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Saturday, 25 May 2013

Egypt to return taxes collected from Qatar bank deal | Reuters

"Egypt will refund taxes collected from Qatar National Bank 's acquisition of National Societe Generale Bank to shareholders on Sunday, an official from a clearing company told Reuters on Saturday.

The clearing company will return 10.2 million Egyptian pounds ($1.5 million) total in taxes it collected from NSGB shareholders, said Tariq Abdel Bari, managing director of Misr for Central Clearing, Depository and Registry.

The Islamist-led government had shocked foreign investors in March when it imposed a 10 percent tax on investment gains from the takeover by QNB of local lender National Societe Generale Bank (NSGB), Egypt's second-largest private sector bank by market value."

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Economic growth moderates across Middle East - Business Intelligence Middle East - - News, analysis, reports

"Differences in economic growth across the Middle East and North Africa (MENA) region are expected to narrow in 2013, though economic conditions in the oil exporters and importers are still quite different, says the IMF in its latest Regional Economic Outlook Update, which predicts growth will reach about 3.1 percent this year.

The healthy growth rates of the region’s oil exporters—Algeria, Bahrain, Iran, Iraq, Kuwait, Libya, Oman, Qatar, Saudi Arabia, the United Arab Emirates, and Yemen—are projected to moderate from an average of 5.7 percent in 2012 to 3.2 percent in 2013 (see table). This is mainly due to a scaling back of increases in oil production amid modest global demand.

By contrast, the region’s oil importers—Afghanistan, Djibouti, Egypt, Jordan, Lebanon, Mauritania, Morocco, Pakistan, Sudan, and Tunisia—face a difficult external environment. On average, this group of countries is projected to post moderate growth of 3 percent this year. In the Arab countries in transition, continued political uncertainty is also holding back growth."

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Tenants in DIFC zone seek uniform rent law |

"Thousands of Dubai residents facing unjust rent demands may still find respite at the Dubai Land Department’s Real Estate Regulatory Agency (Rera) but there is no such thing for tenants at the Dubai International Financial Centre (DIFC). What’s worse, different rules seem to apply to different people living in the ultra-posh financial free zone that centres around the iconic DIFC gate and houses a ‘city within a city’ to provide a range of business and lifestyle facilities.
While DIFC operates under an independent jurisdiction, what often doesn’t come to light is the lack of robust tenant rights there, tenants told XPRESS.
“I have been living here for two years but only came to realise a month ago when I was asked to vacate that there are virtually no laws protecting our rights here in DIFC,” says Dr. Thomas Boelman, a resident of the Index Tower in the locality."

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