Economic News

Arab African Economic forum in Amman

The Arab-Belgian-Luxembourg Chamber of Commerce was proud to take part to The Arab-African Economic forum held under the theme “Partnership Roadmap and Financing Mechanisms”. The Arab-African Economic forum was launched on September 27, 2017, with more than 500 participants from 54 Arab, African, and foreign countries.

Enhancing business environment in the Mashreq region ...

The main objective of the forum consisted in developing and strengthening the economic, trade and investment cooperation among Arab and African countries. The shared factors between Arab and African countries are “strong points” sufficient enough to establish an economic bloc with a wide impact on the international economy. Jordan is determined to develop its business environment and to enhance it in the Mashreq region, to become a “strong” gateway for the Gulf region, the Middle East, and North Africa.

Egypt’s cabinet approves new Investment Law’s executive regulations

The Egyptian Cabinet has approved the executive regulations of the new Investment Law, which provides a group of incentives, from tax breaks and rebates on projects established in underdeveloped areas and labor-intensive sectors.

This new law is expected to boost much needed investment by cutting bureaucracy, especially for startups, and by providing more incentives to those looking to pump investments in Egypt.

The regulations explain the procedures of electronic establishment of companies; controls and forms of allocating lands for projects; and the organization of work in investment, free, and technological zones.

Four Walloon zones favored for job creation

After several months of waiting, four free zones will be created in Wallonia. They are waiting for the signature of a royal decree of execution, after a council of ministers followed by a consultation committee.
Once the documents are stamped, businesses in the south of the country will benefit from advantageous tax breaks in poles that faced an economic and social crisis.

The following four cities have thus been selected: Seraing, Charleroi, Sambreville and Framerie.

These cities are linked to the painful files of ARCELORMITTAL the steel industry, CATERPILLAR for civil engineering, SAINT GOBAIN SEKURIT for the glass industry, and DOOSAN for mechanical machinery. In total, the free zone will allow businesses within a 40-km radius to benefit from a reduction of 25 % of the withholding tax for any job created for a period of two years.

Hamad port is officially inaugurated

The opening of the new Hamad Port will help Qatar to achieve food security and economic diversification in line with Qatar National Vision 2030. This is part of a wider plan to increase non-petroleum exports.

Hamad Port will have an annual capacity of 7.5 million shipping containers, and separate terminals dedicated to general cargo, cereals, vehicles, and livestock.

According to Qatar News Agency, the new routes will connect Qatar's ports to Sohar and Salalah ports in Oman, Shuwaikh Port in Kuwait, Karachi port in Pakistan, Izmir port in Turkey as well as Mundra and Nhava Sheva ports in India.

The existing Doha port will then be transformed into an international cruise ship terminal.

Emirates introduced second daily flight to Brussels

Emirates has introduced an additional daily flight to Brussels, complementing Emirates' existing schedule and providing a double-daily service to customers as from 29 October 2017.

The new scheduled flight has been added to meet the growing demand for travel on the route - Emirates has carried over half a million passengers between Dubai and the Belgian capital since launching operations on 5 September 2014 - and continues to grow demand both inbound and outbound.