Business

Arab and international economic and business news through alwast, financial and stock markets, Arab and international currency rates, as well as comprehensive reports and analysis on money management and investment.

The UAE begins issuing a new passport with a new validity
ahmed atef - 3 days

As of today (Monday), the federal body for identity, citizenship, customs, and ports security formally announced the commencement of the issuance of UAE passports, which have a 10-year validity period for citizens who are 21 years of age or older.

UAE Police Retrieve Dh300,000 Stolen from Woman in Online Scam
asmaa - 2 weeks

The Sharjah Police recently demonstrated their effective response to cybercrime by swiftly assisting an Emirati woman who had fallen victim to an online scam, resulting in a loss of Dh300,000. Upon receiving the victim's complaint, law...

Saudi Trade Surplus Reaches Record $11 Bn; Top Exports to China, Japan, India
asmaa - 2 weeks

The General Authority for Statistics (GASTAT) preliminary data shows that Saudi Arabia's trade surplus in April 2024 was SR41.411 billion ($11 billion), the biggest surplus for the year thus far.

Saudi Arabia: non-oil exports to China totaled $47 billion over the past 5 years
asmaa - 2 weeks

The economic relationship between Saudi Arabia and China is experiencing notable growth, with China being the world's second-largest economy and a major player in global consumption and manufacturing.

Saudi Authority Warns: Submit VAT Returns by June 30 or Face Fines
asmaa - 3 weeks

Saudi Arabia has issued a firm reminder to businesses regarding the submission of their VAT returns by the end of the month to avoid facing substantial fines.

Dubai: Annual rent for some villas, flats exceeds Dh1 million amid demand
asmaa - 3 weeks

Rents in Dubai have reached unprecedented heights, driven by a surge in demand for ultra-luxury properties.

UAE Urges corporate taxpayers to submit registrations by June 30 or face fines
asmaa - 1 month

Tax officials in the United Arab Emirates have sent an urgent message to corporate taxpayers with permits from March and April. There will be fines imposed if these entities do not submit their registration applications by June 30, 2024.

UAE sets 13 types of permits allow establishments to recruit & employ workers
asmaa - 1 month

The Ministry of Human Resources and Emiratisation (MoHRE) has announced a new requirement for private sector establishments and companies seeking to obtain new work permits.

The UAE announces 7 benefits for holders of this visa
ahmed atef - 1 month

A digital government report states that the golden visa permits selected foreign nationals who are already in the UAE or who intend to visit to live, work, invest, and study there permanently. They can take advantage of special perks and can do so...

UAE: Firms Face Dh10,000 Fine, as Corporate Tax Registration Deadline Approaches
asmaa - 1 month

Today, May 31, is the deadline for corporate tax registration for entities that did not have a license by March 1 this year.

UAE announces Reduced electricity rates for some companies in industrial sector
asmaa - 1 month

On Wednesday, officials in the Northern Emirates announced a number of initiatives meant to encourage growth, one of which is a reduction in electricity tariffs for some industrial enterprises.

Dubai Announces Easier Visa Process, Tax Exemption for One Za'abeel Firms
asmaa - 1 month

The recent announcement of One Za'abeel's integration into the Dubai World Trade Free Zone marks a pivotal moment for businesses within this iconic landmark. By aligning with the Free Zone framework, companies and organizations operating...

Qatar introduces major licence boost for tourism sector
asmaa - 1 month

Qatar has launched new licensing regulations for the tourism industry with the aim of enhancing both the quantity and quality of its offerings to visitors. These updated rules will simplify the process for tourism enterprises to provide a range of...

 The UAE announces the launch of a corporate tax guide for free zones 
asmaa - 1 month

The FTA’s Corporate Tax Guide for Free Zone Persons is a crucial resource for businesses in UAE free zones. It not only outlines the qualifications and requirements for the 0 percent Corporate Tax rate but also provides detailed instructions on...

The UAE issues an important decision regarding taxes
ahmed atef - 1 month

In compliance with the corporate tax system in free zones, which permits eligible individuals based in free zones to benefit from 0% corporation tax on qualified income.

UAE Firm to Expand Heliports and Connect Emirates, Dubai to RAK in 27 Minutes
asmaa - 1 month

A UAE-based company, Air Chateau International, is set to launch an inter-emirate private helicopter service, significantly enhancing travel convenience across the country. Passengers will soon be able to travel from Dubai to Ras Al Khaimah in under...

The fact that the price of Bitcoin and Ethereum is rising due to proposed crypto legislation
Muhammed Farghaly - 1 month

The fact that the price of cryptocurrencies like Bitcoin and Ethereum is going up as a result of planned legislation and regulations

Ethereum Eyes Liftoff as SEC Approval for Spot ETFs Looms: Exclusive Insights
Muhammed Farghaly - 1 month

Crypto Investors Rejoice! Ethereum Eyes Huge Gains as SEC Considers Spot ETFs. Our exclusive report breaks down the potential for a game-changing decision by the SEC. Don't miss out on these top Ethereum ETFs!

UAE Airports Break Records with 36.5 Million Passengers in Q1
asmaa - 1 month

With a total of 36.5 million passengers, UAE airports had a considerable increase in traffic in the first quarter of 2024. When compared to the corresponding period last year, this represented an astounding 14.7% growth.

UAE Insurers Increase Natural Calamity Premiums by Up to 50% Post-Record Rains
asmaa - 1 month

In the aftermath of recent natural disasters in the United Arab Emirates (UAE), insurance companies are recalibrating their premiums to reflect heightened risks.

Saudi Arabia Approves Duty-Free Market Tax Exemption
asmaa - 1 month

In an effort to streamline customs procedures and enhance the experience of travelers, Saudi Arabia's Zakat, Tax, and Customs Authority (ZATCA) has recently introduced measures to facilitate duty-free markets at various customs points across the...

UAE Fines 50 Real Estate Agents, Suspends 7 Licences for Violating Rules
asmaa - 1 month

In recent months, regulatory authorities in both Abu Dhabi and Dubai have intensified efforts to ensure compliance with real estate regulations. This article delves into the enforcement actions taken against non-compliant real estate agents,...

Emirates Airlines Reports Record $5 Billion Profit for 2023–24 
asmaa - 2 months

Dubai’s Emirates Group has unveiled its strongest financial performance ever for the fiscal year 2023–24, boasting remarkable profits, revenue, and cash asset levels.

South Africa: A Survivor Was Found 5 Days After the Building Collapse
asmaa - 2 months

On a Saturday, rescuers and observers in South Africa were moved to tears of joy as they observed the incredible survival of a person who had been buried for an incredible 116 hours under the rubble of a collapsed building.

UAE announces a partial closure of two key roads for a month in Abu Dhabi
asmaa - 2 months

An announcement was made on Saturday by AD Mobility regarding the partial closure of two important roadways in Abu Dhabi for a month. As Authorities in Al Ain have announced that beginning on Sunday, May 12 at 12am and continuing until Sunday, June...

UAE Visa Cancellation: Can You Stay After Leaving Your Job?
Muhammed Farghaly - 2 months

Discover the intricacies of UAE visa cancellation: Can you stay after leaving your job? Get expert insights, FAQs, and actionable tips in this comprehensive guide.

Canadian natural gas exports to America decreased for this reason
zahraa ahmed - 2 months

Due to the fact that the first station of its sort, which is also the first station to export liquefied gas from Canada, is about to begin operations, it is anticipated that the amount of gas that is exported from Canada to the United States would...

Dubai offers teens a unique opportunity to : Application, training, all you need
asmaa - 2 months

Imagining the pride of hearing one's son lead the prayer at the local mosque is a sentiment that resonates deeply with many parents.

Dubai Remote Work Raises Overtime Pay Questions for Senior Employees
Muhammed Farghaly - 2 months

Recall that overtime caps at two hours each day and that a three-week maximum of 144 hours may be worked

UAE Insurance companies Raise Premiums Up to 30% Post Heavy Rains
asmaa - 2 months

The surge in demand for comprehensive insurance packages has skyrocketed by up to 100% in the aftermath of the recent heavy rains that inundated various parts of the UAE, particularly Dubai, Sharjah, and Ajman.

Dubai Government to Appoint Chief AI Officers; Introducing New Trade License
asmaa - 2 months

Dubai's Crown Prince, Sheikh Hamdan, unveiled the Dubai Universal Blueprint for Artificial Intelligence, marking a significant stride towards digital integration and economic advancement in the emirate. Launched as an annual initiative, the...

Abu Dhabi Airports Welcomes 6.9 Million Passengers in Three Months
asmaa - 2 months

Abu Dhabi Airports, which manages five airports in the emirate, experienced a notable surge in passenger traffic during the first quarter of 2024, marking a substantial increase of over 35% compared to the same period in 2023.

Flynas CEO sets plans for IPO and purchase of 30 widebodies amid expansion
asmaa - 2 months

Flynas, Saudi Arabia's budget airline, under the leadership of Chief Executive Bander Al Mohanna, has unveiled plans for an initial public offering (IPO) later this year, intending to list its shares on the Tadawul stock exchange.

Saudi Central Bank February net foreign assets dropped by $7.20 billion
asmaa - 3 months

In February, the Saudi central bank witnessed a decline in its net foreign assets, as per the data released by the central bank on Friday. The decrease amounted to $7.20 billion compared to the previous month's figures.

Saudi Arabia witnesses increased travel rates during Ramadan 2024
asmaa - 3 months

Saudi Arabia is actively diversifying its economy away from oil dependence by investing significantly in non-oil sectors, a move aimed at spurring growth rates and fostering economic resilience.

Qatar Commercial Bank announces the launch of $750mln in 5-year bonds
asmaa - 3 months

Qatar-based Commercial Bank has recently initiated the issuance of $750 million worth of bonds in U.S. dollars, with a maturity date set for 2029, according to documentation provided by one of the arranging banks on Tuesday.

Dubai: Huspy Unveils Competitive Mortgage Rates for Real Estate Buyers
asmaa - 3 months

Huspy, a pioneering real estate startup in Dubai, has introduced a groundbreaking range of mortgages in the UAE, boasting interest rates below 4 percent.

Dell Implements No-Promotion Policy for Remote Employees in New Directive
asmaa - 3 months

Dell communicated its new policies, set to take effect in May, through an internal memo that outlined requirements for hybrid staff.

Oman Real Estate Sees $540 Million Transaction Decline in January
asmaa - 3 months

Real estate transactions in Oman experienced a notable decline of 20.2 percent, amounting to OR207.8 million ($540 million) by January 2024, compared to OR260.5 million ($677 million) recorded during the same period in 2023, as per the latest figures...

Riyadh Air announces new strategic partnerships and global agreements
asmaa - 4 months

Riyadh Air, Saudi Arabia's newest national carrier, celebrated its inaugural year on March 12, 2023, with a series of strategic alliances and agreements designed to enhance its operations.