#Economy

Abu Dhabi

Abu Dhabi Investment Office signs bilateral trade agreement with Israel Export Institute

ADIO will help connect Israeli companies with strategic entities and grant them access to resources in Abu Dhabi

uae currency dirhams

UAE Public Prosecution warns of life imprisonment for counterfeiting currency

Those found guilty will also be liable to pay a fine of not less than Dhs200,000

Dubai

Dubai repays 10-year $750m bonds certificates

The 10-year Euro Medium Term Note Programme reached maturity on October 5

Arab youth

UAE once again chosen as the ‘top country to live in’ by Arab youth

Nearly half of young Arabs have considered leaving their country, due to lack of opportunities and corrupt governance, finds annual Asda’a BCW survey

Emirates Islamic Nasdaq Dubai Sukuk

Emirates Islamic lists $500m sukuk on Nasdaq Dubai

The latest listing brings the bank’s current sukuk value on the exchange to $1.5bn

Emirates NBD

Dubai’s Emirates NBD launches new digital supply chain financing platform

The smartSCF platform will provide automated tools to optimise working capital and reduce transaction costs

Dubai-world-trade-centre-DWTC

Dubai World Trade Centre signs agreement with Israel for large-scale conferences and exhibitions

The commercial potential of agreements between the UAE and Israel is estimated at $500m per annum across several key sectors

Ras AL Khaimah

Ras Al Khaimah’s manufacturing sector exports grew 58% in 2019

A total of 137 countries imported products from Ras Al Khaimah

Dafza Israel

Dubai Airport Free Zone Authority signs agreement with Israeli Chamber of Commerce

DAFZA will provide incentives to Israeli companies wishing to establish their businesses within the emirate

Kuwaiti minister of Public Works and minister of State for Housing Affairs Rana al-Fares

Kuwait’s Public Works minister to terminate all expat employees – report

While 150 expats have been fired, another 400 are expected to receive termination letters, local media reported

Abu Dhabi Saudi Arabia

Non-oil trade between Abu Dhabi and Saudi Arabia amounted to Dhs493.8bn over last decade

Last year, the emirate’s exports to Saudi Arabia grew 156.7 per cent to Dhs25.76bn from Dhs10.03bn in 2010

UAE banks avail Dhs44.72bn of TESS liquidity scheme by end July

A total of Dhs44.38bn has been withdrawn until end June

sharjah airport

Sharjah issues new guidelines for travellers, residents can now return without prior approval

Travellers must present negative Covid-19 results prior to boarding and take another test upon arrival in Sharjah

Dubai

Non-oil trade between Dubai and Saudi Arabia amounted to Dhs500bn over last decade

In H1 2020 alone, Dubai’s external trade with Saudi reached Dh24bn

KUWAIT-INDIA-HEALTH-VIRUS amnesty

Kuwait’s National Assembly panel passes law to reduce expat numbers

The draft law gives the government six months to determine the number of expats needed by the country

Abu-Dhabi

Abu Dhabi Investment Office to open first international branch in Tel Aviv

ADIO will subsequently open offices in Europe, North America and Asia

Emirates NBD

Dubai’s Emirates NBD enters into MoU with Israel’s Bank Hapoalim

The agreement will allow Israeli clients to transact directly in the UAE

Abu Dhabi Ports

Abu Dhabi Ports announces expansion of Khalifa Port is on track

The expansion will substantially increase handling volumes by providing additional deep-water access and enhanced infrastructure

UAE-HEALTH-VIRUS Dubai

Dubai closes restaurant, fines gym for not adhering to Covid guidelines

Daily inspection visits are being carried out across the emirate, officials confirmed

UAE spending

UAE federal budget records Dhs9.75bn surplus in H1 2020

The federal government’s total revenues were reported at Dhs34.7bn

Israel sees $6.5bn in trade as UAE peace talks kick off

On August 13, the countries announced their plan to normalise ties, a first between Israel and a Gulf Arab nation

KUWAIT-HEALTH-VIRUS expats

Kuwait to extend expired residency, visit visas for 3 more months from September 1

The extension will be processed automatically by the ministry online

SAUDI-ECONOMY-TRANSPORT-METRO

Saudi to localise engineering jobs from 2021

The decision applies to all private sector establishments that employ five or more engineering professionals

How will economies trace their recovery pathways in the wake of Covid-19?

Recovering from the ‘great compression’ caused by Covid-19 is going to be a slow and uncertain process, led by epidemiological factors

DP World

Dubai-based DP World acquires feeder operators for greater reach into Indian subcontinent

Transworld Feeders and Avana Global are independent feeder and Non-Vessel Operating Common Carriers (NVOCC) operators

Sheikh-Mohammed Dubai

Sheikh Mohammed outlines new law for family-owned businesses in Dubai

The validity of a family ownership contract can extend up to 15 years, after which it must be renewed

Bahrain, Manama, Cityscape view of Bahrain World Trade Center and Bahrain Financial Harbor

Bahrain awards 769 tenders worth $1.7bn in H1 2020

The construction and engineering sector accounted for the biggest share of contracts in the first six months of the year

Kuwait expats

Kuwait unlikely to extend visas beyond Aug 31, to stop issuing work permits for certain expats aged over 60

Expatriates whose visas expired by the end of May were given a three-month free grace period to renew their documents

Sheikh Mohammed Digital Economy

Sheikh Mohammed says digital economy is next priority for UAE

The digital economy’s contribution to the UAE’s local GDP in 2019 reached 4.3 per cent

jebel-ali-free-zone

Dubai’s foreign trade in medical sterilisers grows 23% to Dhs70m in H1

Exports rose by 20 per cent year-on-year to Dhs31m from Dhs25.7m, while re-exports stood at Dhs6.5m