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Second Italian Arab Business Forum

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SAVE THE DATE! #StrongerTogether!

The Second Italian Arab Business Forum will take place in Rome on October 17, 2018 in the prestigious and modern "Auditorium della Tecnica", at the headquarters of Confindustria.

Logistics & Infrastructures, Innovation, & Digital Economy, Food & Agribusiness...

This year the Second Italian Arab Business Forum will address pivotal topics and sectors in Italian Arab economic relations. The event is a great opportunity for both Italian and Arab companies to share ideas, experiences and information and to foster new partnerships. #StrongerTogether! Learn more.

"Guest Country": United Arab Emirates

The Joint Italian Arab Chamber is proud to receive as Guest Country the United Arab Emirates, the second largest economy in the Arab world, with a gross domestic product (GDP) of $350 billion.

The Emirates have been successfully diversifying the economy and are actively looking to attract new investments. The Dubai Expo 2020 is a pivotal part of this diversification strategy, as it will offer a truly global platform to foster economic relations between the Emirates and the rest of the world.

H.E. Sultan Bin Saeed Al Mansoori will participate in the Forum!

The Joint Italian Arab Chamber of Commerce is proud to announce that H.E. Sultan Bin Saeed Al Mansoori, Minister of Economy of the United Arab Emirates, confirmed his presence to the Second Italian Arab Business Forum as the Keynote Speaker. The Minister will be heading the Emirati delegation to the Forum.

H.E. Sultan Al Mansoori is the Minister of Economy since February 2008 where he is responsible for the development of a wide range economic activities. He is also in charge of spearheading the economic diversification policy. Graduated in Industrial Engineering from Arizona State University and in Computer System from the Institute of Computer Technology, H.E. Sultan Al Mansoori previously held a number of ministerial posts such as Minister of Transport and Minister of Government Sector Development.

Our Members in the Arab world!

A new international practice and a new cooperation in Egypt for BonelliErede

BonelliErede strengthens its capability to assist Italian and international companies operating in Africa and the Middle East, starting the cooperation with Ziad Bahaa-Eldin and his Egyptian local team. Ziad Bahaa-Eldin, 54, is an Egyptian lawyer, economist and writer. From 2004 to 2007 he was the Chairman of the Egyptian Investment Authority and in 2008 he became the head of the Egyptian Financial Supervisory Authority. In 2012 he was elected as member of Parliament, and from 2013 to 2014 he was deputy Prime Minister and Minister of International Cooperation in Egypt.

News from the Arab world

Arabia Saudita-Italia: nuova commessa per Fincantieri Marinette Marine

Il Governo degli Stati Uniti ha assegnato al consorzio guidato da Lockheed Martin, del quale fa parte Fincantieri Marinette Marine (FMM), un ordine come anticipo sul contratto di Foreign Military Sales per la costruzione di quattro unità "Multi-Mission Surface Combatants" (MMSC) destinate all'Arabia Saudita.

Qatar-Italia: visita di Assoporti a Doha

Una delegazione di Assoporti si è recata a Doha, invitata dall’Italian Trade Agency di Doha e dal ministero dei Trasporti del Qatar, per avviare quanto previsto dal protocollo di collaborazione sottoscritto tra le parti a Roma il 15 gennaio.

Algeria: Italia primo cliente e terzo fornitore

Nel primo semestre di quest’anno l’Italia si è confermata primo cliente e terzo Paese fornitore dell’Algeria.

Italia-Arabia Saudita: le opportunità per Elettronica S.p.A.

Elettronica S.p.A., azienda specializzata in electronic warfare, ha presentato la prima contromisura europea basata su laser a caduta quantica. L'attenzione è comunque rivolta ai mercati internazionali, con Riad in testa. Discussione con il Chief Sales Officer di Elettronica Alessandro Ercolani.

Marocco: nasce forum intelligence economica africana

Si è tenuta a Casablanca l’assemblea generale costitutiva del Forum d'intelligence economica africana.

Emirati: a Dubai la fattoria verticale più grande del mondo

Sarà costruita a Dubai la fattoria verticale più grande del mondo. La costruzione inizierà il prossimo novembre.

Libia-Italia: cooperazione su pesca con il Friuli Venezia Giulia

L'obiettivo è rafforzare, in un quadro di cooperazione decentrata, i rapporti istituzionali tra il Friuli Venezia Giulia e le più importanti municipalità libiche quali Tripoli, Tobruk, Bengasi, Harawa e il territorio del Golfo della Sirte, sostenendo lo sviluppo della pesca e, di conseguenza, la coesione sociale.

News from Italy

Euro-Mediterranean Assembly permanent seat in Rome

European Parliament President Antonio Tajani and Vice President David Sassoli welcome the Euro-Mediterranean Assembly decision to establish its permanent seat in Rome.

US crude oil floods into Italy as Libyan supplies falter

Italy’s imports of US crude oil vaulted to a record in June after attacks by armed groups shuttered two major Libyan oil ports and cut off most deliveries from the OPEC country, a key supplier to Europe, according to Thomson Reuters trade flow data and shipping intelligence firm Kpler.

Foreign holdings of Italian bonds rose to 720.7 bln euros

Foreign investors increased their holdings of Italian government bonds in April, according to the Bank of Italy.

Italy proposes 50 billion euros of extra spending on investments

European Affairs Minister Paolo Savona proposed on Monday that Italy should boost investments by about 50 billion euros ($58 billion) and called on the EU to back the plan instead of insisting on deficit reduction.

JIACC's Tax Commission

Special Tax Insight n°3!

JIACC's TAx Commission released a comprehensive Tax Insight about E-Commerce and VAT in the United Aarab Emirates and in Saudi Arabia. This Tax Insight was made in collaboration with Tamimi & Co.

The Tax Commission is at your disposal for further insights and support at: info@jiac.it.

To read the full Tax Insight n°3

KSA / GAZT VAT paid by government for first house:

GAZT issued a clarification on the royal decree related to the refund of VAT by the government for Saudi citizens.

GAZT in coordination with the Ministry of Housing lunched a portal to issue the exemption certificates for Saudi citizens who want to own first house and meet all the conditions to get the exemption from VAT on the house. Amongst others the VAT cannot exceed 850K SAR.

Author: Hany Elnaggar, Head of Tax for Saudi & Egypt region – REMA at Ericsson

Egypt / Online tax filling

The Egyptian Tax Authority started to send letters to tax payers notifying them that starting from October 2018 they will start online filing instead of manual filling.

Taxpayers need now to approach Tax Authority to create usernames and passwords and start to complete the required information online before th filing of the first declaration.

For more info contact info@jiac.it

Author: Hany Elnaggar, Head of Tax for Saudi & Egypt region – REMA at Ericsson

UAE / FTA expands the list of Designated Zones

The UAE has amended the list of Designated Zones that are treated “as being outside the” mainland UAE for VAT purposes (for more information see Hull/Scalia, GCC VAT International Goods and Hull/Scalia, International Services both in International VAT Monitor Issues 2 and 3 of 2018).

The following three have been added to the current list:

• Al Ain International Airport Free Zone (Abu Dhabi);

• Al Bateen Executive Airport Free Zone (Abu Dhabi); and

• International Humanitarian City (Jebel Ali in Dubai).

The list of Designated Zones now comprises the following 23 Free Zones:

Abu Dhabi

1) Free Trade Zone of Khalifa Port; 2) Abu Dhabi Airport Free Zone; 3) Khalifa Industrial Zone; 4) Al Ain International Airport Free Zone (New); 5) Al Bateen Executive Airport Free Zone (New); 6) Jebel Ali Free Zone (North-South)

Dubai

7) Dubai Cars and Automotive Zone (DUCAMZ); 8) Dubai Textile City; 9) Free Zone Area in Al Quoz

10) Free Zone Area in Al Qusais; 11) Dubai Aviation City; 12) Dubai Airport Free Zone; 13) International Humanitarian City – Jebel Ali (New); 14) Hamriyah Free Zone

Sharjah

15) Sharjah Airport International Free Zone;

Ajman

16) Ajman Free Zone Ajman

Umm Al Quwain

17) Umm Al Quwain Free Trade Zone (Ahmed Bin Rashid Port); 18) Umm Al Quwain Free Trade Zone (Sheikh Md Bin Zayed Road)

Ras Al Khaimah

19) RAK Free Trade Zone; 20) RAK Maritime City Free Zone; 21) RAK Airport Free Zone

Fujairah

22) Fujairah Free Zone Fujairah; 23) FOIZ (Fujairah Oil Industry Zone);

The listing process implies that some of the taxable persons registered for VAT purpose may de-register for the future.

For more information and assistance, contact: info@jiac.it

Author: Roberto Scalia, Chairman JIACC Tax Commission

UAE / Update to FTA e-Services

During the third seminar for freight forwarders and customs clearance companies, which was organised by the Federal Tax Authority (FTA) in Dubai, the FTA has revealed details of updates to its electronic services (e-Services) designed to provide a greater number of facilities for ‘customs clearance’ companies that operate under its approval.

Such new developments are intended to simplify registration procedures and enable the easy submission of tax returns.

A team of specialists from the FTA’s Taxpayers’ Services Department reviewed the electronic processes carried out by the FTA to facilitate the work of this important sector.

The Director General of the FTA, HE Khalid Ali Al Bustani, said that the seminar formed part of the FTA's plans to raise the level of tax awareness among business sectors and to ensure continuous communication with employees across all economic activities.

Author: Roberto Scalia, Chairman JIACC Tax Commission