Search Results for: "AD Ports"

Investment Corporation of Dubai invests in Swiss banking app Centralway Numbrs

Centralway Numbrs CEO Martin Saidler said the company planned to use the backing to roll out new features

E-commerce site Noon to focus on fashion, will launch large private label

The online shopping platform is set to launch this month

Saudi to cut up to $20bn of projects

The Saudi government has hired PwC to find cost savings, according to reports

Flight delays in Dubai as fog disrupts operations

Heavy fog blanketed the UAE on Thursday morning

India’s Haj pilgrim quota increased by 25%

The new quota follows the lifting of limits imposed due to construction work at Saudi’s holy sites

Oman could become the first country in the Gulf Cooperation Council to introduce value added tax as it looks to raise revenues, according to reports. Oman Daily Observer cites an official familiar with the matter as saying the “final touches” are being made to the country’s draft law relating to VAT. “It is only a matter of timing,” he said, without specifying the tax rate. "There will be no exemptions, and all consumers will pay the VAT upon its implementation," he said, adding, "key sectors, sectors such as health, education and social services may not be included in the new tax net". The source said around 94 food items would also be exempt and the country expected to raise OMR 300m ($779m) each year from the levy for state coffers. However, he ruled out any plans to introduce income tax in the country, according to the publication. A GCC-wide agreement to implement a VAT rate of 5 per cent is in the works with the UAE already confirming its plans. Last month, the emirates said it would implement the levy from January 1 2018. Under the agreement, UAE minister of state for financial affairs Obaid Humaid Al Tayer said other countries in the region would have until January 1 2019 to follow suit. He said at least 100 foot items, bicycles, healthcare and education would be exempt from VAT, which is expected to raise Dhs 12bn ($3.2bn) for the country in its first year. In a report this month, consultancy firm EY’s MENA indirect tax leader Finbarr Sexton said VAT would have a “broad impact” on businesses in the region. “It will diversify government revenue sources and reduce reliance on oil revenues to finance government expenditures,” he said. “The additional revenues collected are likely to fund programmes for the development of job opportunities for nationals and improve education and healthcare in the GCC.” But he warned that there would be severe penalties for non-compliance. “All businesses must undertake a review of their current contracts to determine if VAT has been appropriately addressed,” he said. The implementation of VAT in the GCC is being driven by a prolonged decline in Brent crude prices from a $115-per-barrel peak in mid-2014 to around $40 this month. GCC countries are expected to post average fiscal deficits of 16 per cent this year, with a $275bn regional shortfall, according to the International Monetary Fund. Related articles VAT could become additional cost for GCC businesses Industry GCC Rail Completion Date Could Be Pushed To 2020 - UAE Minister Industry UAE Launches Strategy To Become Most Innovative Country In Seven Years Industry Newsletter Subscribe to get a Gulf Business update each day. By Robert Anderson Email Robert Latest More senior executives at Abu Dhabi bank FGB depart Emirates would buy more A380s even if new version shelved Saudi Aramco prepares for global expansion as IPO looms UAE workers say CEOs accountable for data breaches

Oman denies plans for Gulf-funded multi-billion dollar deposit

Reuters reported yesterday that the country was seeking to boost its foreign exchange reserves to protect its currency

Dubai’s JAFZA introduces more flexible regulation for free zone firms

The new rules reduce capital and other requirements for companies setting up in the zone

Calorie information to be introduced at Dubai restaurants

Food labelling is being introduced to encourage healthy eating, according to reports

Saudi housemaid recruitment fees to drop by a fifth

Sourcing deals with African countries are expected to lead to a slide in recruitment prices

Iran receives Saudi invitation to discuss haj arrangements

Iran boycotted the haj last year after hundreds died in a crush at the 2015 pilgrimage

Hilton opens new Curio hotel next to Mall of Qatar

AlRayyan Hotel Doha offers 201 guest rooms and suites

New fees for Saudi expats’ dependents payable from July

The fees will start at SAR100 for each individual per month

Citizens fund open to Saudis earning less than $5,599 a month from Feb

The new social assistance scheme is designed to reduce the impact of subsidy reductions on citizens.

Dubai’s Gulf Navigation forms joint venture with Polimar Turkish Holding

The expected revenue from the partnership will be around $27m

Kuwait MPs call for deportation of one million expats

Some estimates suggest expats make up 70 per cent of Kuwait’s 4.4 million population

Predictions 2017: Careem co-founders Mudassir Sheikha and Magnus Olsson

The Careem co-founders reveal plans to take the service to the Middle East’s second tier cities in 2017

Currency movements hit 2016 sales at Dubai Duty Free

The company announced annual sales of Dhs6.673bn

Oman taxi drivers increase fares by up to 30%

The recent rise in fuel prices has prompted Omani taxi drivers to increase their fares

Saudi says soft drink, tobacco tax yet to be implemented

The new taxes are at least three months from being implemented

Expats blamed for failings of Saudi mobile market Saudisation

Mobile shop owners report being undercut by illegal expat traders

Over 95% of UAE private firms plan to keep staff levels unchanged – poll

The monthly Emirates NBD survey indicated a rise in business activity on the back of new export orders

Abu Dhabi backdates new municipality fee payments for renters to February

Expat renters will have to pay the 11-month fee for 2016 in one lump soon

Muscat International Airport to introduce new passenger fees

The new fees come in addition to an increase to Oman’s airport tax introduced last year

Dubai airport receives record 105, 326 passengers in one day

A total of 669,093 passengers passed through the airport between December 28-31

Dubai developer Damac eyes closer ties with Trump Organization

Damac’s chairman has said he will have no issue in expanding and growing his relationship with the firm

Foggy conditions expected to persist across the UAE

Dense fog has severely impacted flight operations in Dubai

Seven Saudis killed in Istanbul nightclub attack

The attack at the Reina nightclub on New Year killed 39 people

Saudi truck drivers call for their profession to be nationalised – report

The Saudi government has been urged to penalise those who hire expatriates to work as truck drivers

Five ways companies in the UAE can lower their healthcare costs

Businesses can use innovative ways to bring down the amount spent on healthcare

Why a second citizenship can boost opportunities for GCC entrepreneurs

There are several benefits to holding a second passport, especially from a European country