Other Briefings
GGC – UK Trade Increased 70% To Reach US$82.7 billion In FY 2022-23
GCC-UK Free Trade Negotiations Also Progressing The beleaguered British economy finally had something to cheer as statistics released by the UK’s Department for Business and Trade have stated that the total trade between the UK and GCC countries rose by more than 70% to £64.5bn ($82.7bn) in the fiscal year that ended in March 2023. […]
UAE Business Owners: Be Careful How Much You Pay Yourself
With the new UAE tax environment having come into effect since June this year, a host of new laws have now come into effect. But when considering that there is no tax on an individual’s salaries, every business owner is contemplating paying themselves a good salary from their own company. Yet this carries pitfalls, not […]
The Normalization of Saudi – Iran Relations: Economic Capacity, Trade Potential and Outlook
By Farzad Ramezani Bonesh Introduction Over the past six decades, the diplomatic relations between Saudi Arabia and Iran have been severed three times (in 1942 and twice after the Islamic Revolution of 1979), while the two countries, both neighbours and Muslim alike, have also experienced political ups and downs in more recent years, and relations […]
Israel, Vietnam Sign Free Trade Agreement
Israel and Vietnam signed a free trade agreement last week, with both sides predicting it would quickly boost annual bilateral trade by nearly 50 per cent. The agreement is expected to soon bring bilateral trade to $3 billion, the Ministry said, after trade between the countries rose 18 per cent last year to US$2.2 billion. […]
Dubai Free Trade Zone Reports 24% Increase In Chinese Investors
The Dubai Multi Commodities Center (DMCC) has announced a 24% year-to-date increase in the number of Chinese companies setting up in its free trade zone. The DMCC has signed a memorandum of understanding with the Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone (LGSAC), and allows Shanghai and Dubai to streamline requirements and […]
Dubai Q1 GDP Growth Beats Global Averages: Results By Industry Sectors
Dubai’s Real Gross Domestic Product (GDP) grew 2.8% year-on-year in the first quarter of the year to reach Dhs111.3 billion (US$30.3 billion) surpassing the average global growth rates for Q1 2023. The surge maintains the robust momentum of growth achieved in 2022, when the emirate experienced a 4.4% expansion of the economy.
Obtaining 0% Tax Liability In UAE Processing and Distribution
The UAE’s corporate tax public consultation for free zones (PCD) has provided several insights and the possible direction of the tax regime these hubs would come under. However, the interpretation of the new tax rules among the government and professional finance and tax community still has gaps in the common understanding. Two impacted areas are […]
Saudi Arabia-Central Asia Multilateral Trade, Status, and 2023/24 Prospects
New agreements and geopolitics introduce revived silk roads between the Middle East and Central Asia By Farzad Ramezani Bonesh Introduction After the collapse of the Soviet Union in the early 1990s, the recognition of the independence of Central Asian countries (Kazakhstan, Turkmenistan, Uzbekistan, Kyrgyzstan, and Tajikistan), the establishment of diplomatic relations, and the opening of […]
Turikye’s Ecommerce Sector Grew 100% In 2022
Significant opportunities in EU’s gateway to the Middle East Türkiye’s buoyant e-commerce sector registered a growth of more than 100% in 2022, hitting a volume of a staggering TL 800 billion (around US$29.8 billion), according to an industry report prepared by iyzico, ETİD and Dogma Alares. It showed e-commerce transactions soared to nearly 4.8 billion […]
Dubai Chamber Establishes Joint Serbian Business Council
Bilateral Serbia-Dubai Trade Up 42% In 12 Months The Dubai Chamber of Commerce, increasingly active in Eastern Europe, has opened a second Business Council following last week’s announcement it had established one in Romania.
