#Economy

Dubai’s external trade with South Africa grows 17% to Dhs15.71bn in 2020

Agricultural and food products were the main commodities in Dubai’s trade with South Africa

Islamic Development Bank sukuk Nasdaq Dubai

Saudi’s Islamic Development Bank lists $2.5bn sustainability sukuk on Nasdaq Dubai

The total value of the bank’s sukuk listed on Nasdaq Dubai stands at $17.14bn

Saudi Arabia

Saudi non-oil private sector growth slowed slightly in March – PMI

Saudi PMI Index fell from 53.9 in February to 53.3 in March

Abu Dhabi UAE

UAE economic recovery picks up pace in March, hits 20-month high – PMI

IHS Markit UAE PMI Index rose from 50.6 in February to 52.6 in March

Oman is more than halfway towards meeting its financing needs for 2021

The government has OMR1.83bn left to raise after so far borrowing OMR1.77bn and withdrawing OMR600m from the Oman Investment Authority

Dubai launches new strategy to double companies and jobs in the creative sector

The Dubai Creative Economy strategy aims to double the creative industries’ GDP contribution to 5 per cent of Dubai’s economy by 2025

How should regional economies strive today to create the ‘jobs of tomorrow’

A region already suffering from chronic youth unemployment must innovate and train the next generation

Saudi crown prince Mohammed bin Salman

Saudi Crown Prince announces two massive green initiatives to combat climate change

The overall regional tree planting programme (with 50 billion trees) is claimed to be the largest reforestation programme in the world

UAE Indonesia

UAE to invest $10bn in Indonesia’s sovereign wealth fund

The investments will focus on strategic sectors in Indonesia, including infrastructure, roads, ports, tourism and agriculture, among others

Kuwait city

Kuwait eases Covid-19 restrictions, exempts vaccinated arrivals from institutional quarantine

The nightly curfew timing has been reduced by one hour

Ban on entry of foreigners into Kuwait remains in effect – civil aviation authority

The ban was imposed by the country on February 7 as part of measures to curb the spike in the number of coronavirus cases

UAE bank

UAE gross bank assets at Dhs3.172 trillion at the end of January

Gross credit in the banking system grew from Dhs1.779 trillion by the end of December 2020 to Dhs1.779.2 trillion in January 2021

Saudi economy contracted 3.9% in fourth quarter as oil drags

The non-oil economy shrank an annual 0.8 per cent in the fourth quarter

ADNOC Distribution

UAE’s ADNOC Distribution changes share dividend policy

It confirmed a minimum Dhs2.57bn dividend for 2022

UAE Central Bank

Overall liquidity in UAE banking system back to pre-Covid levels – Central Bank

The Central Bank of the UAE projects the country’s real GDP to increase by 2.5 per cent in 2021

Saudi’s labour reforms take effect with expats now having greater rights

The new initiative offers expatriate workers labour mobility and amends existing exit procedures

Hamdan bin Mohammed chairs Executive Council meeting june 2019

Freeze on Dubai government fees extended until early 2023

The three-year freeze on government fees was first announced by Sheikh Hamdan in March 2018

International Holding Company

Abu Dhabi’s International Holding Company reports Dhs3bn net profit for 2020

IHC’s total assets increased to Dhs14bn as of December 31, 2020, from Dhs4bn a year earlier

Kuwait begins nightly curfew, mulls lifting institutional quarantine for vaccinated arrivals

A 12-hour nightly curfew – from 5pm to 5am – will be in place for one month starting Sunday, March 7

Saudi Arabia

Saudi Arabia lifts restrictions on cinemas, gyms and restaurants

Most of the Covid-19 restrictions have been lifted starting Sunday, March 7

KUWAIT-HEALTH-VIRUS

Kuwait eases visa transfer restrictions for expats

The new decision allows expat government employees and those on dependent visas to transfer to jobs in the private sector

First Abu Dhabi Bank

First Abu Dhabi Bank approves Dhs8.08bn cash dividends for 2020

The bank recorded a a full year 2020 net profit of Dhs10.6bn

Saudi wealth fund commits $3bn to build mega mountain resort project, Soudah

Soudah Development will build 2,700 hotel rooms and 1,300 homes in an area that includes Al-Soudah, the tallest peak in Saudi Arabia

Kuwait Dubai Trade

Dubai’s trade with Kuwait reached Dhs8.52bn in H1 2020

Dubai Customs revealed the figures ahead of Kuwait’s 60th National Day which falls on February 25

UAE Govt retreat

UAE leaders discuss agenda for the next 50 years at government retreat

Leaders also personally honoured the UAE’s Hope Probe team at the retreat

Abu DHabi real estate

Value of real estate transactions in Abu Dhabi totalled Dhs74bn in 2020, up 28% y-on-y

In 2020, there were 19,000 transactions executed, including sales and mortgages of land, buildings and real estate units for all types of land use

Kuwait health minister

Kuwait warns of tougher restrictions if Covid-19 precautionary measures are not followed

Health clubs, salons, barbershops, celebration halls and tents are already closed in the country

UAE’s Ministry of Energy and Infrastructure

UAE Ministry of Energy and Infrastructure implements projects worth Dhs11.8bn

The ministry said that it is implementing 129 development projects as part of a five-year plan

Saudi to only award government contracts to firms that have an HQ in the kingdom

The new decision, which does not apply to private sector firms, will take effect from January 1, 2024

SAUDI-HEALTH-VIRUS

Saudi extends Covid-19 restrictions; gyms, cinemas to remain closed for another 20 days

The restrictions were initially put in place on February 4 for a period of 10 days