Crown Prince Mohammed bin Salman announces THE LINE at NEOM

Crown Prince Mohammed bin Salman announces THE LINE at NEOM

His Royal Highness Mohammed bin Salman, Crown Prince and Chairman of the NEOM Company Board of Directors, today announced THE LINE, a revolution in urban...
Saudi Arabia discovers 4 new oil and gas fields

Saudi Arabia discovers 4 new oil and gas fields

Saudi Arabia's Energy Minister, Prince Abdulaziz bin Salman bin Abdulaziz, announced that Saudi Aramco had discovered four new oil and gas fields in the...
No plan to review VAT: Finance Minister

No plan to review VAT: Finance Minister

Saudi Arabia's Finance Minister Mohammad Al-Jadaan said that there is no plan at present to reconsider the Kingdom’s value-added tax (VAT) policy in the...
Expat remittances rise 29% in September to SR 13.2 bln

Expat remittances rise 29% in September to SR 13.2 bln

Expat remittances from Saudi Arabia increased by 29 percent to SR 13.21 billion in September 2020, compared to the same period last year, according...
The country is facing a deep recession, with the economy shrinking by 7 per cent in the second quarter and unemployment hitting a record high of 15.4 per cent. The government had in July tripled VAT to 15 per cent to boost non-oil revenues, but the move set off limited domestic demand.

Saudi Arabia imposes new 5% tax on property deals, exempts from 15% VAT

Saudi Arabia will exempt real estate transactions from a 15% value-added tax (VAT) and instead impose a new 5% tax on property deals, said...
COVID-19 helps Saudi Arabia eliminate commercial cover-ups: analyst

COVID-19 helps Saudi Arabia eliminate commercial cover-ups: analyst

Saudi Arabia has stepped up fight against commercial cover-up, due to its negative impact on the national economy, economists said. Abdullah Al-Rebdi, analyst at Riyadh-based...
Saudi Aramco discovers two new oil and gas fields

Saudi Aramco discovers two new oil and gas fields

Saudi Aramco has discovered two oil and gas fields in northern parts of Saudi Arabia, the Saudi Press Agency (SPA) reported, citing Energy Minister...
Saudization in 9 sectorrs starting Agust 20

70% Saudization in 9 sectors starting Thursday

The Ministry of Human Resources and Social Development is scheduled to begin 70 percent localization of jobs in nine sectors of wholesale and retail...
Saudi Arabia Ranks 24th in IMD World Competitiveness Yearbook 2020

Saudi Arabia Ranks 24th in IMD World Competitiveness Index 2020

Saudi Arabia continues its upward rise in the ranking of global competitiveness. In the recently published World Competitiveness Yearbook 2020 by the International Institute...
COVID-19: Around 1.2 million expatriates expected to leave Saudi job market in 2020

Around 1.2 million expatriates expected to leave Saudi job market in 2020: Jadwa

Around 1.2 million expat workers will leave the Saudi job market this year, according to projections by Jadwa Investment Company. Hospitality, food services, administration and...