Abu Dhabi / WAM Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs, chaired 111th meeting of the GCC Financial and Economic Cooperation Committee, which took place virtually to discuss recommendations and findings from the 57th meeting of the GCC Under-Secretaries of Ministries of Finance Committee, and ways to take the necessary steps. Younis Haji Al Khoori, Under-Secretary ...

Bloomberg An investment firm backed by a member of Abu Dhabi’s royal family agreed to buy a stake worth just over $1 billion in LuLu Group International, which runs one of the Middle East’s largest hypermarket chains, according to people familiar with the matter. The company led by His Highness Sheikh Tahnoon bin Zayed Al Nahyan acquired an almost 20% ...

Bloomberg The United Nations is calling for the creation of a global authority to help implement the temporary suspension of debt obligations from developing countries during the coronavirus pandemic. The proposal will enable private creditors to join the debt payments pause and allow countries use resources to fight the new illness, said Stephanie Blankenburg, head of debt and development finance ...

Bloomberg The European Union’s 27 leaders will be asked to consider a 2 trillion-euro ($2.2 trillion) plan for the region’s post-pandemic recovery on Thursday, according to reports. The compromise proposal has emerged from a north-south squabble over how to pay for the effects of coronavirus lockdowns that is set to play out on a video conference. The proposal would partially ...

DUBAI / WAM The Dubai Financial Services Authority (DFSA) has invited applications from local and international companies to apply to join its 2020 Summer Cohort. Successful cohort applicants will be invited to apply to enter the DFSA’s version of the regulatory sandbox, known as the Innovation Testing Licence (ITL). A statement issued by the authority noted that the DFSA “welcomes ...

SHARJAH / WAM The Sharjah Social Services Department (SSSD) is keen to deliver emergency social assistance to the homes of low-income families to provide adequate support for their basic needs. The social assistance for the emergency cases is to provide important life necessities, food, and other emergency assistance as a gift card “Al-Bashama” issued by the Sharjah Cooperative Society and ...

ABU DHABI / WAM Fees of 94 electronic services have been reduced by the Ministry of Economy according to the Cabinet Resolution no. 20 of 2020. The ministry published on its website a list of these services whose fees have been reduced by 17 percent to 98 percent. The reduced fees covered a wide scope of activities, including, but not ...

Dubai / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has ordered the release of 874 prisoners of different nationalities from Dubai’s correctional and punitive establishments, ahead of the Holy Month of Ramadan. Attorney General of Dubai Chancellor Essam Issa Al Humaidan said that His Highness’s order to pardon the prisoners ...

DUBAI / WAM DP World has launched cutting-edge online logistics tools and services, covering sea, land and air shipping around the world. According to a press statement, the connected ecosystem of platforms will enable freight forwarders and any business, to book shipments of cargo from and to anywhere in the world, by any combination of sea, land and air. The ...

ABU DHABI / WAM The Federal Tax Authority (FTA) has issued a directive, on an exceptional basis, extending to 28 May the deadline of submitting VAT returns and the payment of due tax for the tax period ended March 31, enabling taxable persons to meet their tax obligations without facing any difficulties. “This comes in light of the Federal Tax ...