SUMMARY OF DAILY UPDATES FOR THE PERIOD 11th TO 25TH DEC 2015

[vc_row][vc_column][vc_column_text]No plan for taxes on incomes or remittances in UAE, minister says. VAT in the Gulf: Agreements reached recently by members of the GCC on certain design aspects of value added tax (VAT) systems implies that VAT shall be definitely be implemented. Most Gulf economies to see slowdown in 2016, says Fitch. Middle East misses out on M&A boom as sellers hold out on prices. Oman Shura votes for corporate tax hikes. UAE central bank raises key policy rate by 25bps. Gulf banks set to dominate global Islamic banking sector by 2020. Prospects still slim for major global economic pickup. Opec's market share to shrink by 2020. Oil nears 11-year low on oversupply, strong dollar. Saudi eyes spending cuts and generate new revenue sources. Govt to raise efficiency of public spending: Saudi king Gulf defense spending drops in 2015 for first time in decade. Qatar likely to see small fiscal deficit in 2016, says Moody's. Cost of Arab Spring estimated at $833bn. Saudi King Salman orders over $8bn investments in Egypt Qatar to spend $72bn on infrastructure projects. Qatar Petroleum, Qatar Electricity plan solar power venture UAE's Etihad plans to expand 787 networks in 2016. Bahrain says $32bn projects will underpin economic growth. Kuwait to ban expats aged over 50. Rising competition, strong US dollar to hit Dubai hotel rates in 2016 Lulu Group to open 10 hypermarkets in Egypt Dubai property prices set to fall further in 2016 as supply picks up. The new law that will help Dubai to keep on building though Public-Private partnership. UAE's ADNOC forms new $1bn international investment arms.[/vc_column_text][/vc_column][/vc_row]