Economy Egypt to establish company to process VAT refunds to foreigners By Pramod Kumar September 16, 2022, 5:29 AM Creative Commons Core inflation climbed to an annual 18% in September from 16.7% the prior month, shows data from the country's statistics agency. The Egyptian Cabinet has approved the proposal of the Ministry of Finance to establish an Egyptian joint stock company to set up a value-added tax (VAT) refund system, Egypt Today reported. Global Blue Egypt Company will be a joint venture between Global Blue Public Limited and Global Blue Holland Private Limited. The company will implement a VAT refund system for foreign visitors leaving the country. The move is part of the government’s digital transformation strategy. Last month, Egypt’s economy expanded by 6.6 percent in the fiscal year that ended on June 30, as activity recovered after the coronavirus pandemic, before slowing again due to the impact of the war in Ukraine. Planning Minister Hala Al-Saeed said in a statement that the economy surged by 7.8 percent between July and March but that growth fell back to 3.2 percent in the period from April to June.
Energy Sale of enriched uranium announced by Saudi Arabia Saudi Arabia intends to export enriched uranium, the country’s energy minister, Prince Abdulaziz bin Salman, said on Monday. The announcement is the latest indication of Saudi nuclear ambitions. Saudi Arabia has long expressed an interest in developing a nuclear power sector and has engaged in talks with the United States over nuclear cooperation, which were […] 3 hours ago
Business of Sport Qatar Airways signs $97m deal to sponsor new rugby tournament Qatar Airways has agreed a $97 million deal to sponsor the new World Rugby Nations Championship. The eight-year deal will cover the qualifying matches and finals for the first four editions of the rugby union tournament from 2026 to 2034. The agreement is the biggest title sponsorship in international rugby, according to The Guardian. The […] 2 hours ago
Logistics Fall of Assad reopens Syria route to Gulf for Turkey’s truckers The overthrow of the Bashar Al-Assad regime is great news for Turkey’s logistics sector, with hopes that the direct land route to the Gulf region through Syria may soon be re-established. While there will be strong demand for logistics in Syria as the country rebuilds after 13 years of civil war, Turkey’s truckers are looking […] 1 hour ago
Trade End sanctions on Syria, says Saudi Arabia Prince Faisal bin Farhan, Saudi Arabia’s foreign minister, has called for an end to economic sanctions on Syria, as the kingdom looks to repair trade and relations after the overthrow of the Assad regime. Speaking at a ministerial meeting in Riyadh to discuss Syria, Prince Faisal said that “continuing sanctions will hinder the aspirations of […] 3 mins ago
