#Economy

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 money laundering prosecution office

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 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

Exchange house in UAE fined Dhs504,000 by Central Bank

The exchange house reportedly has a weak anti-money laundering and combating financing of terrorism compliance framework

Saudi economy grew 2.8% in fourth quarter as Covid impact eased

Saudi Arabia was hit hard last year as a drop in crude prices decimated government revenue while measures to stop the spread of the coronavirus limited economic activity

UBS study: 51% of UAE investors expect economy recovery in H1 2021

Covid-19 remains the top concern for UAE investors, followed by climate change

Kuwaiti MPs urge the government to relax Covid-19 restrictions or compensate businesses

Health clubs, salons and barbershops have been closed for a month, while malls and shops need to stay shut from 8pm until 5am

Abu Dhabi Securities Exchange

Abu Dhabi Securities Exchange slashes trading fees by 22%

The value of securities traded on the exchange increased 28 per cent to Dhs72.8bn in 2020 from Dhs56.8bn in 2019

Dubai Customs

Dubai trade with Indonesia reaches Dhs5.4bn in 2020

It included Dhs4.42bn of imports, Dhs600m of exports, and Dhs380m of re-exports

Kuwait suspends entry of foreigners for two weeks, imposes restrictions on malls, shops

Officials have also banned all types of gatherings, including for national holiday celebrations later this month