Having trouble reading this email?, See it in your browser Tuesday, 12 May 2020 No plans to increase VAT in the UAE, says ministry Saudi Arabia on Monday announced the kingdom is to raise VAT from 5% to 15% UAE announces 680 new Covid-19 cases, as officials warn about gatherings The new Covid-19 cases included four families who did not adhere to precautionary measures and... Saudi Arabia to slash oil output in June by additional 1m barrels per day Voluntary move, on top of OPEC+ cuts agreed in April, will see production drop to 7.492m barrels... Kingdom won't increase $58bn borrowing, says Saudi finance minister Kingdom has announced a range of austerity measures to deal with low oil prices and Covid-19 impact UAE backs Saudi with plans to cut oil production by 100,000 bpd in June Move is designed to bring stability to energy markets, says UAE Minister of Energy and Industry S&P expects Gulf support for Oman in case of liquidity pressures The Sultanate's economy is projected to shrink 4% in 2020 before accelerating next year Abu Dhabi offers 20% rent refunds for commercial outlets to cushion Covid-19 blow Refund is open to restaurants, tourism and entertainment facilities operating in the emirate Flydubai to continue focus on cargo operations Dubai-based carrier is also helping schedule various repatriation flights Dubai Financial Services Authority fines Al Masah Capital, bans firm's founder Dash DFSA has imposed a combined $5.03m penalty on Al Masah Capital and Al Masah Capital Management... Coronavirus: Kuwait records 598 new cases of Covid-19, seven more deaths Total number of cases has increased to 9,286, death toll up to 65 Emirates REIT seeking legal action over 'abusive market practices' Company alleges it has been target of 'aggressive campaign' of 'false rumours' Dubai Police arrest Asian gang with 3.5 tons of goods Food stuffs, tobacco and clothes were to be sold at various markets across Dubai Manchester City parent company buys Belgian second-tier side Lommel SK Abu Dhabi majority owned City Football Group has portfolio of nine clubs around the world Photos In pictures: UAE's Aster DM Healthcare brings 88 ICU nurses to Dubai Aster has selected 60 nurses trained in critical care who were working at Aster's quaternary care... Videos Video: Why Tesla is better positioned to survive than other automakers The coronavirus pandemic has crushed the global economy, and a recession is inevitable in the US... Video: Boeing CEO says air travel is looking at 3-year setback Boeing President and CEO David Calhoun discusses aviation recovery amid coronavirus, its set back... Video: How long does it take to recover from coronavirus? More than 1.1 million people have recovered from coronavirus globally, but the time it takes to... Editor's Choice Saudi Arabia triples VAT, halts govt handouts in austerity drive Finance Minister Mohammed al-Jadaan said the measures were necessary to shore up state finances... UAE announces holidays for Eid Al-Fitr Long weekend likely, to start on May 22 Abu Dhabi residents must have permits to move during disinfection hours Vehicles of those working in vital sectors will be exempt from violation systems Opinion New norms: Rethinking remote working boundaries for expats With global travel restrictions in place, most employees continue to work from within the UAE.... For editorial queries, please contact Neil Halligan Editor, ArabianBusiness.com neil.halligan@itp.com For advertising enquiries, please contact Joe Chidiac Group Commercial Director, Arabian Business, CEO Middle East, Esquire, Rake and Revolution Direct +971 4 444 3121 Mobile +971 55 459 2700 joe.chidiac@itp.com © 2020 ITP Digital Media Inc. All rights reserved. Terms   Policy