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  ABU DHABI / Emirates Business The 5 Star Marriott Al Forsan Hotel is slated to open in Abu Dhabi later this year. A management agreement was signed between, H.E. Saif Mohammed Al Hajeri, Chairman, Al Forsan Holding, and Mr. Alex Kyriakidis, President and Managing Director of Marriott International, Middle East and Africa in Abu Dhabi. The hotel is located adjacent ...

  Bloomberg At the biggest oil market in the world, crude from Iran is back in vogue. The Persian Gulf state boosted exports to major oil consumers in Asia during the first half of this year, after international sanctions that restricted its supplies were eased in January. Japan’s purchases increased 28 percent, India bought 63 percent more, South Korea’s imports ...

Reuters Iraq is negotiating with Exxon Mobil Corp. and Petrochina Co. to develop two oil fields in the south of the country as it seeks to maintain overall production at about 4.8 million barrels a day for the rest of 2016, Deputy Oil Minister Fayyad Al-Nima said. The companies have submitted offers to develop the Artawi and Nahran Omar fields, ...

  TNS Bahrain residents must prepare for a spike in inflation as value-added tax (VAT) gets rolled out, experts have said. GCC states are expected to adopt VAT of up to five per cent from 2018 applying to most goods and services with basic food items, healthcare and education being exempted. The exact date of implementation is not yet known ...

  TNS As much as BD165,000 can be saved a year as part of a new water and energy consumption campaign. It will initially focus on five-star hotels and aim to reduce consumption by three per cent in the next year. The campaign was launched by the Electricity and Water Authority (EWA) in partnership with Bahrain Tourism and Exhibition Authority ...

  Reuters OPEC member Algeria says it will launch a new “economic growth model” for the next four years focussed on reforming the tax system to bring in more revenue and reduce dependence on energy exports. The plan is part of long-awaited moves to diversify the North African economy away from oil and gas, which account for 95 percent of ...

  Bloomberg India’s monopoly nuclear power producer is again seeking bids for a new project, this time reissuing tenders that aim to ease concern over a liability law that has so far deterred potential developers. State-run Nuclear Power Corp. of India Ltd. has sought bids from domestic equipment manufacturers to build a 1,400 megawatt power plant at Gorakhpur in the ...

  KHOBAR / Reuters Japanese oil refiner TonenGeneral Sekiyu has bought its first oil from Iran since becoming independent from U.S. oil major Exxon Mobil Corp , three industry sources familiar with the matter said. The company bought the Iranian spot cargo through a trading house due to attractive pricing and the shipment arrived Japan earlier this month, the sources ...

  Bloomberg After pouring billions into the battle for ride-hailing supremacy in China, Uber Technologies Inc. and Didi Chuxing finally have a legal green-light in the world’s biggest market. China plans to formally allow the services from November — even though both companies have operated in the country for years. The decision brings clarity to an industry locked in disputes ...

  Bloomberg Prime Minister Narendra Modi’s cabinet met a key opposition demand on proposed legislation that would clear the way for a national sales tax, putting India closer to passing its most ambitious economic reform since the 1990s. The cabinet decided to eliminate an additional 1 percent charge on inter-state sales that was included in a constitutional amendment bill to ...