SME News The UAE partially lifts some lockdown measures across the Emirates... Entertainment venues and tourist attractions will remain closed, offices have to limit employees on its premises to 30% of the workforce.
SME News Battling Covid-19’s Impact: the Ministry of Economy reduced Fees of 94 Services... Government of Dubai extended closure of all inbound tour operators, hotels, restaurants, venues and event organisers until further notice.
SME News How are GCC Nations financing the Stimulus Packages? Overall stimulus measures in the GCC have crossed over 10% of 2019 GDP - Governments are taking actions to finance this spending.
SME News Dubai Expo Organisers have officially proposed 1st October 2021 as the new Starting Date... Bureau International des Expositions is set to decide on the date of this 6-month long event at the next meeting to be held on 21st April 2020.
SME News UAE and MENA announce a range of Stimulus Packages to combat Covid-19... UAE Government announced additional stimulus of AED 16bn to support the economy, thereby bringing the total amount to AED 126bn so far.
SME News Global Financial Markets suffer their worst day since 1987’s Black Monday... Oil prices continued to decline on news of higher production plans from UAE and Saudi Arabia while the gold price ended the week with a loss of 8.6%.
SME News Saudi Arabia temporarily halts all entry by land from the UAE, Bahrain and Kuwait… Entry is permitted only via the three international airports in Riyadh, Jeddah and Dammam. Furthermore, the Umrah pilgrimage is suspended temporarily.
SME News Brent Crude Oil down 14% on Virus Concerns… In the UAE, non-oil sector GDP grew at just 1.1% last year – the slowest pace since at least 2011 – down from 2018’s 1.3%.
SME News 50 initiatives are underway to attract and support Small Businesses in UAE... Achievements include Hub71 (the technology centre) with 39 startups, the Abu Dhabi Climate Initiative, the AED 535m Ventures Fund and so on.
SME News Tourists into Saudi Arabia are forecast to rise by 38%… CEOs in Saudi Arabia are upbeat about the domestic economy while remaining concerned about the global growth outlook, according to a KPMG survey of 50 CEOs.
SME News UAE discovers 80trn cubic feet of Gas Reserves in Jebel Ali – the largest discovery in 15 years… UAE discovered 80trn cubic feet of Gas Reserves in Jebel Ali – the 4th biggest gas field in the Middle East. It opens the potential to enter the LNG market.
SME News The number of new Investors in Dubai accelerated by 86%… The number of new investors in Dubai accelerated by 86% to more than 60,700 in different economic sectors during 2019, according to the DED.
SME News DMCC reports 20% Q4 increase in New Company Registrations… Dubai attracted a record-high 16.73mn international overnight visitors in 2019, rising by 5.1% YoY.
SME News The US-China Phase 1 Trade Deal was signed last week... Dubai announced the establishment of a “Dubai Future District” dedicated to the new economy, with ten initiatives to support it including an AED 1bn fund.
SME News Iran abandons Nuclear Deal as US tensions escalate … The Dubai 2020 budget estimates record spending of AED 66.4bn (USD 18.1bn), up 17% yoy; infrastructure spending is set to decline for a 2nd consecutive year, ahead of the Expo this year.
Dubai Saudi Arabia’s PIF announced USD 1.07 Billion “Jada” Initiative to support SME’s ... Abu Dhabi’s Non-Oil Trade declined by 8.8% yoy to AED 154.4 Billion (USD 42 Billion) in January-September 2019, as a result of a 12.7% decline in imports alongside a 14.8% dip in exports.
SME News Aramco briefly hit the USD 2 Trillion Valuation … The Dubai PMI fell to 53.5 in November (October: 54.6), with output growing at the softest rate since April 2016 and a slower rise in new orders.
SME News UAE approved a Federal Law on the Insolvency of Natural Persons … UAE approved a federal law on the insolvency of natural persons, to allow debtors to either settle their financial obligations through a court-approved payment plan or insolvency and the liquidation of their assets.
SME News Bilateral Trade between Dubai and China posted 81% Growth … The UAE Central Bank revealed a decline in Foreign Assets by 0.8% to AED 374.3bn (USD 101.9bn) in Q3 this year, largely resulting from an 84.8% decline in Foreign Securities.
SME News Saudi Aramco issues its IPO Prospectus … UAE announced the discovery of new hydrocarbon reserves estimated at 7 billion barrels of crude oil and 58 trillion standard cubic feet of conventional gas.
SME News Saudi Crown Prince gave the Green Light for the Aramco IPO … Total re-exports from the UAE amounted to AED 1.046t trillion over the past three years, together accounting for 1/4th of UAE’s total trade volume during the period.
SME News UAE will levy Excise Tax on Electronic Smoking Devices, Tools and Sweetened Beverages from December 1 … Banks need to send feedback on the UAE Central Bank’s proposed property lending caps to limit exposure to the real estate sector by October 31.
SME News Dubai plans to offer a new long-term “Cultural Visa” … UAE PMI slowed to a 9-year low but Dubai recorded a 135% yoy increase in FDI to AED 46.6bn in H1 this year.
SME News Banks in Egypt have lent EGP 146bn (USD 8.93bn) to SMEs … The logistics sector in UAE is expected to contribute 8% of GDP by 2021; last year, the sector’s gross output touched AED 219bn (USD 59.67bn).
SME News UFC 242 boosts Businesses as Sales increase in Abu Dhabi ... UAE’s non-oil private sector growth falls: PMI fell to an 8-year low of 51.6 in August (July: 55.1). The output growth rate was at its weakest in just over six years, while employment slipped to 49.9 in August (July: 50.5).
