UAE In-Focus — First Dubai E-Sports event in October; Etihad Airways to resume direct flights to Beijing

Dubai Silicon Oasis, the technology park in Dubai’s integrated free zone, will host its first E-Sports event in October. (Shutterstock)
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Updated 26 June 2022
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UAE In-Focus — First Dubai E-Sports event in October; Etihad Airways to resume direct flights to Beijing

DUBAI: Dubai Silicon Oasis, the technology park in Dubai’s integrated free zone, will host its first E-Sports event in October in partnership with Dubai Integrated Economic Zones Authority and Seed, according to Emirates News Agency, WAM.

Seed specializes in ecosystem building and has experience in E-Sports, blockchain, and payments.

Seed and DIEZ will also partner with SiGMA, a major E-Sports, artificial intelligence, and blockchain event organizer, to bring to Dubai an E-Sports exhibition annually.

They will also assess the feasibility of building an E-Sports campus arena, which will serve as an educational academy for all stakeholders, including parents, gamers, and corporations, the report said.

The center will also be a training ground for local, regional, and international gamers, as well as anyone interested in pursuing a career as a referee or commentator.

In addition to hosting E-Sports tournaments, the arena will provide a monitored social environment where youth can develop their technical skills and learn from others, the statement concluded.

Etihad Airways to resume direct flights from Abu Dhabi to Beijing

The UAE’s national carrier Etihad Airways will resume direct flights between Abu Dhabi and Beijing from 29th June, Emirates News Agency WAM stated.

This is the first regular direct international passenger flight to recommence for Beijing, under the latest mandate of the Chinese Joint Prevention and Control Mechanism of the State Council.

Etihad Airways said that the resumption of direct flights between the two capitals is an example of the comprehensive strategic partnership between the UAE and China.

Taking advantage of the world’s most efficient aircraft, it said the airline will operate a weekly flight on the Boeing 787 Dreamliner.


IMF warns US strikes on Iran could disrupt global economy

Updated 6 sec ago
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IMF warns US strikes on Iran could disrupt global economy

JEDDAH: The International Monetary Fund has warned that US airstrikes on Iran could amplify global economic uncertainty, with potential spillovers far beyond energy markets, its head told Bloomberg on Monday.

IMF Managing Director Kristalina Georgieva said that the fund is closely monitoring the situation in the Middle East, particularly the impact of the conflict on oil and gas prices and supply routes.

Georgieva’s remarks come after the US military conducted targeted strikes on nuclear facility sites in Iran, effectively involving itself in Israel’s campaign to dismantle the country’s nuclear program, despite Tehran’s threats of retaliation that could spark a wider regional conflict.

US President Donald Trump stated that Iran’s key nuclear sites were “completely and fully obliterated” and warned the country against retaliatory attacks, asserting that the US could strike additional targets “with precision, speed and skill.”

Georgieva told Bloomberg that the IMF are looking at this “as another source of uncertainty in what has been a highly uncertain environment” adding that the institution is watching for two things: “One, how would that impact risk premia for oil and gas. There has been some movement upward— how far would it go? And two: would there be any disruption in energy supplies?” 

She went on: “For now, no. But let’s see how events would develop— whether either delivery routes or spillovers to other countries may occur. I pray, no.”

The development saw Brent crude briefly rising by as much as 5.7 percent to $81.40 per barrel during early Asian trading on June 23 before retreating, according to Bloomberg.

When asked whether the transmission mechanism, specifically the channels where she sees the greatest impact of the Middle East shock, is currently reflected in energy prices, the managing director confirmed that it is.

“There could be secondary and tertiary impacts. Let’s say there is more turbulence that goes into hitting growth prospects of large economies, and then you have a trigger impact in a downward revision in prospects for global growth,” she told Bloomberg. 

“As you know, we have already revised downward growth projections for this year, and we will be coming up with our next projections in July.”

Georgieva continued: “What we see in the first two quarters of the year broadly confirms the picture we painted in April, and it is somewhat slower global growth, but no recession.”

The IMF’s April report sounded a warning over the weakening global economy, sharply downgrading growth forecasts from January projections. 

The fund identified surging trade tensions, record-high tariff levels, and rising policy unpredictability as key threats to both short- and long-term economic stability.


Oman to be first Gulf country to impose personal income tax

Updated 23 June 2025
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Oman to be first Gulf country to impose personal income tax

RIYADH: Oman will become the first country in the Gulf to impose a personal income tax, as the oil producer works to diversify its revenue stream. 

The sultanate will impose a 5-percent levy on taxable income for individuals earning over 42,000 Omani rials ($109,091) per year starting from 2028, according to a royal decree.

The Gulf country added that the tax would apply to about 1 percent of the population. 

The move comes after Oman launched a medium-term fiscal program in 2020 to reduce public debt, diversify revenue sources, and spur economic growth, which has improved state finances. 

“The law also includes deductions and exemptions that take into account the social situation in the Sultanate of Oman, such as education, health care, inheritance, zakat, donations, primary housing,” the country’s tax authority said in a statement. 

The law was implemented following an “in-depth study to assess the economic and social impact,” and income data collected from various government entities was used to set the exemption threshold. 

“The results showed that approximately 99 percent of the population in the Sultanate of Oman is not subject to this tax,” the authority said. 

The statement added that the electronic system has been designed to enhance voluntary compliance and is linked with relevant institutions to ensure accurate calculation of individuals’ income and to verify the accuracy of submitted tax returns.

The tax will contribute to achieving social solidarity and will not include wealth, such as land ownership. It will be imposed on the annual income specified by law and includes “all cash amounts and in-kind benefits received by the individual,” the authority said. 

The move aims to complete the tax system in line with the economic and social situation in the sultanate, and the tax revenue will go toward supporting the social protection program, “with sustained cooperation,” it added. 

The move will support the objectives of Oman Vision 2040, which targets reducing dependence on oil by achieving 15 percent of gross domestic product from non-oil sources by 2030 and 18 percent by 2040. 

“It will also contribute to achieving social justice by redistributing the wealth among the segments of society, provide support to the general budget of the country, and be directed in particular to finance part of the costs of the social protection system,” the authority said. 


Saudi Arabia’s non-oil industrial production up 5.3% in 2024: GASTAT

Updated 6 min 18 sec ago
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Saudi Arabia’s non-oil industrial production up 5.3% in 2024: GASTAT

  • Industrial Production Index declined 2.3%, driven by 5.2% contraction in oil-related activities
  • Mining and quarrying sector, which includes oil extraction, saw decline of 6.8%

RIYADH: Saudi Arabia’s non-oil industrial activities posted robust growth of 5.3 percent in 2024, highlighting the success of the Kingdom’s economic diversification efforts under Vision 2030.

The overall Industrial Production Index however declined by 2.3 percent, driven primarily by a 5.2 percent contraction in oil-related activities, according to the latest report from the General Authority for Statistics.

Saudi Arabia’s growing non-oil industrial output reflects progress in diversifying revenue and jobs beyond oil, a key Vision 2030 goal. 

Reforms such as easier licensing, tax incentives, and mega projects are driving growth in manufacturing, logistics, and technology. While oil remains volatile, the expansion is showing early success in the private sector, driven by growth in foreign direct investment.

During the Davos Conference in January, Saudi Minister of Economy and Planning Faisal Al-Ibrahim said that the non-oil economy is expected to grow by 4.8 percent this year.

The latest figures from GASTAT show that manufacturing played a pivotal role in driving growth in 2024, recording a 4.7 percent annual increase. Food production expanded by 6.2 percent, while the manufacture of chemicals and chemical products,, and coke and refined petroleum goods increased by 2.8 percent.

Manufacturing played a pivotal role in driving growth in 2024, recording a 4.7 percent annual increase. File/SPA

The mining and quarrying sector, which includes oil extraction, saw a decline of 6.8 percent in 2024. This drop offsets gains in other areas, pulling the overall IPI into negative territory for the year.

The report also revealed positive trends in utilities and infrastructure-related sectors. Electricity, gas, steam, and air conditioning supply activities grew by 3.5 percent, while water supply, sewerage, and waste management services increased by 1.6 percent. 

Saudi endeavors in non-oil exports

The Kingdom’s non-oil export sector has also seen impressive growth, reinforcing diversification efforts.

According to official  data released in April, Saudi Arabia’s non-oil exports reached SR515 billion ($137 billion) in 2024, a 13 percent increase from the previous year and a 113 percent rise since the launch of Vision 2030.

This expansion spanned all export sectors, with merchandise exports rising to SR217 billion, driven by petrochemical and non-petrochemical goods.

The Kingdom now exports to over 180 countries, with 37, including the UAE, France, and Indonesia, registering record imports, solidifying its role as a growing global trade hub.


Oil Updates – crude surges to 5-month high after US hits Iran’s key nuclear sites

Updated 23 June 2025
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Oil Updates – crude surges to 5-month high after US hits Iran’s key nuclear sites

  • Brent, WTI up more than 3 percent before paring gains
  • US attack on Iran increases risk of supply disruption
  • Fears Iran could close Strait of Hormuz, key oil supply route

NEW DELHI: Oil prices jumped on Monday to their highest since January as the US’s weekend move to join Israel in attacking Iran’s nuclear facilities stoked supply concerns.

Both contracts rose by more than 3 percent earlier in the session to $81.40 and $78.40, respectively, touching five-month highs before giving up some gains.

By 12:21 p.m. Saudi time, Brent crude futures were up 5 cents or 0.06 percent to $77.06 a barrel, while US West Texas Intermediate crude advanced 0.02 cents or 0.03 percent to $73.86.

The rise in prices came after US President Donald Trump said he had “obliterated” Iran’s main nuclear sites in strikes over the weekend, joining an Israeli assault in an escalation of conflict in the Middle East as Tehran vowed to defend itself.

Iran is OPEC’s third-largest crude producer.

Market participants expect further price gains amid mounting fears that an Iranian retaliation may include a closure of the Strait of Hormuz, through which roughly a fifth of global crude supply flows.

“The current geopolitical escalation provides the fundamental catalyst for (Brent) prices to traverse higher and potentially spiral toward $100, with $120 per barrel appearing increasingly plausible,” said Sugandha Sachdeva, founder of New Delhi-based research firm SS WealthStreet.

Iran said on Monday that the US attack on its nuclear sites expanded the range of legitimate targets for its armed forces and called Trump a “gambler” for joining Israel’s military campaign against the Islamic Republic.

“The risks of damage to oil infrastructure ... have multiplied,” said Sparta Commodities senior analyst June Goh.

Although there are alternative pipeline routes out of the region, there will still be crude volume that cannot be fully exported out if the Strait of Hormuz becomes inaccessible. Shippers will increasingly stay out of the region, she added.

Goldman Sachs said in a Sunday report that Brent could briefly peak at $110 per barrel if oil flows through the critical waterway were halved for a month, and remain down by 10 percent for the following 11 months.

The bank still assumed no significant disruption to oil and natural gas supply, adding global incentives to try and prevent a sustained and very large disruption.

Brent has risen 13 percent since the conflict began on June 13, while WTI has gained around 10 percent.

Given the Strait of Hormuz is indispensable for Iran’s own oil exports, which are a vital source of its national revenues, a sustained closure would inflict severe economic damage on Iran itself, making it a double-edged sword, Sachdeva added.

Meanwhile, Japan on Monday called for de-escalation of the conflict in Iran, while a South Korean vice industry minister voiced concern over the potential impact of the strikes on the country’s trade.

Russian President Vladimir Putin will meet Iranian Foreign Minister Abbas Araqchi in Moscow on Monday, Russian Interfax agency said, citing Kremlin aide Yuri Ushakov.


Saudi Arabia, Kuwait sign MoU to boost anti-money laundering efforts

Updated 22 June 2025
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Saudi Arabia, Kuwait sign MoU to boost anti-money laundering efforts

RIYADH: Saudi Arabia and Kuwait have signed a memorandum of understanding to bolster cooperation in the fight against money laundering and the financing of terrorism, reinforcing regional efforts to strengthen financial security.

The agreement, inked between Saudi Arabia’s General Department of Financial Investigations and Kuwait’s Financial Intelligence Unit, was finalized on the sidelines of the second meeting of the Gulf Cooperation Council Committee of Financial Intelligence Units, held in Kuwait, the Kuwait News Agency reported.

The MoU aims to enhance intelligence sharing and operational coordination between the two nations. It is expected to significantly improve the effectiveness of the region’s financial crime prevention frameworks, aligning with international standards and bolstering joint mechanisms among GCC financial intelligence units.

The signing follows a virtual workshop hosted in March by the National Center for Non-Profit Sector Development, which focused on preventing money laundering and terrorist financing within non-profit organizations, including charitable groups and foundations.

The agreement also reflects broader economic ties between the two Gulf neighbors. In February, Kuwait’s exports to Saudi Arabia reached SR137 million ($36.5 million), up 19.6 percent from the previous year, according to data from the Observatory of Economic Complexity.

Officials from both countries highlighted the MoU’s role in advancing national capabilities, fostering regional integration, and aligning with best practices in financial intelligence and compliance.

The renewed cooperation comes as Saudi Arabia continues to encourage Kuwaiti investment in its mining and industrial sectors.

In April, Minister of Industry and Mineral Resources Bandar Alkhorayef met with a delegation of Kuwaiti businessmen during an official visit to Kuwait, emphasizing untapped opportunities in the Kingdom’s mining industry.

Alkhorayef underscored the sector’s importance to Saudi Vision 2030, which aims to position the Kingdom as a global industrial and mining hub. He cited estimates valuing Saudi mineral resources at over SR9.3 trillion.

Combatting money laundering remains a national priority for Saudi Arabia, which has implemented a comprehensive legal and regulatory framework to protect the integrity of its financial system and prevent illicit funding activities, including terrorism financing.