#Economy
Representatives of family businesses met with Dubai government officials last month
Its underlying EBITDA grew 4.7 per cent year-on-year to $171m in the first quarter of 2020
The kingdom has hiked its VAT rate from 5 per cent to 15 per cent starting July 1
Those infected with the coronavirus must be granted sick leave in line with the UAE law
Aramco is weighing pushing out payments for the 70 per cent holding in SABIC and reducing the size of the initial installment to PIF
The steps taken to shore up revenue and rationalise spending are valued at about SAR100bn in total
Its net loans stood at Dhs247bn and customer deposits at Dhs263bn as of the end of Q1 2020
The group’s revenues decreased 5 per cent to Dhs104bn
Kuwait imposed a 24-hour curfew on Friday for the next 20 days to contain the spread of the pandemic
Only essential private sector activities will be permitted during the lockdown
Approximately 98 per cent of companies in Abu Dhabi are SMEs, contributing 29 per cent of the emirate’s GDP and 44 per cent of its non-oil economy
Customs transactions in Dubai reach 4 million in Q1 2020, up 60 per cent year-on-year
The Al Habtoor Group owns seven hotels in Dubai as well as car dealerships, residential properties and schools
The measures include restructuring loans and postponing the payment of government fees
It has also offered a 20 per cent reduction on licence fee renewals as part of its economic stimulus package
He added that state oil revenue has decreased by more than half, and non-oil revenue will decrease as well
Employers must abide by the Ministerial Decree No. 739 of 2016 that safeguards employees’ wages and which mandates that employment contracts are honoured
Super 98 petrol will cost Dhs1.91 per litre, while Special 95 is priced at Dhs1.80 per litre
Meanwhile, the value of total assets of the UAE’s largest bank rose 14 per cent to Dhs835bn
Nearly 65 per cent of British Business Group members say they need more clarity on the UAE government schemes available to them
The emirate raised Dhs1bn through a private placement of eight-year Islamic bonds at a rate of 4.71 per cent earlier this month
For existing licence holders, the new fee will apply at the time of renewals
Egypt has reported 4,319 cases of the coronavirus, including 307 deaths
DAFZA will also cancel fines issued to companies
The new directives will remain effective from April 21 – July 31, 2020
On April 25, Saudi reported 1,197 new Covid-19 cases with the highest number of new cases detected in Makkah
The holy month of Ramadan began on Friday, April 24 in the UAE
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
A full refund will be offered to exhibitors on cancelled events and where a new schedule is not feasible for the participants
It also reported revenues of Dhs2.99bn for Q1 2020, down 4.8 per cent compared to the corresponding period in 2019