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  • Oil Majors Look to Fill Businesses’ Growing Appetite for Green Power

    European oil companies including BP PLC and Royal Dutch Shell PLC are building new wind and solar projects and striking deals to supply electricity to big corporate buyers like Amazon.com Inc. and Microsoft Corp. , treading into the domain of traditional power companies.

  • Saudi businesses must submit excise tax returns before May 15

    Saudi Arabia’s Zakat, Tax and Customs Authority (GAZT) called on businesses subject to excise goods tax to submit their returns for March and April no later than May 15. Taxpayers who do submit their returns on time will have to pay a fine worth 5 percent of the amount for every 30 days of delay, GAZT said on its website on Wednesday.

  • Saudi Kafalah small business loan program expands rapidly in Q1

    The Saudi SMEs loan guarantee program ‘Kafalah’ helped 1621 businesses during the first quarter of 2021 — up 162 percent year-on-year, Al Eqtisadiah reported. Guarantees increased by about 150 percent to SR2.9 billion and financing reached SR3.6 billion, the newspaper said.

  • Business activity growth picks up in April

    The headline seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers’ Index™ (PMI) rose to a three-month high of 55.2 in April, up from 53.3 in March, to indicate a marked improvement in business conditions in the non-oil private sector economy. Growth has now been recorded in each month since September 2020.

  • Saudi Arabia’s Almarai to spend $1.76bn on expanding its poultry business

    “The expansion will be implemented in several phases … and include the development of grandparent farming and production facilities to enable full vertical integration of poultry supply,” the company said in the bourse filing. “Expansion will focus on different geographical locations in the kingdom to enhance the biosecurity in poultry farms.” The move to expand the poultry segment is in line with Saudi Arabia’s aim of boosting its food security, with the help of the private sector.

  • As Saudi prince rises, Bin Laden business empire declines

    The state has taken management control of the Bin Laden Group, Saudi Arabia's biggest construction company and branded by some as the kingdom's Rockefellers for their vast infrastructure projects, after they were snared in an anti-corruption purge widely seen as a shakedown. The reversal of their fortunes is closely tied to Shakespearean power struggles and an economic overhaul in the petro-state, as it prepares for a post-oil era under de facto ruler Prince Mohammed, known as MBS.

  • 8 out of 10 of Saudi small-business owners optimistic for 2021 recovery

    Visa’s ‘2021 Small Business Recovery’ study surveyed small and medium businesses (SMBs) in the UAE, KSA, Egypt and Pakistan to understand how they have responded to COVID-19 and the role digital payments are playing in their business recovery. The study also revealed the top spending trends merchants claim define the COVID-19 business environment, and steps they’re taking to future proof their business.

  • Doing Business Guide 2021: Understanding Saudi Arabia’s Tax Position

    Real estate, hospitality and construction are the key industries in terms of opportunities in Saudi Arabia. A growing population, increasing urbanization, inflow of religious tourism, ease of doing business, and a focus on economic diversification have all paved the way for increased investment potential in the country

  • Abu Dhabi oil giant ADNOC considers IPO of drilling business – sources

    ADNOC has held discussions with banks over the potential initial public offering (IPO), said the sources, who declined to be named as the matter is not public. Two of the sources said ADNOC wanted the deal to happen this year. One of them said discussions were at an early stage but the IPO size could be more than $1 billion

  • Goldman Hires Ex-UBS Banker to Double Wealth Business in Mideast

    Goldman Sachs Group Inc. hired a UBS Group AG banker to run its private wealth management unit for the Middle East and North Africa, as part of a strategy to expand its business catering to rich clients. Gabriel Aractingi joined the U.S. bank earlier this month as head of private wealth management for the region and will be based in Geneva. He was previously UBS’s head of global family office for MENA since 2018.