#Economy

Dubai’s Emirates Group reports 28% drop in full year profit

The group’s revenues decreased 5 per cent to Dhs104bn

Kuwait leader urges curbing oil reliance to strengthen economy

Kuwait imposed a 24-hour curfew on Friday for the next 20 days to contain the spread of the pandemic

Covid-19: Kuwait begins three-week complete lockdown from May 10

Only essential private sector activities will be permitted during the lockdown

Khalid Al Marzooqi Khalifa Industrial Zone Abu Dhabi

Khalifa Industrial Zone Abu Dhabi announces stimulus package for SMEs

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

Dubai’s Q1 2020 external trade reaches Dhs323bn with China as largest trading partner

Customs transactions in Dubai reach 4 million in Q1 2020, up 60 per cent year-on-year

Dubai’s Al Habtoor says may have to cut jobs if pandemic continues

The Al Habtoor Group owns seven hotels in Dubai as well as car dealerships, residential properties and schools

mining

Saudi launches new measures to support industrial and mining sectors

The measures include restructuring loans and postponing the payment of government fees

Dubai South waives first-year licence fees for new customers

It has also offered a 20 per cent reduction on licence fee renewals as part of its economic stimulus package

Saudi finance minister says country looking at ‘painful’ measures, deep spending cuts

He added that state oil revenue has decreased by more than half, and non-oil revenue will decrease as well

Private sector salaries must be paid on time – UAE labour ministry

Employers must abide by the Ministerial Decree No. 739 of 2016 that safeguards employees’ wages and which mandates that employment contracts are honoured

UAE petrol prices for May declared

Super 98 petrol will cost Dhs1.91 per litre, while Special 95 is priced at Dhs1.80 per litre

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