#Economy

china-arab states expo

China-Arab States Expo closes with $24bn worth of deals

The fifth edition of the biennial China-Arab States Expo was held in China’s Ningxia Hui Autonomous Region from August 19-22

Abu Dhabi’s Mubadala Capital closes private equity Fund III with commitments of $1.6bn

Fund III raised capital commitments from leading pension plans, endowments, insurance plans, government institutions, family offices and private equity firms

Kuwait masks

Kuwait considers reducing visa fee for residents aged over 60

The country had earlier banned the issuance of work permit renewals for expatriates aged 60 who do not hold university degrees

Saudi Arabia Riyadh

Saudi Arabia issues highest-ever number of foreign investor licences in a single quarter

It issued 478 licenses in Q1 2021, a 36 per cent increase over the corresponding period last year

Abu Dhabi

Abu Dhabi to allow 100% foreign ownership of professional companies

The new licences will cover 604 activities across many fields including accounting, training and consultancy

Abu Dhabi

Abu Dhabi reduces requirements for starting new commercial businesses

It follows the establishment of a task force led by the Abu Dhabi Department of Economic Development which coordinated its efforts with over 20 government entities

Abu Dhabi Islamic Bank

Abu Dhabi Islamic Bank net profit at Dhs1.1bn in H1 2021, up 89% y-on-y

Its total revenue grew 3.4 per cent to Dhs2.644bn compared to Dhs2.557bn in H1 2020

Kuwait removes most Covid-19 restrictions, resumes all commercial activities

Large gatherings continue to be banned, and those not vaccinated will have restricted entry in certain areas

Abu Dhabi

Abu Dhabi slashes private sector business setup fees by over 90%

Business setup and licence renewal fees have been reduced to Dhs1,000

Covid-19: Oman goes into complete lockdown, Sur exempt due to heavy rains

All commercial activities and the movement of individuals and vehicles are banned during the Eid Al Adha holidays

Kuwait credit rating cut for second time in two years by S&P

The sovereign credit rating was cut one level to A+ from AA-

Eid Al Adha: Abu Dhabi announces Covid-19 precautionary measures

Authorities have recommended avoiding social gatherings, and urged people to meet their families and friends virtually

Fitch lifts Saudi Arabia’s outlook to stable as oil gives boost

The ratings agency expects the Saudi budget deficit to narrow to 3.3 per cent of GDP this year

Bahrain announces ‘orange alert level’ during Eid holidays to enforce restrictions

The kingdom will adopt the green alert level from July 16 to July 18

Bahrain adds 16 countries to travel ‘red list’ including the Philippines, Indonesia

Only citizens and residents of Bahrain are permitted to enter from the red list countries

Abu Dhabi’s Sharaka initiative settles all private sector dues from the government in Q1    

The platform enables private companies based in Abu Dhabi to file complaints and address grievances regarding outstanding dues

Video: Sheikh Mohammed inaugurates new roads connecting various emirates

New infrastructure projects worth Dhs1.95bn have been launched in the UAE

Coders from across the world can now apply for UAE golden visas

The UAE has announced plans to offer 100,000 golden visas to coders – based both locally and internationally

Oman’s ruler Sultan Haitham to visit Saudi in first official foreign trip

Sultan Haitham will meet with King Salman during his two-day visit on Sunday and Monday

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai

Sheikh Mohammed launches new programme for coders in partnership with top tech giants

Sheikh Mohammed said the programme aims to train and attract 100,000 coders and establish 1,000 digital companies within five years

Saudi sets upper limit for gasoline prices as oil prices climb

The decision was made to “decrease the burden of living costs on citizens and residents”

Emirates Development Bank

Emirates Development Bank lists $750m bond on Nasdaq Dubai

Dubai’s US-dollar denominated debt listings are now valued at $98.5bn

Sheikh Mohammed bin Rashid Al Maktoum

Sheikh Mohammed launches new platforms to support startups and investors in the UAE

The UAE will also host a new Investopia Investment Summit in March 2022

Only vaccinated individuals now allowed to enter malls, restaurants, gyms and salons in Kuwait

A person will need to show their vaccination status on the My Identity or Immunity mobile application

UAE to enter 25 new markets to boost foreign trade – Sheikh Mohammed

The UAE is seeking to grow its national exports by 50 per cent over the coming years

Oman

Oman to introduce new long-term residency programme for foreign investors

Starting September 2021, the Investment Residency Programme will offer renewable five and ten-year visas subject to applicants meeting specific criteria

E-commerce

UAE retail e-commerce market reaches $3.9bn in 2020

In 2020, the apparel and footwear category had the highest share of 33 per cent ($1.3bn) in the UAE retail e-commerce market

Dubai UAE

Dubai repays 10-year $500m bond certificates

The 10-year note, under the Euro Medium Term Note Programme, reached maturity on June 22, 2021

China crypto clampdown sends bitcoin closer to key $30,000 level

Bitcoin has roughly halved from a record of $65,000 in mid-April

Commercial Bank of Dubai Network International

Commercial Bank of Dubai partners with Network International for pre-approved business loans

CBD will offer business loans to Network’s retail and ecommerce clients against their Point of Sale machines or payment gateway proceeds