Oman cuts pay for new civil servants by up to 23%

Oman has resorted to spending cuts to stabilise public finances

Dubai Economy renews 33,874 licences through its ‘Auto Renewal’ service

The Business Registration & Licencing (BRL) sector also recorded a 62 per cent increase in auto renewal transactions during the first four months of 2020, compared to the same period in 2019

Gold climbs to seven-year high as Fed warns on US economic growth

Bullion has surged 16 per cent this year as the spread of the virus curbed economic growth

Saudi wealth fund said to be seeking $10bn margin loan

PIF is in need of capital as it embarks on an investment spree that has seen it build stakes in some of the world’s largest companies since the start of the coronavirus pandemic

Dubai denies media report that it is seeking support from Abu Dhabi fund Mubadala

It added that Reuters published the story without verifying the trustworthiness of its source

Saudi wealth fund PIF buys Boeing, Citi, Facebook, Disney stakes

The PIF is looking into “any opportunity” arising from the economic wreckage of the crisis, its governor said in April

Saudi Arabia ‘Vision 2030’ plan cut by $8bn – report

Brent crude is currently trading at around $30 a barrel, about half the level it was when Saudi Arabia announced its budget in December

Dubai family businesses seek VAT cut and government help to repatriate expat workers

Representatives of family businesses met with Dubai government officials last month

Dubai permits hotel beaches and public parks to reopen, watersports, skydiving also allowed

In malls and retail outlets, the refund and return of goods and the use of fitting rooms is now permitted

Dubai reveals ‘reopening’ plan post Ramadan for malls, offices

Malls will be allowed to stay open longer but restrictions on children, elderly to continue

ADNOC Distribution Service Station

ADNOC Distribution’s Q1 net profit down 31%

Its underlying EBITDA grew 4.7 per cent year-on-year to $171m in the first quarter of 2020

What will be the impact of Saudi’s VAT hike on businesses and consumers?

The kingdom has hiked its VAT rate from 5 per cent to 15 per cent starting July 1

No plans to hike VAT in the UAE – ministry

The UAE government levied a 5 per cent VAT on goods and services in January 2018

Abu Dhabi launches digital service for rent refunds on commercial leases

The new online service has been activated in collaboration with the Abu Dhabi Department of Finance

dubai silicon oasis

Dubai Silicon Oasis introduces additional economic relief measures

In April, DSOA introduced several incentives for residents, startups, companies and commercial tenants located within buildings owned by the authority

Saudi Arabia triples VAT, cuts cost of living allowances

The steps taken to shore up revenue and rationalise spending are valued at about SAR100bn in total

UAE’s ADCB posts 82% drop in Q1 net profit on NMC impairment charges

Its net loans stood at Dhs247bn and customer deposits at Dhs263bn as of the end of Q1 2020

Bahrain sells riskiest Eurobond since market reopened

The 10-year bonds yield 7.375 per cent, a substantial yield premium that has attracted more than $7.5bn so far

Asia’s Richest Men Prep for Battle as Adani Enters Ambani’s Turf

Saudi wealth fund exploring an investment in Reliance Jio

Facebook last month agreed to pay $5.7bn for a 10 per cent stake in the digital unit

Kuwait leader urges curbing oil reliance to strengthen economy

Kuwait imposed a 24-hour curfew on Friday for the next 20 days to contain the spread of the pandemic

Khalid Al Marzooqi Khalifa Industrial Zone Abu Dhabi

Khalifa Industrial Zone Abu Dhabi announces stimulus package for SMEs

Approximately 98 per cent of companies in Abu Dhabi are SMEs, contributing 29 per cent of the emirate’s GDP and 44 per cent of its non-oil economy

Dubai’s Q1 2020 external trade reaches Dhs323bn with China as largest trading partner

Customs transactions in Dubai reach 4 million in Q1 2020, up 60 per cent year-on-year

Abu Dhabi Customs launches economic stimulus package to support importers

A self-clearance service will allow companies to clear shipments themselves without resorting to customs brokers

Dubai’s Al Habtoor says may have to cut jobs if pandemic continues

The Al Habtoor Group owns seven hotels in Dubai as well as car dealerships, residential properties and schools

Children, elderly prohibited from entering malls and supermarkets in the UAE

These individuals are also not allowed to enter retails stores outside shopping centres

mining

Saudi launches new measures to support industrial and mining sectors

The measures include restructuring loans and postponing the payment of government fees

Abu Dhabi Pay

TAMM launches Abu Dhabi Pay to offer digital payment options for government services

Currently, digital wallet and credit card payments are available while direct bank debit will subsequently be added to the platform

Saudi Arabia to cut private sector salaries by 40%

The decision also allows companies to terminate employee contracts after six months of the coronavirus pandemic period

sheikh hamdan

Dubai has ‘sufficient’ strategic food reserves – Crown Prince Sheikh Hamdan

The committee explored ways to further facilitate food trade and distribution, diversify import sources, support local food production and reduce food waste

Dubai South waives first-year licence fees for new customers

It has also offered a 20 per cent reduction on licence fee renewals as part of its economic stimulus package