Bahrain slashes visa fees in bid to attract more foreign visitors

Bahrain is to cut the fee for pre-entry visas to the kingdom by more than half from January 2020, in a bid to encourage more foreign visitors to visit the Gulf state.

According to a report by the Gulf Daily News (GDN) website, the fee will be 40 Bahraini dinars ($106.38) for a one-year visa, down from the current fee of BD85.

The fee on five-year visas have also been reduced from BD170 to BD60. The move is part of Bahrain’s push to increase the number of foreign visitors to the country.

In early December the Bahrain Tourism and Exhibitions Authority (BTEA) held a roadshow in Moscow and Saint Petersburg, in a bid to promote Bahrain as a tourist destination to Russian travellers.

This week, BTEA also announced that it will be launching the new identity and logo. The launch coincides with the selection of Manama as the ‘Capital of Arab Tourism for 2020’ during the recent 22nd Session of the Arab Ministerial Council for Tourism.

“In the first nine months of 2019, total nights spent by tourists reached 10.7 million nights, an increase of 8.8 percent compared to the same period the previous year, while the average length of stay reached 3.4 nights per tourist, an increase of 20.5 percent,” the Minister of Industry, Commerce and Tourism and chairman of BTEA, Zayed bin Rashid Al Zayani, was quoted as saying.

According to the recent passport Index, Bahrain allows 71 nationalities enter the kingdom visa-free, placing it 64th on the global list. By comparison, Bahrainis can enter 91 countries without a visa, placing it as the 53rd most powerful passport in the world. The UAE passport topped the list for the second year in a row with Emiratis able to enter 179 countries around the world without a visa.

SOurce:https://www.arabianbusiness.com/travel-hospitality/436453-bahrain-slashes-visa-fees-in-bid-to-attract-more-foreign-visitors

Profits of QSE industrial sector hike 22% in Q3 – Survey

Mubasher: Profits of the industrial companies listed on the Qatar Stock Exchange (QSE) increased by 22.04% year-on-year in the third quarter of 2018, according to Mubasher’s statistics.

The industrial sector’s profits hiked to QAR 2.29 billion ($630.1 million) in Q3-18, up from QAR 1.88 billion ($517.3 million) in Q3-17.

The industrial sector consists of nine companies; namely Industries Qatar, Qatari Investors Group, Qatar Electricity and Water Company, Aamal Company, Gulf International Services, Mesaieed Petrochemical Holding, Investment Holding Group, Qatar Industrial Manufacturing, and Qatar National Cement.

During the three-month period ended September, Industries Qatar’s profits jumped 76.20% to QAR 1.3 billion, followed by Mesaieed Petrochemical Holding, which recorded a profit of QAR 361.4 million.

None of the sector’s companies turned to loss during Q3-18, but only six companies witnessed a drop in their profits over the quarter.
For the first nine months of 2018, profits of the nine industrial firms went up 27.4% to QAR 5.98 billion, from QAR 5.48 billion in the same period of the prior year.

Assets also increased by 3.7% to QAR 99.8 billion for the nine-month period ended September, versus QAR 96.2 billion in the same period the year before.

Industries Qatar acquired the majority of profits with QAR 3.8 billion, followed by Qatar Electricity and Water Company and Mesaieed Petrochemical Holding with QAR 1.2 billion and QAR 1.02 billion, respectively.

Revenues

Mubasher’s survey showed that revenues of the nine industrial companies listed on the Qatari bourse rose 7.2% to QAR 12.2 billion during the period between January and September of this year, from QAR 11.3 billion in the same period of the previous year.

Source:https://english.mubasher.info/news/3361502/Profits-of-QSE-industrial-sector-hike-22-in-Q3-Survey/

Kuwait reveals $3.2bn direct investment over four-year period

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Kuwait attracted around $3.2 billion in direct investment between January 2015 and the end of March 2019.

In its annual report for the fiscal year, between April 2019 and March 2019, the Kuwait Direct Investment Promotion Authority (KDIPA) revealed investment over the period totalled almost KD156 million ($514m).

According to the report, the investments were concentrated in the services sector, including information technology, oil and gas, construction, training, health, energy, consultancy, market research and entertainment services, and came from 37 global companies representing 16 foreign and Arab countries from developed and emerging economies.

KDIPA director general, Dr Meshaal Jaber Al Ahmad Al Sabah, said: “The expected economic impact of these investments is extensive as it encourages direct and indirect job creation for Kuwaiti nationals, at various administrative and technical levels.

“It also allows for the execution of highly specialized training programmes, which, in turn, support local research activities and the local economy by generating viable linkages with suppliers and producers’ networks in the sectors associated with these projects.”

Source:https://www.arabianbusiness.com/politics-economics/436519-kuwait-reveals-32bn-direct-investment-over-four-year-period

Jeddah’s new airport set to be fully operational by Ramadan

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Jeddah’s new King Abdulaziz International Airport is likely to become fully operational by Ramadan, according to local media reports.

According to an Okaz report that quoted General Authority for Civil Aviation (GACA) spokesman Ibrahim Al-Ruasa, the number of departing and arriving flights has reached 4,900, with 654,000 passengers on board.

Since the airport’s Terminal One began operations in May 2018, over 2.5 million passengers have been transported on board 30,000 flights.

Additionally, Al-Ruasa revealed that the customers will now receive a 50 percent discount on parking tickets if they are paid through self-service machines. The move follows a wave of complaints over the SAR 10 per hour price of parking at the airport, compared to SAR 3 at Jeddah’s old airport.

Three necessary bridges remain to be built at the facility, he added.

To date, Saudia is the only carrier operating from the airport, and a SAR 1 billion contract for ground services has been signed with Flynas to provide ground handling services with the airline.

Source:https://www.arabianbusiness.com/transport/436822-jeddahs-new-airport-to-be-fully-operational-by-ramadan

Revamp of Bahrain’s Sheikh Zayed Highway progressing well, officials say

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Revamp of Bahrain’s Sheikh Zayed Highway progressing well, officials say

Construction work on Bahrain’s $62 million Sheikh Zayed Highway Development Project is progressing as planned, according to the state-run Bahrain News Agency (BNA).

Huda Abdulla Fakhro, the undersecretary for roads at Bahrain’s Ministry of Works, Municipalities Affairs and Urban Planning, said that the expansion of the highway is an important addition to the kingdom’s roads network, with its capacity expected to rise from 53,000 vehicles per day to 100,000 by 2030.

As part of the project’s first phase, the highway will be expanded to three lanes in both directions, with four roundabouts converted into intersections with traffic lights.

The project also includes lighting work, roadblocks, traffic signs, a revamp of the asphalt layers and landscaping, as well as water drainage.

At the moment, 2,800 vehicles use the highway during morning peak hours, 3,500 in the afternoon peak hours and 3,200 in the evening peak hours. By 2030, 5,400 vehicles are expected during the morning peak hours, 6,700 in the afternoon and 6,100 during evening peak hours.

The key project will also contribute to reducing traffic congestion in a number of areas, according to Bahraini officials.

Source:https://www.arabianbusiness.com/construction/436006-revamp-of-bahrains-sheikh-zayed-highway-progressing-well-officials-say

Dubai’s DP World set to invest $500m in Jeddah port upgrade

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Dubai-based DP World has been awarded a 30-year concession by the Saudi Ports Authority (Mawani) for the management and development of the Jeddah South Container Terminal at Jeddah Islamic Port.

Under the build-operate-transfer (BOT) agreement, DP World will invest up to $500 million to modernise the port, including major infrastructure development to enable it to serve the ultra-large container carriers (ULCCs).

Jeddah Islamic Port is on the Red Sea and the largest port in Saudi Arabia with annual volumes of over 6 million TEUs.

Developing Jeddah Islamic Port will contribute to achieving Saudi Vision 2030. The concession will also be instrumental in facilitating the movement of cargo and greater access to local and international markets.

DP World has operated the South Container Terminal on a lease agreement for more than 20 years.

The new terminal will also have an upgraded capacity of 3.6 million TEU up from 2.4 million TEU, to meet the expected growth demands of the future, and will provide 1,400 jobs.

Sultan Ahmed Bin Sulayem, DP World group chairman and CEO, said: “DP World is honoured to support the kingdom’s 2030 growth vision through this new concession to transform the country into a global logistics hub. We have committed to investing significantly to modernise the Jeddah South Container terminal, which will not only result in greater direct and indirect job creation but also deliver best-in-class efficiency and productivity to the Port’s operations.”

He added: “Beyond the terminal, our ambition is to develop inland connectivity across the Arabian Peninsula between Jeddah and Jebel Ali Port in Dubai, as well as to Saudi Arabia’s cities through smart technology-led logistics, which should support further growth in this strategic hub that connects East-to-West.”

Source:https://www.arabianbusiness.com/transport/436058-dubais-dp-world-set-to-invest-500m-in-jeddah-port-upgrade

Dubai Duty Free sells more than $57m worth of goods over three-day anniversary event

Dubai Duty free sales totalled AED209.48 million ($57.39m) during a three-day sale last week to mark its 36th anniversary, the company said on Monday.

The sale – which saw 25 percent discounts on a wide range of merchandise – began on midnight on December 18 and continued until Friday, December 20.

The 72-hour event generated sales of $13.65m on December 18, $13.5m on December 19, and $30.59m on December 20.

According to Dubai Duty Free, cosmetics was the highest selling category, with sales of $15.02m over the three days. Additionally, $10.29m worth of perfumes was sold, as well as $9.14m worth of watches.

“The anniversary celebrations spread over three days were fantastic and received positive results across all the concourses,” said Dubai Duty Free executive vice chairman and CEO Colm McLoughlin. “I would like to thank everyone, in particular thanks to our customers and our staff who did a great job in serving the high number of passengers.”

During the sale period, Dubai Duty Free’s distribution centre issued 2,532 pallets of merchandise and conducted 240 trips from the warehouse to the airport. The highest number of pallets was issued on December 19, with 931 delivered in 88 trips.

The three-day period saw cash registers record a total of 358,523 sales transactions, with 190,208 transactions alone recorded on December 20.

The event also saw a number of events held at the airports, in addition to AED85,000 in cash prizes for staff members.

Dubai Duty Free also announced that of the original 100 staff who joined Dubai Duty Free in December 1983, 25 remain in active service and are referred to as the ‘pioneers’.

Sourece:https://www.arabianbusiness.com/retail/435987-dubai-duty-free-sells-over-57m-worth-of-goods-over-three-day-anniversary-event

Saudi gifts retailer secures $5.6m funding for expansion

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Dokkan Afkar, a Saudi-based e-commerce marketplace dedicated to selling homegrown and innovative gadgets, gizmos and gifts, has closed a SR19 million ($5.6m) Series B funding round, led by the Business Incubators and Accelerators Company (BIAC).

The Series B funding round was joined by existing investors – Riyad TAQNIA Fund, the Saudi Venture Capital Company (SVC) – along with a number of local investors, including Mishal Ali Reda, who has invested in the start-up’s third consecutive funding round.

Dokkan Afkar said it plans to use the new capital to continue its growth and expansion throughout the Middle East, focusing on increasing its products and product inventory with the vision of attracting a larger and more diverse customer base.

The company added in a statement that it will also add new creative talent and suppliers to support its various department categories, as well as offer several employment opportunities for Saudi youth.

“We have learned a lot over the past six years, and have been progressing and moving from one success to another,” said Dokkan Afkar co-founder and CEO, Ammar Waganah.

“We now look forward to moving towards our next phase of the business, which is expanding into the rest of the Arab region, followed by entering into a number of international markets. We’re immensely proud that Dokkan Afkar is one of Saudi Arabia’s leading start-ups dedicated to promoting a vibrant e-commerce ecosystem that is in line with the kingdom’s Vision 2030 plan,” he added.

Nawaf Al Sahhaf, CEO of the Business Incubators and Accelerators Company, added that the success of the latest funding round is a result of Dokkan Afkar’s exemplary growth over the past few years, which has strengthened the position of the brand in the region’s growing e-commerce sector.

Established in 2013, Dokkan Afkar – which translates into Shop of Ideas – is an online retail service with a strong focus on promoting local homegrown creative talent and suppliers.

Source:https://www.arabianbusiness.com/retail/435240-saudi-gifts-retailer-secures-56m-funding-for-expansion

Saudi Aramco completes $1.2bn deal for Hyundai Oilbank stake

Saudi Arabian Oil Company, better known as Saudi Aramco, has completed the acquisition of 17 percent of Hyundai Oilbank from Hyundai Heavy Industries Holdings, for about $1.2 billion.

The completion of the deal, through its subsidiary Aramco Overseas Company, follows receipt of all necessary regulatory consents and approvals.

According to a statement, the investment in South Korea’s Hyundai Oilbank supports Aramco’s downstream growth strategy of expanding its global footprint in key markets in profitable integrated refining, chemicals and marketing businesses.

Hyundai Oilbank is a private oil refining company established in 1964.

The Daesan Complex, where Hyundai Oilbank’s major facilities are located, is a fully integrated refining plant with a processing capacity of 650,000 barrels per day.

The business portfolio of Hyundai Oilbank and its five subsidiaries includes oil refining, base oil, petrochemicals and a network of gas stations.

Source:https://www.arabianbusiness.com/energy/435617-saudi-aramco-completes-12bn-for-hyundai-oilbank-stake

DAFZA Company Setup Regulations

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As detailed on the free zone’s website, DAFZA company setup regulations are as follows:

“The laws applicable to Dubai Airport Free Zone are set out in Dubai Law No 25 of 2009 (Concerning Dubai International Airport Free Zone). These rules and regulations state that every business in Dubai must have a legitimate formation and be registered, have a minimum share capital, a name ending with FZE, details of ownership, and an owner’s declaration.

Also, it must have a registered office, a sign-name plate, business letters, shares, proof of share transfer, directors and a secretary in place. In addition, it should carry out directors’ meetings, have objects, a seal, contracts, sufficient accounting records, clear distribution channels and sufficient funds. We keep these rules and regulations in check to help you while registering a business in Dubai. Moreover, we will appoint an investigating power to monitor services. We also have the power to revoke the registration of any company.”

Understanding DAFZA Company Setup Costs

There are several components to the DAFZA company formation cost. The number of visas you require, the type of premises you need, your license type and many other factors will have a bearing on the total price.

For example, a service or industrial license is likely to cost in the region of AED 15,000 per year while a general trading license could cost in excess of AED 50,000 per year. On top of this, you will also be required to make a one-off registration payment in the region of AED 7,000.

For a more detailed breakdown of the costs, it’s best to talk to a company formation expert who can build a tailored quote for you.

Starting Your DAFZA Business

Wherever you choose to set up, getting the right guidance beforehand is key. That’s why it’s always advisable to undertake the steps with the assistance of a registered company formations agent to eliminate any potential hassles that might arise.

With more than 15 years of experience in company incorporation, Worldwide Formations can help you get your business up and running within a matter of weeks. We’ll manage the entire process on your behalf and correspond with all relevant authorities for you. All you need to do is wait for the green light to start doing business.

Source:https://worldwideformations.com/dafza-comapny-setup-explained/https://worldwideformations.com/dafza-comapny-setup-explained/