MUST-READS

• Saudi Arabia proposes amendments to Zakat Executive Regulations for real estate projects under construction

  On 15 January 2024, Saudi Arabia's Zakat, Tax and Customs Authority (ZATCA) announced on the public consultation platform (Istitlaa), proposed amendments to Article 73 of the Executive Regulations for Zakat Collection (Executive Regulations) relating to real estate projects under construction. The ZATCA has proposed to add a new paragraph 3 to Article 73 of the current Executive Regulations addressing the zakat treatment of off-plan real estate sale projects and taking into account the nature of these projects. The deadline for receiving comments on the proposed amendments is 29 January 2025.

• Saudi Arabia Seeks to Enhance Mining, Agricultural, and Financial Investments in Nigeria

  Leaders from Saudi Arabia’s private sector have agreed with senior Nigerian officials on a joint strategy to promote and attract Saudi investments in Nigeria, focusing on key sectors such as mining, agriculture, food products, banking services, and financial technologies. During a meeting today, President of the Federation of Saudi Chambers Hassan bin Moejeb Al-Huwaizi met with Minister of Solid Minerals of the Federal Republic of Nigeria Dele Alake and Minister of State Finance of the Federal Republic of Nigeria Doris Uzoka. The meeting was attended by Saudi investors. In his opening remarks, President Al-Huwaizi emphasized the importance of the Saudi-Nigerian Business Council in strengthening economic relations. He expressed Saudi Arabia’s interest in enhancing collaboration with Nigeria in the agriculture, livestock, and mining sectors.

• AP photographer explains how he covered the famous Dakar Rally in Saudi Arabia’s desert

  The famous Dakar Rally being raced in the deserts of Saudi Arabia is to come to a conclusion on Friday. Associated Press photographer Christophe Ena explains who he has been capturing the off-road motorsport event frame-by-frame.

• Saudi Arabia’s flyadeal to order ten A330neo – reports

  Saudi low-cost carrier flyadeal (F3, Jeddah International) will soon place an order for ten A330-900N aircraft, according to Reuters. As previously reported in ch-aviation, the airline had decided to place a widebody order but was undecided about the type. Aside from a single wet-leased A330-200, flyadeal has exclusively relied on Airbus narrowbodies to date. flyadeal is expected to place the order within weeks, which will also include options for another ten A330s. If placed, the order represents another blow for Boeing, whose B787-9 type was under consideration but reportedly ultimately dropped.

• Saudi Arabia’s path to carbon neutrality: Analysis of the role of Hajj pilgrimage, energy consumption, and economic growth

  Saudi Arabia's religious sites stimulate economic growth and create green jobs through sustainable tourism. Tourism expansion may raise carbon dioxide (CO₂) emissions due to energy use. Thus, this article examines 1970–2019 time series data to assess how Hajj pilgrims, energy consumption, and economic growth affect Saudi Arabia's CO₂ emissions. The transport segment is the leading generator of CO₂ pollution due to the heightened energy consumption related to travel and tourism (Irfan et al., 2023). The tourism business has been a foremost contributor to GDP expansion in developed as well as emerging nations over the past forty years, playing a pointed function in the globe's economic evolution (Wijesekara et al., 2022).

• Saudi Arabia Welcomes Ceasefire Agreement in Gaza

  The Ministry of Foreign Affairs expresses the Kingdom of Saudi Arabia's welcoming of the ceasefire agreement in the Gaza Strip and appreciates the efforts made by the State of Qatar, the Arab Republic of Egypt, and the United States of America in this regard. The Kingdom stresses the need to adhere to the agreement and stop the Israeli aggression against Gaza; the complete withdrawal of Israeli occupation forces from the Strip and all other Palestinian and Arab territories, and the return of the displaced persons to their homes. The Kingdom also stresses the importance of building on this agreement to address the root causes of the conflict by enabling the Palestinian people to claim their rights, foremost among them is the establishment of an independent Palestinian state along the 1967 borders with East Jerusalem as its capital. The Kingdom hopes that this agreement will permanently end this brutal Israeli war, which has claimed the lives of more than 45,000 people and injured more than 100,000.

• Google Pay to launch in Saudi Arabia in 2025

  The Saudi Central Bank (SAMA) has partnered with Google to introduce Google Pay in Saudi Arabia during 2025 via the national payment system mada. Google Pay will offer users a secure and seamless way to make purchases in stores, on apps, and online. It will also allow users to conveniently add and manage their cards through Google Wallet, ensuring enhanced convenience and safety.

• Saudi Arabia vows to be ‘fast and furious’ in mining as it reveals $100 billion investment

  Saudi Vice Minister of Mining Affairs Khalid al-Mudaifer announced Wednesday the development of a new mineral investment project valued at $100 billion, and that $20 billion of it was already in the final engineering phase or under construction. While the vice minister did not provide further details, Saudi officials have discussed plans to significantly expand the country’s exploration for lithium, as well as for other critical minerals and rare earth elements including copper, gold, zinc, phosphate and nickel. The minister highlighted Manara, a recently established venture between Ma’aden and the kingdom’s sovereign wealth fund, the Public Investment Fund, or PIF. Manara was established to invest in mining assets around the world and develop more resilient global supply chains. “We don’t claim to have all the resources or abilities, so we’ve created Manara to make sure we can reach out for the resources that we need,” bin Salman said. “We have to be doing it as fast and furious as possible.”

• Tesla to enter Saudi Arabia within months

  Elon Musk’s Tesla is set to launch in Saudi Arabia this quarter, marking its entry into one of the world’s largest oil-producing nations as it continues expanding across the Gulf, sources familiar with the plans told AGBI. The US electric vehicle maker will open sales through pop-up stores and establish a showroom and service centre, the sources said. It also plans to roll out a supercharger network, accessible to other EV brands. EV penetration is still low in the kingdom at just over 1 percent of overall car sales in Saudi Arabia, according to PwC’s 2024 Electric Mobility Outlook. Tesla’s expansion into Saudi Arabia could reshape a market characterised by some of the world’s cheapest fuel prices, but also help to increase interest in electric mobility in the kingdom, where the appetite for luxury vehicles is among the highest globally on a per capita basis.

• Saudi Arabia hopes Gaza ceasefire ends ‘Israeli aggression’

  Saudi Arabia hailed the ceasefire in the Israel-Hamas war on Wednesday, calling for the end of “Israeli aggression” in Gaza following 15 months of conflict. “The Kingdom stresses the need to adhere to the agreement and stop the Israeli aggression on Gaza,” the Foreign Ministry said in a statement. It called for “the complete withdrawal of the Israeli occupation forces from the (Gaza) Strip and all other Palestinian and Arab territories and the return of the displaced to their areas.”

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