#Economy

UAE plots new stimulus measures to bolster economy

The UAE’s central bank had provided more than $70bn of stimulus by March to aid businesses

Abu Dhabi Ports

Abu Dhabi ports’ non-oil foreign trade valued Dhs66.5bn for first four months of 2020

Re-exports fell 24.6 per cent year-on-year to Dhs13bn and non-oil exports by 8.5 per cent to Dhs18.3bn

DAFZA

Exports from Dubai’s DAFZA up 54% in Q1 2020

China accounted for the highest percentage of DAFZA’s trade, with 21 per cent valued at Dhs7.7bn

Dubai attracted around Dhs12bn of FDI in H1 2020

There were 190 FDI projects announced in the emirate in H1 2020, around 50 per cent of them being greenfield initiatives

Dubai UAE

JPMorgan sees virus fallout stoking Middle East deals into 2021

The first six months saw $72bn of bond issuance from the region

china oman

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

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

ADCB

UAE’s ADCB to lay off around 400 employees – reports

The bank had asserted in March that no employees would be made redundant as a result of the Covid-19 pandemic

Standard Chartered

Standard Chartered appoints new CEO for Saudi Arabia banking division

In February last year, the British bank received approvals from Saudi Arabia’s financial regulator to open a branch in the kingdom

DIFC

China strengthens fintech cooperation with Dubai through new agreement with DIFC

Jiaozi Fintech Dreamworks and DIFC will collaborate on key sectors such as blockchain, artificial intelligence, big data and cloud computing

Dubai

Dubai’s real estate sector records transactions worth Dhs72.5bn in H1 2020

In H1 2020, 4,536 women investors completed 5,112 investments worth Dhs6.6bn

Covid-19 is the chief concern for UAE investors – UBS study

Majority of UAE investors said they were optimistic about the global economy

Saudi Arabia to Bahrain causeway reopens from July 23

The King Fahd Causeway shut on March 7 as part of the precautionary measures

Saudi Arabia

Saudi Arabia refutes reports that it is mulling income tax

An official within the government added that the “issue is fundamentally not for discussion”

Muscat Oman

Oman to reimpose nationwide lockdown to contain spread of Covid-19

The two-week lockdown will commence from July 25

Dubai Food Security

Dubai’s external food trade valued at Dhs32bn in H1 2020

The emirate’s food imports reached Dhs22bn, while exports were recorded at Dhs5.5bn and re-exports amounted to Dhs4.5bn

Abu Dhabi

Abu Dhabi records Dhs80.23bn non-oil foreign trade in first five months of 2020

Saudi Arabia was the emirate’s top trading partner during the period, accounting for Dhs17.91bn worth of trade

DP World

DP World lists $1.5bn sukuk on Nasdaq Dubai

The capital raised by the sukuk will be used for general corporate and growth purposes including refinancing debt

Abu Dhabi Fund for Development

Covid-19: Abu Dhabi Fund suspends debt repayment for beneficiary countries, companies

It covers the payment of instalments and interests over the period from January 1 to December 31, 2020

Dubai reveals additional stimulus package worth Dhs1.5bn to support businesses

The stimulus package aims to support small and medium enterprises and a number of strategic sectors

UAE residence-visa 2

Expired UAE residence visas, ID cards no longer valid until December-end

UAE citizens, GCC nationals and residents inside the country have a grace period of three months to renew their documents

Abu Dhabi aims to attract skilled expats by making life cheaper

Abu Dhabi is the 39th most expensive place for expatriates, according to New York-based consultant Mercer, more costly than Boston or Milan

Dubai

Dubai Developments Group offers tenants rent relief of upto six months

The package is valued at Dhs200m and expected to benefit over 1,500 businesses

Arabtec

Dubai-based Arabtec appoints Mubadala deputy group CEO as chairman

Waleed Al Mokarrab Al Muhairi replaces Mohamed Thani Al Rumaithi who recently tendered his resignation

Dubai Financial Market

Dubai Financial Market to reopen trading floor on July 7

DFM had announced the temporary closure of the premises on March 16 in the wake of the Covid-19 pandemic

KUWAIT-HEALTH-VIRUS-ECONOMY malls

Kuwait enters second phase of easing Covid-19 restrictions, with malls, cafes and parks reopened

Public and private sectors can resume work with a maximum of 30 per cent capacity

Dubai World pays $8.2bn two years early to complete debt revamp

The payment was made using funds from asset sales, dividend payments and the delisting of port operator DP World

New mega urban development project, Masar, launched in Saudi’s Makkah

The project will see the addition of “tens of thousands” of hotel and residential units in Makkah in later phases

All economic sectors in Dubai can return to normal working hours

The UAE announced on Wednesday that it had completed the National Sterilisation Programme

Sharjah to reopen cinemas, pools, entertainment centres and fitness facilities

Several economic and tourism activities in Sharjah are allowed to reopen at 50 per cent capacity on June 24

saudi arabia riyadh

Saudi Arabia lifts national curfew, resumes commercial activities

International travel as well as entry to the kingdom via land and sea will remain suspended