#Economy

DP World

DP World lists $1.5bn sukuk on Nasdaq Dubai

The capital raised by the sukuk will be used for general corporate and growth purposes including refinancing debt

Abu Dhabi Fund for Development

Covid-19: Abu Dhabi Fund suspends debt repayment for beneficiary countries, companies

It covers the payment of instalments and interests over the period from January 1 to December 31, 2020

Dubai reveals additional stimulus package worth Dhs1.5bn to support businesses

The stimulus package aims to support small and medium enterprises and a number of strategic sectors

UAE residence-visa 2

Expired UAE residence visas, ID cards no longer valid until December-end

UAE citizens, GCC nationals and residents inside the country have a grace period of three months to renew their documents

Abu Dhabi aims to attract skilled expats by making life cheaper

Abu Dhabi is the 39th most expensive place for expatriates, according to New York-based consultant Mercer, more costly than Boston or Milan

Dubai

Dubai Developments Group offers tenants rent relief of upto six months

The package is valued at Dhs200m and expected to benefit over 1,500 businesses

Arabtec

Dubai-based Arabtec appoints Mubadala deputy group CEO as chairman

Waleed Al Mokarrab Al Muhairi replaces Mohamed Thani Al Rumaithi who recently tendered his resignation

Dubai Financial Market

Dubai Financial Market to reopen trading floor on July 7

DFM had announced the temporary closure of the premises on March 16 in the wake of the Covid-19 pandemic

KUWAIT-HEALTH-VIRUS-ECONOMY malls

Kuwait enters second phase of easing Covid-19 restrictions, with malls, cafes and parks reopened

Public and private sectors can resume work with a maximum of 30 per cent capacity

Dubai World pays $8.2bn two years early to complete debt revamp

The payment was made using funds from asset sales, dividend payments and the delisting of port operator DP World

New mega urban development project, Masar, launched in Saudi’s Makkah

The project will see the addition of “tens of thousands” of hotel and residential units in Makkah in later phases

All economic sectors in Dubai can return to normal working hours

The UAE announced on Wednesday that it had completed the National Sterilisation Programme

Sharjah to reopen cinemas, pools, entertainment centres and fitness facilities

Several economic and tourism activities in Sharjah are allowed to reopen at 50 per cent capacity on June 24

saudi arabia riyadh

Saudi Arabia lifts national curfew, resumes commercial activities

International travel as well as entry to the kingdom via land and sea will remain suspended

Revealed: 10 big ideas post Covid-19 in the GCC

These are some of the biggest trends set to shape the region post pandemic, according to LinkedIn

UAE Central Bank’s TESS liquidity scheme availed by 26 banks

More than 140,000 eligible customers have already benefited from the TESS liquidity facility

Dubai ‘on track’ to curb virus spread, says many hospitals do not have any Covid-19 cases

The rate of infections in the last three weeks has fallen considerably while the rate of recoveries has increased

Abu Dhabi’s ADQ in talks for loans to fund acquisition spree

The investment firm could raise more than $3bn through a five-year loan

sheikh hamdan

Islamic Economy accounted for Dhs41.8bn of Dubai’s GDP in 2018

It contributed 9.9 per cent to Dubai’s GDP in 2018

UAE’s recovery may be mix of U- and V-shapes, minister says

The country has a pipeline of federal infrastructure projects worth Dhs20bn

UAE Central Bank projects economic recovery in second half of 2020

Non-oil growth is projected to contract by 4.1 per cent in 2020 due to the adverse implications of Covid-19

Outward personal remittances from the UAE in Q1 2020 increased 7.8% y-on-y

The top five destination countries for remittances were India, Pakistan, Philippines, Egypt and the US

Kuwait to reopen mosques in some areas this week

Mosques in the country have been closed for the last three months due to the coronavirus pandemic

Kuwaiti MPs mull banning recruitment of ‘new expats’, imposing quotas

Lawmakers are also calling for limiting the duration of residence for foreign workers in the country

Covid-19 impact: Are regional industries holding up strong?

As the Covid-19 pandemic continues to wreck economies across the world, how are the main pillars supporting the GCC’s economy holding up?

Kuwait doesn’t want to be an expat-majority nation anymore

Foreigners account for nearly 3.4 million of Kuwait’s 4.8 million people

Five steps for GCC countries to resume their economies post Covid-19

Regional governments must undertake key measures to ensure a renewed and sustained approach to economic recovery

Midday work ban in the UAE to begin from June 15

Any establishment that does not comply with the midday work ban will face a fine of Dhs5,000 per worker

Sir Tim Clark Emirates Airlines

Airlines cannot operate with empty middle seats – Emirates’ Tim Clark

The next six to nine months will be “tough” for the aviation industry

Kuwait virus

Kuwait begins phased plan to reopen economy, over a million expats remain in lockdown

Mosques across the country are expected to reopen later this week