#Economy

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

Tabreed

UAE’s Tabreed issues new $500m 7-year bond

The bond has been rated Baa3 by Moody’s and BBB by Fitch

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

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

Dubai

Dubai records Dhs551bn non-oil external trade in H1 2020

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

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

Abu Dhabi Customs

Abu Dhabi Customs introduces incentives for importers

It is aimed at helping small and medium enterprises enhance their competitiveness

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

Covid-19 testing UAE 4

Covid-19 update: UAE reports 1,075 new cases, Dubai Economy shuts service centre

The service centre in Dubai’s Al Twar area was shut down after its opening ceremony was found to be “overcrowded”

Mosque

At least 24,000 pilgrims perform Umrah, no Covid-19 cases detected

The kingdom resumed the Umrah pilgrimage on October 4 in phases

Abu Dhabi

Abu Dhabi Investment Office signs bilateral trade agreement with Israel Export Institute

ADIO will help connect Israeli companies with strategic entities and grant them access to resources in Abu Dhabi

uae currency dirhams

UAE Public Prosecution warns of life imprisonment for counterfeiting currency

Those found guilty will also be liable to pay a fine of not less than Dhs200,000

Dubai

Dubai repays 10-year $750m bonds certificates

The 10-year Euro Medium Term Note Programme reached maturity on October 5

Arab youth

UAE once again chosen as the ‘top country to live in’ by Arab youth

Nearly half of young Arabs have considered leaving their country, due to lack of opportunities and corrupt governance, finds annual Asda’a BCW survey

Emirates Islamic Nasdaq Dubai Sukuk

Emirates Islamic lists $500m sukuk on Nasdaq Dubai

The latest listing brings the bank’s current sukuk value on the exchange to $1.5bn

Emirates NBD

Dubai’s Emirates NBD launches new digital supply chain financing platform

The smartSCF platform will provide automated tools to optimise working capital and reduce transaction costs

Dubai-world-trade-centre-DWTC

Dubai World Trade Centre signs agreement with Israel for large-scale conferences and exhibitions

The commercial potential of agreements between the UAE and Israel is estimated at $500m per annum across several key sectors

Ras AL Khaimah

Ras Al Khaimah’s manufacturing sector exports grew 58% in 2019

A total of 137 countries imported products from Ras Al Khaimah

Dafza Israel

Dubai Airport Free Zone Authority signs agreement with Israeli Chamber of Commerce

DAFZA will provide incentives to Israeli companies wishing to establish their businesses within the emirate

Kuwaiti minister of Public Works and minister of State for Housing Affairs Rana al-Fares

Kuwait’s Public Works minister to terminate all expat employees – report

While 150 expats have been fired, another 400 are expected to receive termination letters, local media reported

Abu Dhabi Saudi Arabia

Non-oil trade between Abu Dhabi and Saudi Arabia amounted to Dhs493.8bn over last decade

Last year, the emirate’s exports to Saudi Arabia grew 156.7 per cent to Dhs25.76bn from Dhs10.03bn in 2010

UAE banks avail Dhs44.72bn of TESS liquidity scheme by end July

A total of Dhs44.38bn has been withdrawn until end June

sharjah airport

Sharjah issues new guidelines for travellers, residents can now return without prior approval

Travellers must present negative Covid-19 results prior to boarding and take another test upon arrival in Sharjah

Dubai

Non-oil trade between Dubai and Saudi Arabia amounted to Dhs500bn over last decade

In H1 2020 alone, Dubai’s external trade with Saudi reached Dh24bn

KUWAIT-INDIA-HEALTH-VIRUS amnesty

Kuwait’s National Assembly panel passes law to reduce expat numbers

The draft law gives the government six months to determine the number of expats needed by the country

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

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

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

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