Latest news with #NationalCommittee
Zawya
3 days ago
- Business
- Zawya
Egypt targets top 50 global business readiness ranking with key reforms
Egypt's government is targeting a position among the world's top 50 economies for business readiness and has set a three-month deadline to implement the required reforms, the country's investment minister said. Minister of Investment and Foreign Trade, Hassan El-Khatib, made the statement during the second meeting of the National Committee for the 'Business Ready' report. The meeting was hosted by the ministry and attended by Cairo Governor Ibrahim Saber and other relevant government bodies. The committee reviewed the findings of the second report issued by its technical secretariat and discussed institutional participation indicators. 'The government is targeting a position among the world's top 50 economies for business readiness,' El-Khatib said, stressing the need to implement the required measures within three months. He emphasised the need for all sectors to participate effectively by completing the report's questionnaires to ensure a realistic and effective assessment of the business environment. He noted that the required procedural reforms are not complex and can be implemented immediately, which would create a significant shift in the country's competitiveness. The minister also stressed the importance of turning current challenges into genuine reform opportunities, pointing toEgypt's existing strengths. He cited the country's advanced infrastructure, including ports and railways, a clear plan for expansion into African markets, a highly skilled workforce and engineering talent, and the availability of renewable energy sources. For his part, Cairo Governor Ibrahim Saber affirmed the governorate's full readiness to cooperate with the Ministry of Investment and Foreign Trade to address any challenges that may hinder the implementation of the targeted reforms. The meetings of the National Committee for the 'Business Ready' report are part of a state-wide effort to enhance the readiness of its institutions to apply international business standards. The initiative aims to coordinate between different government agencies and integrate their roles to build a flexible and effective institutional system capable of keeping pace with global developments and improving Egypt's investment climate.
Arab News
28-05-2025
- Business
- Arab News
Saudi investment ecosystem drives growth in Asir region, says top executive
ABHA: Saudi Arabia's integrated investment ecosystem is enhancing the attractiveness of the Kingdom's business environment across all regions, with Asir standing out as a promising destination, according to a senior executive. During a panel session at the second Asir Investment Forum in Abha, Khalid Al-Khattaf, CEO of the Saudi Investment Promotion Authority, highlighted the region's unique natural, economic, and cultural assets that position it for significant potential, the Saudi Press Agency reported. The session highlighted the region's tourism transformation and the roles of government entities and the private sector in driving projects and fostering an investment-friendly environment. Al-Khattaf noted that Saudi Arabia boasts one of the world's most competitive environments, thanks in part to the efforts of the National Committee for Identifying and Developing Opportunities, which has introduced over 1,900 investment prospects valued at more than SR1 trillion ($266.6 billion) across 22 vital sectors. These opportunities align with Vision 2030 and the National Investment Strategy, which aims to double investment volume and attract SR12.4 trillion by 2030. Sector-specific strategies also offer long-term visibility and regulatory stability for investors. 'We have presented more than 1,900 opportunities through the 'Invest in Saudi Arabia' platform, including sectors such as tourism, hospitality, agriculture, real estate and others,' Al-Khattaf said. Furthermore, the Kingdom's strategic geographic location, at the crossroads of three continents and within reach of over half the world's population in seven hours, positions it as a global hub for business, tourism, and services. Al-Khattaf emphasized Asir's unique offerings, including 80 percent of the Kingdom's forests, its highest mountain peak, more than 4,000 historical villages, and globally recognized heritage sites such as Rijal Almaa. He highlighted that the region is well-positioned to become a premier tourism and investment destination, particularly as Saudi Arabia channels over $800 billion into tourism projects to help meet its goal of attracting 150 million visitors by 2030. He also pointed to key investment enablers, such as exemptions from foreign investment fees, accommodation levies, government land charges, and value-added tax. Al-Khattaf outlined the pivotal role of the Saudi Investment Marketing Authority in promoting investment prospects throughout the Kingdom, particularly in high-potential regions such as Asir. This includes digital platforms, international events, and direct investor engagements. A dedicated Asir page is featured on the new version of the platform in seven languages, highlighting key indicators, opportunities, and reports, including a special 'Invest in Asir' report developed by the Ministry of Investment to inform investors of the region's advantages. The authority, in collaboration with its partners in the investment system, continues to improve the legal and regulatory environment, SPA reported. A new law now allows for 100 percent foreign ownership and guarantees equal rights for both local and international investors. 'We have developed a program to listen to investors and understand their challenges, in addition to focusing on improving the investor experience through comprehensive service centers, relationship managers, the 'Investor Journey' guide, and dedicated reports such as 'Invest in Asir,' in addition to investor listening programs to ensure that challenges are addressed directly,' Al-Khattaf said. He also noted the authority's close coordination with the Asir Development Authority to align with the region's strategy and future goals. This collaboration has led to the identification of over 46 high-quality opportunities in the tourism sector. As of the end of 2023, direct investments in Asir had exceeded SR7.68 billion, placing it sixth among the Kingdom's regions in terms of foreign investment stock. The number of active foreign investment licenses in Asir reached 467 by early 2025, reflecting growing investor interest and confidence in the region's potential and investment environment.
Times of Oman
20-05-2025
- Times of Oman
Public vigilance key as Oman fights human trafficking
MUSCAT: In a bid to strengthen national efforts against human trafficking, Oman authorities have urged the public to stay alert to early warning signs and report suspected cases promptly. With growing international scrutiny and the hidden nature of the crime, officials emphasized that raising awareness across all levels of society is critical to prevention and victim protection. A high-level workshop held in Muscat on Monday underscored the government's push to build a more informed and proactive community, with experts sharing key indicators of trafficking and legal mechanisms to fight the scourge. Titled 'Indicators of Human Trafficking, Raising Awareness of Its Dangers, and the Importance of Reporting It,' the workshop brought together stakeholders from the Ministry of Social Development, the National Committee to Combat Human Trafficking, the Royal Oman Police (ROP), and child protection representatives. The ROP presented a detailed overview of common indicators of trafficking crimes in Oman, including restriction of movement, withholding of official documents, non-payment of wages, signs of coercion, and the employment of minors outside legal bounds. Other red flags discussed were forced begging, physical violence, violations of Foreigners Residence Law, illegal immigration, money laundering, migrant smuggling, suspicious movement of women and children, and poor living or working conditions. Another key presentation by the National Committee for Combating Human Trafficking focused on the committee's mandate to coordinate national response efforts, develop victim care programmes, and enhance border controls in line with international commitments. It also reviewed the local and international repercussions due to human trafficking. The Ministry of Labour's paper defined forced labour as any work or service imposed under threat, which the person did not willingly agree to perform. Among the indicators: confiscation of passports, abusive working conditions, and threats of dismissal or deportation. The legal framework underpinning Oman's anti-trafficking measures was also highlighted, including provisions under the Basic Law (Royal Decree No. 6/2021), the Anti-Human Trafficking Law (Royal Decree No. 126/2008), and a range of international agreements Oman has ratified. These include the UN Convention against Transnational Organized Crime (Royal Decree No. 37/2005), the Arab Convention against Transnational Organized Crime (Royal Decree No. 6/2015), and the Arab Charter on Human Rights (Royal Decree No. 16/2023). Officials concluded the session by calling for broader public engagement, encouraging citizens and residents to speak up and report suspicious activity to help protect vulnerable individuals and dismantle trafficking networks.
Times of Oman
20-05-2025
- Times of Oman
Workshop highlights human trafficking indicators
Muscat: A workshop was held on Tuesday on "Indicators of Human Trafficking, Raising Awareness of Its Dangers, and the Importance of Reporting It". The event aimed to enhance public awareness of the signs of human trafficking, mechanisms for handling victims, fostering a culture of reporting among individuals, and strengthening community partnerships to combat this phenomenon. The workshop, organised by the Ministry of Social Development in collaboration with the National Committee to Combat Human Trafficking, saw the participation of several child protection delegates, supervisors from the Protection House, and representatives from the Royal Oman Police working on human trafficking crime indicators. The workshop featured four working papers. The first, presented by the Royal Oman Police, explored "Indicators of Human Trafficking Crimes'. The second working paper, titled "The National Committee for Combating Human Trafficking and International Reports," highlighted the committee's responsibilities, as outlined by the Foreign Ministry. The Ministry of Labour presented its role in human trafficking cases, defining forced labor as any work or service exacted under the threat of punishment, which the person did not voluntarily agree to perform. Indicators include non-payment of wages, confiscation of passports, excessive working hours without compensation, threats of termination or deportation, verbal or physical abuse, restricted freedom of movement, and the illegal employment of minors. The workshop concluded with a review of "The Legal Framework for Human Trafficking Crimes in the Sultanate of Oman." The paper examined legal provisions under the State's Basic Statute, issued by Royal Decree No. 6/2021.
CBS News
15-05-2025
- Business
- CBS News
Social Security recipients were hoping for a tax break — they're unlikely to get one. Here's why.
Republican-backed legislation now winding its way through the House includes a number of tax breaks promised by President Trump during the campaign, such as eliminating taxes on worker tips and overtime pay, as well as sharply lowering lowering rates on corporations. One tax break that isn't in the bill: Mr. Trump's suggestion last year that seniors shouldn't have to pay income taxes on Social Security benefits. "Seniors should not pay taxes on Social Security and they won't," Mr. Trump said while during an August campaign rally in Harrisburg, Pennsylvania. A provision to eliminate taxes on Social Security isn't included in the bill approved by the House Ways and Means Committee on Wednesday. If the measure passes the House, it would then move to the Senate. The bill would make Mr. Trump's 2017 tax cuts permanent while also adding a host of other temporary reductions. The reason for the Social Security exclusion boils down to a prohibition on making changes to the retirement program through the so-called reconciliation process, a legislative procedure Republicans are relying on to pass the bill, said Maria Freese, the senior legislative representative at the The National Committee to Preserve Social Security and Medicare. That process represents a fast-track option that obviates the 60-vote threshold typically required to advance a bill in the Senate, she said. Trying to change the Social Security program through reconciliation would have violated what is known as the Byrd rule, a rule (named after late West Virginia Sen. Robert Byrd) that limits what can be included in reconciliation bills, she explained. Instead of eliminating taxes on Social Security benefits, the House bill includes a new tax break for senior citizens: an extra $4,000 deduction for filers who are 65 and older. Called an "enhanced deduction for seniors," it would be available to people who both itemize and those who take the standard deduction. That could help lower taxes for the roughly 56 million people in the U.S. who are 65 or older. Currently, about 40% of Social Security recipients — or about 27 million people — pay federal income taxes on their benefits, according to the Social Security Administration. "I'm sure there are a lot of seniors who would be quite disappointed they will continue to pay taxes" on their benefits, Freese said. Social Security's fiscal outlook Social Security benefits were excluded from income taxes until 1984, when changes signed into law by President Ronald Reagan introduced taxes on Social Security income above a certain threshold. Because that threshold wasn't indexed to inflation, the number of older Americans who are required to pay income taxes on their benefits has steadily risen. The share of seniors who pay taxes on their benefits is now 40%, up from was 26% in 1998, according to the Congressional Budget Office. Those taxes directly support the Social Security and Medicare programs, providing about $50 billion in annual revenue, according to the latest annual report from Social Security's board of trustees. Meanwhile, eliminating taxes on Social Security benefits would hurt the long-term outlook of both the retirement program and of Medicare, the health insurance program for people 65 and older, according the Peter G. Peterson Institute, a think tank focusing on fiscal policy. Without that source of revenue, the trust fund for Social Security would be depleted in 2032, one year earlier than currently projected, while Medicare's trust fund would be depleted in 2030, six years earlier than forecast now, the group added. The result would be "automatic cuts for millions of beneficiaries," the institute noted. Scrapping taxes on Social Security might sound appealing to many senior citizens in the near-term, but over the long term that would weaken the stability of the program, Freese said. "We viewed it as a bait and switch," she said. "You give some seniors a benefit upfront, but don't tell them that all seniors would run the risk of across-the-board cuts sooner than they would under current law."
