Ammon News, Business

Tax evasion costs Gov't JD650mln annually, Deputy PM says

[8/13/2018 4:29:09 PM]

AMMONNEWS - The annual tax avoidance value cases is close to JD650 million, 38 per cent of which goes to sales tax evasion, Deputy Prime Minister and Minister of State Rajai Muasher said on Monday. The minister's remarks came during a meeting with heads of civil society and human rights institutions. He said the government was in the process of developing an inherently stable Income Tax Law through dialogue with various concerned parties. The new legislation would take into account the tax brackets, set a clear definition of tax evasion and those involved in it, Muasher told the meeting. The attendees recommended a stable tax law, improved tax administration and to endorse legislation that harmonize with various Jordanian families.

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Egypt, Jordan probe boosting petroleum cooperation

[8/9/2018 3:59:51 AM]

AMMONNEWS - Petroleum Minister Tareq el Mulla discussed with Jordanian Minister of Energy and Mineral Resources Hala Zawati means of promoting the fruitful cooperation between both countries in oil and gas fields. The Jordanian minister visited GASCO, Petrojet and Enppi companies, which are key pillars of the petroleum sector, where she was briefed on the capabilities of these Egyptian firms as well as the latest technologies they use in the petroleum and natural gas domains, a statement by the Petroleum Ministry said on Wednesday. *Egypt Today

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Millennium Hotels & Resorts launches ‘TooMooH’

[8/7/2018 5:08:58 PM]

AMMONNEWS - Millennium Hotels and Resorts, Middle East and Africa (MEA) launches ‘TooMooH’ – a concerted, consistent programme to accelerate nationalisation and be an active contributor to the vision and initiative of GCC countries. Established to meet the rapidly expanding needs of the Millennium Hotels and Resorts MEA brand across the region. ‘TooMooH’ will, integrate Nationals in the private sector and offer increased opportunities in the hospitality industry. This programme will bring to life all the career goals of our GCC National colleagues that have ambition and a ‘can-do’ attitude with an emphasis on enhancing their development and skill set.‘TooMooH’means ‘ambition’ in Arabic. On track to have 100 hotels across the Middle East by 2020, the programme reflects Millennium Hotels and Resorts (MEA), vision to have an active role in the advancement of GCC National involvement in the region’s burgeoning travel industry. ‘TooMooH’ is a comprehensive, four tier, National development programme focusing on the advancement of fresh graduates, executives and leaders. Millennium Hotels and Resorts (MEA) will be initiating the first tier of the programme with the launch of the ‘TooMooH’Executive Development Programme (TEDP), designed for selected colleagues that have potential to assume managerial positions upon successful completion of the programme. TEDP is an eighteen month talent development programme, where each candidate will have a personal coach and a mentor who will help the candidates to refine their job knowledge and prepare them mentally and emotionally to lead the department. Mr. Ali Hamad LakhraimAlzaabi, President & CEO of Millennium Hotel & Resorts (MEA) said, “I firmly believe that ‘TooMooH’is an excellent opportunity to give back to the community where we are present; therefore, through this programme, we are looking forward to contributing to the vision of GCC countries by unlocking the potential of GCC Nationals and enabling them to be a driving force of their country’s economic development. It gives me great pride to launch this programme, and I’m confident that we will be able to mentor deserving ‘TooMooH’ candidates towards their path to success.” About Millennium Hotels & Resorts Millennium Hotels & Resorts plc is a dynamic, global hotel company, which owns, asset manages and/or operates over 120 hotels worldwide. With almost 40,000 rooms worldwide, the company is present on all continents with a portfolio of brands which serve different market segments, representing quality and value in every class. From a single property in Abu Dhabi, Millennium Hotels & Resorts, Middle East & Africa has expanded into various neighbouring destinations and is now recognised as one of the fastest growing regional hotel management companies in the Middle East & Africa. Along the way, the company has cultivated partnerships with reputable and respected owners. Millennium Hotels & Resorts currently operates 35 hotels, has 11 hotels due to open within the next year and 40 hotels in the pipeline across the region.

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Jordan, Qatar discuss economic ties

[8/7/2018 4:53:41 PM]

AMMONNEWS - Minister of State for Investment Affairs and head of the Jordan Investment Commission (JIC) Muhannad Shehadeh discussed in Doha with Qatari Prime Minister and Interior Minister Sheikh Abdullah Bin Nasser Bin Khalifa Al Thani, means to forge closer cooperation between Jordan and Qatar, mainly in the investment field. A statement by the JIC on Tuesday said Shehadeh met with Qatari Deputy Prime Minister and Foreign Minister Sheikh Mohammad Bin Abdul Rahman Al Thani and Finance Minister Ali Sharif Al Emadi , and discussed means to increase Qatari investments in the Kingdom as part of package of investments in infrastructure projects in Jordan valued at $500 million that was ordered by the Emir of Qatar Sheikh Tamim Bin Hamad Al Thani two months ago. The minister pointed out that a number of projects have been presented in a number of different sectors with a focus on energy and tourism. Shehadeh explained that these projects will provide job opportunities for Jordanians as it is the first challenge to the Jordanian government. "The Jordan Investment Commission welcomes any foreign investment projects that will help in achieving economic growth and combating unemployment," Shehadeh said. Qatar announced last June that it would provide 10,000 jobs for Jordanians in the Gulf state, in addition to a package of investments in infrastructure projects in Jordan valued at $500 million.

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Amman Bourse opens trading with drop

[8/7/2018 5:05:06 AM]

AMMONNEWS - The Amman Stock Exchange(ASE) on Tuesday opened trading with a drop to 2002 points from its yesterday's closure of 2010 points. The market index fluctuated in the first 15 minutes of today's session between 2002 points and 2012 points with a trading volume of JD 1.3 million.

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Cabinet to license oil marketing companies

[8/6/2018 3:45:43 PM]

AMMONNEWS - The Cabinet decided on Monday to approve the opening of the oil market to license two new marketing companies for the distribution of oil derivatives in the Kingdom. During a meeting chaired by Prime Minister Omar Razzaz, The Council of Ministers decided to assign the Energy and Minerals Regulatory Commission (EMRC) to license the two companies and determine the license value, after meeting all the requirements in this regard. The decision stipulates that any applications of new marketing companies shall be considered by EMRC in accordance with market needs and based on the requirements of the license.

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Aramex Net Profit Surges 26% in Q2 2018

[8/5/2018 1:00:41 PM]

AMMONNEWS - the leading global provider of comprehensive logistics and transportation solutions, today announced its financial results for the second quarter and first half year ended 30th June 2018. Aramex’s Q2 2018 net profit surged by 26% to AED 122 million, compared to AED 97 million in Q2 2017, and the company’s net profit in the first half of 2018 increased by 20% to AED 225.7 million, compared to AED 188.7 million for the same period of 2017. Revenues for the quarter rose by 7% to AED 1,232 million, compared to AED 1,147 million in the corresponding period of 2017. H1 2018 revenue reached AED 2,422 million, up by 7% compared to AED 2,253 million in the same period 2017. Commenting on the results, Bashar Obeid, Chief Executive Officer of Aramex, said: “We are extremely pleased with our results this quarter, which are attributed to the increase in demand for our services across most of our businesses and to our restructuring efforts. We continue to witness a boom in the global e-commerce market, and have been able to reap the benefits of that trend by boosting our investments in last-mile delivery solutionswhile enhancing our service levels. We also hadencouraging growth in our Freight Forwarding services specifically from the Oil and Gas segment, which enjoyed a double-digit growth this quarter. Moving forward, we will continue to deliver on our digital transformation strategy. We are confident our efforts will reflect positively on our financial performance while enabling us to drive efficiencies and improve our processes by trimming costs and becoming leaner, which will ultimately enhance the customer experience and expand our bottom line.” Iyad Kamal, Chief Operating Officer at Aramex, added: “We are very proud of the progress we have made this year in enhancing our service levels and efficiently meeting the last-mile capacity needs of our clients globally. This year, we have significantly improved our service levels and transit times both, globally and regionally, which is a direct reflection of our investments in delivery capabilities and entering into strong, strategic partnerships to upgrade our services in Europe and the Americas. Innovation, which is a key pillar of our strategy, continues to drive solutions across the company’s operations to boost customer experience and maximize efficiencies. Q2 2018 Performance: Aramex's International Expresswitnessed excellent growth in Q2, up by 10% to AED 528 million compared to the prior year period. This strong performance is mainly attributed to the continued growth in cross-border e-commerce across the company’s key markets in the Middle East, Africa, and Europe. Aramex’s operations in Southeast Asia is diversifying well in terms of acquiring new customers, which are targeting online shoppers in the Middle East, despite the lower than expected performance this quarter. In Q2, theDomestic Express business grew 6% to AED 262 million, compared to Q2 2017. E-commerce continues to fuel double-digit growth in most of Aramex’s core markets, namely: Saudi Arabia, UAE and Africa. The strong growth in Domestic Express was negatively impacted by the drop in business from the company’s operations in India. Aramex's Freight-Forwarding business rose by 1%, to AED 296 million, where most of the growth was contributed by strong demand from Oil and Gas customers. The company’s Logistics and Supply Chain Management business increased by 16% to AED 73 million. The growth is attributable to the growth of business across all regions, mainly UAE, KSA, North Africa and Singapore. HY1 2018 Performance: Aramex's International Express business grew by 10% to AED 1,028 million, due to the strong growth in cross-border e-commerce across most regions. Domestic Express business grew 8% to reach AED 527 million, which was attributed to the continuous growth of domestic e-commerce across most markets, especially in the GCC. Growth in the Oil and Gas business across most regions, mainly GCC and Africa, together with a strong performance in Asia helped Aramex's Freight-Forwarding business rise by 2% to AED 579 million. Aramex’s Logistics and Supply Chain Management business increased by 13% to AED 142 million, as a result of the growth of business in key markets, most notably UAE, KSA, North Africa and Singapore. Commenting on Aramex’s outlook for the remainder of 2018, Bashar Obeid said: “We are on-track to deliver strong results this year, as we continue to focus on strategic initiatives to transform our business into a technology-driven enterprise and uplift operational efficiencies. While e-commerce continues to drive the growth of our Express business, we are strategically committed to expanding our B2B and Freight Forwarding capabilities to leverage great business opportunities in our markets starting with the Oil and Gas segment.”

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