Ithraa board holds third meeting of 2017

The Public Authority for Investment Promotion and Export Development (Ithraa) board held its third meeting of 2017 on Wednesday, under the chair of Dr Salim al Ismaily, Ithraa chairman.

The meeting reviewed the continuous efforts exerted by Ithraa to allure more foreign investments and promoting the Omani non-oil exports in 2017, according to a Oman News Agency report. The meeting also discussed the plan of organising and participating in a number of programmes and activities locally and abroad.

UAE tax to double tobacco, energy drink prices

Tobacco and energy drink prices are set to double in the United Arab Emirates, which is imposing steep excise taxes to help ease a budget shortfall caused by low oil prices.

Khaled al Bustani, director general of the newly established UAE Federal Tax Authority, said on Wednesday that the 100 per cent tax would be introduced from Sunday. Prices of other types of soft drinks will increase by 50 per cent, Bustani told a press conference. He declined to say how much the UAE will raise from the tax.

Saudi Arabian fund to develop Jeddah downtown with $4.8bn project

Saudi Arabia’s sovereign wealth fund will spearhead an US$4.8bn project to redevelop the Jeddah waterfront on the Red Sea as part of a plan to transform the kingdom’s economy.

The New Jeddah Downtown residential and commercial project will be developed across 5mn square meters and is expected to create 36,000 new jobs, the Public Investment Fund said in a statement. Construction is due to start in 2019, with the delivery of first phase expected in the final quarter of 2022.