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  • What UAE Corporate Tax Means for Its Business-Hub Status

    While corporate tax is new to the UAE, the 9% rate is still lower than regional peers and most global financial centers. And personal income from employment, real estate and other investments will remain untaxed. Importantly, incentives will remain for companies that operate in the free zones -- where firms operate under a different set of regulations to the rest of the country -- though with some exceptions.

  • UAE to launch first federal corporate tax on business profits from June 2023

    Much of this tax-free regime, including no personal income tax, remains. But the Finance Ministry said it was launching corporate tax to align with international efforts to combat tax avoidance, as well as to address challenges arising from the digitalisation of the global economy. The new tax will be levied on all corporations and commercial activities in the country, except for the "extraction of natural resources" which will remain subject to taxation at the emirate level.

  • Saudi business group touts plan to improve economic ties with Russia

    The chairman of the Federation of Saudi Chambers, Ajlan Al-Ajlan, said the alliance wants a “road map” to business with the Russian Federation. He specifically mentioned bilateral business councils, a digital platform to promote Russian and “Arab” products, removing regulations that hinder trade and more, the official Saudi Press Agency reported.

  • Saudi business group touts plan to improve economic ties with Russia

    The chairman of the Federation of Saudi Chambers, Ajlan Al-Ajlan, said the alliance wants a “road map” to business with the Russian Federation. He specifically mentioned bilateral business councils, a digital platform to promote Russian and “Arab” products, removing regulations that hinder trade and more, the official Saudi Press Agency reported.

  • UAE blocks missiles as Yemen’s Houthis attack region’s business hub

    "This is absolutely an escalation and changes the regional dynamic," said Karen Young, director at the Middle East Institutes' Economics and Energy Programme.

  • Saudi Jubail Port records business surge in Q4 2021

    The report showed the Port, the world’s largest petrochemicals export terminal, handled 17.5 million tonnes of cargo and 558 ships in the last quarter of 2021, an increase of 8.37 percent and 15.7 percent year-on-year respectively.

  • U.S. Businesses Sour on Saudi Arabia in Blow to Crown Prince’s Growth Plans

    Saudi Arabia courted the world’s top companies to modernize its economy. Instead, the business environment has grown more hostile and investors are souring on the oil-rich kingdom. Uber Technologies Inc., General Electric Co. and other foreign firms were hit by surprise tax assessments often totaling tens of millions of dollars. Construction company Bechtel Corp. sent some contractors home while it tried to collect on more than $1 billion in unpaid bills.

  • Family businesses in Saudi Arabia go public as stock market booms

    Saudi family-owned companies, long resistant to opening their books to outside shareholders, are lining up to list stakes as the country’s stock market booms, sometimes in the hope that bringing in outside investors will help them weather internal disputes.

  • Riyadh will flip from No-Go to FOMO for business

    Riyadh may be about to pivot from global no-go to FOMO. The Saudi Arabian capital has long been seen by international bankers and executives as a place to visit for work, before weekending in the UAE’s more western-friendly hub, Dubai. That crowd may develop a nagging fear of missing out. Economically, Saudi dwarfs regional Gulf peers. Its $700 billion GDP in 2020 was double the UAE’s, with three times the population. Its domestic stock market’s $2.6 trillion market capitalisation is over four times those of Abu Dhabi, Dubai and Qatar combined.

  • ARAMCO and GAUSSIN Sign a Partnership to Join Forces in the Hydrogen Vehicle Business

    The agreement between Aramco and Gaussin aims to establish a modern manufacturing facility for hydrogen-powered vehicles in the Kingdom of Saudi Arabia. As a first step, Gaussin and Aramco will study the feasibility of a manufacturing facility and a hydrogen distribution business to serve the Middle East region.