Top business stories you missed last week
Here are the top nine business stories from the Middle East you probably missed this week:
London attack: 5 shocking ways terrorism affects economies
Unfortunately, the world continues to lose more money than it invests as terrorism and violence increase grossly. As the world watched, an unnamed assailant went on a rampage on London’s streets on Wednesday. Four people lost their lives in the deadly attack near the Houses of Parliament. (READ MORE HERE)
Saudi domestic tourism booming: What more should the Kingdom do?
Strangely, Saudi Arabia, unlike its regional peers and many other countries, has more domestic tourists than international travellers. (READ MORE HERE)
This is how Dubai will feel the heat of Trump electronics ban controversy
Businesses in Dubai have started to take stock of the new electronics ban on United States-bound flights from eight Muslim-majority nations.
Dubai International Airport’s duty free operator estimates that it will lose about $2 million in sales this year from the ban. (READ MORE HERE)
Amazon to buy Middle Eastern online retailer Souq.com
Amazon.com Inc has agreed in principle to buy Dubai-based internet retailer Souq.com, one of the best-known names in the Middle East’s online shopping market, sources familiar with the deal said on Wednesday. (READ MORE HERE)
Controversial US electronics ban sends Middle East airlines into tailspin
The Trump administration has once again targeted Middle Eastern travellers to the US. Now, passengers traveling from eight Muslim-majority countries in the Middle East and North Africa have been banned from carrying electronic devices into the main cabin.
This is feared to be yet another blow for the region’s airlines that are already facing profitability challenges. (READ MORE HERE)
Implementation of VAT in UAE: 10 things you need to know
The GCC finally approved the value-added tax framework early last month with Bahrain being the last signatory thereto, confirming that the GCC will impose VAT at a rate of five percent on the sale of goods and on services as from January 1, 2018. (READ MORE HERE)
Oil nears $50, dents sentiment in Gulf
Stock markets in the Gulf followed international bourses lower in early trade on Wednesday as crude oil prices trading down near $50 a barrel dented sentiment towards oil-sensitive shares. (READ MORE HERE)
VIDEO: ‘3 out of 10 UK businesses looking to expand to Dubai’
It’s confirmed that British Prime Minister Theresa May will trigger Article 50 of the Treaty of Lisbon on March 29 to formally start the process of the UK’s exit from European Union – popularly called Brexit. Now the question is what changes after that and who will get affected. (READ MORE HERE)
New $10bn tech city to take shape in Morocco
Morocco and the Chinese government signed an initial memorandum of understanding last year for the 2,000 hectare city, which will provide 100,000 jobs and house 300,000 inhabitants. (READ MORE HERE)