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Friday, 26 February 2016

Introduction of VAT in UAE and Gulf region ‘likely to hit economic growth’ | The National

Introduction of VAT in UAE and Gulf region ‘likely to hit economic growth’ | The National:

"Value added tax (VAT) will bring in around $6.5 billion to the UAE’s coffers, but will likely hit the Gulf’s economic growth, economists said.

Gulf ministers this week signalled agreement on a 5 per cent tax on consumption to be introduced across the region by 1 January 2019.

The UAE’s finances have been hit as the oil price, on which the government depends for more than 60 per cent of revenues, scrapes 12-year lows. That has led the government to cut public spending by more than 20 per cent – and look to new taxes – as it attempts to close a budget deficit expected to swell to double digits this year."



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Homaid Al Shemmari expected to be named interim head of energy in place of Sultan Al Jaber at Mubadala | The National

Homaid Al Shemmari expected to be named interim head of energy in place of Sultan Al Jaber at Mubadala | The National:

"The shift to new leadership of the UAE’s energy sector is a strategic move that has been in the works for some time, even though the new generation must quickly step in and demonstrate an ability to chart a course through a volatile global landscape.

An economic and political shake-up of sorts has happened this month, including a younger group taking the reins at some of the country’s key energy assets.

The industry is now undergoing a sea change as oil prices languish near US$30 a barrel, having plummeted about 70 per cent during the past 18 months, and as international companies shelve hundreds of billions of dollars of upstream projects."



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UAE, Germany yet to renegotiate agreements blocking Berlin flights | GulfNews.com

UAE, Germany yet to renegotiate agreements blocking Berlin flights | GulfNews.com:

"Several months after German officials offered to restart negotiations over the country’s air services agreement with the UAE, both parties are yet to meet to talk over the matter, according to a spokesman from the German embassy at the UAE.

Air services agreements allow airlines to operate commercial services between two countries. Under the agreements currently in place between the UAE and Germany, UAE-based airlines such as Etihad Airways and Emirates can fly to multiple German cities but not Berlin.

Asked about updates on whether Etihad and Emirates may be allowed to fly to the capital, Tilman Enders, deputy head of Germany’s mission to the UAE, said, “That would require new negotiations, which we have actually offered way back in August, but the idea was not picked up. I think it’s too sensitive for me to tell you [who didn’t pick up the idea] because it is a very complicated issue, but you can deduct from what I said …"



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Roll up! The oil rig giveaway | Short View - YouTube

Roll up! The oil rig giveaway | Short View - YouTube: ""



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