent lower than the 2020 figure of Dhs61.35bn

Abu Dhabi Commercial Bank ADCB

UAE’s ADCB posts Q3 2020 net profit of Dhs1.3bn; down 3% y-on-y

It reported a nine-month net profit from January-September 2020 of Dhs2.802bn, down 33 per cent compared to Dhs4.196bn in the corresponding period last year

Oman

Oman planning its biggest property trust IPO

Oman REIT Fund is planning an initial public offering that could raise about $100m

Nasdaq Dubai Growth Market

Dubai launches new stock market for SMEs

The Nasdaq Dubai Growth Market will be operational by early 2021

Dubai Silicon Oasis Authority signs agreement with International Free Zone Authority

According to the agreement, new and existing IFZA companies can work from the integrated free zone technology park

UAE revamps oversight bodies to boost economy’s competitiveness

Responsibilities of the Securities and Commodities Authority will be limited to regulating and overseeing local financial markets

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum Dubai

Sheikh Hamdan unveils new Dhs500m stimulus package for Dubai

The overall value of economic support provided by the emirate in 2020 has risen to Dhs6.8bn

Kuwait parliament assembly

Kuwait’s parliament passes law to cut expat numbers

The law does not include the previously proposed quota system for expat nationalities

UAE Israel

UAE delegation led by Obaid Humaid Al Tayer signs landmark agreements with Israel

The UAE, US and Israel also established a $3bn Abraham Fund to help stimulate private sector-led investments across the region

World Bank sees 5.2% contraction in MENA, in line with IMF

The dual shock of lower Brent prices and the coronavirus pandemic this year has taken an especially heavy toll on the region

Dubai Economy, Dubai Sports Council fine 11 gyms for flouting Covid-19 measures

Violations were spotted in gyms located in Hor Al Anz, Al Qusais, Al Muhaisnah, and Al Murar areas

wedding

Weddings and social events allowed to resume in Dubai

Event halls can accommodate a maximum of 200 people while the duration cannot exceed four hours

Dubai DEWA

Dubai’s DEWA repays $1.5bn bond, turns debt-free

New projects worth over Dhs80bn are either ongoing or envisaged for completion over the next five years

Lessons learnt: How to prepare for a post-pandemic job market

The post-pandemic job market is going to be different, so one must adapt to the changes

Israel’s cabinet approves UAE pact as leaders plan meeting

No date or venue was given for the leaders’ meeting

Dubai

Dubai records Dhs551bn non-oil external trade in H1 2020

China remained Dubai’s largest trading partner with Dhs66.4bn worth of trade

OMAN-DAILY LIFE

Oman to introduce 5% VAT in April

Essential food items, medical care, education and financial services will be exempt from the planned levy

Dubai Financial Market

Dubai Financial Market announces launch partners for new equity futures platform

The new equity futures platform is slated to launch on October 18

Kuwait virus

Kuwait warns against gatherings, mulls possibility of stricter measures to stop virus spread

Police officers remain “on the highest alert” to deal with any violation on the ban on gatherings

Saudi Arabia may face budget squeeze after 2021, Moody’s says

Saudi Arabia published an overview of its spending for the next three years that envisages annual cuts to help contain its fiscal deficit

Business conditions improve for Dubai’s non-oil sector

Its Purchasing Managers’ Index rose to 51.5 in September from 50.9 in August

Abu Dhabi converts status of 29 industrial licences to ‘production’

Construction and glass industries account for the largest share of industrial licences in Abu Dhabi with 20.1 per cent

Area 2071

Area 2071 in Dubai launches projects to support emerging tech companies

The three projects were selected from among over 150 projects participating in a special programme launched by District 2071

ECB takes major step toward introducing a digital Euro

A central-bank digital currency would allow euro-area residents to place deposits with the ECB directly

Oman’s National Gas Company terminates CEO

Oman orders two-week night curfew, shuts all beaches

The sultanate has warned of strict action against violators

IDEX UAE

Israel to participate in Abu Dhabi defence exhibition IDEX in 2021

The upcoming edition of IDEX and NAVDEX is expected to feature over 1,300 companies

Sheikh Mishaal Al Ahmad Al Sabah

Kuwait Assembly approves Sheikh Mishal as Crown Prince

In a special session held on October 8, all 59 members blessed the new Crown Prince

UAE top 10 banks see profits drop by 38.9% in H1 2020: KPMG

Non-performing loan ratio increases from 3.8% in December 2019 to 4.1% in June 2020