Arab states' sanctions boost food prices, hurt real estate in Qatar in July

Sanctions imposed by other Arab states are continuing to push up food prices in Qatar while hurting the real estate market, but not to the point of damaging the economy severely, according to inflation figures released by the government on Tuesday.

The annual inflation rate fell back sharply to 0.2 per cent in July. It had spiked to 0.8 per cent in June from 0.1 per cent in May after Saudi Arabia, the United Arab Emirates (UAE), Bahrain and Egypt cut diplomatic and transport ties with Qatar on June 5, accusing it of supporting terrorism, which Doha denies.

By closing Qatar's land border with Saudi Arabia and disrupting maritime shipping routes, the sanctions slashed Qatari imports by more than a third in June, pushed up prices of some basic goods and hurt business sentiment in Doha.

There were fresh signs of that damage in the July inflation numbers. Food and beverage prices climbed 4.5 per cent from a year earlier - their fastest rate of increase since at least 2014, and accelerating from a rise of 2.4 per cent in June.
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Mauritian investor offers Rs 10,700-cr fund for Sahara's Aamby Valley

A Mauritius-based investor, Royale Partners Investment Fund, on Friday said it has offered to invest $1.67 billion (over Rs 10,700 crore) in embattled Sahara group's Aamby Valley project.

The investment offer, proposed as a debt arrangement, comes at a time when the Supreme Court has ordered auction of the Aamby Valley resort town between Mumbai and Pune in Maharashtra. Sahara group pegs the market valuation of this project at over Rs 1 lakh crore.

Royale Partners Investment Fund Limited, registered in Mauritius as a global business company, is owned by Dubai- headquartered RPMG Investment which is into investment management, private equity, asset management and proprietary trading.

Replying to emailed queries about its proposed deal with Sahara group, RPMG Investment told PTI, "As deposed by Sahara before the Supreme Court of India, Royale Partners Investment Fund Ltd and its Limited Partners have agreed to invest USD 1.67 billion in the Aamby Valley Project.
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Flights resume at Islamabad airport after 38-hour internet disruption

Flight operations at Islamabad's Benazir Bhutto International Airport were restored on Sunday after a 38-hour-long disruption caused by a fault in international submarine internet cable systems, which has since been repaired.

Internet services have been restored across the country after a 38-hour-long disruption caused by a fault in the India-Middle East-Western Europe (I-ME-WE) submarine cable that caused consumers and businesses across Pakistan to experience major internet disruptions, with many customers complaining of slow browsing speeds, a Pakistan Telecommunication Company Limited (PTCL) representative said.

The disruption in the India-Middle East-Western Europe submarine cable prevented airport officials confirming flight schedules and ticket bookings, as a result of which at least eight flights domestic and international flights were cancelled earlier today, Dawn news quoted airport officials as saying.

Many domestic and international flights were cancelled. Flights to Medina, Manchester and Karachi have also been cancelled.PI-211, which was scheduled to reach Islamabad from Dubai, was cancelled as well. Pakistan International Airlines (PIA) flight, which was to reach Jeddah from Karachi were cancelled.

Pakistan Telecommunications Limited (PTCL) stated the company has successfully arranged for additional bandwidth through our international cable systems & partners.

The loss of these three submarine cables leaves Pakistan relying on SEA-ME-WE 3, SEA-ME-WE 5 and the AAE-1 submarine cables, out of which SEA-ME-WE 3 operates in a limited capacity.
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Flames engulf Dubai's 86-storey Torch Tower

Fire is engulfing a high-rise residential tower in Dubai in the middle of the night, sending plumes of smoke into the air and debris falling below.

Dubai's police say firefighters are one the scene and that no injuries have been reported so far in the blaze at the Torch Tower, located in Dubai's popular Marina neighbourhood.

The Torch Tower is one of the world's tallest residential towers reaching more than 80 stories high. It caught fire in early 2015 with no major casualties reported in that blaze. Fires have affected several skyscrapers in the United Arab Emirates.
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PM revealed his Dubai job in 2013 election papers: Nawaz Sharif's lawyer

Denying that his client had concealed his employment in Dubai based company, Prime Minister Nawaz Sharif's lawyer, Khawaja Harris has submitted a written reply in the Supreme Court on Saturday, stating that Prime Minister mentioned his Dubai job and Iqama in nomination papers of 2013.

The written reply has details of employment of Prime Minister Sharif at Capital FZE, Dubai-based company and had received an iqama (work permit) from the Gulf. The Joint Investigation Team (JIT) had raised the question after unearthing an offshore company related to the Prime Minister during investigations into the money laundering allegations against the Sharif family during the Panamagate hearings, the Dawn reported.

A three-member bench of the Pakistan's Supreme Court on Friday concluded the entire hearings and reserved the judgment in the Panamagate case in which Prime Minister Nawaz Sharif and his family are accused of amassing offshore assets. The date of the judgment is yet to be announced and if convicted, Prime Minister Sharif can face disqualification from politics.

"The allegation that the employment with Capital FZE was concealed by the prime minister is totally false," reads the reply.

A copy of the premier's passport bearing the work permit was annexed to the 2013 nomination papers, along with a document of his employment at the company, according to the reply.
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Digital Protection launches in Dubai to certify e-commerce websites

Dubai has launched an initiative to certify e-commerce websites, as part of its efforts to protect consumers, resolve their complaints and ensure best practices in online transactions.

The "Digital Protection" service is aimed at e-commerce companies offering their services in mainland Dubai, as well as the free zones in the emirate, said the report on Tuesday.

Mohammed Ali Rashed Lootah, CEO of the Commercial Compliance and Consumer Protection (CCCP), said the initiative will promote consumer confidence and encourage online transactions as Dubai aims to grow into one of the smartest and happiest cities in the world.

"We will certify e-commerce websites, in line with our consumer protection policies, and train them on complying with relevant UAE laws and regulations," he said.

"The certified websites will display the consumer protection logo of Dubai Economy and will co-operate with us in resolving consumer complaints, irrespective of whether they are onshore companies or free zone entities," Lootah added.

The initiative is the latest in a series of measures adopted by CCCP to promote compliance and global best practices in consumer-friendliness among commercial establishments, both online and offline.
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