Dubai is the only exception, and has managed to implement a successful diversification policy
The oil sector now accounts for less than 1 per cent of Dubai’s GDP
The changing forecasts were in part linked to the lower oil price
Dubai’s non-oil private sector grew faster in the first half of the year as compared to H1 2016
The Qatar central bank claims to have $40bn in reserves plus gold, while the QIA has $300bn in reserves
The fees have to be paid through the government-run SADAD payment banking system
The ratings agency attributed the outlook change to the “economic and financial risks arising from the ongoing dispute”
The fee, which took effect on July 1, requires expatriates to pay SAR100 per month for each of their dependents
The UAE’s non-oil private sector recorded sharper rises in both new orders and output
Residence permits will not be renewed and exit/re-entry visas will not be issued for expatriates unless the fees are paid
GDP, adjusted for inflation, shrank 0.5 per cent year-on-year between January and March, its first fall since 2009
The Qatari riyal has come under pressure in the spot and forward foreign exchange markets
Construction companies experienced the fastest improvement in business conditions
The growth in hiring was also at its weakest rate in seven months
Entities who withhold information or violate regulations will face fines of up to SAR50,000
Policy reforms and strong growth prospects led to the ratings change
The emirate’s gross domestic product is expected to grow 3 per cent this year
The new platform aims to “remove bureaucratic barriers associated with growing a business in Saudi Arabia”
The discounts will range from 50 to 75 per cent and be available at 600 outlets across the country
The planned sale is expected to raise around $2bn
New businesses launched in Dubai during Q1 reached 308, compared to 136 in Q1 2016
S&P lowered Oman’s sovereign rating by one notch to BB+ from BBB- with a negative outlook
Improving business conditions in the construction sector aided overall growth
The government slashed the allowances last September, but announced last month that it would restore them
Job creation remains subdued and pricing power is limited, finds monthly Emirates NBD survey
Prince Mohammed first described his reform plans to the public almost exactly a year ago
Saudi restored financial allowances for civil servants and military personnel on Saturday
The licences are expected to be awarded to companies in technology, pharmaceutical and other sectors
The new authority will oversee Ras Al Khaimah Free Trade Zone and RAK Investment Authority
Many of the projects are relics of a decade-long boom of high oil prices and lavish state spending