MUST-READS

• GCC VAT: which state will come next?

  The United Arab Emirates (UAE), Kingdom of Saudi Arabia (KSA) and Bahrain have all implemented VAT since signing the GCC VAT Framework in 2016. For the remaining three states of Qatar, Oman and Kuwait, there has been much debate over the most suitable timing for implementation taking into account the stability and strength of the domestic economy, trade, employment and other factors.

• With Coronavirus on the Rampage, Israel Tightens Holiday Lockdown

  The Israeli government said on Thursday that it was tightening its second national lockdown after coronavirus infection rates soared this week to about 7,000 new cases a day, among the highest in the world. The new measures, which go into effect on Friday, will remain in place at least until the end of the Jewish High Holy Days in mid-October. Most businesses and workplaces will have to close, and all gatherings, including protests and communal prayers, will be restricted to groups of up to 20 people outdoors within about 1,100 yards of home.

• Amnesty: Migrants face ‘vicious cycle of cruelty’ in Libya

  Amnesty International said Thursday that thousands of Europe-bound migrants who were intercepted and returned to Libyan shores this year were forcefully disappeared after being taken out of unofficial detention centers run by militias allied with the U.N.-supported government in the capital, Tripoli. In its latest report, the group also said that rival authorities in eastern Libya forcibly expelled several thousand migrants “without due process or the opportunity to challenge their deportation.”

• Islamic finance to show low to mid single-digit growth in 2020-2021: S&P

  The global Islamic finance industry will show low-to-mid single-digit growth in 2020-2021 after 11.4% in 2019, says S&P Global Ratings in its 2021 outlook released on September 22. “The significant slowdown of core Islamic finance economies in 2020, because of measures implemented by various governments to contain the COVID-19 pandemic, and the expected mild recovery in 2021, explain our expectations,” said the credit rating agency. It estimates global Islamic finance assets, covering banking, sukuk, takaful, and funds, were $2.4 trillion in 2019.

• Egypt announces record-high crude oil production for first time in decades

  Egypt’s Minister of Petroleum and Mineral Resources Tarek el-Molla recently announced that Egypt has reached a record in the production of crude oil, exceeding 65,000 barrels per day, for the first time since 1957.

• Record flow of boat migrants from Algeria to Spain

  Over the past few months, Algeria has become a main point of departure for migrants towards Europe. The Spanish press reported that more than 20 boats reached the coasts of eastern Andalusia, specifically the coasts of Almeria, Murcia, and the Balearic Islands,since the start of the week, carrying hundreds of migrants.

• Saudi Arabia’s Al-Hilal disqualified from Asian CL after squad hit by virus

  Defending champion Al-Hilal was forced to withdraw from the Asian Champions League on Wednesday after being unable to field a full team due to a coronavirus outbreak. The Saudi Arabian team has been hit with a reported 31 infections of players and officials during the group stage of Asia’s premier club competition, and could only name nine starting players and two substitute goalkeepers for the final Group B game against Shabab Al Ahli Dubai of the United Arab Emirates.

• NYC mayor skips Saudi Arabia summit, citing rights concerns

  New York City Mayor Bill de Blasio said Thursday he is withdrawing from a virtual summit of world cities scheduled to be hosted by Saudi Arabia because of human rights concerns. The Urban 20 summit is scheduled to run from Sept. 30 to Oct. 2 ahead of the Group of 20 summit of the world’s most powerful industrialized nations.

• Video: Saudi Arabia Assessing All Options to Stimulate Economy, Al-Qasabi Says

  Saudi Arabia led the Group of 20 trade and investment ministers meeting this week, as the members looks to support world trade in response to the coronavirus outbreak. Minister of Commerce Majid Al-Qasabi spoke exclusively Bloomberg's anchor Yousef Gamal El Din about the progress the G20 is making and what options are on the table to stimulate the local economy. (Source: Bloomberg)

• Perspective: The UAE-Israel deal’s historicity is in the fine print

  A close read of the agreement between the United Arab Emirates and Israel suggests that the Jewish state has won far more than diplomatic recognition. It won acknowledgement of its claim to historic Jewish rights. By the same token, the UAE has received a significant boost to project itself as a leader in inter-faith dialogue.

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