(MENAFN) Dubai-based Majid Al Futtaim Group is planning for more ski resorts across the Middle East, Arabian Business reported. MAF's Arabian city, a tourist attraction in Dubai, includes an 85m-high man-made mountain with five runs. It has 22,500 square metres of snow. Majid Al Futtaim CEO of Properties said: "We're looking where else we can take it." He added that this concept can work wonderfully in Saudi Arabia.
(MENAFN) The State Council in Oman rebuffed plans to tax expatriate's remittances, Arabian Business reported. The economic and financial committee of the Shura Council recommended imposing a two percent tax on remittances by expat to help support state finances. Members of the State Council said that the time for imposing the tax, which would affect 1.5 million expats, is not right.
(MENAFN) Disneyland Paris, in which Saudi Prince Alwaleed bin Talal Al Saud owns a 10 percent sake, has signed a groundbreaking worker deal to hire youths and seniors to help combat France"s growing unemployment , Arabian Business reported. People under 26 and older than 50 are having difficulties to find jobs in France. The theme park is o offer full-time, open-ended work contracts to 600 people aged under 26 years by September 30, 2016. It will hire 75 employees at least 50 years old, making them account for 10 percent of the company"s total workforce.
(MENAFN) Majid Al Futtaim, a leading shopping mall, retail and leisure group in the Middle East, has announced its USD5 billion expansion plan, according to Khaleej Times. The expansion plan is expected to be completed in 2018, and to double the group's business to USD12 billion by the end of the coming five years. The group will invest USD1 billion annually over the five years to expand its presence in the Middle East, said Iyad Malas, chief executive officer of Majid Al Futtaim Holding.
(MENAFN) Etihad Airways plans to expand its flights number to Riga in collaboration with Latvian carrier airBaltic to reach four weekly flights between Abu Dhabi and Riga, according to Gulf News. The two companies have signed a codeshare partnership on Tuesday. Etihad will put its "EY" flight code on the airBaltic service between the two capital cities and on 15 other cities served by airBaltic including: Barcelona, Copenhagen, Helsinki, and Prague.
(MENAFN) Knowledge Economic City (KEC) has announced the signing of a partnership agreement with Saudi Telecom Company (STC) to link and develop the telecommunications infrastructure for the city, according to Arab News. The agreement aims to link 40 kilometers in the KEC to the fiber technology, reported Tadawul website. The two parties built the agreement on BOT basis (Build/Operate/Transfer of Ownership). STC will be responsible for developing a smart infrastructure network, operating it, and then transfering its ownership by the end of the concession period to KEC.
(MENAFN) Bank loans and credits exceeded USD559 billion volume in the current year's third quarter, or an extra USD74 billion over the loans of the second quarter of the current year which was at USD485 billion, according to Arab News. Credits of less than one year valued at USD156.4 billion, while one-to-three-year loans reached USD54.16 billion. Consumer loans boosted to USD87.14 billion in the third quarter of the current year compared to USD85.62 billion in the second quarter 2013.