#Economy

First Abu Dhabi Bank

First Abu Dhabi Bank reports 22% decrease in year-on-year Q1 2020 net profit

Meanwhile, the value of total assets of the UAE’s largest bank rose 14 per cent to Dhs835bn

British Business Group

British Business Group in the UAE launches new website to support companies

Nearly 65 per cent of British Business Group members say they need more clarity on the UAE government schemes available to them

Dubai to raise bonds privately to bolster finances

The emirate raised Dhs1bn through a private placement of eight-year Islamic bonds at a rate of 4.71 per cent earlier this month

Dubai reduces instant licence fee by over 90 per cent to Dhs250

For existing licence holders, the new fee will apply at the time of renewals

Egypt asks IMF for financial aid amid coronavirus fight

Egypt has reported 4,319 cases of the coronavirus, including 307 deaths

DAFZA announces incentives to support freezone companies

DAFZA will also cancel fines issued to companies

Dubai’s DIFC says employers can reduce pay during Covid-19 crisis without employee consent

The new directives will remain effective from April 21 – July 31, 2020

saudi arabia riyadh

Saudi Arabia eases curfew and business restrictions across the country, except in Makkah

On April 25, Saudi reported 1,197 new Covid-19 cases with the highest number of new cases detected in Makkah

UAE announces shorter working hours for private sector during Ramadan

The holy month of Ramadan began on Friday, April 24 in the UAE

Saudi Arabia could borrow record $58bn as oil slump bites

The government is looking at additional spending cuts and may issue as much as an additional SAR100bn of debt on top of SAR120bn riyals already announced

Dubai World Trade Centre

Dubai World Trade Centre announces new measures to support businesses

A full refund will be offered to exhibitors on cancelled events and where a new schedule is not feasible for the participants

UAE telecom operator du reports 21% decrease in net income for Q1 2020

It also reported revenues of Dhs2.99bn for Q1 2020, down 4.8 per cent compared to the corresponding period in 2019

Abu Dhabi City United Arab Emirates

Abu Dhabi launches new committee to protect private sector workers’ rights

The committee will ensure the existence of valid employment contracts and that workers are receiving their salaries

Sheikh Mohammed approves draft of new UAE national security law

It involves setting up a taskforce as well as the possibility of converting government buildings into medical facilities

Expired Emirates IDs will be valid for banking transactions in the UAE

The country’s central bank also instructed all banks to consider entry permits issued to expats in the UAE from March 1 – December 31, 2020 to be valid

Employers in Dubai must renew health insurance of employees

Employers must ensure that they comply with the mandatory provisions of Health Insurance Law Number 11 of 2013

Dubai extends 24-hour sterilisation drive for another week, restrictions to remain

Dubai residents, excluding employees of vital sectors, will continue to require movement permits to leave their homes

Saudi reveals new measures to support the private sector due to Covid-19 impact

The kingdom has allocated an amount of SAR50bn to expedite the payment of dues to the private sector

Dubai’s Danube Group says will not lay-off any staff due to Covid-19 impact

Danube said it is continuing to operate some of its construction activities

Abu Dhabi GDP hits Dhs620bn for first nine months of 2019

The emirate’s GDP grew 4.6 per cent, up from around Dhs592.9bn in the first nine months of 2018

Offices Send Their employees Home

UAE launches ‘early leave’ for private sector expats to return home during Covid-19 crisis

All establishments are to comply with this directive and employers must book a round ticket for employees availing of this facility

Top 10 ‘in-demand’ job roles in the UAE and the salaries they offer

Employers are seeking candidates with specialist skills, industry experience, and systems knowledge

Revealed: Most in-demand roles in the UAE with predicted salaries for 2020

Up to 82 per cent of UAE business leaders find it challenging to employ relevant talent, finds study

Dubai’s housing market ‘oversupplied’ despite drop in prices – UBS

The Dubai residential market is expected to bottom out soon, states study

Here’s why the global economy is headed for a recession in 2019

A hard landing is likely unless something happens to kickstart global growth, writes Reuters columnist John Kemp

Saudi freezes new trade with Canada, expels ambassador

The move came after Canada’s foreign ministry urged Riyadh to release arrested civil rights activists

Saudi residents to need registered rental contract for work permit renewal

The new requirement will come into force from later this year

UAE to approve law allowing 100% foreign ownership of companies by year-end

Previous attempts to introduce the legislation have been met with opposition from some Emiratis

Saudi’s expat dependent fee: Everything you need to know

The fees have to be paid through the government-run SADAD payment banking system

Qatar predicts three years of budget deficits as low oil prices bite

Qatar forecast a fiscal deficit of 7.8 per cent of GDP this year, the first deficit in 15 years