#SaudiArabia to Start Tracking Tourism’s Contribution to Economy - Bloomberg

Saudi Arabia to Start Tracking Tourism’s Contribution to Economy - Bloomberg

Saudi Arabia’s statistics authority will begin tracking tourism’s contribution to its economic output, according to a statement on Saturday.

The Tourism Establishment Survey will provide data on the industry, including the size of the workforce, pay and revenue and expenditure. This will help calculate tourism’s share of gross domestic product and establish growth rates for activities within the sector, the General Authority for Statistics said.

On Thursday, Saudi Arabia’s sovereign fund announced it had formed a company, called Cruise Saudi, to develop a local cruise industry as Crown Prince Mohammed Bin Salman tries to turn the kingdom into a global tourism destination.

The 35-year-old heir to the throne introduced measures to boost tourism in Saudi Arabia, including allowing visiting unmarried couples to stay together in hotel rooms, removing the ban on female drivers and dropping a strict dress code for foreign women.

#Dubai Demands Joint Stock Firms List on Local Exchanges - Bloomberg

Dubai Demands Joint Stock Firms List on Local Exchanges - Bloomberg

Public joint stock companies established in Dubai, including those set up in special economic zones or free zones like the Dubai International Financial Centre, must list their stocks on local exchanges, the city’s media office said, citing a royal decree.

Private companies can go public in local markets, like the Dubai Financial Market PJSC and Nasdaq Dubai, after ensuring compliance with listing requirements and regulations, the office said on Saturday, citing a decision by the emirate’s ruler, Sheikh Mohammed Bin Rashid. Companies listed in local markets may have secondary listings in other markets.

According to the decree, foreign companies should list their stocks in local markets when their annual profit or revenue generated from activities in Dubai make up at least 50% of the total, or when their total assets owned in Dubai amount to 50% or more of their entire assets. The listing should be completed within one year of the date of reaching this percentage.

Why Oil Companies’ Fall From Favor Could Cause Next Price Spike - Bloomberg

Why Oil Companies’ Fall From Favor Could Cause Next Price Spike - Bloomberg

Nobody loves oil companies. Tesla Inc., the emblem of an emissions-free future, is worth more today than the top five Western supermajors combined.

Yet the world’s disdain for its petroleum giants could carry a sting in the tail -- a jarring price spike.

Oil may be on the way out, but it will be a long goodbye. Even if demand peaks, companies like Exxon Mobil Corp. and Royal Dutch Shell Plc need to keep investing tens of billions of dollars every year into fossil fuels just to stand still. Right now, many investors would prefer to take that cash in dividends, or see it channeled into renewables.

“We have concerns about investment, particularly in light of the pandemic,” OPEC Secretary-General Mohammad Barkindo said at a virtual conference in Iran on Jan. 26. Starving the industry of capital today “could sow the seeds for extreme volatility down the road.”

#Dubai, #Israel trade reaches 1 billion dirham since normalisation - Dubai media office | Reuters

Dubai, Israel trade reaches 1 billion dirham since normalisation - Dubai media office | Reuters

The trade between Dubai and Israel has reached 1 billion dirham ($272 million) over the last five months, the Dubai media office said on Saturday.

Israel and the United Arab Emirates agreed in August to normalise diplomatic relations.

The amount includes around 325 million dirham of imports and 607 million dirham of exports, the media office said in a statement.

#UAE Plans to Offer Citizenship to Select Group of Foreigners - Bloomberg

UAE Plans to Offer Citizenship to Select Group of Foreigners - Bloomberg

The United Arab Emirates plans to offer citizenship to a select group of people, the first Gulf nation to do so in a major policy shift designed to give expatriates a bigger stake in the economy and foster growth.

“We adopted law amendments that allow granting the UAE citizenship to investors, specialized talents & professionals including scientists, doctors, engineers, artists, authors and their families. The new directives aim to attract talents that contribute to our development journey,” Prime Minister Sheikh Mohammed Bin Rashid Al Maktoum said in a tweet.

“The UAE cabinet, local Emiri courts & executive councils will nominate those eligible for the citizenship under clear criteria set for each category. The law allows receivers of the UAE passport to keep their existing citizenship.”

Foreign residents make up more than 80% of the U.A.E.’s population and have for decades been a mainstay of its economy. The UAE comprises seven sheikhdoms, including Dubai and Abu Dhabi.