Economic & Business News

Dubai Chamber hosts workshop on Companies Law

(Gulfnews - 5/29/2017 2:26:00 AM)

The Dubai Chamber of Commerce and Industry hosted a workshop to discuss key features and requirements under the new UAE Commercial Companies Law. Presentations at the workshop highlighted the changes brought by the law including recognition to concepts ...

Saudi Arabia to impose 100% tobacco tax

(Gulfnews - 5/29/2017 2:24:00 AM)

Saudi Arabia will impose a special tax on tobacco and sugary drinks on June 10, as part of a series of steps towards closing a budget deficit caused by low oil prices. Khalid Khurais, director of the selective tax unit of the General Authority of Zakat ...

Abu Dhabi approves Dhs74.2b plan

(The Gulf Today - 5/29/2017 2:17:00 AM)

Abu Dhabi Executive Council has approved two infrastructure development projects in Abu Dhabi worth Dhs74.2 billion. The projects announced by the executive committee are part of Abu Dhabi Plan to ensure water and energy sustainability. The committee, ...

GCC retail sector forecasted to grow to $313 billion

(Oman Daily Observer - 5/29/2017 2:13:00 AM)

While the long-term fundamentals remain strong, the retail market in Oman is presently under pressure due to economic slowdown. The impact on the retail sector has been higher compared to its GCC counterparts. The country’s wholesale and retail trade ...

Bahrain non-oil sector grows 3.7% in 2016

(Saudi Gazette - 5/29/2017 2:03:00 AM)

Growth of 3.7% in the non-oil sector helped to fuel overall economic growth of 3% in Bahrain in 2016, according to the latest figures published in the Economic Development Board’s Bahrain Economic Quarterly. This growth marks an acceleration over the ...

MENA e-commerce market value seen to top $6.7b in 2017

(Saudi Gazette - 5/29/2017 2:02:00 AM)

The number of online shoppers in the Middle East and North Africa (MENA) region is growing exponentially, bringing the regional e-commerce market to unprecedented expansion. The Middle East’s e-commerce sector, in particular, has skyrocketed by 1,500 ...

New business deals strengthen Saudi-Boeing partnership, says CEO

(Arab News - 5/29/2017 2:01:00 AM)

The defense and commercial agreements announced and endorsed during the visit of US President Donald Trump will further strengthen Boeing’s partnership with Saudi Arabia, create and sustain thousands of jobs in both countries, and enhance national ...

MOST OMANI BANKS POST BETTER Q1 PERFORMANCE

(ONA - 5/28/2017 2:38:00 PM)

Oman’s commercial banks performed well during the first quarter of 2017 despite the difficult economic challenges facing the global banking sector. The net profits of the six commercial banks listed at the Muscat Securities Market (MSM) rose to RO87.4mn ...

Oman plans to build mobile water desalination project

(Times of Oman - 5/28/2017 8:19:00 AM)

Oman plans to build a mobile desalination project, with a capacity to produce 100,000 cubic metres of water per day (22 million imperial gallons per day or MIGD) to meet temporary shortages for potable water in different parts of the country. The ...

Qatar Development Bank wins prestigious 'Best SME Loan' Award

(The Peninsula - 5/28/2017 8:07:00 AM)

Qatar Development Bank (QDB) was named 'Best SME Loan' during the Arab Banks Awards and Commendations of Excellence 2017. The award ceremony was organized by the World Union of Arab Bankers in Beirut, where it was attended by senior bankers, business ...

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