A firm based in Shanghai has started construction on a US$1.6 billion (Dh5.87bn) property project in Vientiane, the capital city of Laos, boosting Chinese presence in the Association of South East Asian Nations' (Asean) smallest economy.
Shanghai Wanfeng Group, the closely held developer of shopping malls in China, reached agreement with the Lao government in December last year to develop 365 hectares around That Luang Lake into a commercial, residential and tourist complex.
Construction began at the weekend, according to the Chinese official news agency Xinhua and the company's website.
Chinese firms, from dam builders to mall developers, are boosting investment in Laos, a new member of the World Trade Organisation with an economy that is forecast by the IMF to grow 8.0 per cent next year.
China CAMC Engineering completed the first phase of a $100 million residential project on a 1.6 kilometre section of the Mekong river waterfront in time to accommodate leaders attending the ninth Asia-Europe Meeting last month. Yunnan Provincial Overseas Investment, a Chinese government investment arm, is developing another property project in the city valued at $40m.
China's total investment in Laos is $3.3bn this year, making China the third-largest foreign investor in the landlocked nation of 6 million people after Thailand and Vietnam, Xinhua news agency reported citing the ministry of trade.
China's investments in Asean have increased 31 per cent in the first 11 months of this year, the ministry had said, without providing a detailed breakdown by countries.
The government of Laos, one of the few remaining one-party communist states, began decentralising control and encouraging private enterprise in 1986.
The results, starting from an extremely low base, were impressive - growth averaged 6 per cent per year from 1988 to 2008 except during the short-lived drop caused by the Asian financial crisis that began in 1997.
Lao's growth exceeded 7 per cent per year from 2008 to last year.
Despite this high growth rate, Laos remains a country with an underdeveloped infrastructure, particularly in rural areas.
It has a rudimentary, but improving, road system, and limited external and internal land-line telecommunications. Electricity is available in urban areas and in many rural districts.
Subsistence agriculture, dominated by rice cultivation in lowland areas, accounts for about 30 per cent of GDP and 75 per cent of total employment.
Economic growth has reduced official poverty rates from 46 per cent in 1992 to 26 per cent in 2010. Last year, GDP per capita was estimated at $2,800, up from $2,600 in 2010 and $2,400 the year before.
* with Bloomberg News and agencies
The%20specs
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More from Rashmee Roshan Lall
'The Batman'
Stars:Robert Pattinson
Director:Matt Reeves
Rating: 5/5
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Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
England squad
Moeen Ali, James Anderson, Jofra Archer, Jonny Bairstow, Dominic Bess, James Bracey, Stuart Broad, Rory Burns, Jos Buttler, Zak Crawley, Sam Curran, Joe Denly, Ben Foakes, Lewis Gregory, Keaton Jennings, Dan Lawrence, Jack Leach, Saqib Mahmood, Craig Overton, Jamie Overton, Matthew Parkinson, Ollie Pope, Ollie Robinson, Joe Root, Dom Sibley, Ben Stokes, Olly Stone, Amar Virdi, Chris Woakes, Mark Wood
Nancy 9 (Hassa Beek)
Nancy Ajram
(In2Musica)
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
Afghanistan Premier League - at a glance
Venue: Sharjah Cricket Stadium
Fixtures:
Tue, Oct 16, 8pm: Kandahar Knights v Kabul Zwanan; Wed, Oct 17, 4pm: Balkh Legends v Nangarhar Leopards; 8pm: Kandahar Knights v Paktia Panthers; Thu, Oct 18, 4pm: Balkh Legends v Kandahar Knights; 8pm: Kabul Zwanan v Paktia Panthers; Fri, Oct 19, 8pm: First semi-final; Sat, Oct 20, 8pm: Second semi-final; Sun, Oct 21, 8pm: final
Table:
1. Balkh Legends 6 5 1 10
2. Paktia Panthers 6 4 2 8
3. Kabul Zwanan 6 3 3 6
4. Nagarhar Leopards 7 2 5 4
5. Kandahar Knights 5 1 4 2
The biog
First Job: Abu Dhabi Department of Petroleum in 1974
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
MATCH INFO
What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany
Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)
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UAE rugby in numbers
5 - Year sponsorship deal between Hesco and Jebel Ali Dragons
700 - Dubai Hurricanes had more than 700 playing members last season between their mini and youth, men's and women's teams
Dh600,000 - Dubai Exiles' budget for pitch and court hire next season, for their rugby, netball and cricket teams
Dh1.8m - Dubai Hurricanes' overall budget for next season
Dh2.8m - Dubai Exiles’ overall budget for next season
The specs: 2018 Ford Mustang GT
Price, base / as tested: Dh204,750 / Dh241,500
Engine: 5.0-litre V8
Gearbox: 10-speed automatic
Power: 460hp @ 7,000rpm
Torque: 569Nm @ 4,600rpm
Fuel economy, combined: 10.3L / 100km
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Mountain%20Boy
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Gulf Under 19s final
Dubai College A 50-12 Dubai College B
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
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