Economy Lebanon passes 2024 budget but debate rages on taxes and ‘dollarisation’ Lebanon’s caretaker cabinet passed a draft budget for 2024 on Tuesday with a focus on raising tax revenue and a move towards collecting fees and taxes in dollars. It was the first time since 2002 that a budget was approved within the constitutionally delineated time period of 31 October, which caretaker prime minister Najib Mikati […] September 13, 2023
Opinion People & Lifestyle Dubai expats winning the struggle to be taken seriously It is exasperating that the same tired old stories get re-hashed every year by the western press September 8, 2023
Economy Morocco’s economic outlook improving, say experts Morocco’s economic outlook is set to brighten and it could take on more foreign debt as long as it accelerates reforms and reins in existing subsidies, according to industry experts. Moroccan GDP contracted sharply in the Covid pandemic, while the subsequent war in Ukraine and a severe drought – its worst in 40 years – […] September 6, 2023
Exclusive Retail Middle East shoppers surge at UK’s Bicester Village Travelling on the train to Bicester Village, do not be surprised if you hear announcements in Arabic as you approach the British designer outlet retail destination an hour from London. This is just one example of the steps Bicester Village’s parent company Value Retail has taken in recent years to attract more Middle East shoppers. The […] September 3, 2023
Analysis Renewable Energy Egypt’s green hydrogen goals get BP boost Egypt’s ambitions to develop a green hydrogen industry have been given a major boost with the announcement that BP is to invest $3.5 billion in the country over the next three years. Egyptian president Abdel Fattah El Sisi and BP CEO Bernard Looney announced the plans on Monday. A portion of the funding will go towards […] September 1, 2023
Oil & Gas Saudi Arabia has highest fuel subsidies per capita in G20 Saudi Arabia is by far the highest provider of fuel subsidies per capita among the G20 advanced economies, the IMF said this month as it called for fossil fuel price reforms to reduce carbon emissions. The IMF Fossil Fuel Subsidies Data: 2023 Update working paper said Saudi Arabia spent almost $7,000 per person in 2022. […] August 30, 2023
Economy Kuwait recovering but facing ‘substantial’ risks says IMF Kuwait’s economy is recovering post-pandemic, but risks to the oil producer’s outlook “remain substantial”, the International Monetary Fund (IMF) said in a new report. In an assessment after annual bilateral discussions with the Kuwaiti government known as Article IV consultations, the fund estimated real gross domestic product (GDP) growth will slow to 0.1 percent in […] August 24, 2023
Finance Jadwa acquires stake in Gissah Perfumes Jadwa Investment, a Riyadh-based investment management and advisory firm, has acquired a 35 percent equity stake in Kuwait’s Gissah Perfumes Company, with plans for a listing on the Saudi Arabian bourse. The stake was purchased through Jadwa Retail Opportunities Fund, the companies said in a joint statement. Founded in 2018, Gissah has 80 stores in […] August 24, 2023
Agriculture Gulf’s many-layered reaction to India’s new onion export tax Omani farmers could be one of the few beneficiaries of India’s decision to impose a 40 percent export duty on onions, while UAE restaurateurs are bracing for another hike in food costs. India is the world’s biggest exporter of onions, but a lack of rain this summer has affected harvests and prices have already risen […] August 22, 2023
Finance Turkey’s budget surplus hits $1.8bn on higher taxes Turkey has reported a budget surplus of $1.8 billion in July 2023 following the government’s move to increase taxes on certain goods. The country’s deficit stood at $8.13 billion in June, seven times the deficit a year earlier, Daily Sabah reported, citing official data. The government raised taxes on petrol and increased value added taxes […] August 16, 2023
Analysis Banking & Finance Gulf property buyers in the dark over UK ‘death tax’ Whether it is a second home in Kensington or an apartment for their children studying at university, Gulf investors have spent billions on UK property over the decades – but many are oblivious to the tax implications, especially when it comes to inheritance tax. His Majesty’s Revenue & Customs (HMRC) applies 40 percent inheritance tax […] August 14, 2023
Food & Drink Delivery Hero reports Mena revenue surge Germany’s Delivery Hero has reported a rise of almost 25 percent in second-quarter revenue from its operations in the Middle East and North Africa (Mena) region. The company said strong customer demand resulted in second-quarter Mena revenue rising 24.4 percent to €641 million ($706 million), up from €515 million a year earlier. The Berlin-based conglomerate […] August 10, 2023
Construction Jamal Omar loses petition against zakat claim of $95m Jamal Omar Development, the company which has led construction in the holy city of Mecca, must pay Islamic alms (zakat) of SAR357 million ($95 million) for the years 2012-2018, after losing a complaint against the Saudi government tax authority. The building firm, which is listed on the Saudi stock exchange, made the petition after it […] August 10, 2023
Analysis Logistics Call for shipping polluters to pay for their emissions UAE multinational logistics company DP World has called for a global taxation on polluters in the shipping industry to pay for their emissions. The maritime services giant says new targets revealed by the International Maritime Organization (IMO) in July do not go far enough. At the 80th meeting of the IMO’s Marine Environmental Protection Committee […] August 4, 2023
Banking & Finance Tax exemptions tipped to lure foreign investors to UAE The UAE’s decision to exempt investment funds from corporate tax will only serve to increase the attractiveness of the Emirates among global investors, taxation experts have told AGBI. Corporate tax at a standard rate of 9 percent came into effect on June 1 for companies with taxable income of over AED375,000 ($102,000). The UAE cabinet […] July 31, 2023
Economy Tax revenues fail to offset $4bn drop in UAE federal balance The UAE federal government’s balance sheet decreased by nearly $4 billion, or 38 percent, year on year in the first quarter of 2023, even though tax revenues rose 12 percent. Data from the UAE Government Finance Statistics Report for the first quarter of 2023, published on Tuesday by the UAE Ministry of Finance, found that […] July 26, 2023
Analysis Lifestyle Personal security grows as wealthy expats flock to GCC As more and more high net worth individuals choose to call the states of the GCC home, the private personal security sector has become big business, and some providers are reporting surging demand for their services. Last year 5,200 more HNWIs relocated to the UAE than left. The Gulf state had the highest net inflow […] July 17, 2023
Analysis Food & Drink Dubai alcohol tax cut saving swallowed by most venues Six months after Dubai suspended its 30 percent sales tax on alcohol, most hospitality venues have not passed on savings to consumers – but retailers have, driving up sales. Mike Glen, managing director at Maritime and Mercantile International (MMI), one of the main alcohol distributors in the emirate, estimates that only around 30 percent of […] July 12, 2023
Opinion Banking & Finance Taxing questions at the heart of the Dubai economic model The low-tax regime in the UAE was the result of very deliberate economic strategy July 11, 2023
Opinion Banking & Finance How Middle East banks can bridge the financial divide Financial inclusion is crucial to ensure the region's sustainable economic development July 9, 2023
Analysis Economy Oil cuts hurt Oman GDP, say experts Oman’s GDP growth is set to slow this year as oil production cuts act as a “significant drag” on economic activity. Growth is forecast to slow from 4.3 percent in 2022 to 1.8 percent this year, according to analysts at BMI, formerly Fitch Solutions. This is below the 10-year historical average of 3.1 percent before […] July 5, 2023
Economy Oman to set up two new free zones in economic city Oman will establish two new free zones in Khazaen Economic City in the governorate of South Al Batinah, as part of the Gulf nation’s aim to attract industrial investments and boost economic growth. The free zones – one for light and medium industries and logistical activities, and the other for business and trade – will […] July 4, 2023
