#Economy

Kuwait credit rating cut for second time in two years by S&P

The sovereign credit rating was cut one level to A+ from AA-

Eid Al Adha: Abu Dhabi announces Covid-19 precautionary measures

Authorities have recommended avoiding social gatherings, and urged people to meet their families and friends virtually

Fitch lifts Saudi Arabia’s outlook to stable as oil gives boost

The ratings agency expects the Saudi budget deficit to narrow to 3.3 per cent of GDP this year

Bahrain announces ‘orange alert level’ during Eid holidays to enforce restrictions

The kingdom will adopt the green alert level from July 16 to July 18

Bahrain adds 16 countries to travel ‘red list’ including the Philippines, Indonesia

Only citizens and residents of Bahrain are permitted to enter from the red list countries

Abu Dhabi’s Sharaka initiative settles all private sector dues from the government in Q1    

The platform enables private companies based in Abu Dhabi to file complaints and address grievances regarding outstanding dues

Video: Sheikh Mohammed inaugurates new roads connecting various emirates

New infrastructure projects worth Dhs1.95bn have been launched in the UAE

Coders from across the world can now apply for UAE golden visas

The UAE has announced plans to offer 100,000 golden visas to coders – based both locally and internationally

Oman’s ruler Sultan Haitham to visit Saudi in first official foreign trip

Sultan Haitham will meet with King Salman during his two-day visit on Sunday and Monday

Sheikh Mohammed launches new programme for coders in partnership with top tech giants

Sheikh Mohammed said the programme aims to train and attract 100,000 coders and establish 1,000 digital companies within five years

Saudi sets upper limit for gasoline prices as oil prices climb

The decision was made to “decrease the burden of living costs on citizens and residents”

Emirates Development Bank

Emirates Development Bank lists $750m bond on Nasdaq Dubai

Dubai’s US-dollar denominated debt listings are now valued at $98.5bn

Sheikh Mohammed bin Rashid Al Maktoum

Sheikh Mohammed launches new platforms to support startups and investors in the UAE

The UAE will also host a new Investopia Investment Summit in March 2022

Only vaccinated individuals now allowed to enter malls, restaurants, gyms and salons in Kuwait

A person will need to show their vaccination status on the My Identity or Immunity mobile application

UAE to enter 25 new markets to boost foreign trade – Sheikh Mohammed

The UAE is seeking to grow its national exports by 50 per cent over the coming years

Oman

Oman to introduce new long-term residency programme for foreign investors

Starting September 2021, the Investment Residency Programme will offer renewable five and ten-year visas subject to applicants meeting specific criteria

E-commerce

UAE retail e-commerce market reaches $3.9bn in 2020

In 2020, the apparel and footwear category had the highest share of 33 per cent ($1.3bn) in the UAE retail e-commerce market

Dubai UAE

Dubai repays 10-year $500m bond certificates

The 10-year note, under the Euro Medium Term Note Programme, reached maturity on June 22, 2021

China crypto clampdown sends bitcoin closer to key $30,000 level

Bitcoin has roughly halved from a record of $65,000 in mid-April

Commercial Bank of Dubai Network International

Commercial Bank of Dubai partners with Network International for pre-approved business loans

CBD will offer business loans to Network’s retail and ecommerce clients against their Point of Sale machines or payment gateway proceeds

Nasdaq Dubai Indonesia Government

Indonesian government lists three sukuk valued at $3bn on Nasdaq Dubai

The total value of all sukuk listed by the Indonesian government on the exchange now stands at $19.75bn

Saudi non-oil economy rebounded to 2.9% growth in first quarter

In the first quarter, Saudi Arabia’s non-oil economy grew at its fastest pace since 2019

Dubai external trade

Dubai’s non-oil external trade grows to Dhs354bn in Q1 2021

China remained Dubai’s largest trading partner in Q1 2021, with Dhs44bn worth of trade

Emirates Development Bank

Abu Dhabi’s Emirates Development Bank closes $750m five-year bond

This was the second USD transaction issued under EDB’s $3bn Euro Medium Term Note programme

Emirates-NBD

Emirates NBD lists $750m bond on Nasdaq Dubai

Emirates NBD the largest financial services bond issuer on Nasdaq Dubai through seven listings with a total value of $5.1bn

Abu Dhabi Ports

ADX lists $1bn bonds issued by Abu Dhabi Ports

The exchange’s market capitalisation increased 27 per cent during the first quarter of 2021 to Dhs940bn

Emirates Development Bank, Commercial Bank of Dubai

Emirates Development Bank, Commercial Bank of Dubai sign MoU for SME lending programme

CBD can offer up to Dhs10m financing to an SME, and 50 per cent of the facility amount will be either guaranteed or co-lent by EDB

UAE Central Bank

UAE Central Bank foreign assets reach Dhs392.4bn by end of Q1 2021

The central bank’s foreign assets increased 0.4 per cent year-on-year

Sheikh Mohammed reveals UAE created 248,000 jobs last year

Despite a global economic slowdown, the UAE has remained economically resilient, he said

Covid-19: Kuwait ends quarantine for vaccinated travellers, eases some restrictions

Restaurants and cafes can offer dine-in services starting from Sunday, May 23