Real Estate Indian buyers flock to Dubai for higher rental yields With more wealthy Indians moving to the UAE and rental yields in the Gulf state more than twice the size of those in India, interest in purchasing real estate is set to continue to rise. Indians were the top foreign buyers in Dubai last year, spending more than those from Russia, China, Pakistan and the […] June 29, 2023
Employment Doha and Dubai most competitive cities for jobs Doha and Dubai are the top two most competitive cities in the world for applying for new jobs, according to a study from online resume builder Resume.io. The Gulf cities boasted the highest number of candidates per LinkedIn job posting in February this year. In Doha, the average listing received more applicants (399) within a […] June 26, 2023
Analysis Tech How tech is transforming Saudi’s Hajj travel industry Saudi Arabia’s strong digital infrastructure means it is ready to receive “whatever number of pilgrims and Umrah performers”, according to its director general of passports Sulaiman al-Yahya. Two million people are expected to converge on Mecca in the next week to complete the Hajj pilgrimage. By 2030 the kingdom is committed to tripling this number […] June 23, 2023
Analysis Economy Shining a light on the GCC’s $890bn shadow economy The Dubai Financial Services Authority this week imposed a penalty of $25,200 on a company for dealing in precious metals and stones from its base in the Dubai International Financial Centre. The DFSA said the company had not been registered to carry out such activity. While the authority did not allege that the company was […] June 23, 2023
Economy Morocco reveals $990m plan to support farmers Morocco’s government has launched a 10 billion dirham ($990 million) plan to support the country’s farmers, designed to combat the impact of drought and global economic challenges. A report from the Higher Commission for Planning said 229,000 jobs had been lost in rural parts of the country, where agriculture employs over 30 percent of the […] June 14, 2023
Analysis Economy Differing VAT rates complicate intra-GCC trade Differing rates of VAT across the GCC are complicating intra-regional trade and adding costs to exporters and importers, according to experts. The six-member bloc in 2016 signed an agreement to levy 5 percent VAT on the sale of goods and services within their respective countries. Saudi Arabia and the UAE were the first to implement […] June 12, 2023
Real Estate UAE’s overseas property tax may push rents up The introduction of a tax on income from UAE property held by non-residents could cause rents to creep up as owners pass on the increment to tenants, experts have told AGBI. “The rental market is based on supply and demand, so if there’s less supply and more demand at any point, landlords can ask for […] June 8, 2023
Analysis Infrastructure Ooredoo to cut losses in Myanmar to tune of $2.3bn Should Ooredoo succeed in selling its Myanmar subsidiary, the Qatari telecom operator will exit nursing multi-billion-dollar losses in what has proved to be a disastrous strategic failure for the former monopoly. Ooredoo Myanmar’s customer base has shrunk by nearly half in just over two years, while its cumulative pre-tax losses from 2013-2022 total QAR8.6 billion […] June 8, 2023
Analysis Trade Gulf telcos nurse FX losses as foreign expansion sours Gulf telecom operators have suffered multi-billion-dollar currency losses arising from their foreign subsidiaries. They would have to recognise these in their income statements should they ever sell or lose overall control of the units in question. As mobile penetration in their home markets topped 100 percent – meaning there were more mobile subscriptions than residents […] June 6, 2023
Video length: 2:08 Video Employment UAE corporate tax arrival triggers recruitment fever UAE companies advertised for double the number of tax accountants in the first quarter of 2023 compared to the same period last year, ahead of the introduction of the Emirates’ corporate tax. The Association of Chartered Certified Accountants (ACCA) saw a 40 percent increase in tax roles last year compared to 2021. “Recruitment is big […] June 2, 2023
Analysis Retail Saudi shoppers encouraged to support local e-commerce The Saudi e-commerce industry must do more to encourage consumers to spend their riyals with local platforms, as the kingdom’s online shopping sector aims to hit SAR 347.2 billion ($92.57 billion) by 2026. Saudi shoppers are mainly choosing cross-border platforms for their online purchases, according to the latest report from Kearney and Mukatafa. They cited […] June 2, 2023
Transport Tunisia offers cash bonus to switch to electric vehicles Motorists in Tunisia are being offered bonuses of TD10,000 ($3,200) per car to make the switch to electric vehicles as the government looks to accelerate its sustainability efforts. A survey carried out by Tunisia’s Environment Ministry said that reaching 50,000 electric vehicles (EVs) by 2025 and 130,000 by 2030 will save 2.2 million tonnes of […] June 1, 2023
Analysis Economy Bahrain is likely to miss target on balancing books Bahrain is unlikely to hit a target of balancing its books in 2024 but could see lower budget deficits as the government pursues non-oil growth. Preliminary fiscal data for year-end 2022 points to a minor deficit of 1.1 percent of GDP, underpinned by a 97 percent year-on-year increase in nominal tax revenue after doubling the […] May 30, 2023
Retail Harrods checks into hotels as it awaits return of Chinese shoppers Harrods, the London department store owned by Qatar, has opened its first branded hotel project, diversifying into hospitality overseas as the retail sector faces challenges at home. In late March it launched the Harrods Residence Suite, a two-storey luxury suite in Swire Hotels’ Beijing property the Opposite House. The retailer also has a hospitality outpost […] May 30, 2023
Video length: 03:18 VIDEO Banking & Finance Why the UAE is introducing corporate tax The UAE’s introduction of corporate tax will ensure that it is not used as a jurisdiction to “move profits” from other higher taxed markets, according to a lawyer in Dubai. “Historically, the UAE was blacklisted by the European Union, because they were trying to ensure that the Emirates are not used as a jurisdiction where […] May 26, 2023
Analysis Economy New wave of Saudi spending is no cause for concern A spike in spending during the first quarter of 2023 is likely to lead to a “modest” full-year fiscal deficit for the Saudi government but room remains to make further outlays, experts say. The government recorded a deficit of nearly SAR3 billion ($800 million) in the period, driven by a 29 percent surge in spending, […] May 25, 2023
Banking & Finance Sanjay Shah pleads for review of $1.3bn tax fraud case Sanjay Shah, a UK citizen accused of defrauding Danish tax authorities, is appealing to Dubai’s Court of Cassation to review its decision this week to make him repay AED4.64 billion ($1.26 billion), plus 5 percent interest. The Court of Cassation – the emirate’s highest court – refused an appeal by Sanjay Shah in a judgment […] May 19, 2023
Analysis Food & Drink Champagne sales in the Gulf fizz by 91% World Cup fans and wealthy expats led to Champagne imports to the Gulf almost doubling in 2022. After a strong marketing push by French producers helped luxury bubbly become more mainstream, the number of bottles of Champagne shipped to the region surged 91 percent last year. Comité Champagne, the industry body representing French producers, told […] May 18, 2023
Economy Qatar announces revamp of sovereign wealth fund Qatar will reorganise its sovereign wealth fund in what will be its latest economic reform following the successful staging of last year’s Fifa World Cup. The Qatar Investment Authority (QIA) is the world’s 10th largest sovereign wealth fund with $475 billion of assets under management according to the Sovereign Wealth Fund Institute. The country’s ruler […] May 17, 2023
Egypt temporarily exempts travellers from gold tax The Egyptian government has temporarily approved customs duty and other fee exemptions, excluding VAT, for travellers bringing in gold for a period of six months. The exemption applies to semi-manufactured gold, gold prepared for currency-trade, and jewellery parts made or coated with a layer of precious metals, UAE state-run Wam news agency reported, citing a draft decree […] May 12, 2023
Analysis Banking & Finance Tadawul and DFM are overvalued, data shows The companies that operate Dubai and Saudi Arabia’s bourses are providing investors with scant returns because of high valuations and low dividend yields following a prolonged Gulf stock trading slump. Dubai Financial Market (DFM) was the first Gulf bourse to go public, in 2007, while Boursa Kuwait and Saudi Tadawul Group followed suit in 2020 […] May 11, 2023
Retail Saudi firms in talks to create retail powerhouse Talks are under way for a potential merger between Saudi Arabia’s largest franchise retailer and shopping mall developer and operator. Cenomi Retail, formerly known as Fawaz Abdulaziz Alhokair Company, said in a filing to the Saudi Stock Exchange that it is in discussions with Cenomi Centers, also known as Arabian Centres Company, to create a […] May 8, 2023
