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Kabul – Sharjah Air Corridor Inaugurated

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(Last Updated On: June 24, 2019)

The Officials inaugurated Kabul – Sharjah air corridor on Monday, Afghan officials said.

According to the Afghan Ministry of Industry and Commerce, the first flight carried two tons of fresh apricots to the Sharjah City of the United Arab Emirates.

The announcement was made today by Ajmal Ahmadi, the Afghan minister of industry and commerce and economic advisor to President Ashraf Ghani.

Afghanistan launched its National Air Corridor Program to grow its economy and create employment opportunities.

In 2017, the Afghan government launched the “Afghanistan-India Air Corridor” to facilitate trade between Kabul and New Delhi via air freight.

Following that the Afghan government expanded it to several other countries including Turkey, Saudi Arabia, European Union, Kazakhstan, China, and UAE.

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China’s Tencent profit beats estimates on strong games demand

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(Last Updated On: August 12, 2020)

Chinese gaming and social media giant Tencent Holdings Ltd said second-quarter net profit rose 37%, beating market estimates, on higher demand for its video games as coronavirus put a dent in other entertainment options.

Revenue from online games, which accounts for one-third of total sales, jumped 40% in the quarter, primarily driven by smartphone games including Peacekeeper Elite and Honour of Kings. That offset a continued decline in desktop games.

Social networks, fintech and business services, and social advertising revenues all grew by nearly 30%.

Media advertising revenues fell by 25% however, “as a result of weak brand advertising demand amid the challenging macro environment”, and delayed content production and releases.

The world’s largest gaming firm by revenue booked a 33.1 billion yuan ($4.8 billion) profit for the three months through June. That was ahead of an average analysts’ estimate of 27.56 billion yuan, according to data from Refinitiv.

Revenue rose 29% to 114.88 billion yuan, versus market expectations of 112.76 billion yuan.

The results come a few days after the United States said it would ban WeChat-related transactions in the country.

Tencent, which owns the Chinese messaging app, is under pressure to address concerns about the impact of the ban and outline its plans to mitigate any fallout.

Source: Reuters

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Private sector welcomes peace move which could bring enormous investment opportunities

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(Last Updated On: August 11, 2020)

Peace in Afghanistan would provide enormous opportunities for local and international businesses to invest in the country, in turn boosting the economy and aiding in its overall development. 

Afghan business owners and leaders in the private sector have said the war has created major obstacles for investors in the country over the past 19 years. 

Following President Ashraf Ghani’s decree, issued on Monday afternoon, to release the remaining 400 prisoners so as to pave the way for peace talks, the Afghanistan Chamber of Commerce and Investment (ACCI) urged all warring parties to seize the opportunity to bring about peace so as to improve the country’s dismal economic climate.

“We welcome the Loya Jirga’s decision to release Taliban prisoners, which could have a positive impact on the country’s economic growth,” said Khanjan Alokozai, an ACCI member said. 

Officials at the Afghanistan Chamber of Mines and Industries seconded this and said peace in Afghanistan would not only increase investment opportunities but also create much-needed jobs. 

“With the release of the prisoners, our hope is that dialogue between Afghans will begin, as this will increase investment in the country,” said Sakhi Ahmad Paiman, deputy director of the Chamber of Mines and Industries.

Ghani’s decree comes a day after the consultative Loya Jirga voted in favor of releasing the hardcore Taliban insurgents, as per the Doha agreement between the US and Taliban in February – which was one condition that needed to be fulfilled before intra-Afghan peace talks could start.

Meanwhile, economic experts are also optimistic about the opportunity for peace and for what is hoped will be the resultant economic growth in the country.

Hakimullah Siddiqui, an economist, said: “Both sides of the war must seize the opportunity to stabilize and grow the country economically, in order to increase economic opportunities.”

Other economists said peace would open up vast opportunities for investments in all sectors, including mining, agriculture, services, energy, and manufacturing. 

Talks are expected to officially begin on Sunday, in Doha, Qatar, between government and the Taliban.

The Afghan government’s negotiating team is expected to leave Kabul on Wednesday.

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MTN to quit Afghanistan, along with other Middle Eastern countries

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(Last Updated On: August 6, 2020)

MTN Group will exit its operations in the Middle East and Afghanistan to become an Africa-only-focused telecommunications operator.

The group said in a statement on Thursday that “MTN has resolved to simplify its portfolio and focus on its pan-African strategy and will, therefore, be exiting its Middle Eastern assets in an orderly manner over the medium term.” 

The group is already in “advanced discussions” to sell its 75 percent stake in its Syrian subsidiary, CEO Rob Shuter said in a call with journalists. It is negotiating with TeleInvest, the 25% owner of the Syrian business, about the sale.

Shuter said the initial focus will be on exiting its operations in Syria, Yemen and Afghanistan. However, it also plans to divest of its 49 percent of its stake in MTN Irancell in time.

News of the Middle East and Afghanistan exit comes after a lawsuit was filed in the US in April this year that claimed MTN and several other Western businesses aided terrorist organizations in activities carried out against the United States in the region.

Filed on behalf of American service members, civilians, and their families, who were killed or wounded in Afghanistan, the complaint alleged that MTN paid over $100 million to al-Qaeda and the Taliban so its towers would not be destroyed.

The lawsuit also claimed that MTN would switch off these towers at night, and in doing so, hampered US intelligence operations.

Mybroadband.co.za reported that MTN previously filed a motion to dismiss the original lawsuit, because it said the court lacks jurisdiction over MTN, which does not operate in the United States, and because the complaint does not allege any conduct by MTN that would have violated the Anti-Terrorism Act.

Following an amendment of the complaint by the plaintiffs in June this year, the operator now anticipates filing another motion to dismiss on largely the same grounds.

“MTN remains of the view that it conducts its business in a responsible and compliant manner in all its territories and will defend its position where necessary,” the operator said.

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