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The Saudi Real Estate Refinance Company (SRC) has signed a strategic deal of SR1 billion with Bidiya Home Finance to purchase a portfolio and provide mortgage refinancing facility. This is the second strategic deal signed by SRC in two weeks. Earlier, SRC entered into another refinancing partnership of SR1 billion with prominent real estate financing […]

The General Authority of Zakat and Tax (GAZT) announced that tourists and Hajj and Umrah pilgrims from non-Gulf Cooperation Council (GCC) countries will be provided with a refund of Value Added Tax (VAT) amount they paid on purchases made in the Kingdom. However, GAZT is still working on the mechanism to reimburse VAT to tourists […]

Custodian of the Two Holy Mosques King Salman unveiled Saudi Arabia’s biggest ever budget in history, demonstrating the Kingdom’s optimism towards economic diversification and private sector expansion. The budget is projected at $260.8 billion in 2018, which is slightly higher than Saudi Arabia’s 2017 budget of $250 billion. King Salman announced that dozens of programmes […]

The General authority of Zakat and Tax (GAZT) confirmed that more than 80,000 businesses in Saudi Arabia have registered for Value Added Tax (VAT) which will be implemented on January 1, 2018. Earlier, GAZT called upon companies and businesses operating in the Kingdom with an annual revenue exceeding SR 1 million to register for VAT […]

Saudi Arabia’s King Salman approved the allocation of 72 billion Saudi riyals ($19.2 billion) to boost the Kingdom’s private sector, Saudi Press Agency reported on Thursday. The measures which primarily focus on housing and SMEs are part of a four-year, 200 billion riyal stimulus programme announced earlier by the government to support private companies, said […]

Saudi Arabia’s Ministry of Finance announced on twitter that the Kingdom is all set to impose monthly levy on expats which will range between SR 300 and SR 400 in 2018 depending on the percentage of foreign employees with respect to Saudi employees in private sector companies. It added that companies operating in private sector […]

Saudi Arabia’s non-oil private sector depicted a sharp growth according to data published by Emirates NBD Saudi Arabia PMI. An upswing in both output and new orders in the Kingdom is promising a positive growth in the non-oil sector. Moreover, there has been an increase in selling price due to rise in cost pressures. The […]

Alinma Bank attained 10th position in the latest brand rankings published by YouGov Brand Index. While Emirates, Apple and iPhone secured first, second and third positions respectively in the 2017 brand advocacy report for Saudi Arabia by international market research and data analysis firm YouGov, Alinma Bank was the only bank to be placed in […]

As the 35-year-old ban on cinema comes to an end in Saudi Arabia, Kingdom’s sovereign wealth fund, the Public Investment Fund (PIF) teams up with US movie exhibition company AMC Entertainment Holdings to explore and invest in cinema business in the Kingdom. AMC announced signing a deal with PIF to form a joint cinema venture, […]

The General Authority of Zakat and Tax (GAZT) announced that all e-commerce businesses in Saudi Arabia will be subject to 5 percent Value Added Tax (VAT) with its implementation from January 1, 2018. At present Saudi Arabia have 11.1 million e-commerce users which are expected to grow by 6 million in 2020. All online sales […]