• Foreign banks in Dubai to pay 20% annual tax under new law
    The law issued by Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum exempts the foreign banks licensed to operate in the Dubai International Financial Centre. Besides all foreign banks operating in Dubai, the law applies to special development zones and free zones.

    It stipulates that the 9% tax that went into effect last year will be deduced from the 20% annual tax if the foreign bank pays the tax under the country's corporate tax law.

    Violators will be fined up to AED500,000 ($136,150) and AED1 million in case of repeat violations within two years.

  • The UAE remains committed to embracing AI solutions across various sectors, says Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications at a meeting of the UAE Council for Artificial Intelligence and Blockchain.
    "The UAE government prioritizes keeping pace with global advancements to proactively address opportunities and challenges," adds Al Olama. "This priority includes fostering collaboration among government entities, aiming to expedite the UAE's digital transformation, and harnessing technology to design innovative models for a sustainable economy."
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    Biden warns Israel not to use Gaza aid as ‘bargaining chip’
    Using his annual State of the Union address to deliver some of his strongest comments yet about the five-month-long war, Biden also ordered the US military to lead "an emergency mission" to build a temporary pier off Gaza to facilitate more aid deliveries.
  • UN aid official presses for aid delivery to Gaza by land route
    The UN aid coordinator for the Palestinian territory Sigrid Kaag said her message to UN Security Council was that the international community must "flood the market in Gaza with humanitarian goods" and "re-energize the private sector" so more commercial goods can enter to meet civilians' needs.

    She said the diversification of the supply routes via land remains the optimal solution

    Kaag noted the complicated border inspection process was the main obstacle

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    Biden orders US military to set up temporary aid port in Gaza
    In the wasteland of Jabalia, northern Gaza, Palestinians gathered to receive meals at a distribution point. "There is no gas to cook our food on. There is no flour or rice," said Bassam al-Hou, standing beside large, blackened cooking pots among the rubble.

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  • Hamas expresses dissatisfaction over Israel’s stance on Gaza truce
    A senior Hamas official confirmed that the group's delegation in talks seeking a Gaza truce left Cairo for consultations in Doha, while voicing dissatisfaction with Israel's responses. "We are awaiting the final official response from the enemy (Israel)," said the official, who was involved in negotiations in Cairo but declined to be named.

    Hamas has been insisting on a complete withdrawal of Israeli forces from Gaza, the return of displaced people to their homes.

    Israel has been asking for a list of all hostages still alive in Gaza, a task Hamas says it is unable to complete.

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    Saudi Arabia transfers 8% Aramco stake to PIF-owned firms
    Saudi Arabia said it transferred an additional eight percent stake from oil giant Aramco to firms owned by the kingdom's PIF sovereign wealth fund, according to state media. Aramco is the main source of revenue for Crown Prince and Prime Minister Mohammed bin Salman's ambitious economic and social reform program known as Vision 2030.

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  • Despite oil riches, Libyans hit by plummeting purchasing power
    Libya earns around $20 billion per year in net revenues from oil and gas exports, which accounts for around 95 percent of state revenue. Much of this wealth pays for a bloated public sector that employs almost one third of the population, as well as for state subsidies meant to guarantee low prices for fuel...

    Libya's dinar currency - which officially trades at 4.8 to the US dollar - has recently dropped on the parallel market from around five dinar to the greenback to 7.5 now

    The cost of living crisis and foreign cash crunch come after the Central Bank of Libya announced steps it said were aimed at ensuring greater financial stability

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    The secretive Taliban leader shows his face

    One of the Taliban's most secretive leaders, whose only picture on US "most wanted" lists is a grainy semi-covered profile, was photographed openly for the first time Saturday at a passing-out parade for new Afghan police recruits.
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  • "The UAE government prioritizes keeping pace with global advancements to proactively address opportunities and challenges," adds Al Olama. "This priority includes fostering collaboration among government entities, aiming...
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    • "The UAE government prioritizes keeping pace with global advancements to proactively address opportunities and challenges," adds Al Olama. "This priority includes fostering collaboration among government entities, aiming...

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