Money & Business - Gulf Insider

1 year ago

Trump Tariffs: UAE, Saudi Perfume Brands Feel The Pinch As Shipments Get Stuck

Shipments of popular perfume brands from the UAE and Saudi Arabia are getting caught up in the new US tariff rules imposed on imports into that country. It comes at a most inopportune time for these Gulf perfume businesses as ‘Arabic fragrances’ have been building a fairly niche share of the US market. But it’s starting to get a bit difficult this week. “Our latest shipments to the US are held up at the Memphis airport,” said Jimmy Chacko, CEO of Dubai-based Hekayat Attar & Jimmy Aventus. “The US customs said they were awaiting instructions for the new tariffs, announced by President Trump on Wednesday. “But the shipments – totaling around 2,000 kilos – are yet to be cleared.” Some of the other leading UAE and Gulf fragrance brands confirmed that things are changing with the 10% tariff the US has announced on UAE and Saudi Arabia. Where possible, they plan to place only a minimal increase on their US retail prices. “As with the ‘Dubai chocolate’ phenomenon, the ‘Dubai fragrance’ too has been getting a lot of interest from US shoppers, especially for the premium- and super-premium labels,” said a Dubai-based perfume brand. “Hopefully, the 10% import duty will only have a minimal […]

1 year ago

Abu Dhabi Unveils Dh75 Billion Vision, Delivers Dh4 Billion In Landmark Projects In 2024

Abu Dhabi Municipality completed major development projects worth over Dh 4 billion in 2024, contributing to its goal of becoming the Middle East and North Africa’s most livable city, according to global indicators. The Department of Municipalities and Transport (DMT) announced these achievements, highlighting a year of significant progress and innovation. The Department of Municipalities and Transport (DMT) highlighted its key achievements for the year, marking significant progress and innovation in Abu Dhabi. The department successfully delivered a variety of strategic projects, with a total value of AED 4 billion, aimed at benefiting all segments of society as part of its comprehensive development plan, supported by a total budget exceeding Dh 75 billion. DMT also reinforced its role as a key driver of growth, stability, and safety in the emirate. This was further emphasized by Abu Dhabi being ranked as the most livable city in the MENA region by the Economist Intelligence Unit’s Global Liveability Index and one of the safest cities worldwide according to Numbeo’s Crime and Safety Indices. Additionally, Abu Dhabi City was recognized as one of the top ten smartest cities globally by the International Institute for Management Development. Mohamed Ali Al Shorafa, Chairman of DMT, stated, […]

1 year ago

Oman: IBAN Mandatory For All Domestic Transactions From July 1

To enhance the efficiency and security of financial transactions, the Central Bank of Oman (CBO) has announced the go-live date for implementing the International Bank Account Number (IBAN) on domestic financial transactions, from July 1, 2025. This expansion will enhance the efficiency of local payment transactions, minimize operational errors, and expedite financial transfers between individuals and businesses. It will also improve the customer experience by ensuring faster and secure banking transactions. CBO implemented the IBAN system for international transfers on March 31, 2024, which significantly improved transaction accuracy, reduced errors, and accelerated processing times for both local and international bank transfers. Given the success of this implementation, CBO said it is taking the next step by discontinuing the acceptance of international transfers that do not include an IBAN. CBO has issued directives to local banks to stop receiving cross-border transfers that do not include IBAN, as of 1st July 2025. Instead, the use of the IBAN Number will be mandatory for all incoming international transactions. Banks have been guided to implement awareness campaigns for their customers on the importance of using IBAN and its benefits. It was also stressed the need to provide the necessary guidelines to ensure a safer […]

1 year ago

Influx Of Gulf Visitors Propels Bahrain Hotel Recovery

Bahrain’s hotel sector has experienced a boom during Eid Al Fitr, driven by an influx of Gulf tourists mainly Saudis, according to media reports. The surge in the numbers of visitors has resulted in hotel occupancy rates of more than 90% in the kingdom. Occupancy at some hotels has reportedly surged to 95% of their overall capacity during the holiday. Saudi visitors are believed to constitute around 60% of the overall numbers of tourists to Bahrain. The King Fahd Causeway linking Saudi Arabia and Bahrain remarkably facilitates such trips. More than 100,000 people cross the causeway on average daily during the Eid holiday, which is reflected in the occupancy rates of hotels, restaurants, and entertainment facilities in Bahrain. Eid Al Fitr that follows the Islamic holy month of Ramadan usually marks a peak season for hotels in Bahrain that offers an open and diverse entertainment environment. This makes it a favourite holiday destination for Saudi families and young people. Saudi tourists spend three to four times more than visitors from other countries, according to media data. Initial figures indicate that Bahrain has achieved a strong tourism season during Eid Al Fitr that began this year on March 30. The growth […]

1 year ago

GCC Investors Fret Over US Tariffs, Oil Price Plunge

Dubai’s stock index tumbled on Thursday, poised for its biggest daily decline this year, and other Gulf bourses slid after US president Donald Trump announced wide-ranging tariffs on importers. Losers outnumbered gainers 34 to 10 on Dubai’s benchmark, which was down as 1.8 per cent, mainly due to Emaar Properties’ steep 8.9 per cent drop, while Abu Dhabi’s index slipped 0.8 per cent, signaling a regional downturn. Saudi Arabia’s main index fell 0.4 per cent after Eid, driven by losses from heavyweight firms like Saudi National Bank and oil giant Aramco. Qatar’s stock exchange remains closed for the Eid holidays, delaying their market response. Additionally, a 3 per cent decline in oil prices is adding to the region’s financial strain, tied to anxiety over slow economic growth and waning fuel demand. Analysts and veteran investors reiterated that this is a crucial time for investors to closely monitor these developments, as global trade tensions could affect various sectors. A key focus will be on whether oil prices stabilize or continue to decline, which could influence the region’s economic health, they added.

1 year ago

Foreign Investors Are Allowed To Engage In Real Estate Business Outside Makkah And Madinah

The Ministry of Investment revealed that foreign investors are allowed to own and sell real estate for the purpose of carrying out their investment activities. The ministry cited some conditions for foreign investors to obtain permission to engage in such business. Most notable among these conditions are that the property is located outside the boundaries of the holy cities of Makkah and Madinah, and that the purpose of selling the real estate is not for commercial speculation, which refers to buying and selling assets such as stocks, commodities, or real estate with the expectation of profiting from price fluctuations. Speculators take on high-risk, high-reward investments in hopes of making quick gains. According to a recent report from the ministry, foreign investor firms are required to obtain the ministry’s approval to own real estate in terms of personal residences, industrial facility headquarters, company administrative headquarters, residential facilities for employees, and warehouses. The ministry indicated that there is no financial fee for this service, and that the service is provided by the ministry to beneficiaries through the ministry’s e-services portal within five business days. Regarding the documents required to submit for the provision of the service, the ministry indicated the necessity of submitting a copy […]

1 year ago

Saudi Exchange Suspends Trading Of Seven Companies Over Financial Disclosure Delays

The Saudi Exchange suspended trading for seven companies on Thursday after they missed the deadline to release their financial statements for the year ending Dec. 31, 2024. The companies affected include Saudi Industrial Development Co., Development Works Food Co., National Gypsum Co., Arabian Contracting Services Co., and Al Jouf Cement Co. from the Main Market, as well as Keir International Co. and Knowledge Net Co. from the Parallel Market. Trading in their shares will resume on April 6 for 20 sessions, giving them time to publish their financial results. They must do so by May 1, to comply with market regulations. If any of the companies fail to meet that deadline, their shares will be suspended again starting May 4, until they release their financial statements. The Saudi Exchange said the move aligns with its rules on financial disclosures and listing requirements.

1 year ago

OPEC+ Countries Agree To Ramp Up Output By 411,000 bpd In May

Saudi Arabia, Russia and six other OPEC+ countries, agreed on Thursday to boost oil supply in May 2025. The OPEC+ countries, which also include Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, agreed to raise production by 411,000 barrels per day (bpd) in May. The OPEC+ countries had been scheduled to raise output by 135,000 bpd in May as part of a plan to gradually unwind their most recent layer of output cuts. But after a meeting of the eight countries held virtually on Thursday, the group announced it would boost output by 411,000 bpd in May. OPEC attributed this to continuing healthy market fundamentals and the positive market outlook. The alliance emphasized that these gradual increases could be paused or reversed depending on market conditions, with the flexibility intended to help stabilize oil prices. “This comprises the increment originally planned for May in addition to two monthly increments,” OPEC said in a statement referring to the volume. “The gradual increases may be paused or reversed subject to evolving market conditions,” it said. The OPEC+ meeting on Thursday reviewed global market conditions and outlook. “In view of the continuing healthy market fundamentals and the positive market outlook, and in accordance with the decision […]

1 year ago

German Politicians Worry About Their Gold In US Vaults

For decades, the idea that Germany’s gold reserves – some of the largest in the world – might not be safe in the vaults of the New York Federal Reserve would have seemed like the stuff of conspiracy theories. But as the political landscape shifts in Washington – and questions have been raised as to what’s actually in US vaults, some German lawmakers are beginning to wonder aloud: Is their gold still secure? Germany holds the second-largest hoard of gold on the planet, surpassed only by the United States itself. Roughly 37 percent of that treasure – some 1,236 metric tons, currently valued at around €113 billion – supposedly lies deep beneath the streets of Manhattan, stored with America’s central bank. For decades, the arrangement was seen as a prudent hedge, offering Germany immediate access to dollar liquidity in the event of a crisis. Now, some in Berlin are rethinking that assumption. “Of course, the question now arises again,” Marco Wanderwitz, an outgoing lawmaker from the center-right Christian Democratic Union (CDU), told the German tabloid Bild (owned by POLITICO parent company Axel Springer) last week. Wanderwitz has long harbored doubts about the wisdom of keeping such a significant portion of the country’s wealth abroad. In 2012, he […]

1 year ago

Saudi Crown Prince Orders Real Estate Reforms, Caps Land Prices To Stabilise Riyadh Market

Saudi Crown Prince Mohammed bin Salman has directed a series of transformative measures aimed at stabilising the real estate market in Riyadh, due to the significant rise in land prices and rental costs in the capital. The move follows an in-depth study conducted by the Royal Commission for Riyadh City (RCRC) and the Council of Economic and Development Affairs, which assessed the challenges facing the city’s housing market. As part of such measures, the Crown Prince has ordered lifting restrictions on land transactions and development in two key northern areas of Riyadh. These areas, covering a total of 33.2 square kilometers, will now allow the sale, purchase, division, and subdivision of land, as well as the issuance of building permits. The first area covers 17 square kilometers, bordered by King Khalid Road to the west and Prince Saud bin Abdullah bin Jalawi Road to the south. The second area covers 16.2 square kilometers north of King Salman Road, extending to Abu Bakr Al Siddiq Road and Al Qayrawan District. This initiative aims to address the escalating housing crisis in Riyadh, with the total land now made available for development reaching 81.48 square kilometers, including previously lifted restrictions on 48.28 square […]

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Search Here

Trump Tariffs: UAE, Saudi Perfume Brands Feel The Pinch As Shipments Get Stuck

Abu Dhabi Unveils Dh75 Billion Vision, Delivers Dh4 Billion In Landmark Projects In 2024

Oman: IBAN Mandatory For All Domestic Transactions From July 1

Influx Of Gulf Visitors Propels Bahrain Hotel Recovery

GCC Investors Fret Over US Tariffs, Oil Price Plunge

Foreign Investors Are Allowed To Engage In Real Estate Business Outside Makkah And Madinah

Saudi Exchange Suspends Trading Of Seven Companies Over Financial Disclosure Delays

OPEC+ Countries Agree To Ramp Up Output By 411,000 bpd In May

German Politicians Worry About Their Gold In US Vaults

Saudi Crown Prince Orders Real Estate Reforms, Caps Land Prices To Stabilise Riyadh Market

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