#Economy

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

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

Dubai's virtual asset

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

OMAN-HEALTH-VIRUS-TRAVEL

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