New UAE law boosts family business growth

• Corporate tax in the UAE is expected to be among the most competitive in the world, due to the 9% introductory rate and no tax for profits up to $102k
• Personal income that does not come from a licensed business or commercial activity in the UAE will not be subject to corporate tax

Moody’s says Ukraine war endangers global economic recovery

• Europe's recovery would be at risk if the military conflict escalates, according to VP-Senior Credit Officer at Moody's, Kelvin Dalrymple
• Rising prices for commodities from the region, such as oil, grains and metals, are increasing inflationary pressures, Moody's said

High oil prices lift up Saudi and UAE indices

• The Saudi index "TASI" rose by 2.6 percent and the Dubai index rose by 4.7 percent. The Abu Dhabi index achieved the highest increase by 7 percent monthly
• On February 28 the Abu Dhabi index experienced its highest one-session rise since December 6, climbing 2.2 percent

Malaa Technologies to set up a bank in KSA

• Malaa has concluded its integration efforts with the Arab National Bank’s systems to become the first lender whose customers can link their accounts directly through open banking
• It seeks to contribute to the National Savings Strategy and plans to work with the financial sector development program partners to achieve these goals

Saudi Arabia and Jordan to boost trade ties to more than $1bn

• The deal holds considerable significance as trade exchange between Saudi Arabia and Jordan was still “below expectation” despite common interests
• Saudi Arabia is the second-largest commercial partner for Jordan

UAE adopts Ramadan working hours for federal authorities

• The decision also allows federal authorities to implement flexible working and remote work systems on Fridays during the month
• The rules for working from home stipulate that both employees and their work should meet related requirements

Hermes, Chanel, Louis Vuitton pause business in Russia over Ukraine war

• Hermes group runs three stores in Russia, including one in the Gum department store on Red Square, and employs 60 people in the country
• Chanel, which has 17 stores in Russia, said that “major uncertainty and the complexities of operating” had led it to temporarily suspend its operations in the country

Iraq’s February oil exports highest in last two years

• The rate of Iraq's exports during the month amounted to 3.314 million barrels per day
• The revenues for March will be higher than the last month, based on the current market data

Volkswagen plans 2 bn euro electric car plant in Germany

• The announcement of the $2.2 billion investment came on the same day Tesla got the green light from local officials to start production at a new plant near Berlin
• Volkswagen aims at dominating the electric car market by 2025 as it accelerates the pace to catch up with US pioneer Tesla

Dubai sees weeklong real-estate transactions worth $1.91bn