Saturday 16 February 2019

UAE clarifies VAT rules on donations, grants

The UAE’s Federal Tax Authority (FTA) has clarified that donations, grants and sponsorships are outside the scope of value-added tax (VAT), only when no benefit is received in return, a media report said. Any benefit in return for such payments will be subject to VAT, repor


Infrastructure driving Bahrain’s non-oil growth: EDB

Bahrain’s annual real GDP growth of 1.6 per cent in the third quarter was underpinned by expansion in the construction and manufacturing sectors, as well as increased infrastructure spending, said the Bahrain Economic Development Board (EDB) in a new report. Project activit


UAE investors ‘optimistic towards growth’

A quarter (24 per cent) of investors in the UAE expect returns exceeding 10 per cent and just 7 per cent expect returns to be under 2 per cent or negative, said Old Mutual International and Quilter Investors, a top investment management firm. Global financial markets suffered in


UAE non-oil output growth hits 5-month high

The start of 2019 saw a sharp and accelerated rise in output in the UAE’s non-oil private sector with activity growing at the strongest pace since August last year, said IHS Markit, a world leader in critical information and analytics. The rate of expansion was also faster


Investcorp posts 5pc increase in net income

Investcorp, a leading global provider and manager of alternative investment products, today announced a net income of $58 million for the first six months of its fiscal year (H1 FY19) ending December 31, 2018.   The figure is 5% higher compared to $55 million po


Saudi non-oil sector sees strongest growth in 13 months

Saudi Arabia’s non-oil private sector saw a strong increase in demand for goods and services at the start of the year, with the rate of growth in new business the quickest observed since December 2017, said global analytics firm IHS Markit. Nearly three times as many firms


Xpress Money to double Africa mWallet ops in H1

Xpress Money, a money transfer company, is launching a few more countries for mobile wallet services in Africa and by the first half of the year is looking to double the number of countries for mobile wallets in the region, said a top official. While Africa continues to be driven

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