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Dubai Customs pushes 3% VAT
In a media briefing held last night Dubai Customs announced that the report on the level of Value Added Tax to be used in the UAE recommended a 3% threshold. This is in line with IMF recommendations for the indirect tax, which is scheduled to replace the current 5% Customs Duty.
United Arab Emirates: Monday, June 02 - 2008 at 08:23

UAE markets end higher
The Dubai Financial Market on Sunday jumped 62.31 points, or 1.10%, to end the day on 5,740. Agility was the day's big gainer, up 14.43%. Meanwhile, the Abu Dhabi Securities Exchange rose 23.67 points, or 0.47%, to finish on 5,061.
United Arab Emirates: Sunday, June 01 - 2008 at 16:40

Saudi to keep dollar peg
Saudi Arabian Finance Minister Ibrahim Al Assaf and US Treasury Secretary Henry Paulson have agreed that Saudi benefits from the pegging to the US dollar. At a press conference in Jeddah Al Assaf reiterated that the Gulf kingdom had no intention of dropping the peg or of revaluating the riyal.
Saudi Arabia: Sunday, June 01 - 2008 at 09:01

Oman changes weekend
From July 1 the Omani banking sector will officially move to a Friday-Saturday weekend. According to a circular from the Central Bank, the working week will effectively run from Sunday through to Thursday. Banks are expected to open later on these days once the change is in effect to allow customers greater access.
Oman: Sunday, June 01 - 2008 at 08:19

ADCB chief takes legal action
Calling the allegations made by his ex-wife 'baseless', Abu Dhabi Commercial Bank CEO Ervin Knox is taking legal action in the Philippines after Interpol sought his arrest in connection with charges made by her, reported Reuters. The warrant relates to a 'violation of an early 2004 act pertaining to violence against women and their children'. ADCB said last week the warrant is a personal matter and not connected to the bank's operations. The law firm Al Tamini & Co is working on Knox's behalf.
United Arab Emirates: Saturday, May 31 - 2008 at 11:05

Esca fines five companies
Five companies have been fined and warned by the Emirates Securities and Commodities Authority for failing to comply with the regulator's disclosure requirements, reported Gulf News. Tabreed failed to disclose the quarterly financial statements within the 45-day grace period. The other four companies, Khazna Insurance, Foodco Holding, Qatar Telecommunications, and Sudan Telecommunications, failed to disclose all the required information within the stipulated timeframe.
United Arab Emirates: Saturday, May 31 - 2008 at 10:00

Saudi bourse surpasses London in IPO activity
The Saudi Stock Exchange was the world's second-busiest market for initial public offerings in the first five months of this year, surpassing London, reported Reuters. The New York Stock Exchange was tops with 12 new issues raising a combined $24.4bn, up 173% year on year. The total of Saudi Stock Exchange IPOs jumped 322% from a year earlier to $8.5bn, boosted by Al Inma Bank, which raised $2.8bn in the country's biggest IPO in April.
Saudi Arabia: Saturday, May 31 - 2008 at 07:51

UAE markets end higher
The Dubai Financial Market on Thursday gained 9.81 points, or 0.17%, to close on 5,678. Al Madina Financial and Investment Services was the day's big gainer, up 14.72%. Meanwhile, the Abu Dhabi Securities Exchange rose 38.68 points, or 0.77%, to finish on 5,037.
United Arab Emirates: Thursday, May 29 - 2008 at 14:43