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  • ZATCA Releases Guidelines For Regional Headquarters In Saudi Arabia

    On 14 April 2024, the Zakat, Tax, and Customs Authority (ZATCA) released comprehensive guidelines for regional headquarters in Saudi Arabia. These guidelines, available in English and Arabic, provide detailed explanations of regulatory provisions, accompanied by practical examples illustrating the application and utilization of the tax incentives.

  • How to Open a Virtual Office in Saudi Arabia? A Step by Step Guide.

    Saudi Arabia has a growing population and extensive economy in the Middle East and Asia. The country has a rapidly growing demand for products retail and services. They offer multiple opportunities for various businesses to fulfill their demand and needs. However, the latest technology and business emerging trend is the virtual workspace is also entered in the Saudi Kingdom. In this article, we define how to open a virtual workspace or Virtual Office in Saudi Arabia.

  • Saudi liner newcomer targets fleet growth with Bahri deal

    Saudi Arabian liner newcomer Folk Maritime is pressing ahead with ambitious growth targets in a deal with Bahri Ship Management, a unit of the kingdom’s top shipping line, Bahri, to collaborate on technical shipmanagement, crewing and shipbuilding supervision of Saudi-flagged vessels. Under a memorandum of understanding Bahri Ship Management will support the Riyadh-based feeder operator led by former Hamburg Süd boss Poul Hestbaek with the aim of linking Saudi Arabia to regional ports across the Middle East and North Africa.

  • Tourists’ spending in Saudi Arabia up 23% to $12bn

    Tourism spending in Saudi Arabia saw an annual increase of 23 percent in the first three months of the year, hitting SR45 billion ($12 billion), according to new figures. Data released by the Saudi Central Bank showed that the balance of payments for travel – encompassing expenditures by foreign tourists visiting the country and spending by residents traveling abroad – posted a surplus of SR24 billion. This is a 46 percent increase on the first quarter of 2023.

  • Saudi defense minister meets with Turkish president in Ankara

    Saudi Arabia’s Minister of Defense Prince Khalid bin Salman was received by Turkish President Recep Tayyip Erdogan at the Presidential Palace in Ankara on Tuesday. During the meeting, the two officials reviewed relations between the Kingdom and Turkiye and ways to enhance them. They also discussed regional and international developments and efforts made with regard to them.

  • How Richard Attias brought billionaires, bankers and politicos into Saudi Arabia’s big tent

    Indeed, since its inaugural outing FII has become a regular fixture in the calendar of the world’s power brokers and financiers. At the most recent edition, in October 2023, Citigroup’s Jane Fraser, JP Morgan’s Jamie Dimon and Goldman Sachs’ David Solomon were in attendance. Following the meeting, $17.9 billion of deals were announced. Those made public included a joint venture between the Saudi sovereign wealth fund and Italian company Pirelli, as well as a large Saudi investment into a wind energy project in Azerbaijan.

  • PIF’s revenues jump to $88.5 billion in 2023

    The Public Investment Fund (PIF) has recorded robust growth of more than 100 percent in its total revenues during the year 2023, soaring to SR331 billion ($88.5 billion), up from SR165 billion ($44 billion) in 2022. The Saudi sovereign wealth fund said in a statement on Monday that the jump in revenues during the period from January 1 to December 31, 2023 was supported by the growth in the market value of its investment portfolio.

  • Saudi Aramco Bets on Unconventional Field in $25-Billion Gas Expansion

    Aramco has been seeking a greater role in the global LNG market as it plans to ramp up its natural gas production and trading business. The oil giant is looking to boost its domestic natural gas supply, to replace direct crude burn for its power generation and free up more crude for exports.

  • Saudi Wealth Fund’s Financial Commitments Surged by $50 Billion in 2023

    Saudi Arabia’s huge sovereign-wealth fund swung to a profit last year—but the bills from its megaproject spending spree grew faster. The Public Investment Fund posted a $17 billion profit for 2023 in results published Monday, up from a $3.9 billion loss in 2022. At the same time, the fund disclosed a massive surge in financial commitments—money it is on the hook to pay in the future—as it ramps up spending on the vast projects and investments it is handling as part of the kingdom's economic overhaul.

  • Saudi forex reserves at 18-month high in boost to giga-projects

    Saudi Arabia’s foreign exchange reserves have shot up by nearly 7 percent this year to $445 billion in May, or SAR167 trillion, the highest since November 2022. The rise gives the government more scope to pump money into cash-constrained giga-projects. Saudi Arabia has raised $17 billion in debt markets this year. The Public Investment Fund has realised at least $15 billion in cash by divesting US equities. And the government has doubled PIF’s stake in Aramco to 16 percent, making it a recipient of the state oil company’s dividends.