Friday 25 May 2018

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BOOST TO ISLAMIC BANKING
IMF endorses core principles of Islamic Finance Regulation

The International Monetary Fund (IMF) Executive Board has endorsed a proposal on the use of the core principles for Islamic Finance Regulation (CPIFR), which were developed by the Islamic Financial Services Board (IFSB).

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1

LIKELY TO BE RENAMED
Saudi Binladin Group 'faces major revamp'

Saudi Arabia's construction major Saudi Binladin Group (SBG) will be slimmed down and renamed, a Reuters report said quoting six sources familiar with the matter.

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2

NEW TEAM TO TACKLE ISSUES
UAE, Saudi Arabia sign pact to avoid double taxation

The UAE, represented by the Ministry of Finance (MoF), has signed an agreement for the Avoidance of Double Taxation and Prevention of Tax Evasion with respect to taxes on income and capital, with Saudi Arabia.

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3

MONEY MATTERS
Online purchases up 43pc during Ramadan

Online purchases, mostly driven by mobile, increase overall by 43.2 per cent during the month of Ramadan, and by 78 per cent at night, according to a recent case study.

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4

SPECIAL REPORT
Electric buses market to see 84pc growth by 2030

The electrification of road transport will move into top gear due to tumbling battery costs and larger-scale manufacturing, which will see global sales of electric buses going up by 84 per cent by 2030, said a report.

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5

The spirit of giving

In true Ramadan spirit, Viva Bahrain, through its corporate social responsibility arm, Viva Jusoor, has commenced its annual Ramadan community-driven activities for the fifth consecutive year.

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Top Trade News

icondown

Industry Sectors

Construction & Real Estate

French group Egis wins UAE railway network project

Egis, an international group offering engineering, project structuring and operations services, has been awarded a project management consultancy (PMC) contract for the development of the UAE railway network (Stages 2 and 3).

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Retail & Wholesale

Fashion Forward Dubai pop-up store returns to Saudi Arabia

Fashion Forward Dubai (FFWD), the Middle East’s definitive fashion platform, returns to Saudi Arabia for a second edition of its Pop-up outlet in the kingdom's leading department store, Rubaiyat, in Jeddah.

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Energy, Oil & Gas

Rosneft discovers new oilfield near Baghdad

Russian oil giant Rosneft has discovered a new oilfield some 350km south of Iraqi capital Baghdad, said a report. The new find will serve as an important step towards expanding the company’s operations outside Russia, it added.

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Finance & Capital Market

May 28 deadline for tax returns, alerts UAE’s FTA

The UAE’s Federal Tax Authority (FTA) has cautioned that this coming Monday (May 28) is the final deadline for submitting tax returns and paying due taxes for the tax period that ended on April 30, a media report said.

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Analysis, Interviews, Opinions

45pc in Mena victim of financial crime: study

Forty-five per cent of executives in the Mena region had been a victim of at least one form of financial crime during the 12 months preceding a survey by Thomson Reuters as opposed to 47 per cent globally.

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Industry, Logistics & Shipping

DHL Express picks Mohamed Salah as brand ambassador

DHL Express, a global leading express logistics provider, has signed a strategic partnership with Egyptian football superstar Mohamed Salah naming him its brand ambassador for Middle East and North Africa (Mena) region for the next two years.

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Travel, Tourism & Hospitality

Oman to draw $50bn in tourism investment by 2040

Tourism continues to play a prominent role in driving Oman’s long-term economic development with future investment in the hospitality sector projected at around $50 billion over the next two decades through to 2040, said a report.

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IT & Telecommunications

Etisalat partners with 4 firms in accelerator drive

Etisalat Digital has signed strategic partnerships with four scale-ups as part of the Dubai Future Accelerators Program, the world’s largest government supported accelerator.

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Lifestyle

Bahrain ranks second globally for work-life balance

Bahrain offers the best work-life balance worldwide for expatriates after Denmark, said a new report from InterNations, highlighting that close to three-quarters of them are generally satisfied with their job in the kingdom.

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Motoring

Emirates Transport in big rental, fleet management deals

Emirates Centre for Transport and Leasing of Emirates Transport (ET) said it has completed a series of new and renewed three- to five-year contracts linked to transport and rental services and management of fleets of nearly 1,500 vehicles.

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Health & Environment

Ahalia to build multi-specialty hospital in Sharjah

Abu Dhabi-based Ahalia Group has announced plans to set up a 120-bed multi-specialty hospital, its first in Sharjah, in partnership with the Sharjah Healthcare City Authority (SHCC) at an investment of $100 million.

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Media & Promotion

Saudi Arabia launches new mosque construction code

Saudi Arabia has implemented a new mosque construction code as part of its efforts to streamline the building of mosques in the kingdom. This code will be vital for the design, lifespan and operating costs of monuments, said a report.

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Education, HR & Training

Samana unveils special rent-free offer for start-ups

UAE-based Samana Group has launched a first-of-its-kind Ramadan offer which allows ready businesses and start-ups to begin work at its business centres immediately and pay rents and related costs in 2019, when their financial position improves.

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Miscellaneous

Cyclone Mekunu moves towards Salalah

Tropical Cyclone Mekunu is strengthening as it moves toward the Arabian Peninsula, where it is expected to make landfall on Saturday near Salalah in Oman, reports said.

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