No VAT for international companies holding shows at ADNEC

Abu Dhabi National Exhibitions Company has announced that it has obtained the Federal Tax Authority, FTA, License for waiver from Value Added Tax, VAT, for all international companies and organisations participating in or holding shows and conferences at its venues across the UAE with effect from 1st June, 2019 Read more

War Risk Insurance Spirals Higher for Middle East Tankers

War risk premiums that owners pay each time they go to the Persian Gulf have now surged to at least $185,000 for supertankers, according to people with knowledge of the market. They rose to $50,000 after the attacks a month ago. Read more

Long-term visa services offered to Jafza customers in Dubai

Under the new resolution, investors, entrepreneurs and specialised talents are now eligible for a five or ten-year visas that offer the possibility for automatic renewal depending on specific profiles and criteria. Read more

Saudi Arabia Seeks to Balance Global Crude Markets Before 2020

Saudi Arabia is working to balance global oil markets this year, the country’s energy minister said when asked if there’s an impending surplus. Read more

Emirates Investment Authority grows stake in Du telco

Emirates Investment Authority increased its stake in telecoms operator Du in a special deal, the value of which was not disclosed, according to the parties.EIA bought 463.3 million shares from Mamoura Diversified Global Holding and General Investments in the deal, Du’s parent Emirates Integrated Telecommunications Company (EITC) said in a bourse filing. Read more

Business activity in Dubai grows at its strongest pace since 2010

The rate of growth in total non-oil private-sector business activity in Dubai accelerated in May to its strongest pace since 2010, driven by competitive pricing mostly in the construction and wholesale and retail sectors.Read more

Foreign investment in Saudi Arabia surges 126% YoY in 2018

The Foreign Direct Investment (FDI) in Saudi Arabia soared 126% year-on-year in 2018, recording $3.209 billion, according to a report released by the United Nations Conference on Trade and Development (UNCTAD).Read more

Car insurance premium in UAE drops 9.5% in H1

Car insurance premiums continue to decline in the UAE for the second year, according to an industry report that shows the average gross premiums for top five insured car brands dropped in the first half of 2019 compared to same period in 2018. Read more

Kuwait, Oman wealth funds being depleted to finance deficits

Kuwait and Oman will run down their wealth funds to finance fiscal deficits this year, sources and analysts said, as their access to international debt markets is impaired by lack of a legal framework in Kuwait and higher borrowing costs for Oman.Read more

Abu Dhabi Airports Free Zone cuts setup costs by 65%

Abu Dhabi Airports Free Zone (ADAFZ) has reduced business setup costs by more than 65 percent, with the aim of enhancing its regional competitiveness and attracting new sources of foreign direct investment (FDI).Read more