NEWS

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 […]

Saudi Arabia has signed a deal with US group Nasdaq to upgrade its stock market infrastructure by the end of 2020. The Kingdom has a rapidly growing stock market with a capitalization of $450 billion. Kingdom’s stock exchange Tadawul said that Nasdaq technology would create a new central counter-party clearing system for the Saudi market […]

To fulfill its dream of attaining self-sufficiency in nuclear fuel production, Saudi Arabia has invited US companies to cooperate with the Kingdom to set up its nuclear power plants. Saudi Arabia’s Minister of Energy, Industry and Mineral Resources Khalid Al-Falih emphasized that the Kingdom is only interested in developing nuclear technology for civilian use and […]

Saudi Arabian and Iraqi companies signed 18 memorandums of understanding in the energy sector at the seventh session of Iraq International Oil and Gas Conference and Exhibition. The MoUs were signed in the presence of Saudi Minister of Energy, Industry and Mineral Resources and Chairman of the Board of Directors of Saudi Exports Development Authority […]

Saudi Arabia’s oil giant Saudi Aramco and chemical firm Saudi Basic Industries Corp (SABIC) have signed a memorandum of understanding (MoU) to establish an innovative crude oil to chemicals (COTC) complex worth $20 billion. The planned COTC, which is expected to be the largest project in the world to convert crude oil to chemicals, and the first […]