SUMMARY OF DAILY UPDATES FOR THE PERIOD 3rd JAN to 15th JAN 2016

  • Developing countries face ‘new reality’ of lower growth, says IMF.
  • VAT to be introduced in UAE in 2018 @ 3-5%: Official.
  • Commodities are the most prone to squeezes in both directions.
  • Rents drop up to 11% in Dubai in 2016, says RERA.
  • Dubai households expect rent rise on renewal.
  • UAE homes supply slows dramatically as sales slump in 2015.
  • UAE private sector growth slows to 40-month low in December.
  • Dubai to launch $1bn DIFC project next week.
  • Unauthorized sellers via social media face Dh25, 000 fines.
  • US dollar ‘eroding’ Emirates profits, says airline chief.
  • UAE pay hikes in range of 5% by Robert Half. Record dip seen in GCC salary increases for 2016. GCC set to see lowest salary rises in years in 2016 as cheap oil bites.
  • Saudi Arabia, Kuwait lead GCC in jobs creation.
  • GCC states ‘can earn 10pc of GDP via non-tax incomes.
  • GCC equities shed $200 billion in 2015.
  • GCC plastics sector growth to top 3pc annually.
  • Oil prices could average $37 in 2016 says report.
  • Bahrain hikes petrol price by 56%; Oman removes subsidies.
  • Managing GCC energy reforms ‘a challenge.
  • Saudi Arabian dairy firm Almarai said utility price increases and new crop-growing restrictions will increase its costs by SR500 million ($133.2 million) in 2016.
  • Doha named most expensive Mideast city for construction costs.
  • Big oil to cut investment again in 2016.
  • US manufacturing slowdown stokes fears about oil demand.
  • Saudi Arabia to cut flights, trade with Iran.
  • Saudi to privatize Jeddah, Dammam airports in 2017.
  • World’s largest oil producer Saudi Aramco confirms IPO study.
  • Saudi Arabia plans $80bn desalination projects by 2025.
  • Egypt aims to reduce import bill by 25pc.
  • White House delays new Iran missile sanctions.
  • Insurance cost of natural disasters falls in 2015.
  • Lulu Group to invest $150m in India’s Lucknow, additional $90m in Bahrain expansion and targets $400m investment in Saudi Arabia.
  • India’s L&T wins $93m deal to build Oman airport.
  • 33 nationalities can exchange driving licenses from home country in Dubai.
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