Banking and Finance Dubai ends double taxation for foreign banks Foreign banks including HSBC, Banque Misr and Arab Bank operating in Dubai will no longer face double taxation after a change in the emirate’s banking laws. A 9 percent corporate tax, introduced in June last year for corporations and businesses that have a taxable profit above AED375,000 ($100,000) was being applied on top of the […] March 8, 2024
Analysis Business of Sport Saudi Arabia gives boxing a chance to reinvent itself World heavyweight champion Tyson Fury is no stranger to hyperbole. Thus only a few eyebrows were raised when he boldly claimed that boxing would be “dead” if it wasn’t for Saudi Arabia. The sport was looking decidedly punch-drunk before Saudi Arabia entered the ring almost six years ago. The first boxing card in Jeddah that […] March 7, 2024
Markets Drake & Scull gains approval to resume trading on Dubai bourse Drake & Scull International has been given the green light to resume trading on the Dubai Financial Market, after an absence of more than five years. The decision from the Securities and Commodities Authority follows the Dubai contractor agreeing to increase its share capital by up to AED600 million ($163 million), as part of a […] March 6, 2024
Business of Sport Baseball United to launch Saudi franchises Professional baseball teams are to be launched in Riyadh, Jeddah and Dammam as part of plans by Baseball United to expand into Saudi Arabia. Baseball United was unveiled in August last year with ambitious proposals to launch the first professional baseball league in the Middle East, focusing initially on matches in the UAE, then Qatar, […] March 6, 2024
Economy EU throws Tunisia a financial lifeline with $163m grant The European Union has handed Tunisia a €150 million ($163 million) grant to support economic reforms and fiscal stability as the North African country attempts to fend off a financial crisis. Almost $4 billion in external debts are due for repayment this year, up 40 percent on 2023. Although Tunisia managed to pay an €850 […] March 5, 2024
Aviation Middle East aviation fleet to double in next decade The number of aeroplanes operated by commercial airlines across the Middle East will grow by more than half to 2,200 over the next 10 years, according to a report from Oliver Wyman, the consultants. The size of the Middle East aviation fleet is projected to increase at an annual rate of 4.2 percent from 2024 […] March 5, 2024
Sustainability Saudi Arabia and UAE back fishing subsidies ban The UAE and Saudi Arabia were the only GCC countries to back a failed bid by the World Trade Organization (WTO) to curb subsidies that contribute to overfishing and wider fishing sector overcapacity. It had been hoped that the Agreement on Fisheries Subsidies (AFS), which, according to WTO director-general Ngozi Okonjo-Iweala, has “been on the […] March 4, 2024
Real Estate Omani developer reveals Muscat mixed-use project The Omani developer Al Fayha United Development company has launched a 13,000 square metre mixed-use project in Muscat. The Smart Home project in Al Ghala Heights, opposite Madinat Al Irfan, will include an apartment building comprising nine floors and a penthouse. Sheikh Saud bin Hamad al Ta’i, chairman of Al Faiha Development Company, said residential […] March 3, 2024
Video length: 05:02 Food & Drink Agthia increases stake in Egyptian snack group Agthia Group has raised its stake in the Egyptian snacks company Auf Group to 70 percent, the latest UAE investment in the North African country. The food and beverages group, which is majority owned by the Abu Dhabi government through the state investor ADQ, acquired a 60 percent stake in Auf Group in 2022. In […] March 1, 2024
Real Estate Abu Dhabi residential sales buoyed by off-plan purchases Property sales in Abu Dhabi’s residential sector were up 83 percent year on year in 2023 as a raft of new launches enticed buyers to the off-plan market. There were more than 8,000 units introduced to meet growing demand in the UAE capital, with under-construction properties accounting for three quarters of the 11,200 transactions last […] February 29, 2024
Oil & Gas Adnoc Drilling and Alpha Dhabi to surpass 3-year $1.5bn target A joint venture between Adnoc Drilling and Alpha Dhabi will surpass its $1.5 billion investment target within the three-year timeframe originally set, and is seeking acquisitions in the US and across Europe. Adnoc Drilling, a subsidiary of Abu Dhabi National Oil Company, and Alpha Dhabi Holding, one of Abu Dhabi’s biggest investment companies, announced the […] February 29, 2024
Aviation Passengers pay for aviation’s sustainability shortcomings Penalties imposed on the aviation industry for failing to meet stringent sustainability targets will ultimately lead to higher air fares for passengers, according to an industry expert. “The customer is going to pay the extra cost,” said Wahab Teffaha, secretary general of the Arab Air Carriers’ Organization, speaking at the 11th annual Arab Aviation Summit […] February 29, 2024
Logistics GCC companies safeguard stocks against Red Sea crisis Businesses in the GCC are adding up to three months to their supply chains as disruption in the Red Sea persists. Despite the increased costs, a survey of executives from the region revealed companies are maintaining “substantial extra inventory” in the face of the current geopolitical uncertainties. The fourth annual Trade in Transition study by […] February 28, 2024
Construction Drake & Scull to issue sukuk for return to Dubai market The directors of Drake & Scull International are looking to recapitalise the troubled construction giant via a sukuk, with a view to resuming trading on the Dubai Financial Market. A general assembly meeting will be held “as soon as possible” to increase the company’s share capital, which will be done through a mandatory convertible sukuk, […] February 27, 2024
Trade Iraq and Lebanon face long wait to join WTO Iraq and Lebanon have indicated a desire to resume talks aimed at joining the World Trade Organization (WTO), but history suggests the two could be in for a long wait. To join the WTO, a government has to bring its economic and trade policies into line with the organisation’s rules and principles and negotiate with […] February 27, 2024
Real Estate Union Properties sells $136m of land to ‘foster growth’ Dubai developer Union Properties has sold more than AED500 million ($136 million) worth of land as it continues to address levels of debt. It is also looking at further offers on assets worth more than AED1.2 billion ($326 million), according to a filing on Dubai Financial Market on Monday, although no locations have been revealed. […] February 26, 2024
Banking and Finance Mubadala and Goldman Sachs to put $1bn into Asia-Pacific Mubadala and Goldman Sachs have signed a $1 billion agreement to invest in private credit deals in the Asia-Pacific region. The partnership between Abu Dhabi’s sovereign wealth fund and Goldman Sachs Alternatives will put private credit into “high-quality companies and sponsors” throughout the region with a particular focus on India, they said in a joint […] February 26, 2024
Trade UAE and Kenya complete Cepa negotiations The UAE and Kenya have completed negotiations on a comprehensive economic partnership agreement (Cepa) between the two countries. It is the 12th Cepa deal secured by the UAE and its third in Africa, after agreements were signed last year with Mauritius and the Republic of the Congo (Congo-Brazzaville). “The UAE-Kenya Cepa will not only boost […] February 23, 2024
Transport Saudi Arabia loans $55m for Tunisian rail renewal Saudi Arabia has signed a $55 million loan deal with Tunisia to finance the renewal of the North African country’s rail network. The railway is used to transport phosphate, a sector that makes up around 4 percent of Tunisia’s GDP and 15 percent of the country’s exports. Tunisia plans to produce eight million tonnes by […] February 23, 2024
Construction Omani contractor signs tower deal for billion-dollar project Omani conglomerate Tawoos Group has signed a deal to build two mixed-use towers within the sultanate’s billion-dollar Al Khuwair Downtown Project. The project in the Muscat governorate has raised $1.3 billion in investments, according to a report from the Oman Observer, and covers an area of 3.6 million square metres. Tawoos Group will be responsible […] February 23, 2024
Real Estate UAE developer to build $2bn project in Egypt’s New Cairo Egypt’s New Urban Communities Authority and the UAE’s UDC Real Estate Development Company have signed a contract to develop an EGP60 billion ($1.9 billion) urban development project in New Cairo. Named The Crest, the development in the Hadayek Al-Andalus area will be built on a plot spanning 665,000 sq m. It will comprise residential, commercial […] February 22, 2024
Real Estate Bahrain and UAE sign $4bn real estate deal A UAE property investment and development company has signed a $4 billion deal to develop real estate across Bahrain. Abu Dhabi’s Eagle Hills International has finalised a joint cooperation agreement to set up Binaa Al-Bahrain, with a focus on residential, commercial and entertainment projects across the kingdom. The new company will work with Edamah, the […] February 22, 2024
