Analysis Oil & Gas North Field expansion to power Qatar’s economy Qatar’s economy is likely to record only modest growth this year, but analysts predict that revenues generated from a North Field gas expansion will make it among the fastest-growing globally in two years’ time. Gross domestic product is forecast to surge to nearly 13 percent in 2026, after sluggish growth of only 1.5 percent this […] October 1, 2024
Economy Oman to impose income tax on high earners post-2026 Oman is expected to implement its proposed personal income tax on high earners after 2026, according to a new report. In July, the Majlis al-Shura, the lower house of the Omani parliament, approved a draft law on income tax – the first of its kind in the GCC region – forwarding it to the State […] September 30, 2024
Economy Algeria’s UK ambassador: ‘We must modernise our economy’ Weeks after presidential elections in which the incumbent, Abdelmadjid Tebboune, was re-elected, Algeria has set its sights on systemically modernising its economy, having seen what it says are positive results from introducing investment reforms and enabling 100 percent foreign ownership in some sectors. “We hope the economy will continue to grow with more reforms … […] September 30, 2024
Economy Bahrain likely to hold off on corporate tax Bahrain is unlikely to introduce corporate tax for as long as possible in order to maintain its competitive edge on Gulf rivals, a company formation expert has told AGBI, citing discussions with the kingdom’s minister of finance. However, with the highest debt-to-GDP ratio in the GCC, some experts believe the island state may eventually be […] September 27, 2024
Oil & Gas UAE tops list of tax payments from ExxonMobil US energy giant ExxonMobil paid the UAE $7.4 billion in taxes and royalties last year, more than it paid any other country in the world. From declared annual earnings of almost $41 billion, Exxon paid $49 billion of global tax and duties, including more than $16 billion in income taxes, according to a regulatory filing […] September 26, 2024
Economy Turkey U-turns on taxing crypto and stock market earnings Turkey’s government has scrapped plans to tax profits from trading in cryptocurrency and on the stock market. Vice President Cevdet Yılmaz said on September 24 that the proposal to impose a levy on stock market and crypto trading profits had been shelved. “The stock market tax is not on our agenda. It was discussed for […] September 25, 2024
Finance Africa’s richest man to open Dubai family office Aliko Dangote, Africa’s wealthiest man with a net worth of $13 billion, is the latest high net worth individual to establish a family office in Dubai. The family office will focus on global investments to expand the Dangote Group’s portfolio beyond industrials, Bloomberg reported, quoting Dangote. The office will also explore co-investment opportunities with families, […] September 25, 2024
Analysis Tech Ankara’s twin tech challenge to woo foreign experts and keep its own Turkey wants to persuade foreign tech entrepreneurs and innovators to move to the country with a scheme providing a fast-tracked business permit and residency visa, as it seeks to position itself as a leading international technology hub. Ankara has already made a call to tech-savvy travellers through a programme launched in April offering an easy […] September 19, 2024
Leisure & Hospitality Arabian nights: what goes on when the sun goes down A jazz festival, desert raves and sports bar are part of the Saudi plan to build a night economy September 19, 2024
Analysis Economy Oman edging closer to investment grade rating Oman has been putting its fiscal house in order over the past three years and, in the eyes of many analysts, has realistic hopes of regaining its investment grade rating. But the sultanate has significantly upped spending on energy and social subsidies, while a drop in gas prices has lowered revenues in the seven months […] September 19, 2024
Finance PIF to initiate $5bn investment in Egypt Saudi Arabia’s Public Investment Fund (PIF) will pump $5 billion into Egypt in a first investment phase. The directive was given by crown prince Mohammed bin Salman during his meeting with Egyptian prime minister Mostafa Madbouly, the Egyptian cabinet said in a statement. No other details were given on the planned investment. NewsletterGet the Best […] September 17, 2024
Analysis Food & Drink Champagne shipments to the Gulf slow but still flowing The growth in champagne shipments to the Gulf has slowed in recent years but the market is still one of the strongest in the world, bucking a global trend for declining sales. Around 3.5 million bottles of champagne were shipped to the Gulf states in 2023, an increase of about 40 percent, according to data […] September 13, 2024
Economy Tax reforms launched by Egypt to entice more investors A range of measures to make the Egyptian tax system more transparent and attract further investors to the country has been unveiled by finance minister Ahmed Kouchouk. The reforms will boost the country’s competitiveness and make it easier for foreign investors to work there, Kouchouk said in a press conference on Wednesday. “It’s evident that […] September 12, 2024
Video length: 02:30 VIDEO Tech ‘Common sense has returned’ to fintech investment market There was a 31 percent increase in unique investors in the fintech market in Mena during the first half of 2024. But there was a distinct lack of “mega-deals”. Gautam Jain SC Ventures told AGBI that he believes this is a good thing for the future of the market. “People were throwing money at these […] September 12, 2024
Banking & Finance Ultra-wealthy pinpoint Gulf to set up family offices US private equity investor Leon Black, who has a net worth of around $14 billion, last week confirmed he was opening a branch of his family office in Abu Dhabi. The co-founder of New York investment giant Apollo Global Management joins the likes of Egyptian tycoon Nassef Sawiris, Binance co-founder Changpeng “CZ” Zhao, India’s Adani […] September 11, 2024
Tourism Saudi Arabia plans refund scheme to cater for tourists Saudi Arabia is planning to introduce a tourist tax refund scheme in an attempt to boost visitor numbers and compete with its Gulf neighbours. The Zakat, Customs and Tax Authority opened a public consultation at the end of August on proposed changes to tax regulations that aim to improve compliance with valued added tax legislation […] September 10, 2024
Analysis Banking & Finance US interest rate cut will impact UAE bank margins UAE banking sector profits have soared as higher-for-longer interest rates boosted margins and loan defaults remained low. Yet analysts predict that imminent US interest rate cuts will squeeze profitability, despite the likelihood of reduced borrowing costs bolstering loan growth. Dubai’s Emirates NBD reported a record first-half profit of AED13.8 billion ($3.76 billion), while First Abu […] September 6, 2024
Analysis Employment Oman’s fine line between labour localisation and growth Oman this week tightened restrictions on foreign workers’ ability to take on certain jobs in industries including real estate, construction and hospitality. In another labour law revision of this kind in the past two years authorities banned expatriates from serving in some oil and gas engineering roles, the real estate maintenance space, and as travel […] September 5, 2024
Finance Saudi Arabia cuts more red tape to tempt foreign investors Saudi Arabia is simplifying its registration process for foreign investors as part of its strategy to attract more international companies. The government approved a revamp of its investment law last month, aiming to reassure overseas investors that they would be on a level playing field with Saudi nationals. The reforms come into effect in January […] September 4, 2024
Video length: 04:08 VIDEO Gaming Prince Faisal: growth, not profit, is focus for esports Cost-intensive spectator events are not going to be a “serious profit generator”, Prince Faisal bin Bandar Al Saud told AGBI, as Saudi Arabia concluded the first Esports World Cup last week. The event was watched by more than 500 million people but Prince Faisal, president of the Arab Esports Federation, said: “In esports, sustainability is […] September 4, 2024
Video length: 07:05 Analysis Trade India’s Cepa review could cut up rough for UAE diamond trade Dubai’s status as a re-export hub for diamonds to India is under threat as New Delhi pushes for a review of terms it agreed in the Comprehensive Economic Partnership Agreement (Cepa) with the UAE two years ago. India’s commerce secretary Sunil Barthwal raised concerns earlier this month about potential use of loopholes that could weaken […] September 4, 2024
Analysis Banking & Finance Bahrain’s corporate tax just the first in GCC, say experts Bahrain could be the first “domino to fall” in the GCC after announcing a tax targeting large multinational companies, analysts have told AGBI. The domestic minimum top-up tax (DMTT) will impose a 15 percent levy on the Bahraini profits of multinational enterprises whose revenues exceed €750 million ($830 million). It comes into force next January. […] September 3, 2024
