#Economy

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

Dubai road-toll operator Salik to seek about $1bn in IPO

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

IMF upbeat about MENA growth, warns about uneven recovery

The fund raised its economic growth projection for MENA to 4.1 per cent this year from an earlier estimate of 4 per cent

Dubai UAE

Revealed: The top 10 countries for expats to live and work

The UAE has been ranked among the top five places worldwide for expats in HSBC’s annual survey

Tunisia in talks with UAE, Saudi Arabia for funds, official says

Tunisia is battling long-running economic troubles and has been mired in fresh political upheaval since late-July

UAE foreign trade

UAE’s non-oil foreign trade up 27% to Dhs900bn in H1 2021

The value of non-oil exports alone amounted to Dhs170bn during this period

Sheikh Mohammed bin Rashid Al Maktoum

Sheikh Mohammed approves Dhs290bn UAE general budget for 2022-2026

It includes a budget of Dhs58.931bn for 2022, of which 41.2 per cent will be allocated for the development and social benefits sector

UAE chosen as the ‘top country to live in’ by Arab youth for 10th consecutive year

Nearly half of the young Arabs said they wanted to live in the UAE

Saudi non-oil private sector growth quickens to 7-year high

A Purchasing Managers’ Index compiled by IHS Markit rose to 58.6 in September

Sheikh Mohamed bin Zayed 2

Sheikh Mohamed bin Zayed: The UAE has overcome the Covid crisis, life returning to normal

The UAE has seen a steady decline in the number of Covid-19 cases in recent weeks

DAFZA accounted for 11% of Dubai’s non-oil foreign trade in H1 2021

H1 trade in the freezone grew 34 per cent over the corresponding period last year to reach Dhs77bn

Saudi sovereign wealth fund acquires 25% stake in Emaar the Economic City

The transaction is in line with Public Investment Fund’s Strategy 2021-2025, which focuses on building strategic economic partnerships

Dubai non-oil trade

Dubai’s non-oil external trade grew 31% y-on-y to Dhs722bn in H1 2021

China remained Dubai’s biggest trading partner with Dhs86.7bn worth of trade, up 30.7 per cent over H1 2020

UAE says it is winding down pandemic stimulus as economy recovers

The loan deferral component of the Targeted Economic Support Scheme will expire by the end of 2021

Dubai companies including Emaar, Emirates hiring again as Covid crisis eases

Businesses in Dubai’s travel and tourism industry in August saw the sharpest increases in activity and new work in over two years

Covid cases today

Covid-19: Oman waives several fines to support the private sector

The Supreme Committee has also warned that authorities will shut down any establishments found in breach of the precautionary measures

Sheikh Hamdan announces restructuring of Dubai Municipality

Dubai forecasts 3.1% economic growth in 2021, 3.4% in 2022

The total cost of the five stimulus packages announced by the emirate’s government since the start of the pandemic amounted to Dhs7.1bn, or 1.6 per cent of Dubai’s GDP

KUWAIT-HEALTH-VIRUS

Majority of expats in Kuwait earn between $200- $400 per month – study

The Public Authority for Manpower urged for restricting work permit issuance for one year to ‘utilise skilled labour already in the country’

Emirates Development Bank

UAE’s Emirates Development Bank partners with YAP to launch business banking app for SMEs

The EDB Business Banking app is free to open and has no minimum balance criteria

Sheikh Mohammed bin Rashid Al Maktoum

Sheikh Mohammed creates new authority to oversee three Dubai freezones

The new entity will now oversee the operations of Dubai Airport Free Zone, Dubai Silicon Oasis and Dubai Commerce City

Kuwait says foreigners on commercial visit visas can switch to work permits

Thousands of expats have left Kuwait this year and have been unable to return to the country due to the pandemic

National Bank of Fujairah

UAE’s National Bank of Fujairah launches electronic trading platform

The new platform is available for both conventional and Shariah-compliant banking customers