Abu-Dhabi

Abu Dhabi Investment Office to open first international branch in Tel Aviv

ADIO will subsequently open offices in Europe, North America and Asia

KUWAIT-PARLIAMENT-POLITICS

Covid-19 update: Kuwait postpones fifth phase of reopening, 8 MPs test positive

Activities that were scheduled to resume in the fifth phase included restoring family gatherings, exhibitions and the reopening of cinemas

Emirates NBD

Dubai’s Emirates NBD enters into MoU with Israel’s Bank Hapoalim

The agreement will allow Israeli clients to transact directly in the UAE

Closed Covid Dubai

Restaurant shut in Dubai’s Blue Waters for flouting Covid-19 regulations

Authorities are carrying out daily inspections to ensure adherence to Covid-19 precautionary measures

Abu Dhabi Ports

Abu Dhabi Ports announces expansion of Khalifa Port is on track

The expansion will substantially increase handling volumes by providing additional deep-water access and enhanced infrastructure

Dubai Mall

Covid-19: Police issue fines and warnings at Dubai Mall, Mall of the Emirates

The inspections were carried out over the weekend at four malls across Dubai

UAE-HEALTH-VIRUS Dubai

Dubai closes restaurant, fines gym for not adhering to Covid guidelines

Daily inspection visits are being carried out across the emirate, officials confirmed

Kuwait parliament approves state budget with $46bn deficit

Kuwait’s deficit last fiscal year widened to KD5.64bn, up almost 69 per cent from a year earlier

Oman to tap investors to plug budget deficit

Besides signing a bridge loan for OMR770m and issuing OMR550m in development bonds this year, Oman has also been tapping its reserves and privatising some assets

Indian-workers-Saudi

Saudi extends validity of expired residency visas for expats stuck aboard

The decision comes since international passenger flights to and from the kingdom remain suspended

UAE spending

UAE federal budget records Dhs9.75bn surplus in H1 2020

The federal government’s total revenues were reported at Dhs34.7bn

Oman Sultan to rule on VAT after legislature suggests 2022 start

Oman would become the fourth of the Gulf Cooperation Council’s six states to collect VAT

UAE DUBAI

Dubai introduces five-year renewable Retirement Visa for those aged 55 and over

Applicants will need to meet certain financial requirements in order to be eligible for the new visa

Abu Dhabi Investment Office Invest in Israel

Abu Dhabi Investment Office and Invest in Israel outline upcoming areas of collaboration

The collaboration will focus on innovation and technology

Saudi Arabia delays showcase investment conference until January

It will now be held on January 26-28

Kuwait finance ministry to mull halving $66bn debt ceiling

The finance and economic committee has also suggested reducing the period for borrowing

Saudi Arabia reserves grew in July from lowest level since 2010

The government could still face a budget deficit of over 13 per cent of gross domestic product in 2020

State of the global Islamic economy: Eyeing new frontiers

With Muslim consumers across the world seeking out faith-based products and services, the Islamic economy is seeing robust growth among all its different verticals

KUWAIT-HEALTH-VIRUS expats

Kuwait to extend expired residency, visit visas for 3 more months from September 1

The extension will be processed automatically by the ministry online

Lebanon inflation soars past 100% in latest sign of meltdown

Inflation in July reached 11.42 per cent from the previous month

Kuwait imposes ban on visa transfers to private sector

It has also levied restrictions on the transfer of dependent to work visas in the private sector

SAUDI-ECONOMY-TRANSPORT-METRO

Saudi to localise engineering jobs from 2021

The decision applies to all private sector establishments that employ five or more engineering professionals

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