finance & economy

June 18, 2018

The UAE and Zimbabwe signed, in Harare, the capital of Zimbabwe, two agreements related to protecting and encouraging investment and avoiding double income taxation, as well as a Memorandum of Understanding, MoU, on the marketing and supply of energy.

Reem Bint Ibrahim Al Hashemy, Minister of State for International Cooperation, signed both agreements for the UAE while Dr. Sultan Bin Ahmad Sultan Al Jaber, Minister of State, signed the MoU, with the attendance of Emmerson Mnangagwa, President of Zimbabwe.

Al Hashemy and Dr. Al Jaber also met with Mnangagwa on the sidelines of the signing, where they delivered the greetings of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, and the"...

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June 18, 2018

UAE’s Federal Tax Authority (FTA) has developed its e-services to include new features allowing taxable persons to link their accounts with an accredited tax agency, authorising it to carry out registration procedures, submit tax returns, and complete tax transactions on behalf of the taxable person, who is kept posted with real-time updates.

The FTA explained that this update was introduced to answer requests submitted by taxable persons and businesses registered with the Authority.

The new features allow taxable persons to nominate one or more persons as their tax agents, who would then represent them in all their transactions with the Authority, and help them comply with their tax obligations"...

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June 18, 2018

The Mohammed Bin Rashid Al Maktoum Global Initiatives (MBRGI) has announced that it invested a total of AED1.8 billion ($490 million) in humanitarian aid in 68 countries in 2017.

The investment level comes in the annual report of MBRGI launched by Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister and Ruler of Dubai.

According to the results, the Foundation increased its expenditure to AED1.8 billion from AED1.5 billion spent in 2016.

Of this figure, AED961 million"...

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June 18, 2018

ADNOC Distribution has had a good start to the year. In May, it announced a 12 percent rise in Q1 net profits to $147.6m year-on-year, with revenues also growing 13 percent to $1.4bn. The results were a clear vindication of the decision to sell a 10 percent stake in the company in an initial public offering (IPO) on the Abu Dhabi stock exchange last December.

These are good times to be in the fuel distribution business. The subsidies that kept petrol prices artificially low are long gone, while an agreement with Urban Foods to refit ten stores with the Géant brand means ADNOC Distribution's non-fuel operations can finally live up"...

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June 18, 2018

The UAE's largest telecom operator etisalat's $2 billion (Dh7.34 billion) share buyback will take place over the next two years, international ratings agency S&P Global said.

The telecom major had announced its intention to buy up to 5 per cent of its paid-up capital, or 434.8 million shares, in March 2018.

Its shares gained 2.1 per cent on Thursday in line with the surge in Abu Dhabi index.

'We do not expect any significant impact from the $2 billion share repurchase announced"...

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June 18, 2018

Sharjah’s plans to usher in an economic model built on equitable development will be explored at a panel discussion organised by the global publishing, research and consultancy firm Oxford Business Group (OBG) and set to place on June 24, 2018, at the Sheraton Sharjah Beach Resort & Spa.

Titled, 'Creating the Environment for Sustainable Economic Growth', the event will explore the policies that the emirate is devising to ensure its vision for development is all-encompassing and people-centric.

Key issues to be examined at the event include a move"...

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June 18, 2018

The Dubai Airport Freezone Authority (Dafza) has announced a new strategic partnership with the Daegu-Gyeongbuk Free Economic Zone Authority (DGFEZA) in South Korea.

The memorandum of understanding will aim to increase collaboration between the two parties and expand bilateral trade between the free zones. The MoU was signed in the presence of Mohammed Al Zarooni, director-general of Dafza, and Inseon Lee, commissioner of the DGFEZA.

Dafza is a regional hub for leading Korean companies including Kolon Global, Halla Holdings, Moorim, Leaders, AtlasBX and SB and others."...

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June 18, 2018

Developers in Dubai are pulling out all the stops to attract end-users/investors to their unsold stock. This is resulting in some ingenious sales schemes. As a result, even the traditionally quiet period of the holy month of Ramadan has seen active sales campaigns from developers and their broker partners in ready-to-handover communities.

If the estimated 15,000 to 18,000 units make it to the Dubai market by the end of this year, new demand has to be created. The proposed 10-year residency visa announcement is one among several such methods devised to create such demand among end-users.

As"...

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June 17, 2018

The UAE has a long love affair with trucks that extends to this day, but the Ford F-Series predates even the formation of the Emirates – as demonstrated by the fact this year marks the best-­selling pick-up’s 70th anniversary.

The Ford F-1 that started it all back in 1948 was a very different beast to the modern flagship F-Series truck the F-150, but it was available with a V8 engine, a hunk of American motoring birthright that set a standard that remains strong today.

One of the oldest F-Series trucks in the UAE belongs to Younes Ali Akbar, a 30-year-old"...

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June 17, 2018

China’s Silk Road Fund Co is investing in the world’s largest solar thermal plant that’s under development in Dubai, an executive at the company promoting the project said.

The project is being built by Riyadh-based Acwa Power International and Shanghai Electric Group Co Ltd. It’s expected to cost $3.9 billion to build and is planned to have a capacity of 700 megawatts, which is about half of what a nuclear reactor is capable of producing. Silk Road officials were not immediately available for comment.

“They are investing, as one of the"...

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