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The National Accounts publication of the first quarter of 2018 indicated a significant recovery of Saudi Arabia’s annual real GDP growth after it increased by 1.2 percent in Q1, 2018 year-on-year, reported the General Authority for Statistics.   The recovery of Saudi economy comes after four consecutive quarters of recession and indicates the resilience of […]

The Emirates NBD/IHS Markit Purchasing Managers Index (PMI), a measure of non-oil business conditions, escalated to 55 in June from 53.2 in May, indicating the highest level of growth in Saudi Arabia’s non-oil sector in 2018.   “Overall, the June PMI data supports our view that the non-oil sector is recovering after a slow start […]

As King Salman’s decree to allow women to drive comes into action, experts predict a positive impact on the Saudi Arabian economy and boom in retail trade as well as banking sector, reported Al-Madina newspaper.   “Women driving would increase car sales by 15 percent in the big run. It will also contribute to increasing […]

Local tourism is on the rise in Saudi Arabia with over 44.5 million local trips made in 2017 and total spending’s crossing SR47.9 billion, according to a report published by the Saudi Commission for Tourism and National Heritage (SCTH).   Accommodations for local tourism is also experiencing a sharp growth, reaching a total of 7,385 […]

Saudi Arabia’s Al-Ahsa Oasis, an evolving cultural landscape, has been officially listed as a UNESCO World Heritage Site, announced Prince Sulthan bin Salman, President of the Saudi Commission for Tourism and National Heritage (SCTH).   Al-Ahsa Oasis, the fifth Saudi site to join UNESCO’s World Heritage Site after Madain Saleh (2008), Tarif neighbourhood in Diriyah […]

Women in Saudi Arabia finally hit the roads early on Sunday steering their way through the busy streets after the world’s last remaining ban on women driving was lifted.   The historic reform is expected to usher in a new era of social mobility as well as boost the Kingdom’s income, and according to Bloomberg […]

In a move to protect the Kingdom’s natural environment and wildlife and to transform them into tourist destinations, Custodian of the Two Holy Mosques King Salman issued a royal decree establishing the Council of Royal Reserves under the chairmanship of Crown Prince Muhammed bin Salman. Nine areas have been designated as royal reservations and their […]

Saudi Arabia, the world’s top crude exporter has seen a boost in its revenues after the recent surge in oil prices, noted Capital Economics, a London-based think-tank group on Tuesday. The Kingdom has pulled itself out of recession and depicted a 1.5 percent economic growth in the first quarter of 2018, after having shrunk by […]

Saudi Arabia is all set to adopt a digital platform in line with the objectives of Vision 2030. Mohammed Al-Jadaan, the Kingdom’s Finance Minister announced obtaining King Salman’s royal decree which calls for suspending paperwork of all procedural and financial transactions, in a final transitional move towards e-governing. The ruling ordered all ministries and government […]

The General Authority of Zakat and Tax (GAZT) urged value-added tax (VAT) registered companies and entities whose annual value of taxable goods and services exceed SR40 million to file their tax declaration for the month of April by May 31, 2018. Meanwhile, enterprises whose supplies of taxable goods and services total SR40 million or less […]