FTA issues guide to determine natural persons subject to corporate tax
ABU DHABI, UAE - The Federal Tax Authority (FTA) has issued a new guide outlining the criteria to determine natural...
Geostrategy
Economy
Saudi Finance Ministry forecasts kingdom’s GDP to grow by 7.4%
The Saudi Finance Ministry has forecast the kingdom's real gross domestic product to grow by 7.4 percent.
- The expected growth is driven by a rise in the oil GDP associated with the Organization of the Petroleum Exporting Countries agreement and the expected improvement in non-oil GDP
- As the economy continues to recover from pandemic repercussions, the government will continue to enhance the role of the private sector to be the main motivator of economic growth
Business
Qatar Development Bank launches program for micro-enterprises
Qatar Development Bank (QDB) announced the launch of a version of the "Al Dhameen" program for micro-enterprises, for the first...
- Al Dhameen program for micro-enterprises is characterized by a profit rate and distinct conditions.
- He noted the program will contribute to the development of the national business system in terms of access to financing.
Business
AUB to acquire Citi Bahrain unit
The acquisition includes retail banking and credit card.
- Citigroup expects to close the transaction by the second half of this year, after which no changes will apply to the services provided to Bahraini customers.
- Citigroup plans to exit operations in 13 markets, including Bahrain, Australia, China, India, Indonesia and South Korea.
Business
High demand for G6 currencies leads DGCX trading volumes
The Dubai Gold & Commodities Exchange (DGCX) recorded a monthly Average Open Interest (AOI) of 134,154 contracts during the month...
- Euro and British Pound Futures Contracts recorded a year-on-year (YOY) advanced growth of 527.5 percent and 261.5 percent respectively.
- Trading volumes in the Japanese Yen as well as the Australian Dollar registered a significant YTD growth of 339.2 percent and 755.76 percent respectively.
Infographics
Islamic banking tipped to grow in GCC
Of recent, Islamic banking has been getting quite a boost from governments and financial institutions in the Gulf Cooperation Council.
- Islamic banks are prohibited from collecting or paying interest, which raises the question: How do they make a profit, or even stay in business?
- The answer is that they make money through equity participation, which requires a borrower to give the bank a share of their profits
Economy
$2.4m grant for West Bank project to improve livelihoods
A grant of $2.4 million from the Japan Social Development Fund (JSDF) will help increase economic opportunities and improve the...
- The grant from Japan Social Development Fund will improve the lives of fragile communities along the Palestinian Heritage Trail across the West Bank.
- The Palestinian territories have faced long-lasting instability, exacerbating macroeconomic volatility, and increasing unemployment for over a quarter of the population.
Economy
Saudi non-oil private sector posts fastest growth in four years
The non-oil private sector of Saudi Arabia has recorded more growth in March than it did in more than four...
- the seasonally adjusted S&P Global Saudi Arabia Purchasing Managers’ Index posted at 56.8 in March, rising from 56.2 in February, with the Output Index recording the highest growth
- However, it highlighted that a sharp rise in global energy and commodity prices due to the Russia-Ukraine war had imposed an inflated cost burden on Saudi Arabian businesses
Economy
Oman to generate 25 GW of solar, wind energy
The country aims to produce 25 gigawatts (GW) of renewable solar and wind energy, which will be used to produce...
- The country aims to produce 25 gigawatts (GW) of renewable solar and wind energy, which will be used to produce over 1.5 million tons of carbon-free hydrogen per year.
- Najla Zuhair Al Jamali, Executive Manager of Alternative Energy at OQ said that GEO is at the vanguard of mega-scale green fuels projects
Business
Dubai Financial Services Authority inks MoU with Central Bank of Mauritius
The MoU places an emphasis on technologies pertinent to financial services, regulation and supervision.
- The MoU places an emphasis on technologies pertinent to financial services, regulation and supervision
- The two authorities will foster open dialogue on operational and technology risk supervision and anti-money laundering
Business
ACI exports up 50% in Q1
The growth was driven by medical supplies, dermatology, knitting sector.
- The United States, India, Saudi Arabia and Iraq imported JD940 million worth of ACI exports, which is more than half
- India came first with JD373 million imported in the first quarter of 2022 compared to JD157 million in the same period of 2021
Company News
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Leader of House of Commons urges Kuwaiti entrepreneurs to invest in UK
Kuwait City, Kuwait— Encouraging Kuwaiti entrepreneurs to make investments in the UK, Penny Mordaunt, Leader of the House of Common,...
Business
China unveils plan to shore up industrial economy
Beijing will adopt industry, region and enterprise-specific measures to secure the sound development of key industries.
Economy
UAE, Turkmen presidents’ meet, witness signing of MoUs, pacts
The agreements included one between the foreign affairs ministries of the two countries and an MoU in the agricultural and...
Geostrategy
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Business
UAE approves law to link up renewable energy units with electrical grid
Abu Dhabi, UAE— The UAE's Ministry of Energy and Infrastructure has announced the approval of the federal law regulating the...
- The new law aims to enable the production of electricity from renewable sources and achieve the UAE's objectives in terms of diversifying renewable energy sources
- The UAE has made large investments over the last several years to develop renewable sources of energy
Business
OPEC+ isn’t discussing output increase: Saudi minister
The "categorical denial" has come after the Wall Street Journal reported on Monday that Saudi Arabia, which co-leads the OPEC+...
- The Wall Street Journal reported on Monday that Saudi Arabia and other members were considering an "increase of up to 500,000 barrels a day".
- Saudi officials have vigorously defended the recent production cut in the face of criticism from Washington, saying it was driven purely by market conditions
Infographics
Global economic woes take toll on GCC contracts
High inflation and the West's sanctions on Russia for its Ukraine invasion besides the supply chain disruptions caused by China's...
- The increase in benchmark rates by global and regional central banks to combat runaway inflation also affected project funding.
- The UAE overtook Saudi Arabia as the largest projects market in the GCC during Q3-2022.