UAE nets FDI worth $1.8bn last year
The UAE’s volume of foreign direct investment (FDI) soared to $1.8 billion in 2011 while investments in the entire GCC region totalled $8.64 billion, a top Emirati economist said in a statement. Click here to read in detail.
GCC governments reluctant to introduce VAT
A top regional tax expert reckoned GCC governments are likely to delay plans to introduce a value-added tax (VAT) as Arab uprisings and the ongoing financial crisis will dent political support for the proposed measures and might draw public ire. Click here to read more…
Etisalat granted 3G licence in Afghanistan; Launches services
The UAE’s top telecoms operator Etisalat has launched third-generation (3G) network services in Afghanistan, the first operator to provide services in the war-torn country. Click here to read more…
Royal Jordanian restores cancelled Munich route after consideration
Royal Jordanian announced on Monday it will reverse its decision to suspend operations to Munich as part of cost cutting measures. The route closure was set to take place on 19 April, and was part of the five destinations identified by the airline in February as loss making. Click here to read in detail.
Iran sufferings to increase manifold after SWIFT action
SWIFT, world’s largest electronic payment system, this weekend severed 30 Iranian banks that have been blacklisted by the EU under the economic sanctions programme. SWIFT says the ‘extraordinary’ and ‘unprecedented’ move will have a deep impact on the Islamic Republic’s ability to carry out financial transactions with the rest of the world. Click here to read the report in detail.