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Qatar's economic zone firms can repatriate all capital, investments …

February 4, 2016 by Lesley Walker

Ras Bufontas Special Economic Zone

Sacyr/Twitter

Ras Bufontas Special Economic Zone

Businesses setting up in Qatar s new special economic zones should be allowed to repatriate all of their revenue, investments and capital abroad, QNA reports.[1]

The country s Cabinet yesterday approved a draft law based on a proposal from Manateq, the company in charge of developing, maintaining and running the zones. Once in effect, the law will regulate Manateq and give it a 50-year license to run the zones. Businesses in the zones can also be entirely foreign-owned[2]. Apart from firms in the Qatar Science and Technology Park and under the Qatar Financial Center, all companies in the state are typically required to have a Qatari partner, who will own at least 51 percent.

According to the provisions of the new draft law, companies licensed to work in the zone would be subject only to the rules there, and would not need to get approvals, licenses or follow legislation that would apply to firms elsewhere in the country, QNA added.

What are the zones?

Economic zones are typically set up by governments to provide incentives for foreign investment, as well as create jobs and boost trade. Plans have already been announced for state-run company Manateq to set up three economic zones in Ras Bufontas east of Al Wakrah Road; in Al Karana, south of the Industrial Area; and at Um Alhoul near Hamad port, south of Al Wakrah. A joint venture between Qatar-based UrbaCon Trading & Contracting (UCC) and Spanish firm Sacyr was last year awarded[3] a QR1.69 billion contract for design and construction of the Ras Bufontas zone, near Hamad International Airport.

This zone will be 4.01 square km in size the smallest of the three and serve as a hub for healthcare and medical devices, aerospace and automotive, advanced technology, logistics, and business services, according to Manateq s website[4]. The site is expected to be completed in phases, with the first sector going online by March 2017. The others will be developed in 2018 and 2019.

Umm Alhoul special economic zone rendering

Worley Parsons/Egis

Umm Alhoul special economic zone rendering

The Umm Alhoul site, at 33.52sq km, was formally launched last March[5] as a light-manufacturing site, attracting businesses in petrochemicals, building materials, maritime, metals, logistics, food processing and automobiles, tools and machinery. French group Egis won a five-year contract to supervise design and construction, it said in a statement on its website[6]. The first phase of that zone is expected to be completed by this summer.

The Al Karana site will be the largest at 38.43sq km in size and will be situated about halfway between Doha and the Abu Samra border with Saudi Arabia. It will target businesses involved in building materials, machinery and fabrications, specialized spill over industries, safety and maintenance and specialized warehouse/logistics activities. Thoughts?

References

  1. ^ QNA reports. (www.qna.org.qa)
  2. ^ entirely foreign-owned (dohanews.co)
  3. ^ last year awarded (dohanews.co)
  4. ^ Manateq s website (www.manateq.qa)
  5. ^ formally launched last March (portal.www.gov.qa)
  6. ^ statement on its website (www.egis-group.com)

Hollywood's most extravagant movie scenes (10 Photos)

1

Matrix Reloaded

For the epic car chase in the movie, they had to build a road on a naval base in California that was a mile and half long with off ramps and a 19-foot wall. There were over 100 cars in the scene, and they were all donated by General Motors. Good thing no one paid for them, because they were all destroyed. The chase scene took 48 days of filming.

2

Inception

For the scene where a huge train smashes Leonardo DiCaprio s car, a real freight train was actually welded onto a semi-truck so it could be driven, and then it was put on a real street to film the scene.

3

2001: A Space Odyssey

To make the scene where Frank Poole runs around the room in zero gravity look as real as possible, an entire centrifuge set was built that rotated while the camera stayed put. Actor Gary Lockwood was actually running in place.

4

Ben Hur

The epic 9-minute chariot race was a rather extravagant one. The arena where it took place cost $1 million (over $8 million in today s terms), 1,000 men working on it and an entire year to complete. 36,000 tons of white sand were imported from Mexico and over 80 horses were brought in for the scene with 8,000 extras in the stands.

5

The Dark Knight

Christopher Nolan really knows how to do it big. For the scene where the Joker (Heath Ledger) blows up a hospital, Nolan took an old parking lot and built an entire hospital around it. The structure took 2 weeks because it was so complicated.

6

Gandhi

Since the real funeral of Gandhi had over 1 million attendees, the director hired over 300,000 extras for the scene in the film, breaking the record for largest number of extras ever used in a movie.

7

Pearl Harbor

When the Japanese attack, there s a huge explosion scene. 6 ships were destroyed, all of which measured between 400 and 600 feet. Short sequence took 12 camera teams, 7,000 dynamite sticks and 4,000 gallons of gasoline. That one scene cost $5.5 million and it is the most expensive explosion sequence to date.

8

Skyfall

The crew spent months building the perfect mansion in the middle of the English countryside, only to have Raoul Silva (Javier Bardem) blow the entire thing up.

9

Apocalypse Now

In the opening scene, the huge forest fire is all real. The Philippine army gave director Francis Ford Coppola helicopters, from which he poured 1,200 gallons of gasoline onto the palm trees and set them ablaze, destroying acres of land in a matter of seconds.

10

The Matrix: Reloaded

Not only was the car chase scene massively expensive, but the action-packed fight scene between Neo and Agent Smith cost a whopping $40 million to make. CGI was used for the extreme moves they pulled off to create a sense of slowed time, and to show off Agent Smith s power as a rogue program, it took a lot of time to generate hundreds of Hugo Weaving clones to populate the fight scene. Since it was 17 minutes long, the scene cost $2.35 million a minute in CGI expenses alone.

Late wheat harvest puts UK in 'farcial situation' | Redfox News

“German milling wheat, Swedish soft wheat and feed wheat from Poland, Denmark, Latvia and Estonia have been traded into the UK this week,” the traders said. The shortages of wheat have been particularly acute in the north, where harvest is later, and worsened by a squeeze on lorry availability which has hampered transport of what grain has been harvested further south. However, even in Herefordshire in the south, Agrimoney.com has heart of a large poultry enterprise offering 200 a tonne for feed wheat, an unusually small discount to futures.

Quality benefits While the feed wheat imports may be relatively expensive, and “hardly calculate against UK supplies”, they can offer grade benefits compared with a UK crop which consultancy Adas warned this week was seeing “fears of poor yields and quality being realised”. The traders said that with much of the imported wheat trading with a specific weight of close to 80 kilogrammes per hectolitre, “it has obvious benefits for the consumer”. Specific weights – the weight of grain per specific volume, and an important quality metric – for the UK crop harvested so far have typically been below 70 kilogrammes per hectolitre, according to Adas.

Supplies for delivery against London feed wheat futures require a minimum of 72 kilogrammes per hectolitre. ‘Farcical situation’ However, “at the same time, UK feed wheat exports have been leaving the country”, the traders said. “This may seem to be a farcical situation. But many of the sales have been on the books for a while and, with the lack of transport making it difficult to haul grain from the surplus areas in the south to the deficit areas in the north, it is perhaps not too surprising.” In fact, UK feed wheat supplies may even calculate for shipment to the US, given the stubbornly high prices of grain there, which has kept American wheat uncompetitive, according to Brian Henry at Benson Quinn Commodities, the Minneapolis-based broker owned by agribusiness giant Archer Daniels Midland. “It was tight when I did my calculations. Perhaps about $6-7 per tonne to Wilmington,” on the east coast, and a major centre for the livestock feed industry. “But if you managed to do a deal on freight you could get up to around $10-11 a tonne, which would certainly be worthwhile.” The UK exported 242,698 tonnes of wheat to the US in 2011-12, far more than in the previous decade combined, according to customs data.

The lack of competitiveness in US supplies has been reflected in export sales of wheat which, so far in 2012-13, have reached 31.9% of the US Department of Agriculture’s final estimate for the season, compared with a five-year average of 40.5% by now.

Source: AgriMoney Category: Agri-Business Email to a friend Leave your comment

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Late wheat harvest puts UK in 'farcial situation' | Redfox News

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