#Economy

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

Sheikh Mohammed bin Rashid Al Maktoum Invest in Dubai

Sheikh Mohammed launches ‘Invest in Dubai’ platform to ease process of establishing businesses

The centralised portal offers services such as commercial licensing in which government permits and approvals can be obtained without the need to physically visit any service centre

Central Bank of UAE

UAE’s Central Bank appoints Khaled Al Tameemi as Vice Governor

Al Tameemi has over 30 years of experience in various entities including being a board member in the Central Bank

Eitan Na’eh, head of mission at the newly established Israeli embassy in Abu Dhabi

Israel wants to build land corridor with UAE for movement of goods

Israel is looking into the potential of trailers and lorries carrying goods from the UAE reaching Israel in three days, and vice versa

Saudi Arabia to start tracking tourism’s contribution to economy

The Tourism Establishment Survey will provide data on the industry, including the size of the workforce, pay and revenue and expenditure

Jebel Ali Port Dubai

Dubai-Israel: Trade hits Dhs1bn in five months

Trade between Israel and Dubai is estimated to grow to Dhs15bn in the next few years and generate over 15,000 jobs

Saudi arrests businessmen, bank employees in $3.1bn corruption scheme

Those arrested were allegedly involved in a scheme that transferred more than SAR11.5bn outside the country

Oman to impose higher visa fees for employing foreign nationals

The most significant increases will apply to top/senior level, middle level and technical and specialised roles

Saudi Arabia replaces central bank governor

Ahmed Alkholifey is being replaced by Fahad Al-Mubarak, who was central bank governor from 2011 to 2016

cryptocurrency

Central Bank of Bahrain licences Sharia-compliant cryptocurrency exchange CoinMENA

At launch, CoinMENA’s platform will be available to residents of Bahrain, the UAE, Saudi Arabia, Kuwait and Oman

Sharjah

Sharjah attracted $220m FDI in 2020

There was a 60 per cent increase in the number of FDI projects between Q3 and Q4 in 2020

Abu Dhabi Islamic Bank

Abu Dhabi Islamic Bank launches one-year healthcare equities note for investors

The structured note which matures in 12 months provides 95 per cent capital protection

Dubai UAE

Dubai responds to “party haven amid pandemic” media report

The state-run Dubai Media Office issued a clarification on Tuesday, January 19

Dubai’s Emirates introduces special fares to select destinations

Bookings have to be made between January 19 to February 2, 2021, for travel until June 15, 2021

Kuwait expats

More than 83,500 expats left Kuwait in Q4 2020 – report

The number of expats in the country’s workforce has now dropped to 1.5 million