Economic & Business News

Saudi Cement, GE Power sign deal to boost power output & efficiency

(Saudi Gazette - 5/20/2018 8:53:00 AM)

Saudi Cement has signed an agreement with GE Power for the upgrade of three GE 6B gas turbines at its Hofuf plant to increase power output and efficiency.

The deal represents the first time that GE Power’s Advanced Gas Path (AGP) solution will ...

Private deposits in Oman's banks rise

(Times of Oman - 5/20/2018 8:43:00 AM)

Private deposits at commercial banks in the Sultanate at the end of February 2018 rose 0.85 per cent to OMR12.55 billion, compared to OMR12.45 billion in the corresponding period last year, according to a monthly bulletin published by the Central Bank of ...

Qatar’s new real estate law to boost property market

(The Peninsula - 5/20/2018 8:41:00 AM)

Qatar’s new draft law for foreign real estate ownership is expected to boost sales for residential and commercial properties in Qatar, as well as increase foreign direct investment.

Another knock on effect may be an increase in foreign ...

Rooftop PV to cover up to 30pc of homes in Oman

(Oman Daily Observer - 5/20/2018 8:29:00 AM)

Marking a new phase in the mass-scale installation of solar photovoltaic (PV) systems atop residential buildings in the Sultanate, the Authority for Electricity Regulation Oman (AER) has invited Expressions from Interest (EoI) from qualified developers ...

GCC debt issuance weak Q1 at $12bn

(Trade Arabia - 5/20/2018 8:22:00 AM)

While the GCC sovereign issuance was quiet in the first quarter (1Q) of the year at $12 billion, still-favourable borrowing costs, high oil prices, and continued foreign investor interest are expected to keep market access relatively easy this year, a ...

UAE sets conditions for VAT refund on new residences

(Trade Arabia - 5/20/2018 8:20:00 AM)

The UAE's Federal Tax Authority (FTA) has set three requirements and procedures for Emirati nationals to refund Value Added Tax (VAT) incurred on the new residences.

The conditions state that in order to refund VAT, applicants must be UAE ...

Dubai starts work on $107m Shindaga bridge project

(Trade Arabia - 5/20/2018 8:16:00 AM)

HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, accompanied by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, has launched the construction of the Dh394 million ($107 ...

Bahrain slow to implement reforms despite debt woes

(Gulf Times - 5/18/2018 10:35:00 AM)

Greylock Capital Management LLC, a hedge fund that holds the distressed bonds of Mozambique and Venezuela, says Bahrain is its next potential target. The cash-strapped Gulf nation has been slow to implement reforms compared with its richer neighbours, ...

Qatar-Canada trade reaches QR633.8m in 2017

(The Peninsula - 5/18/2018 10:29:00 AM)

H E Sheikh Ahmed bin Jassem Al Thani, Minister of Economy and Commerce, met with the visiting Minister of Immigration, Refugees and Canadian Citizenship, Ahmed Hussen, and his accompanying delegation at his office in Doha yesterday.

During the ...

Dubai issues 1,848 new trade licenses in April

(Trade Arabia - 5/18/2018 10:22:00 AM)

The Dubai Department of Economic Development (DED) issued 1,848 new business licenses during April 2018 as the emirate remained a destination of choice for investment in diverse business sectors.

The 'Business Map' digital platform of DED saw ...