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EgyptAir crash: Investigators say too soon to draw conclusions

Investigators are assessing material from air traffic control, aircraft and crew documents

Why French navy shipbuilder DCNS is eyeing the GCC

As GCC countries seek to strengthen their defence capabilities, DCNS says it is ready and waiting to sign deals

EgyptAir MS804 crash: Human remains, belongings found at sea

The EgyptAir jet crashed into the Mediterranean sea with 66 people on board

IMF backs Saudi’s new economic reform plan

Late last month, Saudi announced steps to reduce its dependence on oil exports over the next 15 years

Video: World’s biggest plane lands in Dubai

The Antonov An-225 Mriya landed at the Al Maktoum Airport on Tuesday

Gulf borrowers turn to private bonds as sales surge

Gulf bond sales have increased by a third so far this year, according to Bloomberg

Saudi Shura Council members call for military roles for women

Shura Council members said women could be enrolled in certain areas of the Saudi military

‘Bachelor ban’ limits thousands of migrant workers in Qatar

So-called “bachelor bans” bar lone men from entering malls and parks on certain days of the week in the Gulf state

QIA teams up with Brookfield to bid for Australia's Asciano - report

Qatar’s sovereign wealth fund creates new $100bn unit

The fund will also abandon the Qatar Holding name, according to reports

Emirates’ dnata acquires US airport handler

Company chief says he expects the deal to act as a springboard to North America

Has the UAE property market bottomed out?

Property site says it has seen increasing buyer interest since the start of the year

Why sport matters more than ever for the region

Tim Wilkinson explains why a shift in the way the GCC thinks about sporting events can have huge benefits for the region

Will Saudi raise enough revenues for its new economic reform plan to work?

The kingdom’s plan requires tens of billions of dollars of fresh revenue from the private sector

SkyTeam plots further Middle East lounges following Dubai launch

The 20-member airline alliance is eyeing further Middle East locations

Why the oil rally is losing momentum

Crude prices are struggling to rise despite signs of demand growth, says Reuters columnist John Kemp

Dubai’s Al Maktoum airport posts 79.8% jump in Q1 traffic

The passenger traffic growth was attributed to increased frequencies and growing demand

Babies sold for $830 in Kuwait as infant trafficking increases

A senior official told Kuwait Times that infant trafficking in the country was on the rise

Video: Dubai’s Expo 2020 masterplan

The 438-hectare site in Jebel Ali will be divided into several sections

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’s Shura Council argues for lifting of family visa restrictions

Royal Oman Police imposed restrictions on family visas in 2013

Iranian oil tankers to begin shipping to Europe

Nuclear-related sanctions had kept Iranian tankers from European waters for five years

Saudi Aramco prepares for global expansion as IPO looms

Saudi Arabia is expected to sell up to 5 per cent of Aramco via an IPO

Dubai to award Al Maktoum airport expansion tender in May

​The expansion will boost the airport’s capacity to 120 million passengers per year

Iranian oil minister accuses Saudi Arabia of undercutting prices

Bijan Namdar Zanganeh’s comments were carried by state-run Tasnim News Agency

Drone owners in Qatar warned over illegal use

Civil Aviation Authority says unmanned drones could pose threats to state security

Iran to store oil reserves in caves

Iranian Oil Terminals Company managing director Pirouz Mousavi confirmed the move on Friday, according to report

Saudi prince makes bold challenges to kingdom’s old ways

The 31-year-old son of King Salman hopes to modernise the kingdom’s economy

Telco Vodafone Qatar cuts 50 staff, trims allowances

The company has yet to turn a profit after breaking Ooredoo’s monopoly in in 2009

​Abu Dhabi’s Midway Terminal to set ‘benchmark’ for airport dining

The terminal, scheduled to open in December 2017, will host exclusive celebrity chef outlets

Abu Dhabi TAQA says not in talks to sell oil/gas assets

Reports had suggested that TAQA was mulling the sale of overseas assets

Abu Dhabi indefinitely delays Fujairah LNG plant

EmiratesLNG LLC planned to use the facility to import 9 million tonnes of gas a year