News

A YouGov poll conducted by Arab News pointed out an increase in tourism interest in Saudi Arabia from tourists across the world, with one in five tourists more likely to visit the Kingdom for a vacation now than five years ago. The survey published reports after studying 9,521 people across the US,China and five key […]

Saudi Arabia’s oil giant Saudi Aramco raised the size of its initial public offering (IPO) to a world record-breaking $29.4 billion, by selling an additional 450 million shares making use of its “greenshoe option”, the company said in a statement on the Saudi Stock Market (Tadawul).   The greenshoe option,or over-allotment, permits companies to sell […]

In line with the objectives of Kingdom’s Vision 2030 to enhance the quality of life in cities by providing commodities and services to residents 24/7, Saudi Arabia’s Ministry of Municipal Affairs in collaboration with the Ministry of Interior will now allow commercial activities to function round the clock. Starting from today, businesses that obtain a […]

Saudi Arabia announced SR1.02 trillion budget for 2020 with plans to gradually reduce government spending as private sector growth picks up and Crown Prince Muhammed bin Salman’s vision of the oil-independent economy shows signs of progress.   The annual budget released by the Saudi government this week forecasts a revenue of SR833 billion in 2020, […]

Saudi Arabia’s General Entertainment Authority (GEA) revealed that over 8.4 million people have visited the Riyadh Season festival within a month-and-a-half. Riyadh Season will continue to provide entertainment to citizens in and around the capital city until late-January across all twelve designated locations.   The season, which was initially scheduled to wrap up on December […]

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 […]

Saudi Arabia’s Public Investment Fund (PIF) announced that dozens of global policymakers and tycoons will attend the third edition of annual Future Investment Initiative (FII). The three-day event to be held in Riyadh from October 29th to 31st  announced 49 partners who are playing a key role in the development and delivery of this year’s […]