#Economy

SME Revival: The 20 beneficiaries revealed

Motivate Media Group, along with an expert panel, has selected 20 SMEs as the beneficiaries of the $1m initiative

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

Kuwait’s $124bn pension fund had record first-half profit

A new management team was brought into the fund in 2017 to transform the state-owned institution

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 Binladin considers joint ventures and asset sales amid revamp

The company has put thousands of employees on indefinite leave in recent months

USA flag and contemporary glass skyscrapers in New York

How the outcome of the US elections could affect the global stock market

The 2020 elections will show what matters the most to American voters: the stock market performance, or the real economy

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

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

Tabreed

UAE’s Tabreed issues new $500m 7-year bond

The bond has been rated Baa3 by Moody’s and BBB by Fitch

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

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

Dubai

Dubai records Dhs551bn non-oil external trade in H1 2020

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

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

Abu Dhabi Customs

Abu Dhabi Customs introduces incentives for importers

It is aimed at helping small and medium enterprises enhance their competitiveness

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

Covid-19 testing UAE 4

Covid-19 update: UAE reports 1,075 new cases, Dubai Economy shuts service centre

The service centre in Dubai’s Al Twar area was shut down after its opening ceremony was found to be “overcrowded”

Mosque

At least 24,000 pilgrims perform Umrah, no Covid-19 cases detected

The kingdom resumed the Umrah pilgrimage on October 4 in phases

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