SUMMARY OF DAILY UPDATES 26TH DEC TO 2ND JAN 2016
Global growth will be disappointing in 2016: IMF chief.
Most Gulf economies to see slowdown in 2016, says Fitch.
GCC likely to see projects scaled back, delayed as cheap oil bites.
GCC ‘real’ pay rises to dip below global average in 2015.
Arab sovereign wealth fund exodus just beginning.
Middle East misses out on M&A boom as sellers hold out on prices.
Oil hovers near 11-year lows on abundant supply.
Dubai’s nine-month non-oil foreign trade falls slightly to $263bn.
Saudi plans spending cuts, reforms to reduce deficit reforms to energy subsidies and a drive to raise revenues from taxes and privatization. Saudi budget marks end of era for lavish Gulf welfare handouts. It plans VAT in 2 years.
Saudi won’t limit oil production, Saudi Arabian Oil Minister Ali Al-Naimi said. Saudi-led coalition says ending Yemen ceasefire.
Bahrain cabinet approves new fuel pricing system.
Oman approves spending cuts, tax rises,. Ministry of Finance has indefinitely cut bonuses for government employees. It cuts budget deficit 27% this year, minister says.
Abu Dhabi raises water, electricity prices for expats.
UAE, Qatar named world’s least demanding tax regimes.
Iran expands missile plan amid US sanctions threat.
Business Bay, Dubai Marina had highest property deals in 2015.
The new law that will help Dubai to keep on building.
Dubai’s Aster to invest $136m in GCC healthcare over next two years.
DEWA moves ahead with plans for Dubai solar park phase 3.
Dubai’s utility DEWA approves $6.4bn budget for 2016.
GE wins $1bn Saudi power plant contract.