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  • Saudi Arabia calls on businesses to submit tax returns or face fines

    The Zakat, Tax and Customs Authority (ZATCA) has called on businesses subject to Value Added Tax (VAT), whose annual supplies of goods and services exceed SR40m ($10.7m), to submit their tax returns for July no later than August 31.

  • Saudi Business Center Launches 2nd Phase’s QR-Code

    The Saudi Business Center (SBC) has launched the 2nd phase of Unified QR-Code service to boost the attractiveness of the business environment in the Kingdom, reported the Saudi Press Agency (SPA). The current phase includes 120 licenses linked to the QR-Code document affiliated with nine government agencies. As part of a promising initiative launched by the SBC last January, the 2nd phase allows businesses to consolidate all licenses and certificates from concerned government partners into a single online document.

  • Korea-Saudi Business Forum Highlights Expanding Cooperation Beyond Oil

    Since establishing diplomatic relations with Korea in 1962, Saudi Arabia has seen its trade volume increase 400-fold, becoming Korea's largest oil supplier and the largest trading partner in the Middle East. The cooperation, which was previously centered on infrastructure construction, has recently expanded to include fields such as eco-friendly energy and artificial intelligence (AI).

  • Saudi Arabia allows 100% foreign ownership in most business sectors

    Saudi Vice Minister of Commerce and CEO of the National Competitiveness Center (NCC) Dr. Eman Al-Mutairi noted that the Kingdom allows 100% foreign ownership in most business sectors, a significant factor in attracting international investment. This was highlighted during the Saudi-Korean Business Forum on Tuesday, where Commerce Minister Dr. Majid Al-Qasabi emphasized that Saudi Arabia's Vision 2030 has led to substantial economic diversification, fostering sustainable and inclusive growth, and encouraging innovation across various business sectors.

  • Seizing Opportunities in Saudi Arabia’s Thriving Business Landscape

    Saudi Arabia's free zones have played a pivotal role in attracting foreign investment and fostering economic growth. These zones offer numerous benefits, including tax exemptions, streamlined regulations, and access to a skilled workforce.

  • Federation of Saudi Chambers Revives Saudi-Canadian Business Council

    The Federation of Saudi Chambers has announced the revival of the Saudi-Canadian Business Council with its final formation for the term 1445–1449 AH. Mohammed bin Nasser Al-Duleim has been named chairman of the council, with Abdullah bin Salem Al-Yami and Abdullah bin Ahmed Al-Ahmed serving as deputy chairmen.

  • These are our Most Creative People in Business 2024

    In its third edition, Fast Company Middle East’s Most Creative People in Business is honoring 43 creatives and innovators across various sectors, from entrepreneurs, artists, designers, government officials, sustainability champions, and more.

  • Business boom builds Qatar-Saudi entente as Gulf rift fades

    Prince Mohammed's visit to the tiny neighbouring Gulf state in 2021 not only helped bury a bitter political grudge that had rumbled on for three years, it also ignited a rise in Qatar-Saudi business ties that has gathered pace ever since.
    His SUV tour of the Qatari capital took in a new 10-lane expressway, a futuristic metro and a 90,000-seat World Cup stadium radiant in gold-coloured cladding - exactly the kind of mega projects the Saudi prince is in a hurry to build back home.

  • Risky Business: Saudi Arabia’s Oil Price Hike and Market Reaction

    As the world’s leading energy exporter, Saudi Arabia’s decision to raise the price of oil for its Asian customers, namely China and India, is a significant development. The surprise move, announced ahead of the much-anticipated OPEC+ meeting on June 2, saw Saudi Aramco increase the price of Arab Light crude for Asia customers by over 300 percent—from $0.90 to $2.90 per barrel above the Oman-Dubai benchmark.

  • Saudi Arabia to establish independent network to serve industrial and business sectors

    The Communications, Space and Technology Commission (CST) announced that the Global Digital Integrated Solutions Company (Aramco Digital) has qualified to obtain a Specialized Radio Network License in the 450 MHz band after completing the regulatory procedures for the license. The license aims to serve the industrial and business sectors by establishing a dedicated network independent from mobile networks, operating on the latest global wireless technologies.