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MIDDLE EASTERN (B)

MIDDLE EASTERN (B)

UAE Real Estate to Benefit From New Retiree Visa Law

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The UAE government’s announcement for a five-year residency visa for retired expatriates aged 55 and over is expected to result in increased investment in the property sector. One of the visa requirements is for the expat to have an investment in a property worth Dh2 million. This is likely to see increased take-up of properties and maybe even the emergence of a new alternate asset class in the UAE – retirement communities.

The initiative may encourage investment in purpose-built accommodation for older generations. (Shutterstock)

Copyright © 2018 Khaleej Times. All Rights Reserved.

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MIDDLE EASTERN (B)

Illegal Taxi Drivers in Abu Dhabi to Face Dh3,000 Fine, 24 Black Points

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The Abu Dhabi Police have warned motorists in the Capital that those picking up passengers illegally will face a fine of Dh3,000, 24 traffic points, as well as the confiscation of the vehicle for 30 days.

More than 2,000 people were caught transporting passengers illegally this year, while a total of 2,198 people were caught illegally transporting residents in their privately owned vehicles, the police revealed recently.

More than 2,000 people were caught transporting passengers illegally this year. (Shutterstock)

Copyright © 2018 Khaleej Times. All Rights Reserved.

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MIDDLE EASTERN (B)

US Levies New Tariffs on $200 Billion in Chinese Goods

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US President Donald Trump’s administration will impose a 10 per cent tariff later this month on $200 billion worth of Chinese goods, increasing to 25 per cent at the end of the year, a move that will sharply escalate the American trade war with Beijing.The administration announced on Monday that the additional tariffs which will take effect from September 24, are on top of penalties enacted earlier this year on $50 billion worth of Chinese goods, CNN reported. 

The President's decision threatens to upend the possibility of a diplomatic breakthrough with Chinese negotiators. (Shutterstock)

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MIDDLE EASTERN (B)

Abdul Aziz Al Ghurair Launches Dh100 Million Refugee Education Fund

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An education fund worth Dh100 million has been announced for refugee children living in the UAE, Jordan and Lebanon.

The Abdul Aziz Al Ghurair Refugee Education Fund was launched on September 17 and aims to empower children affected by war and disaster.

The fund will be distributed in a span of three years to support the education of children.

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The fund will be distributed in a span of three years to support the education of children. (Shutterstock)

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MIDDLE EASTERN (B)

Dubai spurs GCC Corporate earnings growth

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A remarkable 21.5 per cent jump in Dubai’s corporate earnings year-to-date has propelled the GCC aggregate corporate earnings growth to 12.1 per cent, data released by a leading global financial group revealed on Monday.

Dubai’s corporates recorded the highest rate of growth in the GCC. Compared to the growth rate of 6.5 per cent in 2017, corporate earnings in Dubai recorded an exceptional surge to account for 8.5 per cent of the emirate’s gross domestic product, according to data provided by MUFG Bank.

UAE recorded 13.6 per cent growth in corporate earnings compared to 9.8 per cent in 2017. (Shutterstock)

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MIDDLE EASTERN (B)

Malls in Makkah to Grow by 200 Percent to Meet Pilgrim Boom Demands

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The holy city of Makkah is set to see a sharp increase in the number of retail malls and outlets to cater for a projected boom of pilgrims making the annual Hajj. They are expected to increase by more than 200 percent by 2030.

Shopping mall supply is likely to increase from about 280,000 to 338,000 sq meters in 2020 and to 804,000 sq m by 2025 — a rise of almost 200 percent, according to new research published by real estate advisory firm Colliers International as Makkah looks to capitalize on the boom of international visitors over the next decade.

Makkah has a shopping mall supply of 140 sq m per 1,000 persons — significantly lower than other primary cities. (Shutterstock)

Copyright: Arab News © 2018 All rights reserved.

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MIDDLE EASTERN (B)

Uncertainty Looms on Iraq Oil Production for the Next Decade

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Growth in Iraqi oil production will be squeezed for the next decade despite the country being the second largest OPEC producer after Saudi Arabia and the fourth biggest in the world, according to a report by US consultancy IHS Markit.

The findings come after a week when the price of Brent crude reached $80 a barrel, with supply worries having been heightened by Hurricane Florence heading toward the US, threatening to derail US oil pipelines. Also looming large was the expected effect on supply by the reimposition of US sanctions on Iran.

The current 4.5 million bpd would only increase to 5 million bpd over the next decade. (Shutterstock)

Copyright: Arab News © 2018 All rights reserved.

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Saudi Localization Plans to Introduce Multibillion-Dollar Infrastructure Dividend

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Saudi Arabia stands to collect an “infrastructure dividend” worth billions as it pushes ahead with its diversification drive, powered by a localization program involving partnerships between KSA enterprises and overseas firms to ensure wealth cascades down to the wider population, say experts.

KSA should be able to provide goods and services for its local market as well as build globally competitive export industries. (Shutterstock)

Copyright: Arab News © 2018 All rights reserved.

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Turkey's Unemployment Rate Stable

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Turkey’s unemployment rate remained unchanged at 10.2 percent this June, the country’s statistical authority announced on Monday.

Official data showed that the number of unemployed persons age 15 years and over rose by around 64,000 on a yearly basis, totalling some 3.3 million in June.

“In the same period, the non-agricultural unemployment rate occurred as 12.1 percent, with a 0.1 percentage point decrease,” the institute said.

Official data showed that the number of unemployed persons age 15 years and over rose by around 64,000 on a yearly basis. (Shutterstock)

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