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  • Saudi and UAE lead Arab construction sector to $187bn

    The UAE and Saudi Arabia pushed the Arab construction sector to almost $187bn in 2020, according to the Arab Monetary Fund (AMF), The AMF said that the Arab construction sector has recovered from the impacts of the Covid-19 pandemic, with its contribution to GDP in 2021 amounting to around $186.8bn, up from $178.3 billion in 2020. It represents a 4.7% increase.

  • Israel uneasy with deal granting UAE control over pensions

    Israeli experts warn against the deal, which will have Abu Dhabi government-backed ADQ Developmental Holding Company purchasing a 25% controlling part of Israel’s Phoenix insurance company.

  • Saudi Wealth Fund to Buy Stake in UAE Tabreed’s Local Venture

    The Public Investment Fund is in talks to buy a stake worth about $250 million in Saudi Tabreed, the local venture of United Arab Emirates-listed National Central Cooling Co., according to people familiar with the matter. The deal would give the PIF, as the wealth fund is known, a significant holding in the district cooling company ahead of a planned initial public offering in the next two-to-three years, the people said, asking not to be identified as the information is private. Terms of the agreement aren’t finalized and may change, they said.

  • UAE clients spent $64m on US lobbying between 2020-2021, new analysis finds

    An analysis of Foreign Agent Registration Act (Fara) documents filed by more than two dozen lobbying firms representing Emirati clients between 2020 and 2021 has found that foreign agents working for the UAE reported over 10,000 political activities, including making contacts with Congress, Senate, and major media outlets. The report said that amount was "a high number relative to other similar lobbies such as Saudi Arabia".

  • UAE: Mormons to have first temple in the Middle East 

    Followers of the Church of Jesus Christ of Latter-day Saints (LDS), also known as Mormons, are to have their own official place of worship in the Emirate of Dubai, a first of its kind in the Middle East. Plans for the temple were first announced in 2020 by the LDS, with construction about three years away. According to The National, the Mormon place of worship will be built in Dubai's Expo City. "The plan for a temple in Dubai comes in response to their gracious invitation, which we gratefully acknowledge," said LDS President Russell M. Nelson at the time.

  • UAE announces new tax

    UAE has officially issued a federal decree-law on corporate tax at a 9 percent rate for taxable business profits exceeding AED375,000. Federal Decree-Law No. 47 of 2022 on Taxation of Corporations and Businesses (the “Corporate Tax Law”). Businesses will become subject to UAE Corporate Tax (“Corporate Tax”) from the beginning of their first financial year that starts on or after 1 June 2023.

  • A New Chapter for UAE Defense Procurement?

    During the past nine months, the United Arab Emirates has closed deals for the purchase of substantial weapons systems from France, South Korea, China, Indonesia, Turkey, and Israel. If these deals come to fruition, they could mark a new era for Emirati arms procurement, where an emphasis on strategic autonomy and transfers of technology might push the UAE toward an increasingly diversified pool of suppliers, where the United States no longer reigns supreme.

  • UAE president visits Qatar in sign of warming ties, lauds World Cup success

    heikh Mohammed bin Zayed al-Nahyan, UAE de facto ruler for years before becoming president in May, met with Emir Sheikh Tamim bin Hamad al-Thani on the brief visit before returning to Abu Dhabi where he is due to meet Israel's president.

  • UAE Leader Makes Surprise Visit to Qatar Following Boycott

    The leader of the United Arab Emirates made a surprise visit Monday to Qatar as it hosts the World Cup — his first since leading a yearslong four-nation boycott of Doha over a political dispute that poisoned regional relations. Sheikh Mohammed bin Zayed Al Nahyan, who also serves as the ruler of Abu Dhabi, made the trip at the invitation of Qatar's ruling emir, Sheikh Tamim bin Hamad Al Thani. Photos later emerged of him smiling with Sheikh Tamim and even riding in a white Bentley Bentayga SUV with Qatar's ruling emir driving. “I congratulate my brother Tamim bin Hamad and the people of Qatar on hosting the FIFA World Cup and wish them continued success,” Sheikh Mohammed said in an online statement.

  • UAE Plans Global Energy Push With $150 Billion Oil, Gas Spending

    Adnoc will now aim to raise crude output capacity to 5 million barrels a day from just over 4 million by 2027, earlier than the previous target of 2030. Some of the $150 billion of capital expenditure -- an increase on the company’s previous five-year spending target of $127 billion that was announced a year ago -- will go toward that.