UAE startups eye Saudi Arabia for growth, expansion
With both nations offering substantial markets and supportive environment for innovation, startups are exploring new opportunities in the Kingdom.
GCC ramps up ESG efforts amid green investment push
Businesses are getting ready for COP28 by moving from starting ESG programs to growing them, and those who know the...
Business
Business
Ecommerce is fastest-growing channel in ME
In the Middle East, Saudi Arabia, Egypt, and the UAE account for nearly 80 percent of the overall ecommerce market.
- A PwC report indicates that UAE consumers are making purchases on smartphones (53 percent), computers (39 percent) and tablets (31 percent)
- As a result, the UAE’s retail ecommerce market reached $3.9 billion in 2020, indicating a 53 percent year-on-year increase
Business
‘UAE-GCC business as usual after new workweek’
The UAE’s newly-announced working week will not have any negative impact on the UAE and Gulf countries’ business relations, say...
- The UAE has become the first country in the world to introduce a working week that is shorter than the global five-day week.
- The transition to the four-and-a-half-day working week is expected to help enhance work-life balance and social well-being.
Economy
‘Physical currency won’t disappear anytime soon’
Ralf Wintergerst, Group CEO of 170-year-old German firm Giesecke+Devrient (G+D), said physical currency is a resilient form of payment and...
- Ralf Wintergerst said digital currency is a central bank-issued digital form of physical money and that it was different from cryptocurrency.
- In Germany and the Middle East there are a lot of opportunities for moving things like government services to people directly with digital solutions.
Business
Bahrain VAT rate hike may boost sales of UAE retailers
Bahrain plans to double its VAT rate to 10 percent, which is likely to drive its citizens to shop in...
- In the GCC, Saudi Arabia and the UAE were the first to introduce a VAT system in January 2018
- Bahrain followed a year later, and Oman brought in the tax in April 2021
Business
UAE’s new data law promises privacy
The law to include features of gold-standard data protection regulations such as Europe's GDPR (General Data Protection Regulation), the UK's...
- The law would include the right to be forgotten, the right to access, and the right to information
- It will have a low cost of compliance, so as not to burden Small and Medium Enterprises
UAE startups eye Saudi Arabia for growth, expansion
With both nations offering substantial markets and supportive environment for innovation, startups are exploring new opportunities in the Kingdom.
Company News
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Latest News
Fuel prices drive demand for hybrid vehicles in UAE
While some buyers are opting for smaller compact SUVs and electric vehicles, others are putting their purchase decisions on hold...
Business
Digital payments scan success in UAE, but scams too
The rise of digital payments also increases the chances of payment frauds in the region, Damon Madden, Head of Business...
Business
UAE’s Covid-19 response gets global plaudits
Earlier this year, the UAE rose to the top of Bloomberg’s Covid Resilience Ranking, outperforming European countries in terms of...
Analysis
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Analysis
‘UAE’s new labor law is a game-changer’
Legal and business leaders tell TRENDS that the new legislation is in line with the industrial modernization roadmap that the...
- The changes in the new labor law are fairly substantial and necessitate amendments to existing employment contracts
- They also call for modifications to policies and procedures concerning future agreements with new employees
Business
UAE free zones set to gain from corporate tax relief
Around 40 free zones in the UAE are likely to attract more investors and FDI after they were declared exempt...
- The 9-percent corporate tax will be levied on companies with profits above AED375,000 (approximately $102,090)
- Announced on January 31 by the UAE’s Ministry of Finance, the tax regime will be implemented from June 1, 2023
Business
Startups in UAE capitalize on corporate reforms
New corporate laws and business-friendly policies give start-ups an upper hand in the UAE as they are predominantly created and...
- Corporate reforms will make more people try entrepreneurship in the UAE, say businesspersons
- The UAE recognizes that high levels of technical skills proficiency are essential to thrive in the digital economy