#Economy

UAE-HEALTH-VIRUS Dubai

Dubai closes restaurant, fines gym for not adhering to Covid guidelines

Daily inspection visits are being carried out across the emirate, officials confirmed

UAE spending

UAE federal budget records Dhs9.75bn surplus in H1 2020

The federal government’s total revenues were reported at Dhs34.7bn

Israel sees $6.5bn in trade as UAE peace talks kick off

On August 13, the countries announced their plan to normalise ties, a first between Israel and a Gulf Arab nation

KUWAIT-HEALTH-VIRUS expats

Kuwait to extend expired residency, visit visas for 3 more months from September 1

The extension will be processed automatically by the ministry online

SAUDI-ECONOMY-TRANSPORT-METRO

Saudi to localise engineering jobs from 2021

The decision applies to all private sector establishments that employ five or more engineering professionals

How will economies trace their recovery pathways in the wake of Covid-19?

Recovering from the ‘great compression’ caused by Covid-19 is going to be a slow and uncertain process, led by epidemiological factors

DP World

Dubai-based DP World acquires feeder operators for greater reach into Indian subcontinent

Transworld Feeders and Avana Global are independent feeder and Non-Vessel Operating Common Carriers (NVOCC) operators

Sheikh-Mohammed Dubai

Sheikh Mohammed outlines new law for family-owned businesses in Dubai

The validity of a family ownership contract can extend up to 15 years, after which it must be renewed

Bahrain, Manama, Cityscape view of Bahrain World Trade Center and Bahrain Financial Harbor

Bahrain awards 769 tenders worth $1.7bn in H1 2020

The construction and engineering sector accounted for the biggest share of contracts in the first six months of the year

Kuwait expats

Kuwait unlikely to extend visas beyond Aug 31, to stop issuing work permits for certain expats aged over 60

Expatriates whose visas expired by the end of May were given a three-month free grace period to renew their documents

Sheikh Mohammed Digital Economy

Sheikh Mohammed says digital economy is next priority for UAE

The digital economy’s contribution to the UAE’s local GDP in 2019 reached 4.3 per cent

jebel-ali-free-zone

Dubai’s foreign trade in medical sterilisers grows 23% to Dhs70m in H1

Exports rose by 20 per cent year-on-year to Dhs31m from Dhs25.7m, while re-exports stood at Dhs6.5m

KUWAIT-HEALTH-VIRUS

Kuwait to move into fourth phase of reopening this week

Salons, gyms, barbershops, tailors, and spas are set to reopen from August 18

Abu Dhabi Islamic Bank

Abu Dhabi Islamic Bank records 52% decrease in net profit for H1 2020

Its net revenue also declined nearly 11.5 per cent year-on-year to Dhs2.5bn

Dubai-new

Dubai businesses return to growth in July as pandemic impact eases

Construction as well as the wholesale and retail industry are leading the upswing

KUWAIT-HEALTH-VIRUS worker expat

Kuwait mulling plan that could see 360,000 expats deported in the ‘short-term’

The Gulf state is aggressively looking to reduce its expat population

UAE plots new stimulus measures to bolster economy

The UAE’s central bank had provided more than $70bn of stimulus by March to aid businesses

Abu Dhabi Ports

Abu Dhabi ports’ non-oil foreign trade valued Dhs66.5bn for first four months of 2020

Re-exports fell 24.6 per cent year-on-year to Dhs13bn and non-oil exports by 8.5 per cent to Dhs18.3bn

DAFZA

Exports from Dubai’s DAFZA up 54% in Q1 2020

China accounted for the highest percentage of DAFZA’s trade, with 21 per cent valued at Dhs7.7bn

Dubai attracted around Dhs12bn of FDI in H1 2020

There were 190 FDI projects announced in the emirate in H1 2020, around 50 per cent of them being greenfield initiatives

Dubai UAE

JPMorgan sees virus fallout stoking Middle East deals into 2021

The first six months saw $72bn of bond issuance from the region

china oman

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

China’s state-owned oil giant is reportedly conducting advanced discussions with BP for a 10 per cent stake in the Khazzan natural gas field

ADCB

UAE’s ADCB to lay off around 400 employees – reports

The bank had asserted in March that no employees would be made redundant as a result of the Covid-19 pandemic

Standard Chartered

Standard Chartered appoints new CEO for Saudi Arabia banking division

In February last year, the British bank received approvals from Saudi Arabia’s financial regulator to open a branch in the kingdom

DIFC

China strengthens fintech cooperation with Dubai through new agreement with DIFC

Jiaozi Fintech Dreamworks and DIFC will collaborate on key sectors such as blockchain, artificial intelligence, big data and cloud computing

Dubai

Dubai’s real estate sector records transactions worth Dhs72.5bn in H1 2020

In H1 2020, 4,536 women investors completed 5,112 investments worth Dhs6.6bn

Covid-19 is the chief concern for UAE investors – UBS study

Majority of UAE investors said they were optimistic about the global economy

Saudi Arabia to Bahrain causeway reopens from July 23

The King Fahd Causeway shut on March 7 as part of the precautionary measures

Saudi Arabia

Saudi Arabia refutes reports that it is mulling income tax

An official within the government added that the “issue is fundamentally not for discussion”

Muscat Oman

Oman to reimpose nationwide lockdown to contain spread of Covid-19

The two-week lockdown will commence from July 25