Transport UAE firm to open $136.2m spare parts hub in Jafza By Pramod Kumar August 8, 2023, 5:36 AM WAM The lease was signed by Ahmed Juma Ahli, CEO, Neweast General Trading and Abdulla Al Hashmi, COO, Parks and Zones, DP World UAE UAE-based Neweast General Trading has leased land at Jebel Ali Free Zone (Jafza) to set up the largest spare parts distribution hub in the Middle East and Africa. Electric car sales on the charge due to UAE policy Lucid to start manufacturing in Saudi next month The company plans to invest AED500 million ($136.2 million) to transform the 165,000 sq m space at the free zone. Construction of the new hub is on track, with completion expected by October 2024, state-run Wam news agency reported. The facility will support efficient order fulfilment and delivery for more than 160 premium brands in the region. Neweast will distribute a range of automotive spare parts for various vehicles, including passenger cars, vans, buses, trucks, trailers and heavy equipment. The company plans to hire additional employees to support the expansion, expecting a 50-percent increase in their current workforce of 500 across seven branches in the Middle East.
Tax Income tax ‘not on the table’ says UAE minister The UAE has no plans to introduce income tax, economy minister Abdulla bin Touq Al Marri has said, dismissing speculation the country was in discussions to end its traditional tax-free status. Speaking at the World Economic Forum in Davos, the minister also criticised the EU for keeping the Gulf nation on its blacklist of countries […] 4 hours ago
Energy Abu Dhabi’s Phoenix Group signs Ethiopian power deal Abu Dhabi-based technology conglomerate Phoenix Group has acquired an 80 megawatt (MW) power purchase agreement (PPA) in Ethiopia. It follows just weeks after the company launched a 50MW cryptocurrency mining facility in North Dakota in the US. A PPA is usually a long-term electricity supply agreement. The deal, secured in partnership with UAE cybersecurity company […] 4 hours ago
Tax Kuwait expects tax income to soar by 79% Kuwait expects its tax income to soar by nearly 79 percent annually when all taxes take effect within an International Monetary Fund-proposed tax reform programme. In a report published on Wednesday, the Arabic language daily Alqabas said taxes are projected to fetch Kuwait around 613 million dinars ($2 billion) in its 2024-2025 budget, which started […] 4 hours ago
Tech Elm buys PIF’s technology unit for $907m Saudi Arabia’s Elm Company has agreed to buy Thiqah Business Service Company, a wholly owned unit of the Public Investment Fund (PIF), for SAR3.4 billion ($906 million). Elm says the buyout will support its growth in the digital services space, localise technology and drive innovation. The completion of the acquisition will be subject to obtaining regulatory […] 3 hours ago
