#Economy

Ukraine seeks UAE support.

Ukraine counts on UAE wealth funds to build its economy

Ukraine presented its economic transformation strategy and invited UAE funds to participate in the development of its wealth fund

IMF trims Saudi Arabia growth forecast

IMF trims Saudi Arabia growth forecast to 2.1% in 2023

The fund projected that Saudi Arabia would swing to a deficit in 2023 on lower oil revenue

Dubai Chambers Image credit WAM Dubai Chambers Dubai Media Office

Dubai Chamber of Commerce welcomes 15,366 new member companies in Q1 2023

The first quarter saw the chamber achieve its goal of establishing more than 100 business groups from various sectors and economic activities

S&P Global affirms positive outlook on Bahrain

S&P Global affirms rating, positive outlook on Bahrain

The country’s fiscal and debt positions strengthened in 2022 on the back of higher oil prices and budget consolidation measures

Saudi Arabia’s foreign reserves fell from SAR1.57tn the previous month

Saudi Arabia’s net reserves fall to $410bn, lowest since 2010

The central bank said the net foreign assets dropped to SAR1.54tn in April from SAR1.57tn the previous month

UAE and Poland seeks to bolster ties

UAE, Poland seek to strengthen financial and economic ties

The two countries agreed to strengthen their cooperation and exchange knowledge, experiences and best practices in the field of tax policy

UAE Minister of State for foreign trade Dr Thani bin Ahmed Al Zeyoudi

UAE, Malaysia agree to launch CEPA negotiations

The UAE has so far concluded four CEPAs with India, Israel, Indonesia and Turkey and the first two have already come into force

UAE corporate tax exempt

UAE corporate tax: Ministry issues decision on exemptions

The decision aims to clarify the application of the corporate tax regime for individuals and ensures that only business income is taxed

World Bank non-oil

World Bank expects UAE’s non-oil economy to grow by 4.8% in 2023

The economies of the Gulf Cooperation Council are projected to grow by 2.5 per cent in 2023 and 3.2 per cent in 2024

Dubai Chambers signs MoU with AACCI

Dubai Chambers opens Sydney office, signs MoU with Australia Arab Chamber

The Sydney office is the second to be inaugurated in 2023 and expands the chamber’s global network to 17 representation offices

Abu Dhabi 2022 GDP

Abu Dhabi economy grows 9.3% in 2022 on non-oil activities boost

The city’s non-oil sectors witnessed significant growth of Dhs43bn in 2022 and contributed 50 per cent to the overall GDP

Saudi Arabia

Saudi Arabia’s economy grew 3.9% in Q1 of 2023

Economic expansion was driven by a 5.8 per cent increase in non-oil activities

Saudi Arabia banking sector

How Saudi Arabia’s banking system is building a solid future

Saudi banks stand to remain on a profitable path in 2023 with corporate lending continuing to drive credit growth in the sector

Morocco

UAE, Morocco review strengthening financial, economic cooperation

Both the countries agreed to double the volume of trade and investment exchange over the next seven years

economy

Insights: The journey of building global businesses from a thriving economy

Jessica Wong, managing partner at eWTP Arabia Capital looks at how Saudi Arabia is uniquely placed to leapfrog innovation hurdles and build businesses with global impact

UAE, Germany

UAE, Germany explore partnerships to build on industrial ties and climate efforts

Ministry of Industry and Advanced Technology hosts around 30 German companies to discuss expanding cooperation in fields such advanced technologies and de-carbonisation

UAE and Brazil Presidents

UAE President receives President Lula of Brazil

The UAE is one of Brazil’s largest trading partners and President Lula’s visit is expected to boost bilateral relations between the two countries

Gold set for second weekly gain on weak dollar

Spot gold was up 0.1 per cent at $2,042.01 per ounce, as of 5.34am GMT

Saudi Arabia Crown Prince Mohammad bin Salman

Saudi Arabia opens four new economic zones to boost investment

The economic zones are expected to accelerate growth, increase export competitiveness, attract talent and improve the country’s global links

israel gaza crisis global financial markets

Global growth to fall from last year: IMF

The latest IMF World Economic Outlook update found that recession concerns have gained prominence, while worries about stubbornly high inflation persist

UAE corporate tax exemptions

UAE reveals list of entities exempted from corporate tax

The Ministry of Finance said government entities, government-controlled entities as well as extractive businesses are exempted from corporate tax

Dubai Customs partners with the GInI

Dubai Customs, Global Innovation Institute partner to enhance services

The authority applies the latest and most important global standards in innovation and creativity strategy

Dubai Future Fellowship launched by Sheikh Hamdan photo Dubai Media Office

Sheikh Hamdan launches Dubai Future Fellowship

The programme’s goals will be supported by an international network of fellows known for their achievements in government, technology and future sectors

UAE new corporate tax

UAE to offer corporate tax relief to small businesses

The tax relief seeks to support startups and other small businesses by reducing their corporate tax burden and compliance costs

EY projects $42.2bn boon to UAE economy from Expo 2020 Dubai

The pre-event phase contributed around one-quarter of gross value and the legacy phase will add 62 per cent

Bahrain GDP 2022 growth. Image by EDB

Bahrain’s economy expands by 4.9% in 2022, the fastest in a decade

The country’s non-oil sector grew by 6.2 per cent in 2022, the highest growth rate recorded over the past ten years

UAE cabinet meeting March 2023 photo courtesy WAM

UAE approves 24 national initiatives, aims to double re-exports in 7 years

Additionally, the UAE cabinet meeting reviewed more than 19 initiatives to attract talent to the country

Islamic Digital Economy

Startups injecting fresh innovations to Malaysia’s Islamic Digital Economy

The ASEAN nation continues to be an excellent market for Islamic fintech players to make a mark in the region

S&P Global, Moody’s raise Saudi Arabia rating on reform agenda

Fitch Ratings, one of the big three rating agencies, assigns Saudi Arabia the same score as S&P Global while Moody’s has it one level higher

PIF unveils 3 private sector initiatives. Image by PIF

Saudi Arabia’s PIF unveils three initiatives to boost private sector growth

The strategy aligns with the fund’s aim to support the private sector in increasing its contribution to GDP by up to 65 per cent by 2030