#Economy

Saudi wealth fund PIF buys Boeing, Citi, Facebook, Disney stakes

The PIF is looking into “any opportunity” arising from the economic wreckage of the crisis, its governor said in April

UAE PASS to be sole digital identity to access government services in Dubai

Users can access more than 5,000 government services using a single username and password

Abu Dhabi City United Arab Emirates

Abu Dhabi issues new guidelines for businesses reopening

Officials said low risk individuals are eligible to be in the workplace, but urged remote working wherever possible

Dubai family businesses seek VAT cut and government help to repatriate expat workers

Representatives of family businesses met with Dubai government officials last month

ADNOC Distribution Service Station

ADNOC Distribution’s Q1 net profit down 31%

Its underlying EBITDA grew 4.7 per cent year-on-year to $171m in the first quarter of 2020

What will be the impact of Saudi’s VAT hike on businesses and consumers?

The kingdom has hiked its VAT rate from 5 per cent to 15 per cent starting July 1

coronavirus covid-19

UAE private sector employers cannot terminate staff infected with Covid-19 – ministry

Those infected with the coronavirus must be granted sick leave in line with the UAE law

Saudi Aramco seeks to restructure $69.1bn SABIC deal

Aramco is weighing pushing out payments for the 70 per cent holding in SABIC and reducing the size of the initial installment to PIF

Saudi Arabia triples VAT, cuts cost of living allowances

The steps taken to shore up revenue and rationalise spending are valued at about SAR100bn in total

UAE’s ADCB posts 82% drop in Q1 net profit on NMC impairment charges

Its net loans stood at Dhs247bn and customer deposits at Dhs263bn as of the end of Q1 2020

Dubai’s Emirates Group reports 28% drop in full year profit

The group’s revenues decreased 5 per cent to Dhs104bn

Kuwait leader urges curbing oil reliance to strengthen economy

Kuwait imposed a 24-hour curfew on Friday for the next 20 days to contain the spread of the pandemic

Covid-19: Kuwait begins three-week complete lockdown from May 10

Only essential private sector activities will be permitted during the lockdown

Khalid Al Marzooqi Khalifa Industrial Zone Abu Dhabi

Khalifa Industrial Zone Abu Dhabi announces stimulus package for SMEs

Approximately 98 per cent of companies in Abu Dhabi are SMEs, contributing 29 per cent of the emirate’s GDP and 44 per cent of its non-oil economy

Dubai’s Q1 2020 external trade reaches Dhs323bn with China as largest trading partner

Customs transactions in Dubai reach 4 million in Q1 2020, up 60 per cent year-on-year

Dubai’s Al Habtoor says may have to cut jobs if pandemic continues

The Al Habtoor Group owns seven hotels in Dubai as well as car dealerships, residential properties and schools

mining

Saudi launches new measures to support industrial and mining sectors

The measures include restructuring loans and postponing the payment of government fees

Dubai South waives first-year licence fees for new customers

It has also offered a 20 per cent reduction on licence fee renewals as part of its economic stimulus package

Saudi finance minister says country looking at ‘painful’ measures, deep spending cuts

He added that state oil revenue has decreased by more than half, and non-oil revenue will decrease as well

Private sector salaries must be paid on time – UAE labour ministry

Employers must abide by the Ministerial Decree No. 739 of 2016 that safeguards employees’ wages and which mandates that employment contracts are honoured

UAE petrol prices for May declared

Super 98 petrol will cost Dhs1.91 per litre, while Special 95 is priced at Dhs1.80 per litre

First Abu Dhabi Bank

First Abu Dhabi Bank reports 22% decrease in year-on-year Q1 2020 net profit

Meanwhile, the value of total assets of the UAE’s largest bank rose 14 per cent to Dhs835bn

British Business Group

British Business Group in the UAE launches new website to support companies

Nearly 65 per cent of British Business Group members say they need more clarity on the UAE government schemes available to them

Dubai to raise bonds privately to bolster finances

The emirate raised Dhs1bn through a private placement of eight-year Islamic bonds at a rate of 4.71 per cent earlier this month

Dubai reduces instant licence fee by over 90 per cent to Dhs250

For existing licence holders, the new fee will apply at the time of renewals

Egypt asks IMF for financial aid amid coronavirus fight

Egypt has reported 4,319 cases of the coronavirus, including 307 deaths

DAFZA announces incentives to support freezone companies

DAFZA will also cancel fines issued to companies

Dubai’s DIFC says employers can reduce pay during Covid-19 crisis without employee consent

The new directives will remain effective from April 21 – July 31, 2020

saudi arabia riyadh

Saudi Arabia eases curfew and business restrictions across the country, except in Makkah

On April 25, Saudi reported 1,197 new Covid-19 cases with the highest number of new cases detected in Makkah

UAE announces shorter working hours for private sector during Ramadan

The holy month of Ramadan began on Friday, April 24 in the UAE