Economy

Indian businesses top Dubai Chamber of Commerce’s list of newcomers in H1 2024

The trade and repairing services sector ranked first, accounting for 41.5 percent of all new companies joining the chamber

What is tax-loss harvesting? How it works

Tax-loss harvesting is an investment strategy that allows you to reduce your taxable investment income by offsetting your capital gains with losses

UAE Corporate Tax: FTA issues public clarification on first period

The Corporate Tax Law applies to tax periods commencing on or after June 1, 2023

UAE nationals receive $691.53 million in home construction tax refunds from FTA

This covers the period since the service was launched and until the end of the first half of 2024

UAE’s diversified economy maintains robust growth in real estate, tourism, and manufacturing: OPEC

OPEC reported that the housing, utilities, and fuels sector rose to 6.7 percent YoY in June, up from 6.6 percent in May

DMCC accounts for 15 percent of total FDI in Dubai, 7 percent of GDP in H1 2024

Free zone posted a notable expansion in the technology sector, registering 226 new companies, including 14 gaming and nine AI companies

UAE issues new labour law to regulate employment, up to Dh1 million fine announced

The decree imposes fines on any employer who employs workers without a proper permit, hires workers or brings them to the country and fails to provide them with a job

UAE’s ICV program redirects over $13.07 billion to national economy in H1 2024

Number of Emiratis working in companies that obtained the program certificate rose 40 percent to 19,000 in H1 2024

Saudi Arabia boosts FDI landscape with new investment law updates

Saudi Arabia's FDI inflows rose by 158 percent, from $7.46 billion in 2017 to $19.3 billion in 2023

Abu Dhabi’s ADNIC profits before tax rise 10 percent to $61 million in H1 2024

ADNIC's total insurance revenues rose 54 percent annually to an all-time high of AED3.3 billion

Türkiye enters ‘disinflation’ as CBRT hikes rates to 50 percent, 2024 inflation forecast at 38 percent

CBRT governor cited $26.5 billion increase in reserves, 50 percent target for lira deposits amid global volatility

Egypt targets sub-10 percent inflation by 2025-2026 as CAPMAS data shows easing price pressures

The country’s annual urban consumer price inflation slid to 25.7 percent in July from 26.5 percent in June

Thani bin Ahmed Al Zeyoudi appointed executive chairman of Rorix Holdings

Al Zeyoudi's appointment underscores the company's commitment to fostering inclusive economic development

Egypt’s inflation slows for 5th straight month to 25.7 percent in July

Egypt's inflation rate has declined for the last five months after reaching a record high of 38 percent in September 2023

Dubai’s PCFC profit surges 33.47 percent to $178 million in 2023, revenues reach $292.67 million

By 2023, PCFC had 600 employees, 96,000 clients, 400 suppliers, and 26 strategic partners

Egypt’s overseas workers send home $7.5 billion in Q2 2024, signaling success of IMF-inspired currency reform

Before the March reforms, the pound was officially pegged at 30.85 to the U.S. dollar, but traded as low as 74 on the black market

‘UAE-China Summit presented by HSBC’ to be held at Abu Dhabi Finance Week in December

Plans for the summit were unveiled during a series of more than 75 engagements with leading entities in Shanghai and Hong Kong

Dubai govt to reduce working hours, suspend Friday operations for some entities

As many as 15 government entities are participating in the ‘Our Flexible Summer’ initiative

Saudi Arabia tackles e-waste with 100,000 devices recycled, minimizing environmental footprint

This is part of the Kingdom's strategy to build a sustainable digital future optimizing resource use

Egypt to launch Saudi investment office in Cairo this month

By November 2023, Saudi Arabia's investments in Egypt reached $6.3 billion across 7,444 projects

Major revisions to Saudi Arabia’s labor law aim to foster job stability, prioritize employee rights

The new revisions encompass 38 articles, removing seven articles, and adding two new articles to the law