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Damascene fees imposed on Jordanian trucks
The Syrian government is to impose fees on Jordanian
trucks entering the country, similar to fees imposed by the Jordanian
side on Syrian trucks in implementation of the similar treatment
scenario.
The Syrian Ministry of Transport stressed the decision is interim
and will be canceled should Jordan lower fees.
Syrian olive sector set to pick up
Through a e1.9 million grant offered by the Italian government,
the Syrian olive oil industry is set to develop further, the Ministry
of Agriculture announced.
Syria, a member of the International Council for Olive Oil, has
74 million olive trees on 517,000 hectares and produced 726 tons
of olive oil during the last two seasons.
Bush signs U.S.-Morocco FTA
US president George W. Bush has signed the implementation act of
the Morocco-US free trade agreement, signed by the two countries
in June and approved by the US congress and House of Representatives
at the end of July.
The Morocco-US FTA is the first agreement of its kind concluded
by the US with an African country and the second one with an Arab
country, after Jordan.
Kuwait to buy three oil tankers
The Kuwaiti Oil Company finalized a $182 million contract with the
South Korean Hyundai Heffy Industries to purchase three new oil
tankers, one week after requesting four other oil tankers. The company,
one of the largest oil transport companies in the world, previously
signed a purchase contract for four giant oil tankers – two
for transporting oil and two for transporting gas – at a cost
of $360 million.
Saudi imposes income tax on foreign firms
Saudi Arabia has imposed a new income-tax procedure effective July
30 affecting foreign individuals, non-resident nationals and foreign
companies with activities in the kingdom.
The law, which reduced from 45 percent to 20 percent the tax rate
ceiling prescribed on foreign trade activities, states that the
tax is not to exceed 85 percent of the profits of the gas and oil
projects.
Lebanese pound holds steady
The Lebanese pound remained flat in August with traders reporting
a quiet market and heightened dollar supply from the seasonal pick-up
in tourism, according to the Daily Star.
The pound was unchanged at around 1.514 to the dollar, the bottom
end of the 1.501-1.514 intervention band that the central bank has
maintained for several years. Lebanon’s currency has come under
intense pressure due to worries about the country’s ability
to service its public debt, which is equivalent to around 185 percent
of GDP.
Saudi businesswomen active investors
The Saudi Ministry of Trade & Industry says that around 27,000
businesswomen, including 8,000 in Riyadh, are listed on the ministry’s
commercial and industrial registry of investment for a total of
around 2 billion riyals ($533 million). The ministry, currently
creating an industrial city for women, reported that the volume
of women’s capital in the country is estimated at around 60
billion riyals and constitutes around 70 percent of the savings
in Saudi banks.
Libya, WTO to negotiate
The World Trade Organization members have unanimously agreed to
allow Libya to start negotiations to join the body that sets global
rules on international trade after the US dropped its opposition
to the move after resuming diplomatic relations with the country.
Libya first applied for membership in December 2001, but the issue
has never been put to the WTO before because it was clear that the
US would block the request. Under WTO rules, all decisions are made
by consensus of the group’s 147 members.
Libya offers post-sanctions oil licenses
For the first time since the mid-1980s, US oil companies will be
able to bid against European rivals for Libyan exploration and production-sharing
agreements. Bids are due January 10 and agreements may be signed
later that month, the state-owned National Oil Corporation said
on its website.
Libya produces 1.6 million barrels of crude oil per day and is eager
for foreign investment to boost revenue from oil exports in competition
with other members of the Organization of the Petroleum Exporting
Countries such as Nigeria, Algeria and Iraq.
Swiss impose fees on Israeli settlement
products
The Swiss Ministry of Economic Affairs announced the country will
temporarily impose fees on Israeli exports suspected to have originated
from settlements built on Palestinian land. The fees will be held
until the source is ascertained.
Israeli exports to Switzerland are exempted from customs fees
with the exception of those produced in settlements established
on the lands occupied in 1967. A ministry spokeswoman said it is
very difficult to clarify the origin of some products and indicated
that the Israeli replies to customs queries are often incomplete
and unclear.
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