Business News

Saudi Arabia’s non-oil revenues are up 80% in the third quarter of 2017. According to figures from the Kingdom’s Ministry of Finance, revenues hit AED 44.8 billion in Q3. Since the beginning of 2017, revenues reached AED 440 billion – a 23 per cent increase year-on-year.

Around 1,500 outlets in Dubai are going to take part in the 3-day super sale with up to 90% off select items. More than 400 brands will be offering discounts from November 23 to 25. It’s an initiative by the Dubai Festivals and Retail Establishment – an agency of Dubai Tourism.

Dubai-based start-up GlamBox Middle East has been acquired by a Saudi Arabia-based consortium of investors.  The beauty subscription company, which launched five years ago, had previously raised more than $4 million in regional venture capital funding.  GlamBox executives say the move will drive the company’s next phase of growth in the Gulf and beyond. 

Saudi Arabia will introduce a 5 per cent Value Added Tax (VAT) on fuel starting January. The country’s General Authority of Zakat and Tax (GAZT) said the standard VAT will be applied for petrol, while answering to a query on their official webpage. Last week, the authority said the local transport of passengers and goods within […]

The rental index for residential, commercial and industrial properties in Dubai has been updated for 2018. For the first time, it also covers industrial land with annually renewable lease contracts. The index is an indicator of the rental rates in different areas and is generally updated once a year by the Dubai Land Department (DLD). […]

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