Middle East

Date

Under normal circumstances most people do not give much thought to online shopping. However, with the closure of malls and shops because of coronavirus curbs, online shopping has become essential. But are people going overboard? Many people are buying unnecessary items, such as clothes, bags and shoes, online despite knowing that they will have no use for these items during the pandemic. It seems that through online shopping they are seeking some…


Kuwait’s central bank announced a stimulus package on Thursday to support vital sectors and small and medium enterprises (SMEs) amid the fallout from the coronavirus epidemic. The Central Bank of Kuwait has reduced liquidity and capital adequacy requirements for banks and cut risk weighting for SMEs, it said in a statement....


The UAE’s Ministry of Education has banned private tutoring “until further notice” amid the ongoing coronavirus pandemic, it was announced on Thursday. In a statement carried by the UAE’s state-run WAM news agency, the MoE said that it has banned “all forms of remedial tutoring offered to students at private entities, residences and educational institutions.” Remote learning offered to students is exempt from t…


Saudi Arabia called for an urgent OPEC+ meeting on Thursday in an attempt to stabilize the oil market during the coronavirus pandemic.“We previously tried to reach an agreement in the OPEC + group, and a consensus could not be reached at the time,” an official said, adding that “The invitation to the OPEC + meeting comes in appreciation of President Trump's request and friends in the United States.”.....


Dubai developer Nakheel has begun a two-week precautionary disinfection process at 647 of its residential buildings across Dubai amid the ongoing coronavirus pandemic, the company has announced. In a statement carried by the UAE’s state-run WAM news agency, Nakheel said that the programme – which will continue through April 12 – will cover all buildings covered by Nakheel Strata and all apartment blocks under Nakheel’s res…


Dubai’s Emirates has received approval from UAE authorities to begin flying a “limited” number of passenger flights from Monday, April 6, according to Emirates chairman and CEO Sheikh Ahmed bin Saeed Al Maktoum. On his official Twitter account, Sheikh Ahmed – who is also the president of the Dubai Civil Aviation Authority – said that the flights will initially carry travelers outbound from the UAE. More details will …


2020-04-02

A-AA+ ABU DHABI, 1st April, 2020 (WAM) -- UAE citizens invested to the tune of AED1.65 billion in Abu Dhabi and Dubai stock exchanges in March 2020, according to official figures recently released by the two bourses. The figure is the highest on record in several years in a sign reflective of the attractive returns offered by UAE equity markets which touch 10 percent in average, therefore exceeding those provided by other investment vehicles, p…


Bernardita Catalla, Philippine Ambassador to Lebanon, has succumbed to the new coronavirus, which is projected to infect one million people around the world in the next few days. Foreign Affairs Secretary Teodoro Locsin Jr. said Catalla passed away at 12:30 a.m. at a hospital in Beirut where she was confined.....


2020-04-02

Aldar Properties ("Aldar") today announced that its employees are contributing AED 1 million to the 'Together We Are Good' programme launched by The Authority of Social Contribution – Ma'an. The campaign is designed to encourage financial and in-kind contributions from individuals and companies to support the community and promote social responsibility.   'Together We Are Good' is the first project of Ma'an's recently launched 'Social …


2020-04-02

As the COVID-19 pandemic causes volatile swings in markets across the globe, investors are making increasing use of the Dubai Gold & Commodities Exchange (DGCX’s) derivatives products and services as risk management tools. The DGCX last month saw its flagship Gold Futures product record year-on-year (Y-O-Y) Average Daily Volume (ADV) growth of 649.5%, and year-to-date (Y-T-D) volume growth of 742.8% compared to the same period last year…


2020-04-02

Weekly online events that will cover various topics and issues related to the business community and economic sectors Buamim: Our smart transformation in organizing events is an extension of our efforts in converting all our basic services into e-services to facilitate customer experience Buamim: We have been able to foresee the future and serve the business sector successfully by investing in developing our digital infrastructure The first…


Guillaume Cartier replaces Peyman Kargar, who is moving to a corporate role at Nissan Yokohama-headquartered Nissan Motor Company Ltd has appointed Guillaume Cartier as senior vice president and the new chairman for Africa, Middle East and India markets. Also appointed as the head of Global Datsun business unit, Cartier takes over both the roles effective immediately, the company said on 1 April. He replaces Peyman Kargar, who is moving to a c…


An explosion of freight costs for agricultural goods and limited capacity have prompted the Federal Government to put forward $110 million to help agricultural and fishing exporters reach export markets. Deputy Prime Minister Michael McCormack says the International Freight Assistance Mechanism will help secure freight flights into Australia's key export markets, with an initial focus on China, Japan, Hong Kong, Singapore and the U…


Saudi Arabia cabinet approves memorandum of understanding between Saudi Arabian Monetary Authority and Dubai Financial Services Authority in the field of financial services, according to Saudi Press Agency.     The statement said a royal decree has been prepared for that. .....


Dubai Municipality has withdrawn six types of hand sanitisers after they were found to not comply with approved specifications amid the ongoing coronavirus pandemic, the municipality has announced.In a statement, Dubai Municipality said that the six hand sanitisers were found during an exhaustive inspection campaign aimed at verifying the safety of antimicrobial products.“Tests showed that six samples did not comply with approved specificat…


Kuwait announced measures early on Wednesday aimed at shoring up its economy against the coronavirus pandemic, including soft long-term loans from local banks, and the central bank asked banks to ease loan repayments for companies affected.Kuwait, which as of March 31 had registered 289 coronavirus cases, was the first Gulf state to halt passenger flights and impose a partial curfew to stem the spread of the highly infectious respiratory illness.…


Saudi Arabia has approved the listing of government assets to be privatised on the Saudi stock exchange – Tadawul – following an IPO, the government announced following a virtual meeting on Tuesday. “Assets, sectors and services planned for privatisation shall be listed in Saudi stock market through direct or indirect initial public offering,” according to the state-run Saudi Press Agency (SPA).....


In this month’s ‘Go Your Own Way’ issue, the Saudi filmmaker talks life, work and success. “I really wanted to tell a story about a culturally conservative, traditional woman who decides to embrace the changes happening now and go out there and seize the moment,” says Haifaa Al Mansour, the first female filmmaker from Saudi Arabia, is a force to be reckoned with. Despite criticism, she tells EW why it&rsquo…


The UAE imports 90 percent of its food The cargo organization said it transported between mid-January and mid-March more than 225,000 tons of cargo Emirates Skycargo said on Wednesday that it deploys capacity to supply and replenish food and medicines in the UAE, as rulers role out strategies to sustain the country amid the coronavirus pandemic, Reuters news agency reported. The national cargo organization said it transported between mid-Ja…


GEMS Education has said it will offer some parents discounts on school fees, subject to them submitting details of their financial situation. In a letter to parents at Jumeirah Primary School, GEMS said it would soon be release details of a Relief Package application process. Earlier this week, in a letter to parents, GEMS Education CEO Dino Varkey said there would be no fee cuts, instead offering payment instalment plans.....


2020-04-01

H.H. Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, issued Emiri Decree No. 7 for 2020, to adopt the government’s package to support Ajman’s local community and business sector. The decree aims to reduce the economic and financial burdens on the local community and business sector and overcome the social and economic repercussions of the global crisis caused by the outbreak of the novel coronavirus, COV…


2020-04-01

Dubai Economy has launched a ‘Price Monitor’ portal to track daily prices of staple foods and essentials making sure that consumers continue to get their basic needs at fair prices in spite of the precautionary measures being adopted in view of the coronavirus, COVID-19 pandemic. A dedicated portal – Price.ded.ae – has also been launched to strengthen communication with consumers and enable them to raise their complaints a…


2020-04-01

Participants will join the 4 week academy, working with Dubai top Entrepreneurship Trainers to better understand the commitment needed to build a successful venture , whist exploring opportunities within the private sector Training & Mentorship Academy kick starts in June   Dubai Startup Hub, an entrepreneurship initiative of Dubai Chamber of Commerce & Industry, and Dubai Technology Entrepreneur Campus, a wholly o…


2020-04-01

Extensive precautionary measures undertaken by DIFC reinforces its support for the UAE Government’s continued efforts to protect citizens and residents in light of Coronavirus (COVID-19) DIFC reassures employees, tenants, residents and visitors that their health, safety and wellbeing is of paramount importance and the highest priority DIFC continues to work in close cooperation with Dubai Government entities in a coordinated effort to safeg…


2020-04-01

As part of the National Disinfection Programme run by the Ministry of Health and Prevention and the Ministry of Interior to cope with coronavirus (COVID-19) and to further enhance the smart service offering, Dubai’s Roads and Transport Authority (RTA), is closing customers happiness centres and amending the business hours of others from Wednesday 1st April to 9 April 2020.  According to the plan, customers happiness centres working hou…


The UAE has created a new center for disease and epidemics, that will prepare strategies to combat pandemics, including COVID-19, state news agency WAM reported. Dubai Crown Prince, Sheikh Hamdan bin Mohammed Al-Maktoum said the center would develop a rapid intervention plan in coordination with the public and private sectors....


President Tayyip Erdogan is under growing pressure from unions and the opposition for a lockdown to slow the spread of coronavirus, but insists that Turkey should “keep wheels turning” in the economy and that people continue going to work.Ankara has stopped all international flights, limited domestic travel, closed schools, bars and cafes, suspended mass prayers and sports fixtures to counter the outbreak....


2020-03-31

Dana Gas, a regional private sector natural gas company, on Tuesday announced its intention to pursue a feasibility study studying a potential demerger of its upstream business into a new Company, which, as part of the demerger, will also be listed on the Abu Dhabi Stock Exchange, ADX. Currently, the Sharjah-based company owns upstream oil and gas producing assets including Dana Gas Egypt and a 35 percent stake in Pearl Petroleum, its Kurdistan R…


Saudi Arabia is to boost exports of crude oil to a record high in a new show of strength on international energy markets. From May, the Kingdom will export about 600,000 more barrels of oil per day on top of the current level of 10 million barrels, even as demand and crude prices have been falling. The extra exports have been made possible by switching to gas for domestic energy generation, and by lower domestic demand caused by the coronavirus p…


2020-03-31

Sharjah Economic Development Department, SEDD, in cooperation with Souq Al Jubail, is implementing a comprehensive action plan to ensure price controls in the markets, through a set of promotional offers to shoppers on selected products during the current period. The department has confirmed that this cooperation is aimed at providing food products at nominal prices to all consumers. Moreover, the price controls will be implemented across all foo…


Trade ministers from the Group of 20 major economies agreed on Monday to keep their markets open and ensure the continued flow of vital medical supplies, equipment and other essential goods as the world battles the deadly coronavirus pandemic.G20 leaders pledged last week to inject over $5 trillion into the global economy to limit job and income losses from the coronavirus outbreak, while working to ease supply disruptions caused by border closur…


2020-03-31

The Commercial Compliance and Consumer Protection, CCCP, sector at Dubai Economy has imposed fines on three pharmacies, in Jumeirah, Al Khawaneej and Mirdif, for tampering with the prices of face masks and sanitisers. Two of the pharmacies were found to have exaggerated the price of face masks while the third had sold sanitisers at a higher price and without proper invoicing, according to CCCP. The authorities acted against the three pharmacies f…


2020-03-31

H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, has said that the Government of Dubai is fully committed to supporting Emirates Airline during the current global climate. As a shareholder of Emirates, the Government of Dubai will inject equity into the company, considering its strategic importance to the Dubai and UAE economy, and the airline’s key role in positioning the…


The Expo 2020 steering committee, comprising officials from the UAE and foreign countries participating in the event, have recommend to the International Bureau of Exhibitions, which is the intergovernmental organizsation responsible for the International Expo, to study the issue of postponing the opening of Expo 2020 for a year within the legal framework.The BIE will now work with member states and organisers of Expo 2020 Dubai to consider revis…


Carrerfour hypermarkets will now be open from 8 AM until 8 PM following a government mandate amid the ongoing coronavirus pandemic, it was announced on Tuesday. In a statement, Carrefour said that the reduced operating hours do not apply to Carrefour supermarkets, which will remain open at normal hours. “Carrefour remains committed to its customers’ safety and wellbeing and has introduced extra hygiene and social distancing measures f…


The Department of Health-Abu Dhabi has slammed “untrue” rumours being spread concerning then number of people infected with coronavirus in the UAE, according to the country’s state-run WAM news agency. “These reports contradict with the announcements made by the official authorities,” the department said in a statement.....


2020-03-31

PayBy, an innovative fintech company, has officially launched its mobile payment services in the UAE on Monday. In partnership with the First Abu Dhabi Bank, FAB, PayBy offers a secure payment solution that is superior to cash and payment cards. The new payment solution will allow consumers to use their smartphones to make contactless and cashless payments in physical stores. They will also be able to pay for deliveries on arrival, order goods an…


2020-03-31

ADCB Group, including Al Hilal Bank, today made a commitment to ensure the continuity of employment at the Bank, pledging that no employee will be made redundant during 2020 as a result of the COVID19 pandemic. H. E. Khaldoon Al Mubarak, Chairman of ADCB Group, commented: “The banking sector plays an important role in ensuring UAE residents and businesses are supported in these challenging times and ADCB Group recognises the importance of e…


2020-03-31

The Sharjah Economic Development Department, SEDD, has shut down a number of pharmacies across the emirate for raising the price of goods, violating measures undertaken under adopted consumer laws.   According to SEDD's Commercial Control and Protection Department, the pharmacies were given violation notices are placed on warning, after the department had received complaints about price hikes on face masks, sanitisers, and gloves, In a state…


2020-03-31

As part of its precautionary measures to curb the spread of the coronavirusSharjah Airport Authority implements enhanced sterilisation procedures at all the airport facilitiesSharjah Airport Authority (SAA) continues to implement a number of preventive measures to curb the spread of the coronavirus as part of an integrated plan. These include implementing sterilisation and disinfection procedures throughout the Airport in the Departures and Arriv…


Ernst & Young (EY) has resigned as auditor of Finablr, the embattled owner of foreign-exchange businesses including Travelex Holdings. In a statement to the London Stock Exchange (LSE) on Monday, EY announced its resignation, citing concerns over corporate governance and the make-up of the board.....


Global financial markets have gyrated widely over the past two weeks, with the most savage drops in stock market history turning into one of the best rallies ever recorded. In these mercurial circumstances, Steven Rees has some simple advice to investors: “Now is the wrong time to be selling,” he told Arab News. Rees speaks with some authority. He spent many years as head of global equity strategy for JP Morgan, the most profitable ba…


The United Arab Emirates further relaxed its restrictions on internet telephony apps as the country encourages people to stay at home to prevent the spread of the coronavirus. Google Hangouts Meet, Cisco Webex, Avaya Spaces, BlueJeans and Slack are now accessible in the UAE, the Telecommunications Regulatory Authority (TRA) said on Monday. The regulator last week lifted a ban on Microsoft Teams, Skype for Business, Zoom and Blackboard. The countr…


Lootah BCGas has announced a AED15 million ($4m) support programme to help residential and commercial customers in the UAE struggling from the ongoing coronavirus outbreak. A subsidiary of S.S. Lootah Group, Lootah BCGas’s Covid-19 support programme includes a package of direct financial support measures that benefit more than 50,000 residential customers as well as nearly 500 commercial establishments, most of which operate in the tou…


Egyptian banks have been instructed to apply temporary limits on daily withdrawals and deposits in a move seemingly designed to control inflation and hoarding as concern grows over the spread of the coronavirus.The daily limit for individuals would be 10,000 Egyptian pounds ($635) and 50,000 pounds for companies, a central bank statement said, though businesses will be exempt from the withdrawal limits if the money is used to pay employees.....


Saudi Arabia’s central bank is ordering lenders to provide concessional loans to businesses grappling with the fallout of the coronavirus so companies won’t have to cut jobs. The Saudi Arabian Monetary Authority (SAMA) wants banks to immediately put in place a lending programme for at least six months to “assist in maintaining employment levels”, according to a document sent by the regulator to lenders and seen by Bloomber…


2020-03-30

RAKEZ spring packages Office packages Storage warehouse package Industrial warehouse package Labour accommodation units Complete registration process done online. More details: https://rakez.com/Promotions/Spring-Packages        


2020-03-30

The Sharjah Chamber of Commerce, SCCI, has announced the activation of online attestation services for all transactions through the chamber’s website or the smart application instead of coming in person to the customer happiness centres.The move comes as part of the precautionary measures adopted by the SCCI to combat the spread of coronavirus, COVID-19, and to ensure the health and safety of customers while maintaining business with the sa…