#Economy

Nasdaq Dubai Indonesia Government

Indonesian government lists three sukuk valued at $3bn on Nasdaq Dubai

The total value of all sukuk listed by the Indonesian government on the exchange now stands at $19.75bn

Saudi non-oil economy rebounded to 2.9% growth in first quarter

In the first quarter, Saudi Arabia’s non-oil economy grew at its fastest pace since 2019

Dubai external trade

Dubai’s non-oil external trade grows to Dhs354bn in Q1 2021

China remained Dubai’s largest trading partner in Q1 2021, with Dhs44bn worth of trade

Emirates Development Bank

Abu Dhabi’s Emirates Development Bank closes $750m five-year bond

This was the second USD transaction issued under EDB’s $3bn Euro Medium Term Note programme

Emirates-NBD

Emirates NBD lists $750m bond on Nasdaq Dubai

Emirates NBD the largest financial services bond issuer on Nasdaq Dubai through seven listings with a total value of $5.1bn

Abu Dhabi Ports

ADX lists $1bn bonds issued by Abu Dhabi Ports

The exchange’s market capitalisation increased 27 per cent during the first quarter of 2021 to Dhs940bn

Emirates Development Bank, Commercial Bank of Dubai

Emirates Development Bank, Commercial Bank of Dubai sign MoU for SME lending programme

CBD can offer up to Dhs10m financing to an SME, and 50 per cent of the facility amount will be either guaranteed or co-lent by EDB

UAE Central Bank

UAE Central Bank foreign assets reach Dhs392.4bn by end of Q1 2021

The central bank’s foreign assets increased 0.4 per cent year-on-year

Sheikh Mohammed reveals UAE created 248,000 jobs last year

Despite a global economic slowdown, the UAE has remained economically resilient, he said

Covid-19: Kuwait ends quarantine for vaccinated travellers, eases some restrictions

Restaurants and cafes can offer dine-in services starting from Sunday, May 23

Oman’s National Gas Company terminates CEO

Covid-19: Oman lifts movement ban, commercial activities resume with some restrictions

The number of visitors to commercial complexes and restaurants will be capped at 50 per cent of capacity

FDI UAE

UAE FDI inflow climbs over 44% to $19.88bn in 2020

FDI outflows meanwhile amounted to $9.2bn and covered various vital economic sectors

Dubai Economy

Dubai business growth back to pre-covid path – report

The private sector, excluding oil, grew for a fifth-straight month in April, according to IHS Markit

Abu Dhabi IHC

Abu Dhabi’s International Holding Company to list three subsidiaries on ADX Second Market

They will be listed on the exchange’s Second Market in Q2 2021

The impact of VAT on the Omani economy

GCC states have the discretion to zero rate and exempt certain categories of supplies and Oman has used this discretion

Abu Dhabi Ports

Abu Dhabi Ports issues $1bn 10-year bond

The issuance was more than 4.5 times oversubscribed

Oman state oil firm to sell assets to fund $7.9bn spending

OQ is tapping the international bond market for the first time in an issuance aimed at raising at least $500m

UAE’s Environment Ministry to reduce or waive fees for 50 services from May 1

The fee for the permit to use the ‘Organic’ logo for organic products (previously Dhs5,000) will be waived

Saudi Crown Prince discusses Vision 2030, reveals plan to sell Aramco stake to energy firm

The kingdom has no plans to introduce an income tax, Prince Mohammed confirmed

Ajman Free Zone

Ajman Free Zone registered 1,717 new companies in 2020

Offshore companies comprised 11 per cent of the total number of new companies

Emirates NBD

Emirates NBD Capital records strongest ever quarter in debt capital market

Emirates NBD Capital led 24 transactions in Q1 2021 raising over $18bn

ADCB

Abu Dhabi Commercial Bank reports Dhs1.121bn in Q1 net profit, up 436 per cent y-on-y

Operating expenses of Dhs1.061bn decreased 20 per cent year-on-year and 1 per cent sequentially

UAE plans to include 10 new sectors to the companies law, allowing for 100% foreign ownership

The list of sectors and the regulations associated with their entry into the local market will be announced by the UAE Cabinet ‘soon’

Dubai Islamic Bank Nasdaq Dubai sukuk

Dubai Islamic Bank lists $500m sukuk on Nasdaq Dubai

DIB is the leading UAE-based sukuk issuer by value on Nasdaq Dubai with a total value of $6.3bn listed on the exchange

KUWAIT-HEALTH-VIRUS

Kuwait curfew extended until end of Ramadan, cinemas prepare to open for Eid

The partial curfew will continue to be in place from 7pm until 5am

Sharjah Islamic Bank

Sharjah Islamic Bank operating profits up 27% in Q1 2021

Net profit for the three months ended March 31, 2021, amounted to Dhs164.2m, compared to Dhs153.7m for the corresponding period last year

Dubai FDI

Dubai records Dhs24.7bn FDI in 2020

Dubai ranked fourth globally in FDI capital flows into greenfield projects

Emirates Sheraa

Emirates partners with Sharjah’s Sheraa to spur startup and entrepreneurship ecosystem

Emirates will offer discounted fares for attendees of the Sharjah Entrepreneurship Festival and to startups relocating to the UAE through Sheraa’s initiatives

Dubai Chamber

Dubai Chamber members’ exports reach Dhs54.8bn in Q1 2021, up 6% y-on-y

Over 6,000 new member companies joined Dubai Chamber in the first three months of 2021

Dubai foreign trade

Dubai’s non-oil external trade reached Dhs1.182 trillion in 2020

China remained Dubai’s largest trading partner with Dhs142bn worth of exchanges in 2020