| | Weekly business and foreign investment news roundup in Asia by Asia Briefing and Dezan Shira & Associates. |
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| | | | Following the recent decision by the US Federal Reserve to lower its benchmark interest rate by 50 basis points, the Central Banks in the UAE, Saudi Arabia, Qatar, Bahrain, and Kuwait have similarly adjusted their rates to maintain monetary stability and support economic growth. | | | | | The UAE’s National In-Country Value (ICV) program fosters local economic growth by encouraging investments, employment of Emiratis, and sourcing from domestic suppliers, benefiting over 3,000 companies and contributing significantly to the economy. Certified businesses gain access to government contracts and enhance their competitiveness in the market. | | | | | The UAE has mandated that, starting January 2025, private joint-stock companies must allocate at least one board seat to women, aiming to increase female representation in leadership roles. This new regulation extends the 2021 requirement for public joint-stock companies, furthering the UAE's commitment to gender diversity in corporate governance. | | | | | Oman, through Invest Oman, has launched strategic investment opportunities worth over OMR 166 million (US$430 million) in the manufacturing sector. Aligned with Oman Vision 2040, the initiative seeks to attract foreign direct investment into high-growth sectors like renewable energy, technology, AI, tourism, the circular economy, and food security. | | | | | Egypt is reforming its tax system to create a more business-friendly environment. Key measures include a simplified tax regime for small businesses, penalty-free tax return amendments for 2021-2023, and higher thresholds for transfer pricing studies to ease compliance for international companies. The government is also enhancing VAT refunds and implementing a risk-based tax inspection system to streamline tax administration and promote investment. |
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COMPLIMENTARY BUSINESS RESOURCES: |  | | | | | As Vietnam boosts its global trade role, this Vietnam Briefing edition covers key import-export regulations, customs procedures, on-spot export regimes, and VAT rules, along with insights on documentation, processing times, and VAT refunds. | | | | | This issue of ASEAN Briefing offers an overview of Indonesia's labor market, covering local employment laws, key trends, and emerging sectors, providing insights into workforce dynamics and opportunities in the country. | | | | | India's service sector drives growth and attracts FDI with its market potential, skilled labor, and policies. This issue explores performance, key FDI segments, and strategies for foreign firms. |
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UPCOMING EVENTS FOR ASIA: | | | Webinar | Tuesday, October 15, 2024 | 4:00 PM China / 3:00 PM Vietnam / 10:00 AM CEST / 9:00 AM UK | | | | | Webinar | Thursday, October 17, 2024 | 9:00 AM Los Angeles / 12:00 PM New York / 6:00 PM Brussels | | | | | Hybrid | Friday, October 25, 2024 | 16:00-18:00 China time / 9:00-11:00 CET time |
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