| Dubai kicked off the new year by scrapping a 30% tax on alcohol sales and making liquor licenses free, in an apparent move to bolster its status as the Middle East's leading business and tourism hub. Faced with increasing competition from Persian Gulf neighbors such as Saudi Arabia and Qatar, Dubai has introduced a series of rules over the past few years to make itself more attractive for foreigners to live and work. Tourism is a key plank of the emirate's economy, but it's been geared predominantly towards the luxury segment. The latest move will leave Dubai better-positioned to cater to wider swathes of the market.  A margarita drink is displayed for a photograph. Photographer: David Paul Morris/Bloomberg Liquor is widely available in Dubai, though a pint of beer can cost more than $15 at restaurants and bottles of wine can start at more than $100. That's prompted many residents to drive to other emirates like Umm Al Quwain, about 80 kilometers (50 miles) from Dubai, where prices are much cheaper. One of Dubai's two alcohol distributors, Maritime and Mercantile International, announced the move with advertisements proclaiming an end to these long drives. Dubai's other state-linked distributor, African & Eastern, has already cut prices to reflect the removal of the sales tax, it said in an Instagram post. Both firms said liquor licenses, which cost about $70 a year, will now be free. They'll still be needed because the United Arab Emirates restricts Muslims from buying alcohol. The emirate's burgeoning culinary scene recently got a boost from Michelin, which awarded 11 restaurants at least one star — a first for Dubai. Still, the city sometimes compares unfavorably to other hubs on cost and hoteliers have lobbied for a reduction in levies. Food prices in restaurants in Dubai and London are quite similar, according to Tim Cordon, Radisson Hotel Group's Chief Operating Officer for the Middle East and Africa. "Where the prices diverge, is when you look at the wine list, so that's been a challenge for a while now. And this move puts us back on an even footing with destinations like London on the F&B front." From a hospitality point of view the move is "extremely positive," and would give restaurants and hotels the flexibility to become more competitive, according to Cordon. The price declines will trickle down to consumers as restaurants and hotels compete for customers, he said. Saudi Arabia's revenue from exports of crude oil and refined products such as diesel fell to $25.5 billion in October — the lowest figure since February, reflecting how a weakening global economy and high inflation have hit the oil market. Is Iran on the verge of another revolution? If we've learned anything from the history of revolutions — including Iran's own — it is that change can come slowly, and then all at once, Bobby Ghosh writes for Bloomberg Opinion. Also Read: Iran Compels Jet to Land, Removes Family of Football Icon Daei
"Challenging period": Bezalel Smotrich, Israel's finance minister in the government of newly appointed Prime Minister Benjamin Netanyahu, will seek to boost economic competition as the country faces higher inflation and rising interest rates. Also Read: Who's the Divisive Politician About to Head Israel's Finances?  Bezalel Smotrich. Photographer: Kobi Wolf/Bloomberg Missile strikes: Israel's military fired missiles toward the international airport of Damascus early Monday, putting it out of service and killing two soldiers, the Syrian army said. Also Read: Turkey, Syria, Russia to Hold New Talks on Civil War, Terrorism Top 2023 goal: Turkey will boost the share of lira deposits in its banking system with policies intended to diversify savings away from foreign currencies such as the US dollar, the central bank said. Erdogan's election pledge: Turkey's government wants to set aside at least $13 billion a year to offer early retirement to millions of citizens. Easing the forex crunch: Egypt's central bank revoked a requirement for importers to secure letters of credit, a rule that had been blamed for a massive backlog at ports. Investments and exits: Saudi Arabia's Jadwa Investment plans to invest about $532 million in new private equity deals in the next 12 months. It's also looking to list stakes in three of its portfolio companies by 2025. Also Read: Saudi Aramco Refiner's Lackluster Debut Bucks Regional Trend Earlier decision overturned: The Dubai Court of Appeal ruled to extradite British hedge-fund trader Sanjay Shah to Denmark on alleged fraud and money laundering crimes. - Israel rate decision: Jan. 2
- Turkey December CPI: Jan. 3
- Egypt third-quarter GDP: By Jan. 6
- Qatar third-quarter GDP: By Jan. 11
Cristiano Ronaldo signed a contract with Saudi Arabia's Al Nassr club, in a deal reportedly worth more than $200 million a year.  Cristiano Ronaldo poses for a photo with the jersey after signing with Saudi Arabia's Al-Nassr Football Club in Riyadh. Source: Anadolu Agency In signing the five-time footballer of the year — a household name with more than 500 million social media followers — Saudi Arabia is again showing it's prepared to pay over the odds to boost its presence in the biggest sports. The kingdom's deep pockets have financed LIV Golf in a bid to upend the staid world of professional golf, while its sovereign wealth fund bought Premier League club Newcastle United. Also Read: 12 Stunning New Hotels in the Middle East That Demand a Visit | 
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