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Oman, the biggest Arab oil exporter outside OPEC and Middle East’s most vulnerable economy, has finalised the long-standing decision of implementing VAT from the start of 2021.
“Agility and responsiveness have always been an essential part of our firm’s DNA. We have successfully transitioned from the outset of the pandemic by leveraging our technological infrastructure, and making sure our internal communications and client commitments were not disrupted. Above all, we have done so by prioritising our people’s health and protecting our markets and communities in the process”. - Hisham Farouk speaking with Gulf Business on our firm’s response to the pandemic.
SMEs are an integral part of the UAE with their survival and success having a direct impact on the economy’s well-being. They are also the catalysts that help the UAE accelerate its innovation agendas and to remain competitive at a global scale.
The COVID-19 pandemic developed as a health crisis, moved on to becoming an economic concern, and now has transformed into a recession hard to stave off.
The true impact of the pandemic is not going to be known for a while and no one knows for certain when the world will completely return back to normal - this uncertainty is here to stay for quite some time.
The relief package rolled out by Dubai banks for small, medium and large businesses on Saturday will ease pressure, allow better financial management and save many firms from defaulting on their payments, according to executives of top UAE-based companies.
Abu Dhabi: SME owners and business leaders in the UAE have hailed the initiatives announced today to aid Abu Dhabi-based businesses grappling with the coronavirus impact.
Business houses across the country have welcomed the much-needed AED 100 billion ($27.2bn) economic stimulus plan announced by the UAE Central Bank on Saturday. The stimulus measure is part of a comprehensive action plan to help corporates and customers overcome the liquidity and solvency crisis, at a time when the coronavirus outbreak and the oil price collapse are adversely affecting deposits and lending.
Banks and financial institutions in the UAE will have to process consumer complaints within a certain timeframe and also give clear reasons in writing on the matter under the new framework which the Central Bank is developing