by admin | May 25, 2021 | Commodities, Commodities News, Muslim World
Kuwait : Kuwait Petroleum Corporation (KPC) announced Sunday that it will host the fifth Annual Strategic Energy Forum for the Gulf Cooperation Council (GCC) countries, with the participation of 250 to 300 specialists representing international petroleum companies.
KPC said in a press release that the forum will be held this coming Tuesday under the patronage of Minister of Oil, Electricity and Water Khaled Al-Fadhel.
The forum, to be held in cooperation with the international ‘Petroleum Economist’ magazine, is considered a good opportunity for participants to exchange expertise and discussions over the latest challenges in the oil sector. The event will also display the latest developments in the petrochemicals’ industry, in addition to the production in South America and investment opportunities in Asia and Africa.
The speakers’ list includes Minister Al-Fadhel, KPC CEO Hashim Sayed Hashim, Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC) Abbas Al-Naqi among others.
—AB/UNA-OIC
by admin | May 25, 2021 | Business Summit, Events, Muslim World
Riyadh : Leaders and heads of delegations of the Gulf Cooperation Council (GCC) countries began arriving in Saudi Arabia on Sunday to attend the 39th session of the GCC Supreme Council in Riyadh.
Deputy Prime Minister for Oman’s Cabinet Affairs Fahd bin Mahmoud Al Said, and Vice President of the United Arab Emirates Sheikh Mohammed bin Rashid Al Maktoum were greeted, upon their arrival at King Salman Air Base Airport, by Custodian of the Two Holy Mosques King Salman, who welcomed them and their accompanying delegations in the Kingdom.
—AB/UNA-OIC
by admin | May 25, 2021 | Business Summit, Events, Investing, Muslim World
Muscat : The Sultanate of Oman is taking part in the World’s Leading Travel Trade Show (ITB 2018), which will take place in the German capital Berlin on March 7-11.
Member of the Board of Directors at Oman Tourism Development Company (SAOC) Ahmed Nasser Al Mahrizi will head the Sultanate’s delegation comprising officials of the Ministry of Tourism and representatives of Tourist organizations.
According to MUSCATDAILY.COM, Oman has always been keen to participate in ITB Berlin which has developed into a unique global success story since its beginning in 1966. ITB Berlin, which is one of the most prestigious tourist events in the world, is an ideal opportunity for Oman to showcase its tourism products and services and to promote the Arab Gulf state as a perfect all-year destination.
The exhibition had previously witnessed the participation of 10,000 organizations such as airlines, privet tourism organizations and much more representing 185 countries, as well as 170,000 visitors.
Oman’s participation this year coincides with the opening of the new Muscat International Airport on March 20 and the facilitations granted by the e-Visa system, to be made available by March 21.
Oman has recorded a significant growth in the tourism industry, thanks to the country’s efforts in the tourism development in various aspects including service projects and promoting tourism investment. The number of international tourist arrivals grew by 4.7 percent to reach 3.300 million in 2017, compared to 3.151 million in 2016. The number of hotel establishments rose from 337 in 2016 to reach 367 in 2017 with an increase of 8.9 percent, and an annual growth rate of 6.4 percent since 2009.
—AB/UNA-OIC
by admin | May 25, 2021 | Business, Corporate, Corporate Buzz, Large Enterprise, Muslim World
Jeddah : Saudi Arabia’s General Authority of Zakat and Tax (GAZT) clarified that exports are zero-rated under the VAT Law and Implementing Regulations.
This means that in Kingdom enterprises exporting goods and services can deduct the VAT-eligible input taxes they paid, as long as they file their tax returns as required.
GAZT stressed that the provision of zero-rating exports is one of many incentives given under the VAT to enterprises exporting goods and services.
In order to apply the zero rating, the supplier of goods and services must retain evidence that they have been transported from the Gulf Cooperation Council (GCC) region, within 90 days after supply, as stipulated in Article 32 of the regulations.
All intra-GCC supplies will be zero-rated as an interim measure until VAT is officially implemented in the remaining member nations and electronic VAT system is established across the GCC.
All exporting enterprises must retain the relevant documents, including those issued by Saudi Customs, which prove that the supplies have been formally cleared for export on behalf of the supplier or customer for each supply, commercial documents with the customer’s details and place of delivery, as well as transport documents for the delivery or receipt of the supplies outside the GCC region.
GAZT may reject the documents if they fail to provide sufficient evidence that the supply was transported outside the GCC region, and the standard 5 percent VAT rate will apply.
GAZT also reminded all VAT registered enterprises with annual supplies exceeding SR40 million ($10.7 million) to file monthly tax returns, as stipulated by the VAT Law and Implementing Regulations.
—AG/UNA-OIC
by admin | May 25, 2021 | Muslim World
Abu Dhabi : The United Arab Emirates on Monday unveiled the world’s largest reserve of high quality desalinated water, secured in a network of 315 recovery wells lying up to 80 meters below the Liwa Desert in Abu Dhabi, Arabian Business reported.
The wells are fed by one of the UAE’s longest water pipeline networks which runs the water from Shuweihat desalination plant at a rate of 7 million imperial gallons per day over 27 months.
The reserve, which has at its core an infiltration and recovery system sitting atop a natural freshwater underground aquifer, was first investigated in 2002 and has been extensively researched by the Environment Agency of Abu Dhabi (EAD), a statement said.
Established in one of the world’s driest areas where rainfall rarely exceeds 10cm a year, the project has been completed at an estimated cost of AED1.61 billion ($435.6 million) to deliver a fallback pumping capacity of 100 million gallons of water per day to the emirate if required.
The project ensures continuous water supply for Abu Dhabi city and Al Dhafra region and secures the reserve for future generations. The reserve now holds more than 26 million cubic meters of water that can bolster drinking water supply when needed.
The Liwa Desert was chosen for the project after it met strict specification criteria. Water quality is ensured through strict control, heat and salinity monitoring equipment and a range of other metrics.
—AB/UNA-OIC
