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  • Bahrain’s new corporation tax isn’t just about boosting revenues

    Bahrain has been facing fiscal pressure since 2010, when it recorded its first budget deficit of the new millennium. While it has used a wide range of tax instruments to improve its finances, most notably value-added tax, it has so far shunned a tax on business profits. Several factors contributed to this decision, most notably a concern that it might affect Bahrain’s reputation as an attractive destination for foreign direct investment.

  • UN rights chief urges states to challenge Israel over occupation

    The U.N. human rights chief said on Monday that ending the nearly year-long war in Gaza is a priority and he asked countries to act on what he called Israel's "blatant disregard" for international law in the occupied Palestinian territories. Nearly 41,000 Palestinians have been killed in Gaza, according to Gaza health officials, since Israel unleashed a military campaign in response to cross-border attacks by Hamas militants on Oct. 7, 2023 in which 1,200 people were killed and a further 250 taken hostage. The conflict has also fuelled a surge in violence in the Israeli-occupied West Bank.

  • Russia aims to tip US election to Trump, intel official says

    “RT has built and used networks of U.S. and other Western personalities to create and disseminate Russia-friendly narratives while trying to mask the content in authentic Americans’ free speech,” said the official with the Office of the Director of National Intelligence, who spoke to reporters on the condition of anonymity.

  • Ronaldo goals prove Saudi league quality – Neves

    And Ronaldo followed up his record-breaking 900th career goal against Croatia on Thursday by coming off the bench to score the decisive late goal against the Scots as Portugal began their Nations League Group A1 campaign with two 2-1 home wins. Asked about the 39-year-old's continued impact despite now playing in the Saudi Pro League, Neves told the Portugal FA website: "I invite those people to watch Saudi football."

  • Saudi Arabia exceeds Vision 2030 target of attracting 100 mln tourists: IMF report

    The Kingdom’s tourism revenues reached $36 billion in 2023, with net tourism income increasing by 38 percent. The sector’s direct and indirect contribution to GDP reached 11.5 percent in 2023, with expectations to grow to 16 percent by 2034, according to the report published on Wednesday.

  • Saudi debt market valued at $213 billion, says official

    The Chairman of the Board of the Saudi Capital Market Authority, Mohammed El-Kuwaiz, said on Sunday that the size of the debt market in the Kingdom has doubled to reach 800 billion Saudi riyals ($213bn), compared with around 400bn riyals ($106bn) in 2019. El-Kuwaiz made his comment during the Debt Markets and Derivatives Forum in Riyadh.

  • Saudi Arabia woos US investors to bolster housing sector

    As growth in mortgage lending in Saudi Arabia runs up against local liquidity constraints, several US investment giants are looking to step in. After a visit by Saudi officials to the US at the end of August, household names such as BlackRock and King Street Capital signed preliminary agreements with the Saudi Real Estate Refinance Company (SRC) and Saudi Mortgage Guarantee Services Company (Dhamanat) to enhance the kingdom’s secondary market for home loans.

  • In precedent, Saudi envoy attends Washington summit with Israelis, gives ‘inspiring’ speech

    Saudi Arabia’s ambassador to the United States, Reema bint Bandar Al Saud, is taking part in the Middle East – America Dialogue (MEAD) summit in Washington, DC. Notably, she is appearing at the same event as many senior Israeli officials, as efforts for a US-brokered normalization agreement have been put on the backburner amid the US elections but could renew afterward. Al Saud takes part in a panel alongside the Moroccan and Bahraini ambassadors to the US. The content of the panel and photos of it are currently barred from publication, though Israeli media outlets hail her speech as “inspiring.”

  • Saudi Arabia: Proposed amendments to various provisions of VAT Implementing Regulations

    The proposed amendments/ additions to the VAT Implementing Regulations aim to enhance compliance with the KSA VAT landscape and to provide further clarity for the taxpayers.

  • Oil prices hold at 14-month low as demand worries offset big US storage withdrawal

    Oil prices held at a 14-month low on Thursday as worries about demand in the U.S. and China and a likely rise in supplies out of Libya offset a big withdrawal from U.S. inventories and a delay to output increases by OPEC+ producers. Brent futures were down 1 cent to settle at $72.69 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 5 cents, or 0.1%, to settle at $69.15. That was the lowest close for Brent since June 2023 for a second day in a row and the lowest close for WTI since December 2023 for a third day in a row.