In a ground-breaking celebratory event filled with historical reenactments, Ardah dance, displays of traditional culture and fireworks, Custodian of the two holy mosques King Salman laid the foundation stone to mark the launch of the $17 billion Diriyah Gate project around the UNESCO world heritge site at Diriyah.   As the Kingdom continues its transformation […]

Saudi Arabia’s General Authority of Zakat and Tax (GAZT) has revealed that the new zakat regulations amended by ministerial decree will only be applicable to Saudi and Gulf investors residing in the Kingdom and not to individuals. GAZT confirmed that it would apply the income tax on foreign companies and entities only.   The amended regulations, which are to be […]

Saudi Arabia’s oil giant, Saudi Aramco kicked off an oft-delayed domestic initial public offering (IPO) on Sunday, revealing potential tax cuts and dividends to lure investors. With an annual net income of $111 billion in 2018, the world’s most profitable firm has announced plans to sell 1 billion shares to private investors – Saudi nationals, qualifying resident expatriates, […]

Saudi Arabia’s Future Investment Initiative (FII) forum in Riyadh closed with $20 billion worth deals signed and a commitment that Saudi Arabia would address the issues of social empowerment and sustainability when it hosts the G20 gathering of heads of state in 2020.   As the Arab world’s biggest economy continues to further open up to foreign investments […]