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BDO Jawad covers 1% tax
BDO Jawad Habib has borne the cost of a 1% salary tax for its employees. The tax being deducted from employees is part of Bahrain Government's campaign to fund a national unemployment programme. BDO Jawad Habib is a management consultancy firm in Bahrain, and a member of tax auditing firm BDO International.
Bahrain: Sunday, March 30 - 2008 at 10:36

UAE to centralise Zakat Fund
Beginning next year, the UAE's Zakat Fund has said local Islamic banks and companies will have to pay 2.5% of their net operating capital to the fund, reported Gulf News. Zakat Fund collects zakat (alms) from Muslims as a percentage of their wealth. According to a fund official, about 8 Islamic banks and 13 Islamic finance and insurance companies will have to pay their zakat. Bylaws will be amended to make it obligatory for these companies to submit audited accounts and pay the required share.
United Arab Emirates: Sunday, March 30 - 2008 at 09:58

GCC locals getting richer quick
Rich Arabs living in the Gulf states will boost their assets by 81% to $3.8 trillion by 2012, according to Marsh & McLennan research reported in Bloomberg. Those with assets worth more than $1m are expected to see their collective investments grow from $2.1 trillion today, it said.
Middle East: Thursday, March 27 - 2008 at 11:06

Dubai gold may reduce import
Due to sharp fluctuations in gold prices, Dubai might import less gold this year as price volatility will weaken consumer demand for jewellery, according to the World Gold Council, cited by Gulf News. In 2006, Dubai Multi-Commodities Centre noted 559 tonnes of imported gold, while exports touched 287 tonnes.
United Arab Emirates: Wednesday, March 26 - 2008 at 08:57 |

IMF warns GCC inflation to hit 7%
The International Monetary Fund (IMF) warns that inflation rate in the Gulf Cooperation Council states is set to rise to about 7%, cited news reports. The IMF's earlier forecast on overall inflation in the GCC countries to be 6% in 2008. IMF said housing costs contributed to about 67% of inflation in Qatar and dominated inflation factors in the UAE.
Qatar: Tuesday, March 25 - 2008 at 09:27

Gold in volatile mood
After surging over $1000 recently, gold has shown volatility, plummeting back towards $900, and is being considered as a portfolio diversifier more than ever, reported Gulf News. Meanwhile, analysts say gold buying on a retail level has dramatically reduced, typically in the Middle East and on the Indian subcontinent markets. However, local jewelers claim buyers have not dipped as ordinary consumers consider buying gold items as a form of investment.
United Arab Emirates: Monday, March 24 - 2008 at 09:29 |

Saudis, expats, voice inflation concerns
With prices of essential commodities and house rents increasing by 30 to 50% in Saudi Arabia, locals and expatriates are calling for government intervention to curb the unprecedented phenomenon and for increasing their salaries to cope with the situation, reported Arab News. Dr. Abdul Ilah Saaty of King Abdul Aziz University said the country needs to implement a monitoring regime that keeps a close eye on inflation.
Saudi Arabia: Sunday, March 23 - 2008 at 09:09

Willis enters Saudi market
Willis Group Holdings has been awarded the license to operate in Saudi Arabia by the Saudi Arabian Monetary Agency under the provisions of the Insurance Law of 2004. The company will operate under Willis Saudi Arabia.
Saudi Arabia: Saturday, March 22 - 2008 at 16:32