Economy
Iran and Russia sign customs agreement to boost trade volume
Tehran, Iran-- Continuing with their program to deepen the relationship between the two countries, Iran and Russia have signed a...
- The Iranian minister said that a new roadmap for expanding cooperation between the two countries will be achieved with the signing of the agreement
- The head of the Russian delegation said that his country's goal was to develop the transit capacity and to boost cooperation in order to increase trade
Economy
9% corporate tax to be effective in UAE in two weeks
The move aims to foster compliance and business activity, with special exemptions for Free Zone transactions and small enterprises.
- Individuals can now be classified as a business if their income stream surpasses a specified amount, or if their held assets exceed a certain value
- UAE employees drawing income from a singular source or salary payment need not be concerned, as salaries will continue to remain exempt from income tax
Business
9% corporate tax takes effect in UAE from June 1
The move aims to foster compliance and business activity, with special exemptions for Free Zone transactions and small enterprises.
- Individuals can now be classified as a business if their income stream surpasses a specified amount, or if their held assets exceed a certain value
- UAE employees drawing income from a singular source or salary payment need not be concerned, as salaries will continue to remain exempt from income tax
Economy
IMF lauds Jordan for monetary policy ensuring macroeconomic stability
Amman, Jordan--The International Monetary Fund (IMF) has applauded Jordan for its tight monetary and financial policies that have ensured macroeconomic...
- The IMF said that the kingdom's program supported by the fund is "still on the right track" with targets bolstered by strong performance on structural benchmarks
- It observed that the economic recovery from the COVID-19 pandemic is ongoing in Jordan, expecting GDP growth to reach about 2.6 per cent in 2023
Netflix ad-supported plan has nearly 5m users
As growth at Netflix cooled last year, the Silicon Valley-based streaming company focused on creating a lower priced subscription tier...
- The streaming television star touted its shows, viewer demographics, and more at a virtual "Upfront" presentation to advertisers
- More than 70 percent of those subscribing to the ad-supported plan at Netflix range in age from 18 to 49, according to the company
Business
A $100m Film Investment Fund established in Saudi Arabia
Riyadh, Saudi Arabia - A new Film Investment Fund was established in Saudi Arabia on Wednesday with a $100m capital...
- The fund is the first capital injection initiative under the Investment Track of Saudi Cultural Development Fund's recently launched Film Sector Financing Program
- It will support film projects, companies, and media infrastructure, while also creating job opportunities and supporting the growth of talent both domestically and internationally
Interview
Luxury car market navigates challenges
In addition to battery electric vehicles, BMW is exploring hydrogen fuel cell technology to harness the potential of clean hydrogen...
- To transition towards sustainable mobility, the main challenge lies in developing the required infrastructure, Dr Hamid Haqparwar, MD of BMW Group Middle East, tells TRENDS
- BMW is exploring hydrogen fuel cell electric vehicles to complement battery electric vehicles and address the potential of clean hydrogen production in the region, he adds
Business
UAE court orders Briton to pay Denmark $1.2 bn for tax fraud
Sanjay Shah was arrested in the United Arab Emirates' financial hub in June upon request by Danish authorities who accuse...
- The total sum to be paid by Shah should be close to the losses incurred by the Danish tax authority as a result of the scam, estimated at 1.7 billion euro.
- Shah was arrested by Emirati authorities under an extradition treaty signed with Denmark in March 2022.
Business
Saudi NCP, Chinese bank sign pact to boost kingdom’s PPP sector
Riyadh, Saudi Arabia -- Saudi Arabia's National Center for Privatization (NCP) has signed a cooperation agreement with the Industrial and...
- The Industrial and Commercial Bank of China (ICBC) is the world's largest bank with total assets of approximately $5 trillion.
- NCP CEO believes the pact will have a positive impact in attracting the bank's extensive client base looking to explore public-private partnership opportunities in the kingdom.
Business
Dubai aviation authority inks deals on use of Web Service technology
Dubai, UAE - The Dubai Civil Aviation Authority (DCAA) signed two deals with Dubai Aviation City Corporation (DACC) and Dubai...
- These agreements aim to foster enhanced cooperation and integrated link using ‘Web Service’ technology.
- The deal outlined establishing an integrated system for paperless governmental operations in Dubai.
Company News
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ESG buys 60% stake in AFKAR
Business
Use of DEWA’s electric-vehicle green chargers up 59% in 2023
Dubai, UAE -- Dubai Electricity and Water Authority (DEWA)’s EV Green Charger initiative witnessed a 59 percent increase in the...
Business
WEF24: The story of Africa is being reclaimed
Africa is moving away from stereotypes of poverty and incapacity to a narrative of ability and competitiveness, Sithembile Ntombela maNdaba,...
World Economic Forum
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Business
AD Ports Group, KPT ink pact
The pact deals with bulk and general cargo terminal.
- A JV between AD Ports Group and Kaheel Terminals will develop, operate and manage bulk and general cargo terminal berths 11-17 at Karachi Port.
- General cargo operations will primarily handle steel, paper and clinker, while the clean bulk terminal will focus on grains and fertilizers.
Interview
WEF24: GenAI poised to revolutionize energy sector
The GCC -- with countries such as Saudi Arabia, the UAE, Kuwait, and Qatar -- plays an important role in...
- The GCC -- with countries such as Saudi Arabia, the UAE, Kuwait, and Qatar -- plays an important role in the energy transition, Dr. Atul Arya of S&P's Global tells TRENDS.
- Rising energy demand, with a focus on renewables, faces hurdles from high rates and inflation, while GenAI offers transformative potential in data analysis and climate modeling.
Interview
‘AR, VR and video analytics shaping imaging industry’
Canon focuses on innovation, integrating AI-driven features, deep learning and machine learning to meet changing customer needs, says a top...
- Canon focuses on innovation, integrating AI-driven features, deep learning and machine learning to meet changing customer needs, a top executive of Canon Middle East tells TRENDS.
- The company's proactive approach to R&D and commitment to reducing CO2 emissions highlights its leadership in the evolving imaging and printing industry, adds Subbu Hariharan.