By Innovation-sa on May 30, 2018 in News

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 are required to file their tax declarations every three…

By Innovation-sa on May 30, 2018 in News

In line with the government directives to unify paydays for all state employees according to the Gregorian calendar, the General Organization for Social Insurance (GOSI) announced that it will switch to the Gregorian calendar from June for the payment of pensions to retired employees and to family members of the deceased retirees. In accordance with the social insurance system, the organization will deposit pensions…

By Innovation-sa on May 30, 2018 in News

The Ministry of Commerce and Investment registered Saudi Arabia’s Red Sea project as a standalone closed joint-stock company, The Red Sea Development Company (TRSDC), solely owned by the country’s sovereign wealth fund, the Public Investment Fund (PIF). The PIF, headed by Crown Prince Muhammed bin Salman, will inject initial investments into the project and later start partnerships with international companies. The ministry appointed John…

By Innovation-sa on May 27, 2018 in News

The Saudi Arabian Monetary Agency (SAMA) announced that it will start withdrawing one-riyal notes from the market from Thursday and new riyal coins will replace the notes. However, SAMA confirmed that paper currencies will still be traded alongside the new coins until all one-riyal notes are gradually withdrawn from the markets. Earlier in December 2016, SAMA had unveiled the sixth issue of Saudi currency…

By Innovation-sa on May 27, 2018 in News

The Saudi domestic banks, which are working to capitalize on economic reforms, have cumulatively reported a 7.5 percent year-on-year growth and an 18 percent quarter-on-quarter increase in net profit for the first quarter of 2018, despite slight recessionary trends, said a report published by Moody’s Investors Service on Wednesday. According to Moody’s, interest expenses in Saudi banks declined by 12.5 percent year-on-year and 2…

By Innovation-sa on May 22, 2018 in News

The high-speed Haramain Express train connecting the holy cities of Makkah and Madinah will roll out this September with four trains per week, in the beginning, followed by daily services by September 2019, the Spanish consortium building the project announced on Thursday. The 300kph high-speed intercity rail transport system linking Madinah and Makkah via King Abdullah Economic City (KAEC) and King Abdul Aziz International…

By Innovation-sa on May 22, 2018 in News

Saudi Arabia’s Directorate General of Traffic has called on women with foreign licenses to have them replaced with a Saudi license. The official Twitter account of the Directorate tweeted: “We invite all citizens and residents of the Kingdom who wish to replace their valid driving licenses which they have obtained from other countries with a Saudi driving license through registering their information via the…

By Innovation-sa on May 15, 2018 in News

Saudi Arabia’s General Culture Authority (GCA) announced various programs and initiatives to aid Saudi filmmakers, film industry and film production in the Kingdom as well as to support non-Saudi filmmakers interested in filming in Saudi Arabia. Faisal Baltuyoor, CEO of Saudi Films Council, said that the Council would focus mainly on developing skills and technical capabilities as this is the prerequisite for developing a…

By Innovation-sa on May 15, 2018 in News

The Governor of Qassim, Prince Faisal bin Mishaal, launched transportation projects worth more than SR800 million in Saudi Arabia’s Qassim region in the presence of Transport Minister Nabeel Al-Amudi. Prince Faisal took his time to thank Al-Amudi and praise the people of Qassim and the Transport Ministry for their remarkable efforts. The noteworthy project will include Buraidah city, its connecting roads and eight bridges….

By Innovation-sa on May 8, 2018 in News

Saudi Arabia has finalized the transfer of ownership of the Kingdom’s $10 billion King Abdullah Financial District in the capital city to the finance ministry and the Public Investment Fund (PIF). “It is a transfer (of ownership), not a transaction. The Ministry of Finance will take legal ownership and PIF will have the operating rights,” sources familiar with the matter told Reuters. The King…