Ajman Department of Finance and FTA sign MoU to ensure information security and confidentiality

AJMAN: The Ajman Department of Finance and the Federal Tax Authority (FTA) have signed a Memorandum of Understanding (MoU) regarding the rules and standards for disclosing information held by the Authority or its employees.

The MoU aims to strengthen supervisory procedures to ensure that information security and confidentiality are maintained in accordance with best practices in the field.

The agreement was signed by Marwan Ahmed Al Ali, Director General of the Ajman Department of Finance, and Khaled Ali Al Bustani, Director General of the FTA.

The MoU falls within the framework of strengthening cooperation and establishing a tax environment that encourages compliance with the best standards of governance and transparency. It also ensures adherence to legislation regulating the disclosure of information.

Following the signing, Marwan Al Ali emphasised that the department is committed to boosting cooperation with various local and federal government agencies for the mutual benefit of all, thereby enhancing
the competitiveness of the emirate and the UAE. He noted that the agreement represents a positive step towards strengthening the strategic cooperation between the Department of Finance and the Federal Tax Authority.

Khaled Al Bustani stated that the MoU provides a legal framework for exchanging information with clarity and accuracy. This contributes to strengthening cooperation between the Authority and the Department based on the best institutional standards and consolidating coordination in areas of common interest. He noted that these efforts are in line with the Authority’s plans to maintain a tax environment that encourages compliance and stressed the Authority’s ongoing commitment to strengthening strategic partnerships with the relevant government and private authorities for their pivotal role in ensuring the successful implementation of the tax system.

Source: Emirates News Agency

The Minister of Oil announces an increase and improvement in gasoline production to cover the local need and a gradual shift towards export

Baghdad, Deputy Prime Minister and Minister of Oil confirmed today that the escalation of refining capacities contributes to the gradual shift from import to export, announcing an increase and improvement in gasoline production to cover the local need and a gradual shift towards export.

During his field visit to the Central Refineries Company, Hayyan Abdel-Ghani pointed out: ‘The achievements achieved in the refinery sector and the success of the Ministry and the companies concerned with implementing and opening a number of important projects contributed to achieving a qualitative addition to national production.’

Abdul Ghani said that sincere efforts have contributed to adding (360) thousand barrels per day to refining capacity during a year and a half of the government’s life, praising the completion and operation of the agglomeration units in the refinery companies in the south with a capacity of one million and 300 thousand liters, the middle with a capacity of (750) thousand liters, and the north with
a capacity of (20) thousand liters, which contributes to increasing and improving gasoline production, and covering the local need in addition to other projects, and then gradually shifting towards export.

Source: National Iraqi News Agency

UAEAA and ESCD sign cooperation MoU

ABU DHABI: The UAE Accountability Authority (UAEAA) and the Economic Security Center of Dubai (ESCD) signed a Memorandum of Understanding (MoU) today, aiming to enhance strategic cooperation in the fields of integrity and the protection of public resources.

The MoU was signed by Mohammed Rashid Al Zaabi, Head of the Control and Audit Sector at the UAEAA, and Faisal Yousuf Sulaitin, Executive Director of the ESCD.

The memorandum, signed at the authority’s headquarters in Abu Dhabi, aims to provide a joint framework focused on addressing financial and administrative violations and exchanging expertise and information between the two parties.

This cooperation aligns with the vision of the wise leadership, which emphasises the importance of coordination to prevent practices that could harm the national economy.

Source: Emirates News Agency

Euro area international trade in goods surplus hit pound 24.1 bn in March

BRUSSELS: The first estimates of euro area balance showed a pound 24.1 bn surplus in trade in goods with the rest of the world in March 2024, compared with +pound 19.1 bn in March 2023, according to Eurostat, the statistical office of the European Union.

The euro area exports of goods to the rest of the world in March 2024 were pound 245.4 billion, a decrease of 9.2% compared with March 2023 (pound 270.4 bn). Imports from the rest of the world stood at pound 221.3 bn, a fall of 12.0% compared with March 2023 (pound 251.4 bn).

In March 2024 compared to February 2024, there was very little change in the composition of the trade balance by product. The only significant change was an increase in the surplus for ‘chemicals’ from pound 19.3bn in February to pound 23.3bn in March. As a result, the overall surplus increased.

In January to March 2024, the euro area recorded a surplus of pound 57.5 bn, compared with pound -9.4 bn in January-March 2023. The euro area exports of goods to the rest of the world fell to
pound 705.0 bn (a decrease of 3.2% compared with January-March 2023), and imports fell to pound 647.5 bn (a decrease of 12.3% compared with January-March 2023). Intra-euro area trade fell to pound 650.8 bn in January-March 2024, down by 8.4% compared with January-March 2023.

The EU balance showed a pound 21.7 bn surplus in trade in goods with the rest of the world in March 2024, compared with a pound 17.4 bn surplus in March 2023.

The extra-EU exports of goods in March 2024 was pound 219.6 billion, down by 9.5% compared with March 2023 (pound 242.6 bn).

Imports from the rest of the world stood at pound 197.9 bn, down by 12.1% compared with March 2023 (pound 225.2 bn).

Source: Emirates News Agency

Transport Ministry: Agreement to open new transport lines between Iraq and Saudi Arabia

Baghdad, The Minister of Transport, Razzaq Muhaibas Al-Saadawi, headed a ministerial delegation that included a number of Directors General, participated in the ‘Future of Aviation 2024 Conference’ in the Kingdom of Saudi Arabia, for the period from 20 to 22 May this year.

A statement by the Ministry’s media office said that the Minister headed a delegation that included the Director General of the General Company for Airports and Air Navigation Management, Abbas Al-Baidhani, the Director General of the General Company for Iraqi Airways, Manaf Abdel Moneim Ajel, and a number of officials in the Ministry, to participate in the (Future of Aviation 2024) conference in Riyadh, which witnessed the participation of 120 speakers, they reviewed their expertise on the most prominent issues facing the global aviation sector, including growth and investment, airports and air connectivity, supply chain management and flexibility, shipping and logistics services, air traffic and the future of aviation, technology, digita
l transformation and safety, and others.

The statement stated that, on the sidelines of the conference activities, the Minister met with a number of his counterparts in the Arab region, to discuss ways to enhance joint cooperation and exchange experiences, in a way that contributes to the development of the Iraqi transport sector.

It added: “The Iraqi delegation held several meetings with international officials that reached important results and agreements related to the transport sector, in the presence of the Iraqi Ambassador to the Kingdom of Saudi Arabia, Safiya Al-Suhail.”

It pointed out that during the minister’s meeting with his Saudi counterpart, it was agreed to activate air links between Iraqi and Saudi airports, in light of the increasing demand by citizens in both countries for religious tourism travel between the two countries.

There was also an agreement between Transport Minister Razzaq Muhaibas Al-Saadawi and his Saudi counterpart to activate air links between Iraqi and Saudi airports.

he statement pointed out that the minister said, during his meetings with a number of officials, that the transport sector in Iraq is witnessing a major development and, noting that the aviation sector has recently witnessed a recovery at the level of services at airports, and the demand of travelers for the Iraqi national carrier, which has expanded its travel destinations, and is still continuing its efforts in this regard.

Source: National Iraqi News Agency

ADX logs large direct deal on ADNOC Gas worth AED45.7 million

ABU DHABI: The Abu Dhabi Securities Exchange (ADX) saw today a large direct deal executed on the stock of ADNOC Gas plc.

According to market data, the trade was executed on 15 million shares with a value of AED45.7 million at an execution price of AED3.05 per share.

Large Direct transactions are deals executed outside the order book and do not affect the closing price of the company’s shares or the price index. They also do not affect the highest and lowest prices executed during the session and over the past 52 weeks

Source: Emirates News Agency