#Economy

Nasdaq Dubai

Nasdaq Dubai records $23.1bn sukuk and bond listings in 2021

The 30 listings undertaken in 2021 were 15.5 per cent higher than the number of listings the previous year

UAE economy forecasted to grow 4.2% in 2022

The growth in the oil sector’s gross domestic product is set to be at 5 per cent this year

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai

Sheikh Mohammed approves Dubai budget of Dhs181bn for 2022-2024

It includes an expenditure of nearly Dhs60bn in 2022

Qatar capital Doha

Qatar pushes Gulf Arab energy company borrowing to record high

Gulf Arab energy firms borrowed $30.5bn in 2021, the highest level in at least 25 years

Warba Bank nasdaq dubai

Warba Bank lists $250m sukuk on Nasdaq Dubai

The total value of the Kuwaiti bank’s sukuk on the exchange stands at $898m

GCC-UK strategic partnership to create jobs and drive economic growth in the Middle East

The GCC and UK already cooperate in many areas including security, foreign policy, trade and investment

Saudi Crown Prince launches masterplan for SAR75bn Jeddah Central project

The project will include four landmarks – an opera House, museum, sports stadium and oceanarium, as well as 17,000 residential units

dirhams

UAE Central Bank extends economic support measures until June 30

Prudential relief measures regarding banks’ capital buffers and liquidity and stable funding requirements will be extended by six months

Covid-19: Bahrain to move to ‘yellow alert level’ over omicron concerns

The new alert level will be in place from Sunday, December 19, 2021, until Monday, January 31, 2022

UAE salaries to increase by an average of 3% in 2022-report

Up to 74 per cent of the respondents also confirmed that they intend to pay out bonuses in 2022, with 46 per cent looking at offering one- two months’ gross salary

UAE’s new labour law to largely align public and private sector benefits

Under the new law, employees in both sectors will get similar leaves and end-of-service benefits

Dubai’s Danube Group chairman on Covid-19 recovery, 2022 plans

The UAE’s economy has received a strong boost from Expo 2020 Dubai and is on its way back to growth, states Danube Group founder and chairman Rizwan Sajan

Abu Dhabi’s IHC approves merger of its real estate firm Al Tamouh with Al Qudra Holding

Investment holding company Al Qudra’s board has approved a new foreign ownership limit of 30 per cent of outstanding shares

Saudi Arabia sees 2022 budget surplus, first in eight years

Officials expect the economy to expand 2.9 per cent this year and grow by a further 7.4 per cent in 2022

Israeli PM Naftali Bennett arrives in the UAE on historic visit

The trip marks the first official visit by an Israeli PM after the two countries established diplomatic ties last year

Kuwait’s $33bn holding firm Kipco appoints Sheikha Dana as CEO

She will replace Faisal Al Ayyar, who will retire as the CEO after more than 30 years with the company

New UAE weekend: Private sector companies can decide whether to make a change

The UAE on Tuesday announced a new four-and-a-half-day working week for federal government entities

Saudi Crown Prince arrives in Oman on official visit

On the sidelines of the visit, Saudi Arabia and Oman signed 13 memoranda of understanding across different sectors

Dubai UAE

Dubai issues 55,194 new business licences during the first 10 months of 2021

The figure marks a 69 per cent increase over the same period in 2020 when 32,626 licenses were issued

Mariam bint Mohammed Almheiri, UAE MOCCAE, Eugene Willemsen, and Aamer Sheikh

PepsiCo launches MENA edition of Greenhouse Accelerator programme

It has partnered with the UAE’s Ministry of Climate Change and Environment for the initiative

Saudi launches new service allowing investors to start a business from outside the kingdom

Under the new service, investors can complete the process of authenticating the agency and attesting the establishment contract in three steps

Salik Toll gate Dubai

Plans unveiled to list Salik road toll system on Dubai Financial Market

There are currently eight Salik toll gates in the city, with three million vehicles registered in the system

Abu Dhabi

Abu Dhabi Securities Exchange, Bahrain Bourse sign strategic partnership agreement

The two entities will introduce products and services including exchange-traded funds, smart order routing and cross-border direct trading

Saudi economy grows at fastest rate in nearly a decade

Gross domestic product expanded by 6.8 per cent compared to the same quarter of 2020

Bahrain aims to attract 14.1 million tourists by 2026 as part of new strategy

The strategy seeks to increase the contribution of tourism to Bahrain’s GDP to reach 11.4 per cent in 2026

Covid-19: Bahrain updates alert system, temperature checks to be stopped for unvaccinated

Obligatory registration of information will no longer be required for non-vaccinated individuals when entering a facility, with waiting areas to be re-opened

Saudi Arabia

Saudi: 44 global companies shift regional HQ to Riyadh ahead of 2024 deadline

The licenses were issued at the 5th edition of the Future Investment Initiative

Kuwait eases all Covid-19 restrictions with airports at full capacity, no mask mandate for outdoor activity

Worshippers in mosques can also now pray in “stacked rows” without distancing

Emirates NBD

Dubai’s Emirates NBD nine-month profit rose an annual 29% to Dhs7.3bn

The bank reported a nine-month total income of Dhs17.3bn as compared to Dhs18.3bn in the previous year

Saudi ARabia

Saudi hoard of US Treasuries shrinks most since oil-price rout

The kingdom sold $4bn in US government debt, the most in over a year