Monday 31 August 2015

Egypt cuts top tax rate, suspends capital gains tax

Egypt lowered the top tax rate and the threshold for companies and individuals in high income brackets on Sunday and suspended a 10 per cent tax on capital gains in an attempt to attract investors and boost the economy. President Abdel Fattah al-Sisi issued a decree lowering the


Business confidence in Middle East drops

Business confidence in the Middle East continued to fall in the second quarter, but not as quickly as it had in the first three months of the year, according to the Global Economic Conditions Survey (GECS) organised by the Association of Chartered Certified Accountants (ACCA) and the Institut


Gulf Capital reveals shortlist for SME Awards

Gulf Capital, a leading alternative asset manager, has announced the finalists for the 2015 Gulf Capital SME Awards, with 56 companies competing in 11 categories. This year’s finalists posted a combined total turnover of Dh1.27 billion ($345 million) in the last year, accor


60pc of Dubai residents’ homes uninsured

More than six out of 10 (61 per cent) of Dubai residents do not have home insurance, a new report said. Amongst home owners, adoption of home insurance is substantially higher as two thirds (66 per cent) have an insurance policy in place to cover their home and contents, added th


Saudi, UAE stocks tumble

Stock markets in Saudi Arabia and the UAE plunged again on Sunday in response to a fresh slide of oil prices and the decision by credit rating agency Fitch to cut its outlook for Saudi Arabia. Egypt's bourse also fell sharply. The main Saudi stock index was dow


Fitch revises Saudi IRD ratings to 'negative'

Fitch Ratings has revised the outlooks on Saudi Arabia's long-term foreign and local currency issuer default ratings (IDR) to negative from stable citing lower oil prices and higher state spending associated with the accession of a new king in January. The agency affirmed the


Britain reopens embassy in Tehran

Britain reopened its embassy in Tehran on Sunday, a historic step in the thawing of relations between the Islamic state and Western powers, a Reuters witness said. British Foreign Secretary Philip Hammond declared the embassy open and raised the Union Jack flag in the garden of t


NCB plans $533m capital-boosting sukuk

National Commercial Bank (NCB), Saudi Arabia's largest lender, is selling SR2 billion ($533 million) of capital-boosting sukuk, two banking sources with knowledge of the matter said on Sunday. The offer, which enhances the bank's Tier 1 - or core - capital and is complian


UAE stocks sink on oil slide, Saudi worries

United Arab Emirates stock markets slid in early trade on Sunday in response to further weakness in oil prices and the decision by Fitch Ratings to cut its outlook for Saudi Arabia's debt because of cheap oil. The main stock index in Dubai, the region's most volatile mark

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