MUST-READS

• Tawaref series: Saudi tax system explained

  A deep understanding of the tax system is one of the most critical factors for business success in any country, and Saudi Arabia is no exception. As the Kingdom continues to develop its tax laws and regulations, businesses need to be well-informed to navigate this evolving landscape. Over the years, Saudi Arabia has continuously developed its tax system to diversify revenue streams and bolster economic growth. In this article, we’ll provide an overview of the key taxes within the Kingdom and explain how each is calculated and applied.

• Egypt’s new ceasefire proposal is too little, too late

  The announcement marked the first time since the war began on October 8, 2023, that the Egyptian president had publicly proposed a ceasefire plan. Egypt has—alongside Qatar and the United States—been a key mediator between Israel and Hamas, but all mediation efforts have so far failed to break the impasse in talks. Sisi said his proposed plan was meant to “move the situation forward,” adding that negotiations between Israel and Hamas for a permanent ceasefire would resume once the truce was in place.

• How the death of Abdul Malik al-Houthi could impact the Houthis and Iran

  Analysts, however, quickly refuted these claims, citing that Iranian state media had reported nothing to suggest these rumors were true. Houthi later proved he was alive and well when the commander made a video address on the anniversary of the October 7, 2023, the date of Hamas’s attack on Israel. While Houthi is still alive today, his death in the near term would impact the group’s ability to operate and widen a leadership vacuum within Iran’s Resistance Axis.

• Saudi Chemicals Giant Misses on Profit as Recovery Stalls

  Saudi Basic Industries Corp., also known as Sabic, posted 1 billion riyals ($266 million) in profit in the third quarter, according to a statement on Monday. That’s up from a year ago, when the company suffered a loss due to the sale of its steel unit, but down from the second quarter. Higher feedstock costs and lower average selling prices were a drag, it said.

• U.S. and Saudi Arabia discuss security agreement separate from Israel mega-deal

  The U.S. and Saudi Arabia are discussing a possible security agreement that wouldn't involve a broader deal with Israel, according to three sources with knowledge of the talks. The agreement wouldn't be the full defense treaty the U.S. and Saudi Arabia were discussing but Saudi Crown Prince Mohammed Bin Salman (MBS) and the White House still want to reach a security agreement before President Biden leaves office in January. Saudi national security adviser Musaad bin Mohammed al-Aiban visited the White House last week and met with his U.S. counterpart Jake Sullivan and with Biden advisers Brett McGurk and Amos Hochstein, the sources said. The idea is to draft a bilateral U.S.-Saudi security agreement similar to those the Biden administration signed with other Gulf countries in recent years, which strengthened the U.S. position in the region, the source said.

• Saudi Aramco posts 15% drop in third-quarter profit but maintains dividend

  Saudi state oil giant Aramco reported a 15.4% drop in net profit in the third-quarter on the back of “lower crude oil prices and weakening refining margins,” but maintained a 31.05 billion dividend. The company reported net income of $27.56 billion in the July-September period, topping a company-provided estimate of $26.9 billion. The print is also a 5% drop from the previous quarter, which came in at $29.1 billion, as lower global oil prices, weaker demand and prolonged OPEC+ production cuts led by Saudi Arabia continue to impact crude prices.

• Saudi Aramco posts third-quarter profits of $27.5 billion, down 15% from a year earlier

  Aramco, formally known as the Saudi Arabian Oil Co., had revenues of $111.1 billion over the quarter, the company said in a filing on Riyadh's Tadawul stock exchange. It had $113 billion in revenues the same quarter last year. Profits for the third quarter last year were $32.5 billion. The profit decrease “was mainly due to the impact of lower crude oil prices and weakening refining margins,” Aramco said. Profit for the first nine months of 2024 was $83.9 billion, down from $94.5 billion the year before.

• In Saudi Arabia, This Immersive New Hotel Keeps the Ancient Past Alive

  Every night, 1,800 candles and lanterns send shadows dancing across the walls of Dar Tantora The House Hotel, casting the interiors of this extraordinary 30-room property in soft shades of gold. Across the road from a thriving oasis, in the heart of AlUla’s Old Town, Dar Tantora inhabits a labyrinthine cluster of mud-brick and stone houses abandoned in the late 20th century. Their restoration—and subsequent conversion into a hotel—was led by Egyptian architect Shahira Fahmy, whom Phaidon describes as one of the premier “architects building the Arab future.”

• Outlook for GCC IPOs remains positive for 2024 despite a relatively quiet Q3, highlights PwC Middle East

  The higher proceeds was driven by the sizable IPO of energy sector focused EPC solutions group NMDC Energy, the biggest IPO in the UAE so far this year, raising $877m and significantly oversubscribed. The remaining three listings took place on Nomu, the Saudi Exchange (Tadawul) parallel market. The aftermarket performance for companies completing an IPO in 2024 continues to be positive with the majority of the top 10 IPOs (by deal size) trading ahead of the IPO price.

• GCC economy set to reach $3trn by 2030

  Panellists agreed that while Saudi Arabia and the UAE are major drivers of this growth, other GCC countries can capitalise on the opportunities by offering services and contributing to the regional economy. This interconnectedness ensures that economic growth in any GCC country benefits the entire region, as seen in sectors like tourism, finance and logistics. The economic union and reduced trade barriers further accelerate this positive impact.

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