Economic & Business News

Affordable housing stimulates Riyadh’s real estate market

(Saudi Gazette - 7/19/2018 8:41:00 AM)

Although market conditions in Riyadh remain relatively unchanged this quarter, the governments’ continued focus on providing more affordable housing to drive home ownership amongst Saudi nationals will in turn boost the capital’s overall real estate ...

UAE clarifies rules on payment of VAT on commercial real estate

(The National - 7/19/2018 8:31:00 AM)

The 5 per cent VAT on commercial real estate must be paid prior to the completion of an asset sale, not afterwards, the UAE’s Federal Tax Authority (FTA) said on Wednesday.

In a statement clarifying the rules around payment of the levy on ...

PEIE highlights investment opportunities

(Times of Oman - 7/19/2018 8:09:00 AM)

A delegation of Indian businessmen visited the Public Establishment for Industrial Estates (PEIE) on Wednesday in a bid to familiarise themselves with the investment climate in the Sultanate.

A meeting with the delegation was organised in ...

Bahrain bond rally fizzles out as Gulf bailout remains elusive

(Gulf News - 7/19/2018 8:04:00 AM)

Bondholders’ relief over a Gulf pledge to prop up Bahrain’s struggling economy has given way to anxiety now that three weeks have passed without any sign aid is on the way.

Saudi Arabia, Kuwait and the UAE are waiting for Bahrain to submit its ...

Dubai banks continue to deliver strong results

(Gulf News - 7/19/2018 7:59:00 AM)

Leading Dubai based banks, Emirates NBD, Emirates Islamic, Dubai Islamic Bank (DIB) and Mashreq reported strong growth in first half net profits supported by gains in core banking revenues.

Emirates NBD’s first half profits were up 29 per cent ...

Fourth Industrial Revolution and the Omani economy

(Oman Daily Observer - 7/19/2018 7:49:00 AM)

Late in the 18th century, the British Empire shot up to the status of invincibility as the expansion of its manufacturing industry aided its existing intercontinental trade, courtesy of the first Industrial Revolution. A century later, the Germans ...

UAE-China cooperation based on mutual respect: MoE

(The Gulf Today - 7/19/2018 7:47:00 AM)

Sultan bin Saeed Al Mansouri, Minister of Economy, has said the visit of His Highness Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to China in 2015 represented a vital step in the ...

VAT boosts realty competitiveness

(The Gulf Today - 7/19/2018 7:46:00 AM)

The Federal Tax Authority, FTA, has called on persons dealing with commercial real estate to apply the basic Value Added Tax, VAT, rate of five per cent on all sales and rent of such properties, urging buyers to pay the due VAT before proceeding with the ...

Acciona wins $234m contract to build Saudi desal plant

(Trade Arabia - 7/19/2018 7:34:00 AM)

Acciona Agua, a leader in providing sustainable solutions for infrastructure and renewable energy projects, said it has been awarded a €200 million ($234 million) contract by Saline Water Conversion Corporation (SWCC), a Saudi government corporation, to ...

Dubai’s trade with China surges 6pc to $47.5bn in 2017

(Trade Arabia - 7/19/2018 7:33:00 AM)

Dubai’s foreign trade with China grew by 6 per cent to reach as high as Dh176.4 billion ($47.53 billion) in 2017, compared to Dh166.35 billion in 2016, according to a statistic released by Dubai Customs in line with the milestone visit of President Xi ...