Middle East Focus – August 2021
- Final countdown to Expo 2020 Dubai
- UAE trade with Israel set to accelerate during Dubai Expo
- Saudi Arabia creates new Zakat, Tax and Customs Authority
- DMCC free zone records best first-half since 2013
- Bahrain-GCC trade for the first half of 2021 shows a significant rebound
- Dubai Economy records 63% increase in DED Trader licences during H1 2021
- Bahrain Liquidity Support Fund begins receiving applications
- Saudi Arabia seeks global partners to tap cultural opportunities
- UAE reinforces commitment to combat money laundering
- Ras Al Khaimah permits RAKICC companies to conduct onshore business
Final countdown to Expo 2020 Dubai
Expo 2020 Dubai, set to open on 1 October and run to 31 March 2022 under the slogan ‘Connecting Minds, Creating the Future’, is expected to attract more than 25 million visitors from all over the world to drive collaboration and innovation to develop real-life solutions as the world heads into a post-pandemic economic recovery.
UAE trade with Israel set to accelerate during Dubai Expo
Israel and the United Arab Emirates, which normalised relations a year ago, are looking to Dubai’s Expo world fair in October to boost bilateral trade, which now stands at around USD712 million. The UAE and Bahrain both signed deals to establish ties with Israel last September, followed by Sudan and Morocco.
Saudi Arabia creates new Zakat, Tax and Customs Authority
The Saudi Cabinet approved a measure in May to merge the General Authority of Zakat & Tax (GAZT) with the General Authority of Customs to form an umbrella authority named the ‘Zakat, Tax and Customs Authority’ (ZTCA). The move forms part of Saudi efforts to restructure government agencies to speed the implementation of the ‘Vision 2030’ national transformation plan.
DMCC free zone records best first-half since 2013
The Dubai Multi Commodities Centre (DMCC) free zone licensed an additional 1,230 businesses in the first six months of 2021, the highest number since 2013. This builds on the 2,025 firms that signed up last year, benefiting from the DMCC’s COVID-19 relief packages and incentives.
Bahrain-GCC trade for the first half of 2021 shows a significant rebound
Bahrain trade with Gulf Cooperation Council (GCC) member states for the first half of 2021 reached around USD3.45 billion, up from USD2.88 billion in H1 2020, according to the latest figures released by Bahrain’s eGovernment and Information Authority.
Dubai Economy records 63% increase in DED Trader licences during H1 2021
The Dubai Department of Economic Development (DED) reported that it had issued 3,243 DED Trader licences during the first half of 2021, a 63% increase over H1 2020, when 1,989 licences were issued.
Bahrain Liquidity Support Fund begins receiving applications
The Liquidity Support Fund (LSF) began receiving applications for the financing of private sector companies and establishments on 1 July. Applications opened for large companies, with an annual income of BHD3 million and above, until 1 August through the nbbonline.com website.
Saudi Arabia seeks global partners to tap cultural opportunities
Saudi Arabia is seeking partnership with global partners, including leading international museums, after adding culture to the forefront of its investment agenda in the wake of the G20 meeting last year.
UAE reinforces commitment to combat money laundering
The UAE’s Ministry of Economy reaffirmed in August its commitment to fighting money laundering and the financing of terrorism and illegal organisations, in line with its aim of fully complying with the international Financial Action Task Force (FATF) obligations.
Ras Al Khaimah permits RAKICC companies to conduct onshore business
The Ras Al Khaimah Department of Economic Development (RAK DED) signed a Memorandum of Understanding (MoU) in August with the Ras Al Khaimah International Corporate Centre (RAKICC) that will provide for offshore companies registered in RAKICC to expand their businesses in the mainland.
