UAE vital to enhancing global economic growth: Officials
Abu Dhabi, UAE-- The UAE has expanded its network of trading partners around the world through comprehensive economic partnerships, contributing...
Economy
WTO conference ends with acceptance of Abu Dhabi Declaration
Abu Dhabi, UAE--The 13th Ministerial Conference (MC13) of the World Trade Organisation (WTO) has concluded with the acceptance of Abu...
Economy
Business
Middle East’s first lithium production facility to come up at KIZAD
The first lithium production facility in the Middle East will be established in the Khalifa Industrial Zone Abu Dhabi (KIZAD),...
- The $95 million will be set up by Australia's Lepidico at the eco-friendly, zero-waste facility.
- Lepidico's special process extracts lithium and recovers valuable byproducts from lithium-mica and phosphate minerals.
Economy
No plan to reduce VAT any time soon, says Saudi minister
Saudi Arabia will not reduce value added tax any time soon, but will consider doing it when it public finances...
- There will be no VAT cut anytime soon, he told the media, on the sidelines of the Group of Twenty (G20) meetings in Rome
- Al-Jadaan expects the Kingdom's general budget to record a deficit at the end of this year
Economy
Federal Tax Authority to implement new procedures for tax registrants
The procedures relate to tax registrants who apply for reconsideration of or who submit objections to the Authority’s decisions.
- The procedures relate to tax registrants who apply for reconsideration of or who submit objections to the Authority’s decisions
- The Authority will review the reconsideration request and issue a decision, giving its reasons within 40 business days
Geostrategy
UAE, UK to conduct exercise to toughen border controls against illicit finance
A key aim of the initiative was to understand how organised crime attempts to move illicit assets, such as the...
- A key aim of the initiative was to understand how organised crime attempts to move illicit assets, such as the flows of cash and gold
- Over a week, Dubai and Abu Dhabi-bound flights from the UK were subject to increased security to check if criminal groups were attempting to smuggle cash and gold from the UK
Business
Dubai increases ease of doing business by more than half
This was more than double the target of 30 percent reduction in business setup procedures that the emirate had set...
- The move is said to be part of Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum’s vision to make the emirate economically attractive
- The vision looks to achieve this by helping entrepreneurs set up and run businesses much more easily
Business
Maersk lands Saudi deal
Maersk will set up a Logistics Park at Jeddah Islamic Port.
- Maersk will set up an Integrated Logistics Park at Jeddah Islamic Port, investing more than SAR500m
- The agreement is a step to make Jeddah Islamic Port among the top ten ports in the world by 2030
Research
Israel eyes influx of tourists from UAE, Bahrain
Israel is anticipating a significant influx of Emirati and Bahraini tourists as the global tourism industry starts recovering from the...
- Israel expects 100,000 tourists a year from the UAE and Bahrain, with each tourist spending $1,500 per vacation
- The Jewish state is expected to make $150 million annually in revenues from the Gulf tourists
Economy
Bahrain launches five-point plan to boost economy
The new five-pillar plan apparently aligns with Bahrain’s Economic Vision 2030 and its intention to achieve net-zero carbon emissions by...
- The multi-year plan is said to represent one of Bahrain’s largest economic reform programs
- It apparently aims to enhance the economy’s long-term competitiveness and support the post-Covid-19 recovery
Economy
Masdar City and ADRO facilitating Golden Visas for eligible persons
Masdar City Free Zone has been facilitating the processing and submission of Golden Visas for eligible persons and their families...
- The Golden Visa is a 10-year residency for certain professions including specialized degree-holders and others.
- Golden Visa is of particular relevance to Masdar City as it hosts more than 900 companies, says Executive Director Abdulla Balalaa.
Business
UAE payments industry expected to reach $14 billion by 2030
The UAE's payments industry, like several other countries in the world, suffered an impact far less severe than initially anticipated...
- Like other countries, the industry in UAE suffered the Covid-19 impact less severe than anticipated, according to Boston Consulting Group.
- The national payment revenues in the UAE expected to grow by 67 percent between 2020 to 2030.
UAE vital to enhancing global economic growth: Officials
Abu Dhabi, UAE-- The UAE has expanded its network of trading partners around the world through comprehensive economic partnerships, contributing...
Economy
Company News
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Alkhaleej Insurance posts profit
Business
Middle East firms pay fortune for employee burnout
A TRENDS exclusive report takes a hard look at how tens of thousands of white-collar workers in Middle East are...
Economy
Dubai Transport Authority’s digital channels record 10% jump in 2022 revenues
Dubai, UAE-- Dubai's Roads and Transport Authority (RTA) has reported a 10 percent increase in revenues for 2022 to $953...
Business
EU, New Zealand ink deal to enhance trade by 30 percent in a decade
The European Union and New Zealand signed a free trade agreement which Brussels says can lift exchanges between the two...
Business
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Business
Dubai to expand EV charging points by 170 percent till 2025
DUBAI, UAE- Dubai Electricity and Water Authority (DEWA) aims to grow the city’s network of public charging stations by 170...
- Dubai Electricity and Water Authority aims to grow the city’s network of public charging stations by 170 percent in less than three years.
- The emirate’s Clean Energy Strategy 2050 and Net Zero Carbon Emissions Strategy 2050 seek to generate 100 percent of its power from clean energy sources by 2050.
Business
UAE says 79,000 Emiratis working in private sector
DUBAI, UAE -Â Around 79,000 UAE nationals are working in the private sector, the Ministry of Human Resources and Emiratization...
- These figures mark a 57 percent increase compared to the end of 2022 figures, where 50,228 UAE nationals were employed in the private sector.
- Nearly 17,000 private sector firms employ UAE citizens as of July 7, which was the last day for companies to achieve their semi-annual Emiratisation targets.
Business
Dubai’s RTA digital channels generate revenue of US$953m in 2022
DUBAI, UAE - Director-General and Chairman of the Board of Executive Directors of Dubai’s Roads and Transport Authority Mattar Al...
- RTA launched a feature that allows users to instantly access their vehicle registration cards for virtual displays upon request.
- In 2022 RTA recorded 814 million digital transactions up from 676 million in 2021, reflecting a robust growth rate of 20 percent.