Kuwait parliament assembly

Kuwait’s parliament passes law to cut expat numbers

The law does not include the previously proposed quota system for expat nationalities

UAE Israel

UAE delegation led by Obaid Humaid Al Tayer signs landmark agreements with Israel

The UAE, US and Israel also established a $3bn Abraham Fund to help stimulate private sector-led investments across the region

World Bank sees 5.2% contraction in MENA, in line with IMF

The dual shock of lower Brent prices and the coronavirus pandemic this year has taken an especially heavy toll on the region

Dubai Economy, Dubai Sports Council fine 11 gyms for flouting Covid-19 measures

Violations were spotted in gyms located in Hor Al Anz, Al Qusais, Al Muhaisnah, and Al Murar areas

wedding

Weddings and social events allowed to resume in Dubai

Event halls can accommodate a maximum of 200 people while the duration cannot exceed four hours

Dubai DEWA

Dubai’s DEWA repays $1.5bn bond, turns debt-free

New projects worth over Dhs80bn are either ongoing or envisaged for completion over the next five years

Lessons learnt: How to prepare for a post-pandemic job market

The post-pandemic job market is going to be different, so one must adapt to the changes

Israel’s cabinet approves UAE pact as leaders plan meeting

No date or venue was given for the leaders’ meeting

Dubai

Dubai records Dhs551bn non-oil external trade in H1 2020

China remained Dubai’s largest trading partner with Dhs66.4bn worth of trade

OMAN-DAILY LIFE

Oman to introduce 5% VAT in April

Essential food items, medical care, education and financial services will be exempt from the planned levy

Dubai Financial Market

Dubai Financial Market announces launch partners for new equity futures platform

The new equity futures platform is slated to launch on October 18

Kuwait virus

Kuwait warns against gatherings, mulls possibility of stricter measures to stop virus spread

Police officers remain “on the highest alert” to deal with any violation on the ban on gatherings

Saudi Arabia may face budget squeeze after 2021, Moody’s says

Saudi Arabia published an overview of its spending for the next three years that envisages annual cuts to help contain its fiscal deficit

Business conditions improve for Dubai’s non-oil sector

Its Purchasing Managers’ Index rose to 51.5 in September from 50.9 in August

Abu Dhabi converts status of 29 industrial licences to ‘production’

Construction and glass industries account for the largest share of industrial licences in Abu Dhabi with 20.1 per cent

Area 2071

Area 2071 in Dubai launches projects to support emerging tech companies

The three projects were selected from among over 150 projects participating in a special programme launched by District 2071

ECB takes major step toward introducing a digital Euro

A central-bank digital currency would allow euro-area residents to place deposits with the ECB directly

Oman’s National Gas Company terminates CEO

Oman orders two-week night curfew, shuts all beaches

The sultanate has warned of strict action against violators

IDEX UAE

Israel to participate in Abu Dhabi defence exhibition IDEX in 2021

The upcoming edition of IDEX and NAVDEX is expected to feature over 1,300 companies

Sheikh Mishaal Al Ahmad Al Sabah

Kuwait Assembly approves Sheikh Mishal as Crown Prince

In a special session held on October 8, all 59 members blessed the new Crown Prince

UAE top 10 banks see profits drop by 38.9% in H1 2020: KPMG

Non-performing loan ratio increases from 3.8% in December 2019 to 4.1% in June 2020

Abu Dhabi

Abu Dhabi Investment Office signs bilateral trade agreement with Israel Export Institute

ADIO will help connect Israeli companies with strategic entities and grant them access to resources in Abu Dhabi

uae currency dirhams

UAE Public Prosecution warns of life imprisonment for counterfeiting currency

Those found guilty will also be liable to pay a fine of not less than Dhs200,000

Dubai

Dubai repays 10-year $750m bonds certificates

The 10-year Euro Medium Term Note Programme reached maturity on October 5

Arab youth

UAE once again chosen as the ‘top country to live in’ by Arab youth

Nearly half of young Arabs have considered leaving their country, due to lack of opportunities and corrupt governance, finds annual Asda’a BCW survey

Emirates Islamic Nasdaq Dubai Sukuk

Emirates Islamic lists $500m sukuk on Nasdaq Dubai

The latest listing brings the bank’s current sukuk value on the exchange to $1.5bn

Emirates NBD

Dubai’s Emirates NBD launches new digital supply chain financing platform

The smartSCF platform will provide automated tools to optimise working capital and reduce transaction costs

Dubai-world-trade-centre-DWTC

Dubai World Trade Centre signs agreement with Israel for large-scale conferences and exhibitions

The commercial potential of agreements between the UAE and Israel is estimated at $500m per annum across several key sectors

Saudi to localise IT, communication jobs in kingdom

The localisation will help create 9,000 jobs for Saudi citizens

UAE September purchasing managers’ index rises to 11-month high

Output rose for the fourth straight month