#Economy

Emirates Post expands operations into Israel

People in the UAE can now use EPG’s postal and international premium services to send items to Israel

Khalifa Port UAE

UAE’s non-oil trade reaches Dhs1.033 trillion for January-September 2020

China was the UAE’s leading trading partner with a total trade of Dhs124.45bn

Kuwait MPs submit proposal to impose fee on money transfers out of country

Lawmakers have called for a 2.5 per cent fee on all money transfers out of the country

FIrst-abu-dhabi-bank-atms

UAE’s First Abu Dhabi Bank issues five-year $500m sukuk

It attracted a total orderbook of around $1.5bn which represents a three times over-subscription rate

King Fahd Causeway re-opening to add ‘billions’ to Bahrain economy

Saudi citizens will be permitted to travel via air, land and sea from March 31 2021

Video: Saudi Crown Prince announces car-free, zero-carbon city, ‘The Line’

Located within NEOM, the city is expected to house one million residents and create 380,000 jobs by 2030

Sheikh-Hamdan-Dubai

Sheikh Hamdan announces Dhs315m economic stimulus package for Dubai

The total stimulus provided to the emirate’s economy since the start of the pandemic has risen to Dhs7.1bn

oil-pumps

Kuwait makes three oil and gas discoveries

The discoveries were made in the largely unexplored western and northwestern areas of the country

Bahrain-Manama

Bahrain central bank extends loan repayment deferrals on Covid crisis

The option to postpone installments is to be offered to all customers residing in the kingdom, whether individuals or companies

Oman’s expat workforce down by 16% amid pandemic – report

Up to 272,126 foreign workers, mostly from Nepal, Uganda, India, Pakistan, Bangladesh and Egypt, have left Oman

Sheikh Mohammed

Sheikh Mohammed approves Dhs57.1bn spend in 2021 Dubai budget

The programme takes into account “the exceptional economic conditions of the fiscal year 2020″

Abu Dhabi updates entry guidelines for visitors, international tourists

The emirate has said Covid-19 testing centres located at entry points will now be closed

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Covid-19 new strain: Oman to close all its borders for a week

Cargo vehicles including planes, ships and trucks will be excluded from the decision

Oman to start removing utility subsidies from January 2021

The subsidies for the electricity and water sector are about $1.95bn

Truck

Dubai trade with Bahrain increases 170% in 10 years

In the first half of 2020, trade between Dubai and Bahrain amounted to Dhs5.37bn

Rabbi Marc Schneier

This rabbi is bringing American Jews to the GCC. Here’s why

Rabbi Marc Schneier is launching new tourism initiatives in the GCC

KUWAIT-EGYPT-HEALTH-VIRUS

Kuwait to offer only one-year residency for expats – report

The new decision will apply to all expats entering the country

Global Islamic finance assets expected to reach $3.69 trillion in 2024

The Islamic banking sector grew 14 per cent in 2019, equating to $1.99 trillion in global assets

British investments in UAE valued at $20.5bn

The UAE is also one of the 27 top investors in the UK

Oman foreign minister

Oman plans more labour reforms and new taxes – foreign minister

The country also has plans to extend visa-free arrival for up to 30 days for citizens of more than 100 countries

Kuwaiti economic crisis sidelined as nation goes to polls

Some 568,000 Kuwaitis are eligible to choose from 326 candidates

Saudi business conditions hit 10-month high as sales, jobs climb

Business activity in Saudi Arabia grew at the fastest pace since the beginning of the year, fueled by a sharp rise in sales and strengthening sentiment

‘We want 2021 to witness a major breakthrough for the next 50 years’ – Sheikh Mohammed

The UAE saw “stellar success” during the Covid crisis this year, displaying its readiness to face pandemics and disasters, say leaders

KUWAIT-INDIA-HEALTH-VIRUS amnesty

Kuwait offers second amnesty this year for undocumented expats

The amnesty will require expats living illegally to either get a valid residency or leave the country after paying their fines to avoid a ban

Nasdaq Dubai Dubai Islamic Bank

Dubai Islamic Bank lists $1bn sukuk on Nasdaq Dubai

Dubai Islamic Bank is now the largest UAE-based sukuk issuer by value on Nasdaq Dubai with a total of $7.3bn listed on the exchange

UAE to allow 100% foreign business ownership: Key points to note

The new decision is hoped to enhance the UAE’s attractiveness for investment and business growth

Foreign nationals permitted 100% business ownership in the UAE

The rule will be applicable from December 1, 2020, with businesses no longer requiring an Emirati sponsor

KUWAIT-HEALTH-VIRUS

Kuwait going ahead with decision to ban work permits for expats aged over 60 from Jan 1

The decision applies to expat workers who do not have a university degree

Abu Dhabi Israel

Abu Dhabi Global Market signs fintech agreement with Israel Securities Authority

The agreement provides a framework for information sharing, and will facilitate the movement of startups and transfer of knowledge and talent

Oman

UAE-Oman bilateral trade reached Dhs48bn in 2019

Oman is the UAE’s second largest trading partner in the Gulf