Newsletter

(15th February ’20)

47% of Middle East businesses experience customer fraud – PwC
Fraud and economic crime rates remain at record highs in the Middle East, impacting companies in more ways than ever, according to PwC.
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UAE sets up Humanitarian City healthcare hub to deal with virus patients
The establishment of a preventative health Centre in UAE has been announced on 7th March to provide 24-hours healthcare for all the Arab people evacuated from Wuhan, the epicenter of COVID-19 outbreak.
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Link
Expo 2020 Dubai
Despite Coronavirus threat, Dubai Expo 2020 remains on track. Local authorities are closely working with International bureaus for preparation as this will boost their economy.Link

Major Abu Dhabi aerospace summit postponed until June due to coronavirus.
A major aerospace summit in Abu Dhabi this month has been postponed until June because of the coronavirus, according to an email sent to participants.
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link
Saudi Arabia restricts entry for Emirati, Kuwaiti, Bahraini visitors
Temporary restriction has been made on entry of Emirati, Kuwaiti, and Bahraini national into Saudi Arabia to fight against coronavirus (COVID-19).
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NMC says sorry for salary delay, pledges to correct issue soon
Troubled Abu Dhabi-based NMC Health has failed to pay staff wages for February on time. A company spokesperson told “The Company’s current expectation is that the February payroll will be completed before March 16.”
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Oil prices drop 31% in worst loss since Gulf War as price fight erupts
Another shockwave is about to rip through a world economy already reeling from the coronavirus. The oil prices crashed to 30 percent.
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Bahrain banks banned from freezing accounts after job loss
Bahrain’s central bank has banned retail lenders from freezing accounts of customers who lost their jobs or after retirement.
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Kuwait sets up $33m fund to tackle spread of coronavirus
The $33 million fund has been announced by the governor of the Central bank Kuwait to tackle the spread of the coronavirus.
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Revealed: the impact of coronavirus on the UAE banking sector
The Central Bank of the UAE (CBUAE) requested that banks implement measures to counteract the effects of Covid 19, including rescheduling loans, offering temporary deferrals on monthly loan payments and reducing fees and commissions.
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link
Muddy Waters founder calls new NMC Health debt 'a massive fraud'
The discovery that NMC “has at least $2.7 billion in undisclosed debt and no cash, is no longer just a fraud. It is a massive fraud,” Muddy Waters founder Carson Block said in an emailed statement.
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link
Kuwait to suspend all flights from Friday over virus
Kuwait will halt all commercial flights to and from the country starting Friday and until further notice, with the exception of cargo flights, state news agency KUNA reported on 11 th March.
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UAE’s First Floating Solar Power Plant
The United Arab Emirates’ first floating solar power plant will start producing electricity near the island of Nurai soon. It is a way to generate low-carbon electricity without sacrificing land.
https://www.bloomberg.com/news/articles/
2020-02-13/abu-dhabi-island-to-host-nation-s-first-floating-solar-power
UAE bans import of electric cigarettes
Importing any type of waterpipe tobacco or electrically heated cigarette plugs into the UAE that do not bear the ‘digital tax stamps’ will be strictly prohibited from March 1, the Federal Tax Authority (FTA) has warned. The authority asked all producers, importers, and distributors of such products to adhere to the regulations.
https://gulfbusiness.com/uae-bans-import-electric-cigarettes-tobacco-without-digital-tax-stamp/
Dubai's Arabian Travel Market to go ahead
Arabian Travel Market (ATM) Organisers in Dubai have no plans at the moment to cancel this year’s event, due to the deadly coronavirus. ATM is scheduled to take place from Sunday, April 19 to Wednesday, April 22, at Dubai World Trade Centre. click here https://www.arabianbusiness.com/travel-hospitality/440146-dubais-arabian-travel-market-to-go-ahead-in-april-despite-virus-threat
Damac posts first loss since 2010

Damac posted a fourth quarter loss of Dh169.5 million compared with a Dh57 million profit in the in the corresponding 2018 period. Damac’s revenue fell 28.2 per cent to Dh4.4 billion.
To continue reading, click here
https://www.khaleejtimes.com/damac-posts-first-loss-since-2010

Abu Dhabi bank to seek $136m savings

Abu Dhabi Islamic Bank is looking to save about AED500 million by cutting jobs and closing branches as slow economic growth closes in on the finance industry. ADIB joins competitors such as First Abu Dhabi Bank and Emirates NBD in cutting jobs.
To continue reading, click here
https://www.arabianbusiness.com/banking-finance/440048-abu-dhabi-bank-said-to-seek-136m-savings-by-cutting-jobs

UAE optimistic about resilient economy

The global economy is facing the effects of China’s coronavirus outbreak, India’s slowdown, Brexit. Businesses in the UAE are very clear that this is a temporary phase and things shall rebound to normal.
To continue reading, click here
https://www.khaleejtimes.com/business/
local/uae-businesses-optimistic-about-resilient-economy-

UAE investment firm buys in $272m deal

Emirates Strategic Investments Company (ESIC) has acquired two income-generating, mixed-use properties in the UAE. It is to be funded by last year’s issuance of a $600 million sukuk.
To continue reading, click here https://www.arabianbusiness.com/banking-finance/439923-uae-investment-firm-buys-1352-homes-offices-in-272m-deal

UAE ranks third in logistics

The UAE retains third rank in an index that tracks the logistics sector performance in emerging markets. China and India are the two markets that are ahead of the UAE in the “Agility Emerging Markets Index”.
To continue reading, click here https://gulfnews.com/business/aviation/uae-ranks-third-in-logistics-among-emerging-markets—again-1.69620034

Dubai sees 34% rise in trademark cases

Trademark files registered at the Commercial Compliance and Consumer Protection sector in Dubai Economy reached 5,157. US brands led in terms of trademark files.
To continue reading, click here https://gulfnews.com/business/dubai-economy-sees-34-rise-in-trademark-cases-1.69444522

UAE construction set for growth
The construction sector in the UAE and GCC is set to see stronger activity in 2020. It is due to increased investments in oil and gas, utility, urban development, and infrastructure projects.
To continue reading, click here
https://www.khaleejtimes.com/business/
local/uae-gcc-construction-set-for-growth-in-2020
ADIO expands to aid innovators
The Abu Dhabi Investment Office (ADIO) has expanded the scope of its Ventures Fund to increase financing for the growth and expansion of innovation-focused companies in the UAE. The Ventures Fund will now participate in Series B and beyond financing rounds.
To continue reading,click here
https://alkhaleejtoday.co/business/37750/
ADIO-expands-to-aid-later-stage-innovators.html
UAE discovers natural gas reserves
The United Arab Emirates has discovered huge shallow natural gas reserves between the Emirates of Abu Dhabi and Dubai. The newly discovered gas reserves contain about 80 trillion cubic feet of natural gas.
To continue reading,click here
https://www.jagranjosh.com/current-affairs/uae-discovers-new-natural-gas-reserves-abu-dhabi-dubai-1580798643-1
Dubai explore ways to use data
The meeting involved prospects for strategic co-operation in leveraging Dubai’s strengths to promote innovation and entrepreneurship. It was part of a five-year long partnership with Amazon for choosing Dubai as its operations hub in the Middle East and North Africa.
To continue reading, click here
http://live.saudigazette.com.sa/article/
588211/BUSINESS/ Dubai-Economy-and-Amazon-explore-ways-to-strengthen-data
Power subsidy to cost GCC $150b
The Abu Dhabi Investment Office (ADIO) has expanded the scope of its Ventures Fund to increase financing for the growth and expansion of innovation-focused companies in the UAE. The Ventures Fund will now participate in Series B and beyond financing rounds.
To continue reading,click here
https://www.khaleejtimes.com/business/
energy/power-subsidy-to-cost-gcc-150b
5th Aqdar World Summit in Dubai
The announcement was made in the presence of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan. Dubai will host the MENA region’s Expo under theme, ‘Connecting Minds, Creating the Future’.
To continue reading,click here
https://gulfnews.com/uae/government/expo-2020-dubai-announces-it-will-host-the-5th-aqdar-world-summit-1.1581166899222

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