Full-service carrier Vistara will operate special, non-stop flights between Delhi and Doha from November 19.
The airline will operate its Airbus A320neo twice a week between the two cities, on Thursdays and Sundays, as part of the bilateral ‘transport bubble’ agreement between India and Qatar.
“We are pleased to strengthen our presence in the Middle East by adding another global city to our steadily growing network, albeit for special flights under the ‘transport bubble’,” said Leslie Thng, Chief Executive Officer, Vistara.
“As an economic hub of the region, Doha continues to draw business travellers and is home to a large number of Indian expatriates.”
The Tata SIA Airlines Ltd, known by the brand name Vistara, is a joint venture between Tata Sons and Singapore Airlines Ltd (SIA).
India has granted tax free status to Abu Dhabi’s Sovereign Wealth Fund (SWF) – MIC Redwood 1 RSC Ltd – to expedite foreign investment in the country’s priority areas during the Covid pandemic.
With this, MIC Redwood has become the first foreign SWF that has been notified and granted 100 per cent income tax exemption for long-term investments to be made in the specified priority sectors in India.
A Finance Ministry statement said that India has gradually opened up the economy for FDI, except for a very few sectors, and has also extended a lot of tax concessions for sovereign funds to attract long-term investments in India’s infrastructure sector.
MIC Redwood has been provided 100 per cent income tax exemption to income from interest, dividend and long-term capital gains for its investment in India’s priority sector. This was part of the Finance Act, 2020.
Now with the Central Board of Direct Taxes (CBDT) notification, MIC Redwood became the first notified SWF which will be availing this exemption.
“This 100 per cent income tax exemption facility was well received by the SWFs and Pension Funds across the globe and a large number of SWFs and Pension Funds have shown interest in making investment in India’s infrastructure sector.”
The CBDT issued detailed guidelines on July 22 to facilitate the process of SWFs’ notification. Notified foreign Pension Funds were also granted similar exemption subject to fulfilment of certain prescribed conditions.
An official closely in the know of the matter said that to expedite foreign investment in India’s priority areas during the Covid pandemic time, the process of notification of MIC Redwood 1 RSC Ltd was completed in a record time.
On September 18, MIC Redwood 1 RSC Ltd made the application for seeking tax exemption notification as per the CBDT guidelines. Amidst the challenges of Covid-19, all deliberations and meetings between the applicant and tax authorities were held through video conferencing and communications were made only through emails.
MIC Redwood 1 RSC Ltd submitted its final replies on October 20 and after that the process of notification including consultation with Ministry of Law & Justice for legal vetting of the notification, etc, has been completed in less than two weeks, and with the completion of all legal and other formalities, the notification granting 100 per cent tax-exemption was issued on November 2.
The Indian government, in order to incentivise long-term investment by the SWFs of foreign governments in priority sectors, had granted through the Finance Act, 2020, a 100 per cent income tax exemption to income of a notified SWF in respect of its investment made in the specified infrastructure sectors.
The income tax exemption to SWFs and the Pension Fund is expected to provide foreign funding to the infrastructure sector and to boost the growth in the infrastructure sector.
The government had issued a notification on July 6 to broaden the scope of this exemption and made all sub-sectors of Harmonised Master List of the infrastructure eligible for this income tax exemption.
The UAE attended in its capacity as a guest invitee at the G-20 Summit, which will take place virtually in November 2020….reports Asian Lite News
Ahmed Ali Al Sayegh, UAE Minister of State, participated in the Third Extraordinary Group of 20, G-20, Sherpa Meeting, held virtually from October 27-29.
The UAE attended in its capacity as a guest invitee at the G-20 Summit, which will take place virtually in November 2020.
The Sherpa Meeting gathered official representatives from G-20 members to further progress discussions and find consensus for the wording of the Leaders’ Declaration, as all Ministerial Meetings and Working Groups have now concluded their meetings for the year.
The meeting also saw the participation of Abdulnasser Alshaali, Assistant Minister for Economic and Trade Affairs in the Ministry of Foreign Affairs and International Cooperation, and Sous-Sherpa.
Reflecting on the Meeting, Al Sayegh commended the work of all of the Sherpas and expressed confidence in concluding this year’s work with an impactful and positive message: “As we approach the Leaders’ Summit, I am continuously impressed by my counterparts in their passion and dedication to coming together to find common ground. I’m confident that the work we’ve been able to do will help pave the way to building back better – ensuring an inclusive recovery – and tackling the most pressing challenges of both today and tomorrow, together.”
In December 2019, the Kingdom of Saudi Arabia invited the UAE, in its capacity as current Chair of the GCC, to engage in the 2020 G-20 process.
Established in 1999, the G-20 Summit is an annual gathering of representatives of the world’s largest economies that works to strengthen international economic cooperation. This year’s theme under Saudi Arabia’s G-20 presidency is “Realizing Opportunities of the 21st Century for All,” with the broad aims of “Empowering People, Safeguarding the Planet, and Shaping New Frontiers.”
His Majesty King Hamad bin Isa Al Khalifa, the King of Bahrain
Members of the Arab Parliament lauded Bahrain’s wide-ranging development process led by its monarch Hamad bin Isa Al-Khalifa which bolstered Bahrain’s role on the Arab, regional and international arenas, reports Bahrain News Agency.
This came during the session which was held at the Arab League headquarters in Cairo, Egypt, chaired by Speaker, MP Adel bin Abdulrahman Al-Asoomi.
Its members Alaa Abed, Dr Abu Salah Shalabi, Dr Dhafer Al-Ani, Shada Al-Naqabi all hailed the efforts undertaken by the Kingdom of Bahrain, led by HM the King to support Arab issues and pan-Arab action.
In statements on the sidelines of the Arab Parliament session, they hailed HM the King’s support to the Arab Parliament which, they said, reflects its active role in supporting cooperation between Arab Parliaments.
Israeli farmers and companies have received permission to export agricultural produce to the United Arab Emirates (UAE), according to an official statement.
“Following a concerted effort that included talks, exchanges of correspondence and coordination with the UAE’s Ministry of Climate Change and Environment, Israel has received official approval from the UAE authorities to export fresh agricultural produce and propagating material, including seeds,” Xinhua news agency quoted the Ministry of Agriculture’s statement as saying on Thursday.
The Ministry noted that export costs to the UAE will be low due to the geographical proximity between the two countries and the logistical options for transportation.
Minister of Agriculture Alon Schuster said that “the agreement will move us forward toward a future of cooperation in agriculture, not only in knowledge and technology, but also in the direct trade of agricultural produce”.
The development comes after the UAE signed normalization deal with Israel at the White House on September 15.
It is the first Arab nation in 26 years to establish formal ties with Israel, after Egypt in 1979 and Jordan in 1994.
On October 25, the Israeli cabinet ratified the normalisation agreement the two nations.
U.S. President Donald Trump speaks to reporters in Washington D.C (Photo by Ting Shen/Xinhua/IANS)
The Donald Trump administration informally notified Congress of its plan to sell advanced fighter jets to the United Arab Emirates (UAE), according to the chair of the US House Foreign Affairs Committee.
House Foreign Affairs Committee Chairman Eliot Engel on Thursday said in a statement that Congress must analyze all of the ramifications of the export of F-35. “Rushing these sales is not in anyone’s interest.”
The Democratic congressman noted that the potential F-35 sale to the UAE would change the military balance in the Gulf and affect Israel’s military edge. He also expressed concerns about the possible leaks of F-35’s sensitive technology, and the sale might generate demands from other Arab states for advanced weapons in exchange for normalization with Israel, Xinhua news agency reported.
“In the coming days, I invite members of Congress who share my concerns to join me in introducing legislation to ensure that the sale of these types of weapons adhere to our most important national security goals,” Engel said.
The proposed sale needs to be approved by Congress.
According to media reports, the deal would include up to 50 of the Lockheed Martin-made F-35 jets at the cost of US $10.4 billion. If the sale is completed, the UAE will become only the second country in the region to fly these stealth fighter jets after Israel.
Reports said that the F-35 deal was a part of the US-brokered agreement to normalize ties between the UAE and Israel, which was signed last month.
Israeli Prime Minister Benjamin Netanyahu initially opposed the UAE’s purchase of the F-35, but Israel’s position changed after the United States pledged to ensure Israel’s military edge in the region.
A joint statement by Netanyahu and his Minister of Defence Benny Gantz last Friday said that Israel would not oppose the sale of “certain weapon systems” to the UAE in light of a promise by the United States to upgrade Israel’s military edge in the Middle East.
The “certain weapon systems” is an apparent reference to the advanced F-35 stealth fighter jets, reported Israeli media.
The joint statement was published upon Gantz’s return from Washington, where he met with Pentagon chief Mark Esper and signed a deal “to secure Israel’s Qualitative Military Edge.”
Al-Hajraf reiterated the firm position of the GCC towards terrorism and extremism and his organisation’s rejection of all kinds, forms, sources and justifications of terrorism…reports Asian Lite News
Secretary General of the Gulf Cooperation Council (GCC ) Dr. Nayef Falah Mubarak Al-Hajraf has denounced the terrorist attack which took place near Notre-dame church in the French city of Nice, killing and injuring a number of people.
Al-Hajraf reiterated the firm position of the GCC towards terrorism and extremism and his organisation’s rejection of all kinds, forms, sources and justifications of terrorism, calling for up-rooting it and drying up the sources of its support and finance.
He extended sincere condolence and sympathy to the relatives of the victims and to the friendly people of France.
The session also presented a report on the region’s political and security developments, especially the situations in Yemen, Libya, Lebanon and Iraq…reports Asian Lite News
The Federal National Council, FNC, Parliamentary Division participated in the first session of the first ordinary term of the third legislative chapter of the Arab Parliament, held on Tuesday at the headquarters of the Secretariat-General of the Arab League.
Mohammed Ahmed Al Yamahi, Vice President of the Arab Parliament and member of UAE Parliamentary Division, highlighted the importance of today’s session, which is being held following the selection of Adel Al Asoumi as President of the parliament while hoping that the parliament, under his presidency, will accomplish achievements on an Arab level, especially during this critical period when many Arab nations are facing crisis, in addition to the coronavirus pandemic, which is affecting the economies of Arab countries and the rest of the world.
Al Yamahi also commended the support of Arab leaders, most notably President His Highness Sheikh Khalifa bin Zayed Al Nahyan, for the parliament and their efforts to reinforce its role in facing regional challenges.
The political, economic, social and legal committees submitted their reports and recommendations to the parliament for approval, he added while pointing out that these reports addressed key Arab issues, most notably the Palestinian cause.
The session also presented a report on the region’s political and security developments, especially the situations in Yemen, Libya, Lebanon and Iraq, he said in conclusion.
These attacks are a flagrant violation of international laws and norms, and constitute a threat to the security and stability of the GCC states and the region, he said…reports Asian Lite News
Dr. Nayef Falah Al Hajraf, Secretary-General of the Gulf Cooperation Council, GCC, has condemned the Houthi militia’s continued terrorist acts in a systematic and deliberate manner to target civilian objects and civilians in the Kingdom of Saudi Arabia, by launching booby-trapped drones.
These attacks are a flagrant violation of international laws and norms, and constitute a threat to the security and stability of the GCC states and the region, he said, stressing that the security and stability of the GCC countries are indivisible.
Al Hajraf reiterated the GCC stand by Saudi Arabia and support the measures it takes to preserve its security, stability and the safety of its citizens and expatriates on its lands.
He called on the international community to stand firmly against the Houthi militia and those behind it in its continuous attempts to destabilise security and peace of the region.
INDIA – US BHAI BHAI; UAE to boost energy ties with India; India Declares Hizbul Chief Among 18 As Terrorist Under UAPA; Call for ‘Independent Balochistan’ from Pak Opposition Alliance; India Govt Notifies New Land Laws in J&K – all in Asian Lite Daily Digital – please click here to read.
