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  • Saudi, Iranian foreign ministers discuss regional developments

    Saudi Foreign Minister Prince Faisal bin Farhan and his Iranian counterpart Ali Bagheri-Kani have discussed the latest regional developments in a phone call, according to a foreign ministry statement. Prince Faisal and the acting Iranian foreign minister also discussed bilateral relations, the statement said. The call between the two officials follows escalating regional tensions, including Wednesday’s assassination of Hamas leader Ismail Haniyeh.

  • Saudi Arabia: Criteria for Fourteenth Wave of VAT E-Invoicing Integration

    The Saudi General Authority of Zakat and Tax has unveiled the selection criteria for the fourteenth wave of its VAT e-invoicing system integration into the Fatoora platform. According to the announcement, this new wave will commence on February 1, 2025. It will target taxpayers whose VAT-taxable revenue exceeded 5 million Saudi riyals (approximately USD 1.3 million) in either 2022 or 2023.

  • Saudi Arabia’s Q2 2024 budget shows 26% rise in non-oil revenues

    The Ministry of Finance has revealed on Wednesday the budget for the second quarter of 2024. Non-oil revenues increased by 26.09% to SR140.6 billion, compared to SR111.51 billion in the first quarter of the year, marking an increase of SR29.09 billion. Oil revenues also rose by 17.08%, surpassing the SR200 billion mark, reaching SR212.99 billion in the second quarter compared to SR181.92 billion in the first quarter.

  • Saudi Minister of Commerce Concludes Visit to Republic of Korea

    The Saudi Minister of Commerce and Chairman of the Board of Directors of the National Competitiveness Center (NCC), Dr. Majid bin Abdullah Al-Qasabi, met with the Minister of Land, Infrastructure and Transport, Dr. Sangwoo Park, today in Seoul, Republic of Korea. The meeting, which also had the Kingdom of Saudi Arabia's Ambassador to the Republic of Korea, Sami bin Mohammed Al-Sadhan, in attendance, covered discussions on the Kingdom's Vision 2030, economic and development reforms, cooperation and partnership opportunities, and the exchange of expertise, particularly in priority sectors.

  • Saudi equestrian team gears up for Paris 2024 Olympics with high hopes and fond memories

    As the Saudi equestrian team prepares for their participation in the Paris 2024 Olympics, they are filled with memories of their last Olympic appearance, where they secured a bronze medal in the team event at the London 2012 Olympics. On Thursday, the team will compete in the mixed team show jumping event at the historic Palace of Versailles arena, established in Paris in 1624.

  • Lawyers for Saudi Arabia seek dismissal of claims it supported the Sept. 11 hijackers

    Lawyers for Saudi Arabia argued Wednesday that the country fought against terrorism and al-Qaida, just like the United States, in the 1990s and should not be a defendant in lawsuits seeking over $100 billion for relatives of people killed in the Sept. 11 terrorist attacks. U..S. District Judge George B. Daniels listened Wednesday to arguments about evidence in the two-decade-old Manhattan case, but he did not immediately rule.

  • Saudi IPO rush set to continue in second half of 2024, top corporate lawyers say

    This follows analysis by Kuwait’s Financial Centre, also known as Markaz, indicating that more than half (59%) of total IPO proceeds in the Gulf Cooperation Council (GCC) were derived from Saudi Arabia, the largest economy in the GCC, in the first half of 2024. Saudi Arabia raised US$2.1 billion from 19 offerings in the six months to the end of June. These included US$1.95 billion listed in its main market, Tadawul, and US$143 million in the parallel market, also known as Nomu.

  • Saudi Arabia makes significant progress in WEF skilled employees index

    Saudi Arabia has been strengthening its labor market for the last few years. The number of Saudi nationals working in the private sector increased from 1.7 million in 2019 to over 2.3 million in 2024, and the unemployment rate dropped to 7.6% during Q1 2024.

  • Over 25,000 beehives spread across Saudi royal reserve for honey production season

    The Imam Turki bin Abdullah Royal Nature Reserve Development Authority has said that 25,737 beehives spread across 256 sites in the reserve are participating in this year’s honey production season. The season, which opened at the beginning of July, will close at the end of April 2025, the Saudi Press Agency reported.

  • Ceasefire hopes recede, after assassination in Tehran

    Last Thursday, when Israeli Prime Minister Benjamin Netanyahu met President Biden at the White House, along with families of Israeli American hostages held by Hamas, several of the families, American officials and some observers thought there might be higher hopes for soon getting a hostage release/Gaza ceasefire deal over the finish line. That was in part because the Israeli Knesset was due to break on Sunday (July 28) for a few months, giving Netanyahu more political breathing room to strike a deal without immediate risk of his governing coalition collapsing, it was thought.