UAE stock markets mixed amid uncertainty over fed policy
Stock markets in the United Arab Emirates were mixed on Friday amid uncertainty over the U.S. Federal Reserve’s monetary policy.
Data on Wednesday showed cooling U.S. consumer price inflation, prompting markets to price in at least two interest rate cuts this year.
However, the optimism soon fizzled out as a latest report showed the U.S. labour market remains tight, while central bankers remain cautious about inflation.
Most Gulf Cooperation Council (GCC) countries, including the United Arab Emirates, have their currencies pegged to the U.S. dollar and they generally follow the Fed’s policy moves.
In Dubai, the main share index fell 0.4 percent, extending declines to a fourth session in a row, mostly dragged down by property and utility stocks.
6 shortlisted for Oman business gateway project
Six local and international companies have been shortlisted to compete for the Omani government’s competitive contract to develop the prestigious Oman Business Gateway project on a Public Private Partnership (PPP) basis in Muscat Governorate.
The Oman Business Gateway project is essentially a mixed-use real estate development planned at Airport Heights in the proximity of the upscale Madinat Al Irfan destination. At its centerpiece is the new headquarters of the Ministry of Commerce, Industry and Investment Promotion, supplemented by commercial, hospitality, residential and retail elements to create an exclusive business precinct in the area.
On Monday, the Ministry of Finance – tasked with overseeing the procurement of all PPP projects in Oman – named the following six companies as helming their respective consortiums qualified to participate in the next stage of the competitive bid: Alghanim International General Trading & Contracting, Galfar Engineering & Contracting, Plenary Middle East Group, Amjaad Group, Bouygues Batiment International, and Muscat National Development & Investment (ASAAS).
They were shortlisted from a total of eight bidding groups that submitted their qualifications in response to the tender. Earlier, a total of 68 companies signaled their interest in the project by registering to participate in the tender.
IMF expects UAE economy to grow by 4pc in 2024
The International Monetary Fund (IMF) expects the real gross domestic product (GDP) of the UAE to grow by 4 percent in 2024.
In a statement, following the conclusion of a team of its experts’ visit to the UAE regarding the 2024 Article IV consultations, the IMF stated that economic growth in the UAE is broad-based, driven by strong activity in the tourism, construction, manufacturing, and financial services sectors.
The IMF also anticipated that the UAE’s fiscal and external surpluses would remain high, supported by relatively high oil prices.
IMF: Qatar economy resilient despite global headwinds
Qatar launched the Third National Development Strategy (NDS3) with bold initiatives, aiming at boosting non-hydrocarbon productivity, enabling private sector-driven growth, and enhancing climate sustainability. The strategy’s emphasis is in line with past IMF advice and very much welcome, said a report issued by an International Monetary Fund team following its visit to Doha.
The team led by Ran Bi visited Doha during April 30–May 9, 2024 to gather facts on recent economic and financial sector developments, the outlook and the authorities’ policy actions and plans.
“NDS3 provides a blueprint identifying the strategic priorities and reforms needed in the years ahead (2024–30). The strategy is based on a candid assessment of past progress and lessons, highlighting the need to shift from a costly government-funded growth model to a more dynamic private sector-led one, with the state becoming an enabler,” Bi issued a statement at the end of the visit.
UAE corporate tax: this is what individuals with multiple businesses need to be doing
Despite the broad alignment with international standards, the UAE has tailored its corporate tax to ensure a targeted application of tax laws. And with a focus on specific criteria and thresholds to determine tax obligations.
This nuanced approach underscores the UAE government’s commitment to fostering a conducive business environment while ensuring tax equity. In light of the recent changes to the taxation landscape in the UAE, it’s crucial for entrepreneurs, investors and individuals (or ‘natural persons’ for tax purposes) to gain a comprehensive understanding of how taxation applies to those with multiple businesses in the country.
Japan: press Saudi Arabia on human rights
Japan’s Prime Minister Fumio Kishida should publicly call on Saudi Arabia’s de facto ruler, Crown Prince Mohammed bin Salman, to respect human rights, Human Right Watch said. The crown prince’s visit to Tokyo from May 20-23, 2024, is his first visit to Japan as Saudi Arabia’s prime minister.
As the Japanese government increases its engagement with Saudi Arabia, spanning sectors such as energy, trade, investment, and tourism, it should also be strengthening its calls for improvements in the country’s human rights situation. Most recently, during Saudi Arabia’s Universal Periodic Review at the United Nations Human Rights Council in January 2024, Japan urged Saudi Arabia to ratify the International Covenant on Civil and Political Rights and the International Covenant on Economic, Social and Cultural Rights, as well as to “take further actions to ensure women’s rights and participation in society, including for women with disabilities.”
“A healthy and productive Japanese relationship with Saudi Arabia means publicly urging Crown Prince Mohammed bin Salman to respect the rights of women, human rights defenders, and migrant workers, among others,” said Kanae Doi, Japan director at Human Rights Watch. “A mutual understanding and respect for human rights are critical for a strong friendship between the two governments.”