Thursday 13 August 2020

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NEW GUIDELINES ISSUED
E-commerce services subject to VAT when used in UAE

The UAE’s Federal Tax Authority (FTA) has clarified in a guide issued to the e-commerce sector that Value Added Tax (VAT) is applied on e-commerce services upon their actual use or enjoyment in the UAE.

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1

$81.67m INVESTMENT
Sheikh Mohammed opens biomedical research institute

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, today inaugurated the Mohammed bin Rashid Medical Research Institute, the UAE’s first independent biomedical research centre.

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2

ONE GIANT ‘LEAP’
Saudi Arabia plans global tech event to transform economy

Saudi Arabia will host a landmark event early next year aiming to boost foreign investment in the transformative Kingdom, elevate digital economy’s contribution to non-oil GDP by $13 billion, and empowering women in technology.

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3

SPOTLIGHT
Most UAE residents favour cashless economy: study

A large majority of UAE residents (63%) consider it very or fairly positive if their country became cashless, according to a new survey held by international Internet-based market research and data analytics firm YouGov.

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4

ANALYSIS
Covid impact could be reform positive, say Saudi experts

Most thought leaders and decision makers in Saudi Arabia anticipate that Covid-19 will be a positive accelerant of the transformation already underway in the Kingdom, according to a new report.

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Top Trade News

icondown

Industry Sectors

Construction & Real Estate

Bechtel wins Neom infrastructure project management deal

Bechtel, a global leader in engineering, procurement and construction, has secured a major contract for executive project management work on the development of the primary infrastructure for Saudi Arabia's futuristic $500-billion city Neom.

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Retail & Wholesale

CBRE to manage Bahrain boutique F&B, lifestyle complex

CBRE, a leading commercial real estate services company, said it has been appointed to lease and manage Ain 520, a boutique retail, F&B and leisure development offering over 5,000 sq m across 14 stand-alone units on Budaiya Highway in Bahrain.

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Energy, Oil & Gas

Shell doubles capacity at Port Allen plant

Shell Catalysts & Technologies (SC&T) has successfully completed the expansion of its Port Allen, Louisiana plant in the United States, doubling its capacity to produce precipitated alumina powder.

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Finance & Capital Market

Slowdown, oil prices hit Bahrain govt H1 revenues

Bahrain’s ministries and government agencies have indicated a revenue of BD910 million ($2.39 billion) during the first half of the year (H1), a decrease of 29% in comparison to the same period last year, according to a new report.

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Analysis, Interviews, Opinions

Most UAE residents favour cashless economy: study

A large majority of UAE residents (63%) consider it very or fairly positive if their country became cashless, according to a new survey held by international Internet-based market research and data analytics firm YouGov.

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Industry, Logistics & Shipping

Duqm SEZ ‘to register new companies in 15 minutes’

The Special Economic Zone (SEZ) in Duqm can now register new businesses in under 15 minutes under revamped and modernised procedures that have been introduced by the SEZ Authority (Sezad), a media report said.

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Travel, Tourism & Hospitality

Air Arabia reports H1 2020 net loss of $46m

Sharjah-based Air Arabia registered a net loss of AED169 million ($46 million) for the first half of the year, a direct result of second quarter performance being heavily impacted by Covid-19 and the subsequent cancellation of scheduled flight operations.

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IT & Telecommunications

Cyberattack hits 95pc of Saudi organisations

Some 95% of Saudi Arabian organisations have experienced a business-impacting cyberattack in the past 12 months, according to Tenable, a Cyber Exposure company.

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Lifestyle

Pre-orders for Samsung’s newest devices now open

Pre-orders for the flagship Samsung Galaxy Note20 and Galaxy Note20 Ultra have started in the UAE from August 5 until August 20.

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Motoring

Panasonic Jaguar Racing set for Berlin showdown

Panasonic Jaguar Racing will head to Germany after 158 days to complete season six of Formula E in a unique lockdown showdown. Berlin’s Tempelhof circuit will witness six races in nine days with three different track layouts.

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Health & Environment

Global Covid-19 vaccines programme will need $100bn

A global Covid-19 vaccines programme alone will need over $100 billion, the World Health Organization Director-General said even as the registered cases crossed 20 million and deaths topped 750,000 world-wide.

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Media & Promotion

Emerson publishes 2019 CSR report

Emerson has announced the publication of its 2019 Corporate Social Responsibility (CSR) Report, which highlights how the company combines technology and innovation to make a positive impact on employees, customers and communities.

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Education, HR & Training

Batelco backs digital Stem summer leadership camp

Bahrain's leading telecom services operator Batelco has announced its support for STEM Leadership Summer Camp in support of youth across the fields of science, technology, engineering, mathematics and leadership which runs till September 6.

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Miscellaneous

Riyadh, Dubai to benefit from AMoD solutions

Saudi Arabia and the UAE are likely to benefit most in the region from autonomous mobility-on-demand (AMoD) with the adoption of autonomous vehicles (AVs) and robo-shuttles to rejuvenate public transport services.

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