Tax UAE indirect taxes generate up to $3bn per year Indirect taxes in the UAE generate between AED10 and AED11 billion ($2.72 billion-2.99 billion) annually, contributing substantially to the Gulf state’s AED65 billion federal budget, a senior government official has said. These tax revenues bolster economic growth and fortify the federal government’s financial position, the UAE state-run Wam news agency reported, quoting Younis Haji Al Khoori, […] December 23, 2024
Economy Kuwait to impose 15% tax on multinational companies Kuwait will impose a 15 percent tax on multinational companies operating across multiple jurisdictions from January 1 2025. The cabinet gave a go-ahead to the draft law at the weekly meeting headed by prime minister Sheikh Ahmad Al Sabah, state-run Kuwait News Agency reported. The proposed tax is in line with the global tax standards […] December 25, 2024
Economy GCC economy to grow at 4.5% in 2025 on oil support The GDP of the six Gulf Cooperation Council (GCC) countries is forecast to grow at a higher pace in 2025 to reach 4.5 percent. While the regional GDP is expected to grow by 3.7 percent in 2024, it will stabilise at 3.5 percent in 2026, the UAE state-run Wam news agency reported, quoting a Statistical […] December 23, 2024
Retail Cenomi Centers Cenomi Centers is Saudi Arabia’s biggest mall operator. Formerly known as Arabian Centers, Cenomi Centers is owned by Fawaz Abdulaziz Alhokair Group, which also owns Cenomi Retail, owner of franchises and individual stores. In 2024 it partnered with Bahrain’s Gulf International Bank (GIB) to set up a SAR1 billion ($270 million) real estate development fund […] December 19, 2024
Banking & Finance Bank Muscat Bank Muscat was formed in 1982 as a joint venture between the government of Oman and HSBC. It consistently ranks as the bank with the largest total assets in Oman, with assets of more than OMR13 billion ($35 billion). Bank Muscat became a public company in 1993, following its merger with Bank Al Ahli Al […] December 19, 2024
Aviation BA’s suspension of Abu Dhabi flights likely to push up fares British Airways’ decision to suspend daily flights from London Heathrow to Abu Dhabi is likely to push up airfare prices and have an impact on tourism demand in the UAE capital. The UK flag carrier announced on Wednesday that flights from the west London airport will stop from March 30 next year through to October […] December 19, 2024
Banking & Finance Kuwait’s Burgan Bank to take over United Gulf in 2025 Burgan Bank, a subsidiary of KIPCO Group, is expected to complete the acquisition of Bahrain-based United Gulf Bank in the first quarter of 2025. The bank has received clearance from the Kuwaiti central bank to buy a 100 percent stake in United Gulf Bank, KIPCO Group said in a regulatory filing on Boursa Kuwait on […] December 19, 2024
Finance Gulf central banks follow US Fed with rate cuts Key Gulf central banks lowered interest rates in line with the US Federal Reserve’s benchmark rate reduction by 25 basis points (bps) on Wednesday. The Central Bank of the UAE reduced the base rate on its overnight deposit facility by 25 bps to 4.4 percent from 4.65 percent, effective from Thursday. Saudi Arabia cut repurchase (repo) […] December 19, 2024
Analysis Aviation Middle East airlines expected to ride out delivery delays Aircraft delivery delays will continue to dog Middle East airlines in 2025, according to the International Air Travel Association (Iata). The issue will have little bearing on the bottom line, however, and the industry is expected to continue growing regardless. Globally, Iata forecasts that 1,802 aircraft will be delivered over the next 12 months, down […] December 24, 2024
Analysis Markets Talabat and Lulu post-listing slump dims allure of UAE IPOs Talabat and Lulu Retail Holdings were the UAE’s biggest initial public offerings (IPOs) in 2024, raising $3.75 billion amid huge investor demand. But the stock prices of both companies have slid since listing on the Dubai and Abu Dhabi bourses respectively, threatening investor confidence in future UAE flotations involving privately run companies. It has also […] December 23, 2024
Tax More taxes could shield GCC from protectionism, says IMF GCC countries should consider new taxation options to shore up their public finances and shield their economies from rising global protectionism, according to the International Monetary Fund. That means regional governments need to continue diversifying away from fossil fuels and boost the role of the private sector, all the while identifying new tax revenues and […] December 20, 2024
Analysis Oil & Gas UAE to shake up old world order as oil trading centre For years, Geneva, London, Amsterdam and Singapore have been the preferred homes of middlemen helping to move crude oil and its derivatives around the world. But recent geopolitical and economic shifts have paved the way for the UAE to emerge as a trading powerhouse, attracting international talent and rivalling the old world order. The UAE […] December 20, 2024
Opinion Finance Powell’s ‘foggy night’ will affect weather in the GCC Jerome Powell talked of driving at a slower speed in the face of unknown challenges ahead December 20, 2024
Tax UAE to introduce 15% tax on large multinationals The UAE is to increase corporate tax on large multinational enterprises (MNEs) to 15 percent from January 1 2025, the Ministry of Finance has announced. MNEs currently pay 9 percent of their profits in the Emirates. The domestic minimum top-up tax (DMTT) will apply to multinational enterprises with consolidated global revenues of €750 million ($793 […] December 9, 2024
Opinion Lifestyle Dry January in Dubai – renew, reset and resist temptation After the excesses of December, I found myself looking forward to eschewing alcohol January 10, 2025
Markets Oman plans funds to enhance stock exchange liquidity Oman plans to introduce additional liquidity funds to increase trading volumes and support activity on the Muscat Stock Exchange, the exchange’s CEO has said. The move is part of a broader strategy to attract more investors to the Sultanate’s comparatively small and illiquid capital markets. Oman is working to diversify its economy, which remains heavily […] December 13, 2024
Banking & Finance Mumtalakat Bahrain Mumtalakat Holding Company BSC – or Mumtalakat – is Bahrain’s sovereign wealth fund, established by royal decree in 2006 and wholly owned by the Bahraini government. Mumtalakat invests in assets in most sectors including education, aviation, healthcare, consumer and financial services, industrial manufacturing, real estate, tourism and logistics. It does not invest in oil […] December 4, 2024
Education Mergers and acquisitions to fuel Saudi education growth Mergers and acquisitions will play a vital role in the future of Saudi Arabia’s lucrative education sector, which could offer returns in the region of high double-digits, according to an industry expert. There has been a flurry of M&A activity in education in recent weeks. Maarif, one of the largest education companies in the country, […] December 9, 2024
Analysis Health Gulf’s growth in retirees drives demand for senior services Changing demographics globally are paving the way for a new seniors industry in the Gulf. UAE-headquartered Aster DM Healthcare and Bahrain’s GFH Financial Investment Group are Gulf household names that have entered this fledgling but promising business with targeted medical and property services. The baby boomer generation now ranges between 60 and nearly 80 years […] December 16, 2024
Business of Sport UAE sports hotel brand plans regional expansion A sports hotel brand developed in the UAE intends to expand in the Gulf region, its CEO has said. Emirates Sports Hotel and Apartments is a 192-bed facility in Dubai that is specifically designed to cater to the needs of athletes and sportspeople. Large rooms, health and fitness-conscious meals, and the availability of yoga mats […] December 13, 2024
