Exclusive: Dubai Chamber’s CEO on the emirate’s recovery from the pandemic and increasing focus on startups

Companies are reinventing their business models and fast-tracking digital strategies as they prepare for a post-pandemic recovery, opines Hamad Buamim

UAE-HEALTH-VIRUS Dubai

UAE plans for ‘final stage of recovery’ from the Covid crisis – officials

Officials urge the public to adhere to precautionary measures to ensure the UAE reaches the recovery stage

Abu-Dhabi

UAE to establish new court to combat money laundering and tax crimes

The Abu Dhabi Judicial Department will organise training courses for judges and prosecutors specialising in money laundering and tax evasion

The-Dubai-Mall-Fashion-Avenue-exterior

Emaar Malls reports 66% decrease in net profit for January-September 2020

It reported a net profit of Dhs586m and revenues of Dhs2.493bn during the same period

Abu Dhabi

Abu Dhabi announces rental discounts for additional private sector businesses

Beauty and hair salons, dental clinics and nurseries in the emirate can apply for a 20 per cent rebate

Dubai’s DMCC opens representative office in Shenzhen, China

The office will provide advisory and consulting services in a common language

Democratic Presidential Nominee Joe Biden Holds Train Campaign Tour Of OH And PA

Will change in the US leadership impact businesses in the Middle East?

Some sectors may face a bigger impact than others, although it will not be significant, opines UAE-based entrepreneur Oweis Zahran

Abu Dhabi wealth fund culls Japan team, seeking new growth focus

It will continue to invest in Japanese equities but only through its external managers

Bahrain

Bahrain boosts access to funding for SMEs, startups

Changes in law allows small enterprises to fundraise via convertible notes and employee shares schemes

UAE-Flag

Sweeping changes to UAE laws on inheritance, alcohol consumption, cohabitation and honour crimes

UAE President Sheikh Khalifa bin Zayed Al Nahyan approved the federal law decrees which have now come into effect

Saudi VAT increase: What are the long-term implications?

The kingdom hiked its value added tax (VAT) from 5 per cent to 15 per cent in July

How diversification can ensure sustainable growth in the GCC

Credit downgrades and double-digit deficits poses challenges for regional countries that are not diversifying their economies

Commercial Bank of Dubai

Commercial Bank of Dubai lists $600m bond on Nasdaq Dubai

The six-year bond with a 6 per cent interest rate was 2.1 times subscribed

Dubai Economy fines 3 businesses for flouting Covid-19 measures

Inspections found that 748 shops and commercial establishments fully complied with the precautionary measures

Saudi Arabia reforms labour law; grants foreign workers greater rights

New reforms will come into effect in March 2021

oil-big7

US elections: Gold drops, oil rises as results show tight race

Markets have been volatile during the final weeks of the campaign as investors fretted over the potential for a contested outcome

Sharjah

Sharjah announces new Dhs512m economic stimulus package

The package was approved by the Crown Prince of Sharjah, Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, on Tuesday

Saudi non-oil private sector business activity improves to highest in 8 months

However, employment numbers dropped at the fastest rate since June

Oman

Oman plans to levy income tax on wealthy individuals starting 2022

The International Monetary Fund sees Oman’s economy shrinking 10 per cent this year

Nasdaq Dubai

Private sector arm of Islamic Development Bank, ICD, lists $600m sukuk on Nasdaq Dubai

The five-year sukuk was oversubscribed nearly three times

Saeed Hamad Obaid Al Dhaheri

Abu Dhabi Securities Exchange appoints new CEO

He was formerly appointed as CEO of Abu Dhabi National Energy (TAQA)

Sheikh Mohammed bin Rashid Al Maktoum

UAE cabinet approves Dhs58bn budget for 2021

The new federal budget is 5.2 per cent lower than the 2020 figure of Dhs61.35bn

Abu Dhabi Commercial Bank ADCB

UAE’s ADCB posts Q3 2020 net profit of Dhs1.3bn; down 3% y-on-y

It reported a nine-month net profit from January-September 2020 of Dhs2.802bn, down 33 per cent compared to Dhs4.196bn in the corresponding period last year

Oman

Oman planning its biggest property trust IPO

Oman REIT Fund is planning an initial public offering that could raise about $100m

Nasdaq Dubai Growth Market

Dubai launches new stock market for SMEs

The Nasdaq Dubai Growth Market will be operational by early 2021

Dubai Silicon Oasis Authority signs agreement with International Free Zone Authority

According to the agreement, new and existing IFZA companies can work from the integrated free zone technology park

UAE revamps oversight bodies to boost economy’s competitiveness

Responsibilities of the Securities and Commodities Authority will be limited to regulating and overseeing local financial markets

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum Dubai

Sheikh Hamdan unveils new Dhs500m stimulus package for Dubai

The overall value of economic support provided by the emirate in 2020 has risen to Dhs6.8bn