Top Business News Headlines from UAE: A Weekly Roundup
Keeping up with the latest business news is crucial for anyone who wants to keep a finger on the pulse of the UAE’s economy. In this weekly roundup, we bring you the key news stories from the UAE business world that you need to know about.
1. UAE’s Non-oil Private Sector Shows Recovery
The latest Purchasing Managers’ Index (PMI) survey by IHS Markit shows that the UAE’s non-oil private sector is growing for the first time in more than a year. The PMI rose to 50.8 in January, up from 50.4 in December. The recovery is being driven by a surge in new orders, while output and employment remain soft.
2. UAE Banks Report Strong Q4 Results
UAE’s banks have reported strong fourth-quarter results, with Emirates NBD posting a record profit of AED 14.5bn ($3.9bn) for the year. The bank’s CEO, Shayne Nelson, attributed the surge to the bank’s focus on digitization and innovation. Meanwhile, Abu Dhabi Commercial Bank (ADCB) reported a 16% increase in net profit, driven by higher revenue from interest and fees.
3. UAE Cabinet Approves Zero Corporate Tax for Some Companies
The UAE cabinet has approved a new resolution that will grant companies operating within designated free zones a zero corporate tax rate for 50 years. This move aims to incentivize investment and economic growth within the country. The decision is expected to benefit over 4,500 companies across the UAE.
4. Expo 2020 Gets a New Logo
Expo 2020 Dubai, the world’s largest exhibition, has unveiled a new logo. The design features a ring of stars representing each country participating in the event, united in a single theme of “Connecting Minds, Creating the Future.” The logo reflects the UAE’s vision of creating a global platform for collaboration and innovation.
5. Dubai International Airport Sees Record Passenger Traffic
Dubai International Airport has reported record passenger traffic in 2019, with over 86 million passengers passing through the airport. The strong growth in passenger traffic is driven by the airport’s extensive network of airlines and destinations, as well as its state-of-the-art infrastructure.
In conclusion, these are just a few of the latest headlines in the UAE’s business world. As the country continues to grow and develop, keeping up with the latest trends and news is essential for anyone who wants to succeed in the region’s dynamic business environment.
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