Tesla sales tumble in Europe in Q1
The company suffered from boycotts against the policies of Elon Musk.
Business
Economy
9% corporate tax to be effective in UAE in two weeks
The move aims to foster compliance and business activity, with special exemptions for Free Zone transactions and small enterprises.
- Individuals can now be classified as a business if their income stream surpasses a specified amount, or if their held assets exceed a certain value
- UAE employees drawing income from a singular source or salary payment need not be concerned, as salaries will continue to remain exempt from income tax
Business
9% corporate tax takes effect in UAE from June 1
The move aims to foster compliance and business activity, with special exemptions for Free Zone transactions and small enterprises.
- Individuals can now be classified as a business if their income stream surpasses a specified amount, or if their held assets exceed a certain value
- UAE employees drawing income from a singular source or salary payment need not be concerned, as salaries will continue to remain exempt from income tax
Economy
IMF lauds Jordan for monetary policy ensuring macroeconomic stability
Amman, Jordan--The International Monetary Fund (IMF) has applauded Jordan for its tight monetary and financial policies that have ensured macroeconomic...
- The IMF said that the kingdom's program supported by the fund is "still on the right track" with targets bolstered by strong performance on structural benchmarks
- It observed that the economic recovery from the COVID-19 pandemic is ongoing in Jordan, expecting GDP growth to reach about 2.6 per cent in 2023
Netflix ad-supported plan has nearly 5m users
As growth at Netflix cooled last year, the Silicon Valley-based streaming company focused on creating a lower priced subscription tier...
- The streaming television star touted its shows, viewer demographics, and more at a virtual "Upfront" presentation to advertisers
- More than 70 percent of those subscribing to the ad-supported plan at Netflix range in age from 18 to 49, according to the company
Business
A $100m Film Investment Fund established in Saudi Arabia
Riyadh, Saudi Arabia - A new Film Investment Fund was established in Saudi Arabia on Wednesday with a $100m capital...
- The fund is the first capital injection initiative under the Investment Track of Saudi Cultural Development Fund's recently launched Film Sector Financing Program
- It will support film projects, companies, and media infrastructure, while also creating job opportunities and supporting the growth of talent both domestically and internationally
Interview
Luxury car market navigates challenges
In addition to battery electric vehicles, BMW is exploring hydrogen fuel cell technology to harness the potential of clean hydrogen...
- To transition towards sustainable mobility, the main challenge lies in developing the required infrastructure, Dr Hamid Haqparwar, MD of BMW Group Middle East, tells TRENDS
- BMW is exploring hydrogen fuel cell electric vehicles to complement battery electric vehicles and address the potential of clean hydrogen production in the region, he adds
Business
UAE court orders Briton to pay Denmark $1.2 bn for tax fraud
Sanjay Shah was arrested in the United Arab Emirates' financial hub in June upon request by Danish authorities who accuse...
- The total sum to be paid by Shah should be close to the losses incurred by the Danish tax authority as a result of the scam, estimated at 1.7 billion euro.
- Shah was arrested by Emirati authorities under an extradition treaty signed with Denmark in March 2022.
Business
Saudi NCP, Chinese bank sign pact to boost kingdom’s PPP sector
Riyadh, Saudi Arabia -- Saudi Arabia's National Center for Privatization (NCP) has signed a cooperation agreement with the Industrial and...
- The Industrial and Commercial Bank of China (ICBC) is the world's largest bank with total assets of approximately $5 trillion.
- NCP CEO believes the pact will have a positive impact in attracting the bank's extensive client base looking to explore public-private partnership opportunities in the kingdom.
Business
Dubai aviation authority inks deals on use of Web Service technology
Dubai, UAE - The Dubai Civil Aviation Authority (DCAA) signed two deals with Dubai Aviation City Corporation (DACC) and Dubai...
- These agreements aim to foster enhanced cooperation and integrated link using ‘Web Service’ technology.
- The deal outlined establishing an integrated system for paperless governmental operations in Dubai.
Business
73.1m tourists to Saudi Arabia spent $35.54 billion in 9M 2022
Riyadh, Saudi Arabia -- Nearly SAR 133.3 billion ($35.54 billion) were spent in the first nine months of 2022 by...
- Saudi Arabia's Ministry of Tourism defines a tourist as every visitor (domestic, inbound or outbound) with an overnight stay in the place visited.
- Saudi Arabia ranked second on the list of the fastest-growing tourism destinations in the first quarter of 2023, according to the latest data from World Tourism Organization.
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Tesla sales tumble in Europe in Q1
The company suffered from boycotts against the policies of Elon Musk.
Business
Company News
KIPCO sells its stake in GIG
Business
Latest News
ADNOC to buy stake in Fertiglobe
Business
Zee’s shares fall after merger fails
Disagreement over who would lead the new entity led to merger's failure.
Business
Dubai real estate market records $925 million in daylong transactions
Dubai, UAE -- Dubai's real estate market recorded 510 sales transactions worth AED1.36 billion on Tuesday, in addition to 210...
Business
Most Read
Business
India’s stock market edges out Hong Kong to become world’s fourth largest
New Delhi, UAE--India's stock market has edged out Hong Kong to become the world's fourth-largest, a milestone that underscores growing...
- According to data compiled by Bloomberg, the value of shares listed on Indian exchanges hit $4.3trn on Monday, higher than Hong Kong's $4.29trn
- Hong Kong's benchmark Hang Seng index, which includes shares of many influential Chinese companies, ended last year 14 percent lower
Business
Airports fly into technology, security innovations
“The future of travel heavily depends on the transformative power of biometrics and touchless passenger experiences. These innovations aim to...
- Thani Alzaffin of Emaratech Group highlights the crucial role of advanced technologies in modernizing airport security.
- Middle Eastern airports are adopting state-of-the-art security measures, including facial recognition and iris scans.
Business
Bahrain and GCC look to boost ‘convention, exhibition’ industry
Manama, Bahrain-- Bahrain and the Gulf Cooperation Council (GCC) are looking to boost cooperation in the convention and conference industry...
- The Bahrani minister spoke of the kingdom's resolve to continue developing the exhibitions' sector by providing it with facilities
- The two sides discussed establishing more major international events and exhibitions across the cities of the GCC countries