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Developers seek visa sops
The proposed investment limit will help the economy to compete with those countries who even offer citizenship on purchasing properties, they said.
Dubai businesses more upbeat on improving market conditions
With the Expo 2020 and a big surge in the inflow of tourists expected to revitalise commercial activity, businesses in Dubai are getting more upbeat on improving market conditions and strong prospects for international reach, Dubai Economy said.
Bahrain's GFH buys 70% stake in Dubai Fintech major Marshal
Bahrain-based GFH Financial Group (GFH) on Tuesday announced the acquisition of a 70 percent stake in Marshal, a pan-MENA Fintech company.
Reliance, Saudi Aramco said to accelerate refinery stake sale talks
Reliance Industries Ltd’s talks to sell a minority stake in its oil-to-chemical division to Saudi Aramco have been gathering pace in recent weeks, according to people familiar with the matter.
Coronavirus impact sees Saudi Aramco shares shed post-IPO gains
Saudi Aramco shares have lost most of the gains they made since listing in December in a landmark first offering, as oil prices drop amid alarm over the new coronavirus.
Saudi fiscal deficit expected to grow to 8.1% in 2021
Saudi Arabia might have a fiscal deficit of 7.4 percent in 2020, and 8.1 percent deficit in 2021, according to S&P Global analysts.
DSI refutes KhaldounTabari's claims
Drake and Scull International (DSI) said on Monday that a recent statement issued by its former CEO Khaldoun Tabari "lacks credibility and is not supported by evidence."
Emirates NBD's Autoswap to make pre-owned vehicle sales easy
Emirates NBD has launched Autoswap, a first-of-its-kind auto loan buyout product that provides a convenient and hassle-free financing solution for individuals seeking to buy used cars.
ADX-listed firms achieve 99% in disclosure compliance
Abu Dhabi Securities Exchange (ADX) announced that it has succeeded in achieving a compliance rate of 99 per cent in disclosure compliance for annual preliminary financial results of the year 2019.
Saudi Arabia announces increase in petrol prices
Saudi Arabia announced an increase in fuel prices from February 16, the state-run Saudi Press Agency (SPA) said.
UAE's Orient Insurance gets green light for Saudi expansion
The subsidiary of Al Futtaim Group has received approval from the Saudi Arabian Monetary Authority (SAMA) to open branches in the kingdom.
Gulfood 2020: UAE aims to cut food waste by 50%
There is enough food for the people on the planet but still millions of people go to bed hungry due to massive food wastage, a senior UAE official said on Monday.
Covid-19: UAE food safe from coronavirus, says F&B firms
Food consumed in the UAE and the GCC is safe from coronavirus as local companies source their products mainly from Europe, the USA, Brazil, and the Subcontinent rather than China, say industry executives.
Saudi energy minister hints at plans to export gas
Saudi Arabia plans to start exporting gas and will soon make a major announcement on the topic, the country’s energy minister said.
How Oman is growing its cruise tourism sector
Oman’s Ministry of Tourism has revealed that the sultanate posted 43.6 percent growth in cruise ship tourists in 2019 to reach 283,488 passengers.
Bahrain's digital only bank appoints new CEO
Bahrain-based digital, mobile only banking entity Ila has announced the appointment of Mohamed Al Maraj as its CEO.
VAT in UAE: Mind your boundaries
It is a fundamental principle of value-added tax (VAT) that it can be charged only on goods or services sold within the defined boundaries of a country - which in technical terms is referred to as 'VAT jurisdiction' or 'territorial scope'. If goods or services are sold outside such boundaries, it would not attract VAT.
Saudi Dar Al-Arkan seeks investors ahead of sukuk offering
Saudi Arabia’s Dar Al-Arkan Real Estate Development Co. has mandated banks to arrange meetings with fixed-income investors from Monday in the United Arab Emirates and London ahead of a planned 7-year sukuk issuance, a lead manager said.
UAE banks will have to process consumer complaints within timeframe
Banks and financial institutions in the UAE will have to process consumer complaints within a certain timeframe and also give clear reasons in writing on the matter under the new framework which the Central Bank is developing
Mandatory insurance spurs demand for specialised staff in health sector
Healthcare providers in Dubai are hiring more specialised staff to deal with insurance-related issues since the mandatory medical insurance law came into effect and the number of health policyholders have multiplied, an expert has said.
New firms attracted to Bahrain set to create 6,000 jobs by 2023
The Bahrain Economic Development Board (EDB) has announced that it attracted 134 companies to the kingdom in 2019, expected to result in a total investment of $835 million.
Saudi Arabia, Kuwait agree restart of shared oil field from Sunday
Saudi Arabia and Kuwait have authorised the restart of oil production at the Wafra field from Sunday, more than four years after they halted output at the shared deposit.
Dubai lures innovators, startups with new programme
Dubai aims to attract thousands of startups and innovators, especially in key strategic sectors, from across the globe to make emirate as a global hub for disruptive technologies and make the economy future ready.
INTERVIEW: World Economic Forum brings a touch of Davos to Saudi Arabia
Børge Brende, president of the World Economic Forum (WEF), brought a little flavor of Davos to Saudi Arabia last week. And it was not just that the overnight temperature in the Saudi capital fell to a low of 2 degrees Celsius — only marginally warmer than the Swiss town that hosted the annual gathering of the global elite last month.
Seoul shuns Iranian crude as US and Saudi imports rise
South Korea’s US crude imports in January rose 53.3 percent from a year earlier, customs data showed on Saturday, reflecting the country’s steady purchases of US oil in the absence of Iranian crude due to sanctions imposed by Washington.
UAE's startup culture empowering youth
I strongly believe that creating a successful start up culture requires the coming together of an ecosystem that promotes, nurtures, empowers and energizes entrepreneurs and innovators.
Economy to get a major boost from Expo 2020: Survey
More than half of UAE residents feel that the Expo 2020 would boost the country's economy, a survey has revealed.
Saudi Arabian General Investment Authority reveals plans for Kingdom to host FDI summit
Saudi Arabia is working closely with the UN Conference on Trade and Development (UNCTAD) to host the first ever global FDI Summit in Riyadh in October 2020.
How Aramco fueled Saudi-US ties
From “mother’s apple pie”-style homes in the deserts of the Eastern Province to gigantic refineries in Texas, Saudi Aramco has been at the heart of the 75-year-old partnership between the US and the Kingdom.
Russian and Saudi firms discuss joint projects
Russia’s RDIF sovereign wealth fund said on Wednesday that Russian and Saudi companies have held discussions on possible joint projects as well as potential investment worth more than $10 billion.
Bahraini women blaze a trail in business ownership
“Women are celebrated in Bahrain,” said Nada Alawi in response to why the Gulf Cooperation Council (GCC) member state seems to do so well in fostering female entrepreneurs.
QE2 to release more rooms in line with market demand
The Queen Elizabeth 2 (QE2) ocean liner, which has been transformed into a luxury hotel in Dubai, will release more rooms in line with the demand in the market, a senior official said.
DIC gears to propel growth in UAE's startup ecosystem
Dubai is a gateway to many opportunities in the region due to its business-friendly environment, world-class infrastructure and diversified economy and Dubai Internet City (DIC) plays a key role in helping them grow as the biggest technology hub in the Middle East.
Emaar's 2019 net profit hits Dh6.2b
Emaar Properties, Dubai's largest listed developer, reported on Wednesday a net profit of Dh6.2 billion in 2019, up one per cent compared to 2018's net profit of Dh6.139 billion.
ADIB profit up 4% for 2019
Abu Dhabi Islamic Bank (ADIB) net profit for 2019 grew four per cent to Dh2.6 billion, mainly due to cost discipline.
Etisalat's 2019 profit up 1% to Dh8.7 billion
Etisalat profit for 2019 rose one per cent to Dh8.7 billion compared to Dh8.6 billion in the previous year, the telecom giant said in its unaudited preliminary results sent to Abu Dhabi Securities Exchange on Wednesday.
RAK Ceramics targets Saudi Arabia amid regional slowdown
RAK Ceramics, the UAE-based tile-maker, wants to boost its Saudi business amid a tough market elsewhere in the Gulf.
Russian and Saudi firms discuss joint projects
Russia’s RDIF sovereign wealth fund said on Wednesday that Russian and Saudi companies have held discussions on possible joint projects as well as potential investment worth more than $10 billion.
‘Incredible’ destination Saudi Arabia must develop tourism infrastructure, global travel expert says
Saudi Arabia must develop its infrastructure for tourists and offer a variety of activities for them to undertake as the Kingdom seeks to become a leading global travel destination, a travel and tourism expert said Wednesday.
Gold sales in Dubai up during DSF but coronavirus takes shine off
Gold jewellers in Dubai reported 10-15 per cent increase in sales during Dubai Shopping Festival (DSF) with Asian going mainly for 22-karat jewellery while Europeans and millennials preferring 18-karat gold jewellery, said Dubai Gold and Jewellery Group (DGJG) on Wednesday.
STEP affirms UAE is regional hub for entrepreneurship
The STEP Conference launched its 9th edition under the theme of 'The World in Dubai' on Tuesday in partnership with Dubai Internet City (DIC) and the Department of Tourism and Commerce Marketing (Dubai Tourism).
Dubai, Sao Paulo seek to boost ties in key sectors
Businesses in Dubai and Sao Paulo can benefit by exploring untapped trade and investment potential in key sectors, according to officials both sides speaking at the Dubai-Sao Paulo Business Forum on Tuesday.
Tax exemptions for UAE sovereign investments in India's infrastructure sector
In line with its ongoing efforts to create an ideal investment environment internationally, the UAE, in coordination with the relevant authorities in India, has managed to reach tax exemptions for the UAE's sovereign investments in India applicable to the infrastructure sector for all sovereign investment institutions in the UAE, both federally and locally.
Saudi Arabia now employing 2m people in booming retail sector, says labor minister
Saudi Arabia was gearing up to meet the future challenges of the booming retail sector which currently employs more than 2 million people in the Kingdom, the country’s labor minister revealed on Tuesday.
Panel: Saudi Arabia is booming in terms of e-commerce
With the modernization of retail underway, e-commerce is booming in the Middle East and North Africa (MENA) region, with Saudi Arabia emerging as its top performing country.
UAE to ban waterpipe tobacco, e-cigarettes without digital tax stamp from March
Importing any type of waterpipe tobacco (known in Arabic as 'Mu'assel') or electrically heated cigarette plugs that are not marked with 'Digital Tax Stamps' will be prohibited across the UAE as of March 1, 2020, asserted the Federal Tax Authority (FTA) on Tuesday.
Damac posts first loss since 2010
Leading Dubai-based developer Damac Properties, reported on Tuesday a net loss of Dh36.9 million in 2019 - its first annual loss since 2010.
UAE's NMC Health becomes takeover target; BR Shetty's stake under legal review
NMC Health said on Monday it has received two preliminary approaches from private equity firms and that the shareholdings of its co-chair and two other major investors were under a review for inaccurate disclosures.
Economy to get a major boost from Expo 2020: Survey
More than half of UAE residents feel that the Expo 2020 would boost the country's economy, a survey has revealed.
Maybank Islamic opens first overseas branch in DIFC
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of Dubai International Financial Centre (DIFC), attended the official opening of the first overseas branch of Maybank Islamic Berhad (Maybank Islamic), the largest Islamic Bank in Malaysia and the Asean region by assets size, in Dubai at DIFC.
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