#Economy

The impact of VAT on the Omani economy

GCC states have the discretion to zero rate and exempt certain categories of supplies and Oman has used this discretion

Abu Dhabi Ports

Abu Dhabi Ports issues $1bn 10-year bond

The issuance was more than 4.5 times oversubscribed

Oman state oil firm to sell assets to fund $7.9bn spending

OQ is tapping the international bond market for the first time in an issuance aimed at raising at least $500m

UAE’s Environment Ministry to reduce or waive fees for 50 services from May 1

The fee for the permit to use the ‘Organic’ logo for organic products (previously Dhs5,000) will be waived

Saudi Crown Prince discusses Vision 2030, reveals plan to sell Aramco stake to energy firm

The kingdom has no plans to introduce an income tax, Prince Mohammed confirmed

Ajman Free Zone

Ajman Free Zone registered 1,717 new companies in 2020

Offshore companies comprised 11 per cent of the total number of new companies

Emirates NBD

Emirates NBD Capital records strongest ever quarter in debt capital market

Emirates NBD Capital led 24 transactions in Q1 2021 raising over $18bn

ADCB

Abu Dhabi Commercial Bank reports Dhs1.121bn in Q1 net profit, up 436 per cent y-on-y

Operating expenses of Dhs1.061bn decreased 20 per cent year-on-year and 1 per cent sequentially

UAE plans to include 10 new sectors to the companies law, allowing for 100% foreign ownership

The list of sectors and the regulations associated with their entry into the local market will be announced by the UAE Cabinet ‘soon’

Dubai Islamic Bank Nasdaq Dubai sukuk

Dubai Islamic Bank lists $500m sukuk on Nasdaq Dubai

DIB is the leading UAE-based sukuk issuer by value on Nasdaq Dubai with a total value of $6.3bn listed on the exchange

KUWAIT-HEALTH-VIRUS

Kuwait curfew extended until end of Ramadan, cinemas prepare to open for Eid

The partial curfew will continue to be in place from 7pm until 5am

Sharjah Islamic Bank

Sharjah Islamic Bank operating profits up 27% in Q1 2021

Net profit for the three months ended March 31, 2021, amounted to Dhs164.2m, compared to Dhs153.7m for the corresponding period last year

Dubai FDI

Dubai records Dhs24.7bn FDI in 2020

Dubai ranked fourth globally in FDI capital flows into greenfield projects

Emirates Sheraa

Emirates partners with Sharjah’s Sheraa to spur startup and entrepreneurship ecosystem

Emirates will offer discounted fares for attendees of the Sharjah Entrepreneurship Festival and to startups relocating to the UAE through Sheraa’s initiatives

Dubai Chamber

Dubai Chamber members’ exports reach Dhs54.8bn in Q1 2021, up 6% y-on-y

Over 6,000 new member companies joined Dubai Chamber in the first three months of 2021

Dubai foreign trade

Dubai’s non-oil external trade reached Dhs1.182 trillion in 2020

China remained Dubai’s largest trading partner with Dhs142bn worth of exchanges in 2020

Dubai’s external trade with South Africa grows 17% to Dhs15.71bn in 2020

Agricultural and food products were the main commodities in Dubai’s trade with South Africa

Islamic Development Bank sukuk Nasdaq Dubai

Saudi’s Islamic Development Bank lists $2.5bn sustainability sukuk on Nasdaq Dubai

The total value of the bank’s sukuk listed on Nasdaq Dubai stands at $17.14bn

Saudi Arabia

Saudi non-oil private sector growth slowed slightly in March – PMI

Saudi PMI Index fell from 53.9 in February to 53.3 in March

Abu Dhabi UAE

UAE economic recovery picks up pace in March, hits 20-month high – PMI

IHS Markit UAE PMI Index rose from 50.6 in February to 52.6 in March

Oman is more than halfway towards meeting its financing needs for 2021

The government has OMR1.83bn left to raise after so far borrowing OMR1.77bn and withdrawing OMR600m from the Oman Investment Authority

Dubai launches new strategy to double companies and jobs in the creative sector

The Dubai Creative Economy strategy aims to double the creative industries’ GDP contribution to 5 per cent of Dubai’s economy by 2025

How should regional economies strive today to create the ‘jobs of tomorrow’

A region already suffering from chronic youth unemployment must innovate and train the next generation

Saudi crown prince Mohammed bin Salman

Saudi Crown Prince announces two massive green initiatives to combat climate change

The overall regional tree planting programme (with 50 billion trees) is claimed to be the largest reforestation programme in the world

UAE Indonesia

UAE to invest $10bn in Indonesia’s sovereign wealth fund

The investments will focus on strategic sectors in Indonesia, including infrastructure, roads, ports, tourism and agriculture, among others

Kuwait city

Kuwait eases Covid-19 restrictions, exempts vaccinated arrivals from institutional quarantine

The nightly curfew timing has been reduced by one hour

Ban on entry of foreigners into Kuwait remains in effect – civil aviation authority

The ban was imposed by the country on February 7 as part of measures to curb the spike in the number of coronavirus cases

UAE bank

UAE gross bank assets at Dhs3.172 trillion at the end of January

Gross credit in the banking system grew from Dhs1.779 trillion by the end of December 2020 to Dhs1.779.2 trillion in January 2021

Saudi economy contracted 3.9% in fourth quarter as oil drags

The non-oil economy shrank an annual 0.8 per cent in the fourth quarter

ADNOC Distribution

UAE’s ADNOC Distribution changes share dividend policy

It confirmed a minimum Dhs2.57bn dividend for 2022