#Economy

KUWAIT-INDIA-HEALTH-VIRUS amnesty

Kuwait offers second amnesty this year for undocumented expats

The amnesty will require expats living illegally to either get a valid residency or leave the country after paying their fines to avoid a ban

Nasdaq Dubai Dubai Islamic Bank

Dubai Islamic Bank lists $1bn sukuk on Nasdaq Dubai

Dubai Islamic Bank is now the largest UAE-based sukuk issuer by value on Nasdaq Dubai with a total of $7.3bn listed on the exchange

UAE to allow 100% foreign business ownership: Key points to note

The new decision is hoped to enhance the UAE’s attractiveness for investment and business growth

Foreign nationals permitted 100% business ownership in the UAE

The rule will be applicable from December 1, 2020, with businesses no longer requiring an Emirati sponsor

KUWAIT-HEALTH-VIRUS

Kuwait going ahead with decision to ban work permits for expats aged over 60 from Jan 1

The decision applies to expat workers who do not have a university degree

Abu Dhabi Israel

Abu Dhabi Global Market signs fintech agreement with Israel Securities Authority

The agreement provides a framework for information sharing, and will facilitate the movement of startups and transfer of knowledge and talent

Oman

UAE-Oman bilateral trade reached Dhs48bn in 2019

Oman is the UAE’s second largest trading partner in the Gulf

Central Bank of the UAE

UAE Central Bank extends Targeted Economic Support Scheme until June 2021

The TESS loan deferral programme has already benefited over 310,000 retail customers, nearly 10,000 SMEs and more than 1,500 private sector companies

Sharjah UAE

Sharjah real estate transactions total Dhs4.6bn in Q3 2020, up 10% y-on-y

There were a total of 14,854 real estate transactions completed in Q3 this year

Dr B.R. Shetty, Founder and Co-Chairman of Finablr, at the London Stock Exchange[2] copy

BR Shetty plans ‘imminent’ return to the UAE to support investigation into NMC

The NMC Health founder denies wrongdoing and says he has “complete faith in the justice system of the UAE”

UAE non-oil trade

UAE non-oil trade reaches Dhs658.3bn in H1 2020

The five biggest trading partners of the UAE were China, Saudi Arabia, India, the US and Switzerland

Exclusive: Dubai Chamber’s CEO on the emirate’s recovery from the pandemic and increasing focus on startups

Companies are reinventing their business models and fast-tracking digital strategies as they prepare for a post-pandemic recovery, opines Hamad Buamim

UAE-HEALTH-VIRUS Dubai

UAE plans for ‘final stage of recovery’ from the Covid crisis – officials

Officials urge the public to adhere to precautionary measures to ensure the UAE reaches the recovery stage

Abu-Dhabi

UAE to establish new court to combat money laundering and tax crimes

The Abu Dhabi Judicial Department will organise training courses for judges and prosecutors specialising in money laundering and tax evasion

Bahrain

Bahrain boosts access to funding for SMEs, startups

Changes in law allows small enterprises to fundraise via convertible notes and employee shares schemes

Saudi VAT increase: What are the long-term implications?

The kingdom hiked its value added tax (VAT) from 5 per cent to 15 per cent in July

SME Revival: The 20 beneficiaries revealed

Motivate Media Group, along with an expert panel, has selected 20 SMEs as the beneficiaries of the $1m initiative

Commercial Bank of Dubai

Commercial Bank of Dubai lists $600m bond on Nasdaq Dubai

The six-year bond with a 6 per cent interest rate was 2.1 times subscribed

Kuwait’s $124bn pension fund had record first-half profit

A new management team was brought into the fund in 2017 to transform the state-owned institution

oil-big7

US elections: Gold drops, oil rises as results show tight race

Markets have been volatile during the final weeks of the campaign as investors fretted over the potential for a contested outcome

Sharjah

Sharjah announces new Dhs512m economic stimulus package

The package was approved by the Crown Prince of Sharjah, Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, on Tuesday

Saudi Binladin considers joint ventures and asset sales amid revamp

The company has put thousands of employees on indefinite leave in recent months

USA flag and contemporary glass skyscrapers in New York

How the outcome of the US elections could affect the global stock market

The 2020 elections will show what matters the most to American voters: the stock market performance, or the real economy

Saudi non-oil private sector business activity improves to highest in 8 months

However, employment numbers dropped at the fastest rate since June

Oman

Oman plans to levy income tax on wealthy individuals starting 2022

The International Monetary Fund sees Oman’s economy shrinking 10 per cent this year

Nasdaq Dubai

Private sector arm of Islamic Development Bank, ICD, lists $600m sukuk on Nasdaq Dubai

The five-year sukuk was oversubscribed nearly three times

Saeed Hamad Obaid Al Dhaheri

Abu Dhabi Securities Exchange appoints new CEO

He was formerly appointed as CEO of Abu Dhabi National Energy (TAQA)

Sheikh Mohammed bin Rashid Al Maktoum

UAE cabinet approves Dhs58bn budget for 2021

The new federal budget is 5.2 per cent lower than the 2020 figure of Dhs61.35bn

Abu Dhabi Commercial Bank ADCB

UAE’s ADCB posts Q3 2020 net profit of Dhs1.3bn; down 3% y-on-y

It reported a nine-month net profit from January-September 2020 of Dhs2.802bn, down 33 per cent compared to Dhs4.196bn in the corresponding period last year

Oman

Oman planning its biggest property trust IPO

Oman REIT Fund is planning an initial public offering that could raise about $100m