#Economy

Dubai airport

Revealed: 10 big ideas post Covid-19 in the GCC

These are some of the biggest trends set to shape the region post pandemic, according to LinkedIn

UAE Central Bank’s TESS liquidity scheme availed by 26 banks

More than 140,000 eligible customers have already benefited from the TESS liquidity facility

Dubai ‘on track’ to curb virus spread, says many hospitals do not have any Covid-19 cases

The rate of infections in the last three weeks has fallen considerably while the rate of recoveries has increased

Abu Dhabi’s ADQ in talks for loans to fund acquisition spree

The investment firm could raise more than $3bn through a five-year loan

sheikh hamdan

Islamic Economy accounted for Dhs41.8bn of Dubai’s GDP in 2018

It contributed 9.9 per cent to Dubai’s GDP in 2018

UAE’s recovery may be mix of U- and V-shapes, minister says

The country has a pipeline of federal infrastructure projects worth Dhs20bn

Abu dhabi uae capital flag

UAE Central Bank projects economic recovery in second half of 2020

Non-oil growth is projected to contract by 4.1 per cent in 2020 due to the adverse implications of Covid-19

Outward personal remittances from the UAE in Q1 2020 increased 7.8% y-on-y

The top five destination countries for remittances were India, Pakistan, Philippines, Egypt and the US

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Kuwait to reopen mosques in some areas this week

Mosques in the country have been closed for the last three months due to the coronavirus pandemic

KUWAIT-INDIA-HEALTH-VIRUS amnesty

Kuwaiti MPs mull banning recruitment of ‘new expats’, imposing quotas

Lawmakers are also calling for limiting the duration of residence for foreign workers in the country

Covid-19 impact: Are regional industries holding up strong?

As the Covid-19 pandemic continues to wreck economies across the world, how are the main pillars supporting the GCC’s economy holding up?

Kuwait doesn’t want to be an expat-majority nation anymore

Foreigners account for nearly 3.4 million of Kuwait’s 4.8 million people

Five steps for GCC countries to resume their economies post Covid-19

Regional governments must undertake key measures to ensure a renewed and sustained approach to economic recovery

Midday work ban in the UAE to begin from June 15

Any establishment that does not comply with the midday work ban will face a fine of Dhs5,000 per worker

Sir Tim Clark Emirates Airlines

Airlines cannot operate with empty middle seats – Emirates’ Tim Clark

The next six to nine months will be “tough” for the aviation industry

Kuwait virus

Kuwait begins phased plan to reopen economy, over a million expats remain in lockdown

Mosques across the country are expected to reopen later this week

Sharjah hires banks for $1bn sukuk sale

A sale could happen as soon as this week and proceeds will be used for general budgetary needs, sources said

Saudi begins phase two of easing lockdown: Mosques reopen, fines revealed for violators

Domestic flights are also allowed to resume in the kingdom

UAE Ministry of Finance reduces fees for certain federal entities

The measures include a 50 per cent reduction in the fees to register suppliers

UAE announces change in disinfection timings

The programme will begin at 10pm across the UAE except in Dubai, where it will start at 11pm

Abu dhabi uae capital flag

Only 30% of UAE federal government staff to return to workplace from May 31

The decision to increase the number of employees will be reviewed weekly based on the prevailing health conditions

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Kuwait will not extend complete curfew beyond May 30

Partial restrictions are expected to remain in place

Burj Khalifa[2] dubai

Dubai Tourism outlines steps for post-pandemic recovery plan

The virtual meeting was attended by representatives from the city’s aviation and hospitality sectors

Russia sees oil market balance in June-July on OPEC+ cuts

Producers have lowered global oil supply by around 14-15 million barrels a day

Dubai to resume business activities from May 27, cinemas, gyms to reopen

There will be no restrictions on movement between 6am and 11pm

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Expat population in some GCC states may drop by up to 10% – report

Employment across the GCC could fall by around 13 per cent due to the impact of the coronavirus

Abu Dhabi wealth fund sees U-shaped global rebound next year

As the pandemic forced factories all over the world to shutter and people to stay home, the global economy has plummeted and oil prices have dropped by almost half since the start of the year

Covid-19: UAE reports 832 new cases, changes disinfection drive hours and revises fines

The country has also announced new timings for malls starting from Wednesday

Oman cuts pay for new civil servants by up to 23%

Oman has resorted to spending cuts to stabilise public finances

Gold climbs to seven-year high as Fed warns on US economic growth

Bullion has surged 16 per cent this year as the spread of the virus curbed economic growth