(MENAFN) The head of a leading audit firm says Oman needed to find new taxation revenues to pay for new developments and infrastructure facilities, Arabian Business reported. Davis Kallukaran, Managing Partner of Horwath Mak Ghazali, said annual government revenue from income tax was about USD909 million with customs duty accounting for another USD467.5 million a year. Kallukaran said that the government needed additional sources of tax revenue to meet the cost of developing new projects and infrastructure facilities, which were vital for creating employment opportunities for nationals. He said Oman needed USD39billion worth of investment for new projects, infrastructure, human resource development and facilities.
(MENAFN) Dubai's much-delayed Schon Business Park commercial development will be completed in the second quarter of next year, according to the company behind the project, Arabian Business reported. The development, which includes 398 offices and 90 retail units across one million square feet of Dubai Investments Park, was one of the victim's of the emirate's real estate bust five years ago, halting construction. Launched in 2007, the development was originally slated for completion in 2010. Schon Properties is also the firm behind another major project that suffered endless delays, Dubai Lagoon. Announced in 2005, the USD817 million mixed-use development was originally scheduled to be handed over to buyers in 2008. The most recent delivery date for that project is 2017, with investors reporting that little construction work is ongoing at the site.
(MENAFN) Saudi Arabia is planning to allocate USD9 billion to develop beaches on the east coast to transform it into a tourist destination, Arabian Business reported. Vice president of the Saudi Commission for Tourism and Antiquities stated that Al Uqair Development Company had drawn investments at USD4.5 billion to the area with general investments expected to hit USD9 billion. The project is set to create 37,700 direct jobs and 56,000 indirect and seasonal jobs.
(MENAFN) Dubai trade was estimated at USD272 billion in the first nine months of the current years after the rise in gold, mobile phones and cars shipments, according to the National AE. Trade value accelerated by about 10 percent in the nine months, giving a sign of the rising consumer confidence. The emirate welcomed 7.9 million visitors during the same period, rising imported goods as a result.
(MENAFN) Dubai plans to install what worth US$100 million of solar panels to meet its renewable energy target for Expo 2020, according to the National AE. 50 megawatts of electricity will be produced by 200,000 panels in order to achieve the emirate's goal of meeting 50 per cent of the event"s operational power demand. Vahid Fotuhi, the head of strategic advisory at Access, said: "Achieving that will not be an issue, and I think they will far exceed that. If there are innovations like energy storage, you"d reach [between 2 and 4] per cent easily."
(MENAFN) Saudi Arabia's production of crude oil reached 9.745 million barrels per day in November compared to 9.75 million barrels per day in October, according to Arab News. An industry source said: "Production is the same ... supply was lower because of lower direct crude oil burning and also lower intake from domestic refineries." The Organization of Petroleum Exporting Countries approved the renewing plan of its 30 million barrel-a-day output cap for the six months of 2014.
(MENAFN) Joint stock companies in the GCC boosted by 95 percent last year compared to only 20 percent in 1985, according to Arab News. The number of companies reached 644 in 2012 of a capital estimated at USD227 billion. Saudi Arabia ranked first in the number of joint stock firms among the GCC countries, followed by Qatar then Kuwait.