Economic & Business News

Abu Dhabi banks' earnings total $8.39bn in 2017

(Trade Arabia - 3/15/2018 5:26:00 AM)

The total earnings of commercial and Islamic banks in the emirate of Abu Dhabi surged to Dh30.83 billion ($8.39 billion) in 2017, according to figures released recently by the Statistics Centre-Abu Dhabi.

The total earnings of commercial banks ...

Microsoft to open datacentres in Abu Dhabi, Dubai

(Trade Arabia - 3/15/2018 5:22:00 AM)

Microsoft today revealed plans to deliver the intelligent, trusted Microsoft Cloud from its first datacentres in the Middle East – located in Abu Dhabi and Dubai.

The Microsoft Cloud, comprising Azure, Office 365 and Dynamics 365, will offer ...

Moody’s outlook on Kuwait banking system stable

(Arab Times - 3/15/2018 5:21:00 AM)

The outlook for Kuwait’s banking system is stable as the credit standing of Kuwaiti banks will be supported by steady nonoil economic growth and solid financial fundamentals over the next 12 to 18 months, says Moody’s Investors Service in a report ...

KAEC to showcase residential land plots in Makkah

(Saudi Gazette - 3/14/2018 7:45:00 AM)

King Abdullah Economic City (KAEC) has announced the off-plan sales of residential lands at Al Hejaz Miram. KAEC is releasing 130 new plots in a master-planned gated community suitable for the construction of single-family homes. With prices starting at ...

KAPSARC: Improving energy productivity boosts Saudi GDP by 8% in 6 years

(Saudi Gazette - 3/14/2018 7:43:00 AM)

KAPSARC and ERI estimate that in 2016 around $5 trillion, or around 23 percent, has been added to China’s GDP than what might have been the case if its economy still functioned with its 2010 energy intensity. In Saudi Arabia, the economy is around $140 ...

Sheikh Ahmed: Emirates set for stronger annual earnings

(The National - 3/14/2018 7:36:00 AM)

Emirates airline, the world’s biggest long-haul carrier, expects a stronger performance in its current fiscal year than the last, as it benefits from a reversal in US President Donald Trump’s electronics ban and closer ties with low-cost sister service ...

Oman to attend Kuwait agro food expo

(Times of Oman - 3/14/2018 7:28:00 AM)

The Sultanate, represented by the Public Establishment for Industrial Estates (PEIE), is all set to take part in the first edition of Kuwait International Agro Food Expo in Kuwait which will kick off next Sunday at Kuwait International Fair ...

UAE, Saudi to link rail networks by end of 2021

(Gulf News - 3/14/2018 5:49:00 AM)

Cross-border rail links between the UAE and Saudi Arabia will be established by the end of December 2021, a top UAE official said on Monday.

Speaking at the MiddleEastRail conference, Dr Abdullah Salem Al Katheeri, Director General of the UAE’s ...

Businesses must display prices inclusive of VAT

(Gulf News - 3/14/2018 5:46:00 AM)

The UAE’s Federal Tax Authority (FTA) said all businesses subject to Value-Added Tax (VAT) and excise tax must display prices of their goods and services inclusive of tax in order to avoid penalties.

The Authority in a statement on Tuesday ...

Fiscal reforms, geopolitics to pressure GCC corporate profits

(Gulf News - 3/14/2018 5:41:00 AM)

The GCC’s non-financial corporate sector is expected to face pressure on profitability resulting from fiscal consolidation efforts in the current year and the next, according to ratings agency Moody’s.

“GGC governments have done fairly well in ...