Business Extra

The absence of income tax has helped to attract people from around the world to move to the Gulf. But one country is set to change direction. Oman recently announced it will be the first country in the region to introduce personal income tax. While some countries, including the UAE and Saudi Arabia, have other types of taxes, such as VAT, on most goods and services, Oman is making history with a levy on personal income. The tax is not set to take effect until 2028, but it has already raised questions about whether other Gulf states will follow suit. Deepthi Nair, Assistant Business Editor, discusses the subject with David Daly, a partner at the Gulf Tax Accounting Group in the UAE.

For decades, most Emiratis have worked in government roles. But now, thousands are joining private companies as part of a nationwide plan to balance the workforce. Early iterations of Emiratisation began in the 1990s, with programmes formalised in the early 2000s. About three years ago, the UAE gradually implemented quotas for hiring Emiratis and gave private-sector companies deadlines to meet them. Now, those deadlines continue to come up. In this episode of Business Extra, host Salim hears from our own Ali Al Shouk and Ben Crompton of Crompton Partners on Emiratisation, how it’s affecting companies, and what it means for the future of work in the UAE.

Gulf leaders have been on alert for triggers on several fronts: for one, potential damage to nuclear sites, such as the Bushehr nuclear power plant in Iran, just across the pond that is the Arabian Gulf. The Gulf has also kept close watch on the Strait of Hormuz, the narrow waterway in the Gulf where about a fifth of the world's oil flows through to power the globe, and which Iran had threatened to close. Despite the announcement of a ceasefire, all of these are still major factors in the Gulf's economic well-being and stability. On this week's episode of Business Extra, host Salim Essaid hears from Safaa Al-Kogali, World Bank [https://www.thenationalnews.com/tags/world-bank/] county director for GCC countries. Let's get into what happened, what's next and what we're on the lookout for.

In the days since Israel started its offensive against Iran, oil prices have shot up and global markets dipped. Israel has struck nuclear sites and oil fields, and the aggression has left global markets wary of what’s to come. Markets are holding out for the possibility of major supply chain disruptions that could have global impact. To understand what this war means for the global economy, Business Extra host Salim Essaid hears from The National's Geo-Economics Editor Manus Cranny, and Colby Connelly, Senior Fellow at the Middle East Institute.

“New” is the theme in the Middle East’s growing aviation sphere: new cities, new aircraft and new markets. The International Air Transport Association (Iata) says carriers in the region are expected to post the highest net profit margin in the world this year, at 8.7 per cent. These are strong numbers from the Middle East. But they are coming at a volatile time. Host Salim Essaid hears from The National's own Deena Kamel and StrategicAero Research's Saj Ahmad on what to expect from air travel in the region.