#Economy

Covid-19 impact: Are regional industries holding up strong?

As the Covid-19 pandemic continues to wreck economies across the world, how are the main pillars supporting the GCC’s economy holding up?

Kuwait doesn’t want to be an expat-majority nation anymore

Foreigners account for nearly 3.4 million of Kuwait’s 4.8 million people

Five steps for GCC countries to resume their economies post Covid-19

Regional governments must undertake key measures to ensure a renewed and sustained approach to economic recovery

Midday work ban in the UAE to begin from June 15

Any establishment that does not comply with the midday work ban will face a fine of Dhs5,000 per worker

Sir Tim Clark Emirates Airlines

Airlines cannot operate with empty middle seats – Emirates’ Tim Clark

The next six to nine months will be “tough” for the aviation industry

Kuwait virus

Kuwait begins phased plan to reopen economy, over a million expats remain in lockdown

Mosques across the country are expected to reopen later this week

Sharjah hires banks for $1bn sukuk sale

A sale could happen as soon as this week and proceeds will be used for general budgetary needs, sources said

Saudi begins phase two of easing lockdown: Mosques reopen, fines revealed for violators

Domestic flights are also allowed to resume in the kingdom

UAE Ministry of Finance reduces fees for certain federal entities

The measures include a 50 per cent reduction in the fees to register suppliers

UAE announces change in disinfection timings

The programme will begin at 10pm across the UAE except in Dubai, where it will start at 11pm

Abu dhabi uae capital flag

Only 30% of UAE federal government staff to return to workplace from May 31

The decision to increase the number of employees will be reviewed weekly based on the prevailing health conditions

KUWAIT-HEALTH-VIRUS

Kuwait will not extend complete curfew beyond May 30

Partial restrictions are expected to remain in place

Dubai Tourism outlines steps for post-pandemic recovery plan

The virtual meeting was attended by representatives from the city’s aviation and hospitality sectors

Russia sees oil market balance in June-July on OPEC+ cuts

Producers have lowered global oil supply by around 14-15 million barrels a day

Dubai to resume business activities from May 27, cinemas, gyms to reopen

There will be no restrictions on movement between 6am and 11pm

Expat population in some GCC states may drop by up to 10% – report

Employment across the GCC could fall by around 13 per cent due to the impact of the coronavirus

Abu Dhabi wealth fund sees U-shaped global rebound next year

As the pandemic forced factories all over the world to shutter and people to stay home, the global economy has plummeted and oil prices have dropped by almost half since the start of the year

Covid-19: UAE reports 832 new cases, changes disinfection drive hours and revises fines

The country has also announced new timings for malls starting from Wednesday

Oman cuts pay for new civil servants by up to 23%

Oman has resorted to spending cuts to stabilise public finances

Gold climbs to seven-year high as Fed warns on US economic growth

Bullion has surged 16 per cent this year as the spread of the virus curbed economic growth

Saudi wealth fund PIF buys Boeing, Citi, Facebook, Disney stakes

The PIF is looking into “any opportunity” arising from the economic wreckage of the crisis, its governor said in April

UAE PASS to be sole digital identity to access government services in Dubai

Users can access more than 5,000 government services using a single username and password

Abu Dhabi City United Arab Emirates

Abu Dhabi issues new guidelines for businesses reopening

Officials said low risk individuals are eligible to be in the workplace, but urged remote working wherever possible

Dubai family businesses seek VAT cut and government help to repatriate expat workers

Representatives of family businesses met with Dubai government officials last month

ADNOC Distribution Service Station

ADNOC Distribution’s Q1 net profit down 31%

Its underlying EBITDA grew 4.7 per cent year-on-year to $171m in the first quarter of 2020

What will be the impact of Saudi’s VAT hike on businesses and consumers?

The kingdom has hiked its VAT rate from 5 per cent to 15 per cent starting July 1

coronavirus covid-19

UAE private sector employers cannot terminate staff infected with Covid-19 – ministry

Those infected with the coronavirus must be granted sick leave in line with the UAE law

Saudi Aramco seeks to restructure $69.1bn SABIC deal

Aramco is weighing pushing out payments for the 70 per cent holding in SABIC and reducing the size of the initial installment to PIF

Saudi Arabia triples VAT, cuts cost of living allowances

The steps taken to shore up revenue and rationalise spending are valued at about SAR100bn in total

UAE’s ADCB posts 82% drop in Q1 net profit on NMC impairment charges

Its net loans stood at Dhs247bn and customer deposits at Dhs263bn as of the end of Q1 2020