NEWS

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 […]

Saudi Arabia’s capital city kicked off its festival season with style and glamour as the global K-pop sensation BTS performed in front of an avid crowd at the King Fahd International Stadium on Friday.   The septet’s concert was part of their record-breaking BTS World Tour “Love Yourself: Speak Yourself”,which gained over $50 million in […]

Saudi Arabia announces new regulations for female dress code as the country is looking forward to welcome tourists from across the globe to experience the Kingdom’s rich culture and tradition. Foreign women travelling to Saudi Arabia will no longer have to wear abaya, the flowing cloak that has been a mandatory dress code for decades. […]

Saudi Arabia will waive expat fees for employees working in the industrial sector for the next five years starting from October 1, 2019, the Saudi Press Agency reported.   The government’s decision to temporarily cover the cost of expat levy for licensed industrial companies will be a blessing to the private sector, especially businesses accustomed to […]

As part of Saudi Arabia’s efforts to standardize, simplify and streamline the immigration system of employers, the country’s visa system is undergoing a major transformation. The Council of Ministers has approved the unification of visit visa application fees at SR 300 per person and has issued a decision standardizing the validity periods of both commercial and […]

The Saudi Organisation for Certified Public Accountants (SOCPA) has announced that over 10,000 expatriates have registered as professional certified accountants and applied to join SOCPA, the Saudi Press Agency quoted.   In order to improve the quality and efficiency of the accountant professionals in Saudi Arabia, the Ministry of Labor and Social Development (MLSD) has […]

According to a recent report published by one of the leading cost and project management consultancy Linesight, construction activities across the GCC countries will recover steadily from the start of 2020 after a challenging period of subdued performance. Economic diversification, social reform, and general demographic demand, combined with renewed government ambition are all key factors […]