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MIDDLE EASTERN (B)

MIDDLE EASTERN (B)

Air Cargo Business Faces Bleak Outlook Due to These Reasons

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Global air freight markets performance has had a positive turnaround in 2017 on the back of buoyant consumer confidence, exponential growth in e-commerce and broad-based economic upturn.

The nearly 10% growth registered that year came after nearly a decade of air cargo sector remaining in the doldrums.But freight traffic data released by International Air Transport Association recently, raises concerns yet again about global air freight industry.

Global air freight segment contracted 1.8% in January this year, IATA data reveal. And global year-over-year volumes fell 1.5% when compared to December 2017, which meant the year-end growth figure for 2018 was 3.3%. (Shutterstock)

© Gulf Times Newspaper 2019

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MIDDLE EASTERN (B)

Survey: Bahrain Ranks Second on Expat-Friendly List

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Bahrain has been ranked the second best country in the world for expatriates to make friends, according to a new survey.

InterNations, the world’s largest expat community, collected data from 18,000 expatriates representing 178 nationalities in 68 countries for its Expat Insider survey.

Mexico was ranked first, followed by Bahrain and Serbia in third spot.

Responses from expats in Bahrain found that 77 per cent thought it was easy to make new friends here, while 68pc said it was easy to make friends with Bahrainis.

Mexico was ranked first, followed by Bahrain and Serbia in third spot. (Shutterstock)

Copyright 2019 Al Hilal Publishing and Marketing Group

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MIDDLE EASTERN (B)

Western Transparency Fuels Chinese Suppression

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Despite repeated government efforts to stimulate the Chinese economy, the country’s animal spirits remain depressed. 

And the unexpected reason for this may be the automatic exchange of financial information between the world’s major economies, which is allowing the Communist Party of China (CPC) to learn about the bank accounts that Chinese residents hold overseas.

China did not introduce a voluntary disclosure scheme allowing people to declare previously hidden overseas assets and pay a penalty to avoid criminal charges. (Shutterstock)

© Gulf Times Newspaper 2019

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MIDDLE EASTERN (B)

UAE Launches $544 Million Sustainable City Project

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Sharjah has annnounced the launch of its Dh2-billion ($544 million) urban mixed-use project ‘Sharjah Sustainable City,’ which will meet the highest standards of green economy and environmental sustainability.Spread across 7.2 million sq ft area, Sharjah Sustainable City is strategically located near the emirate’s Al Rahmaniya area, easily accessible from the Sharjah International Airport and Sharjah University City.

Spread across 7.2 million sq ft area, Sharjah Sustainable City is strategically located near the emirate's Al Rahmaniya area, easily accessible from the Sharjah International Airport and Sharjah University City. (Shutterstock)

Copyright 2019 Al Hilal Publishing and Marketing Group

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MIDDLE EASTERN (B)

Report: Global Energy Demand Hits Fastest Pace in a Decade

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Energy demand worldwide grew by 2.3 per cent last year, its fastest pace this decade, an exceptional performance driven by a robust global economy and stronger heating and cooling needs in some regions, according to International Energy Agency (IEA).Together, China, the US and India accounted for nearly 70 per cent of the rise in energy demand around the world, stated the Global Energy & CO2 Status Report released by IEA today (March 27).

Together, China, the US and India accounted for nearly 70 per cent of the rise in energy demand around the world, stated the Global Energy & CO2 Status Report released by IEA today (March 27). (Shutterstock)

Copyright 2019 Al Hilal Publishing and Marketing Group

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MIDDLE EASTERN (B)

Saudi Aramco’s Acquisition of 70 Percent Stake in SABIC Paves Way for IPO

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Saudi Aramco’s planned initial public offering (IPO) is set to be the biggest in history — and so requires some equally historic moves in preparing for the share sale.

The energy giant’s agreement to buy a 70 percent stake in Saudi petrochemicals company SABIC for $69 billion — said to be the biggest-ever deal in the Middle East — is one of the key milestones in the road to IPO.

Saudi Aramco’s planned initial public offering (IPO) is set to be the biggest in history — and so requires some equally historic moves in preparing for the share sale. (Shutterstock)

Copyright: Arab News © 2019 All rights reserved.

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MIDDLE EASTERN (B)

US Approves Selling Secret Nuclear Power Technology for Saudi Arabia

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US Energy Secretary Rick Perry has approved six secret authorisations by companies to sell nuclear power technology and assistance to Saudi Arabia, according to a copy of a document seen by Reuters news agency on Wednesday.

The Trump administration has quietly pursued a wider deal on sharing US nuclear power technology with Saudi Arabia, which aims to build at least two nuclear power plants.

A Department of Energy official said the requests contained proprietary information and that the authorisations went through a multi-agency approval process. (Shutterstock)

Copyright © 2019 TRT World

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MIDDLE EASTERN (B)

Mastercard to Invest $300 Million in Network International IPO

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Network International Holdings Limited and Mastercard today announced that they have reached an agreement for Mastercard to make a $300 million cornerstone investment in Network International’s planned IPO on the London Stock Exchange.  The companies have also agreed to enter into a strategic partnership to support and accelerate the development of electronic payments in Africa and the Middle East.  Mastercard and Network International will support their mutual strategy of growing the payments ecosystem in th

Mastercard’s cornerstone investment will be based on the same terms as institutional investors participating in the IPO, subject to a 9.99 percent ownership limitation. (Shutterstock)

Copyright 2019 Al Hilal Publishing and Marketing Group

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MIDDLE EASTERN (B)

Business Visitors to UAE Entitled to VAT Refund Starting From April

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The Federal Tax Authority has completed preparations to launch the “VAT refunds for business visitors scheme” from April 2.

Following a meeting of FTA Board of Directors chaired by Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, the UAE Minister of Finance and FTA Chairman, the tax authority said foreign businesses can apply for a refund on taxes incurred on the import and export activities of people not residing in the UAE but based in countries that implement VAT refund schemes.

To be eligible for the VAT refund, the first condition is that foreign businesses must not have a place of establishment or fixed establishment in the UAE or in any of the VAT-implementing GCC states. (Shutterstock)

Copyright © 2019 Khaleej Times. All Rights Reserved.

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