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  • 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 Listings Grab the Spotlight in Gulf’s IPO Boom

    Initial public offerings from Saudi Arabia have been the star performers in a string of recent share sales in the Middle East, where some high profile regional listings have had tepid debuts in the last few months. Initial public offerings from Saudi Arabia have been the star performers in a string of recent share sales in the Middle East, where some high profile regional listings have had tepid debuts in the last few months. “The bullish euphoria surrounding the primary listings in Saudi Arabia shows no signs of stopping,” said Vijay Valecha, chief investment officer at UAE-based broker Century Financial, pointing to a “glaring contrast” between newly-listed stocks in Saudi and elsewhere in the region.

  • 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 development fund might invest $100m in Pakistan mining

    Minister of industry and mineral resources Bandar Alkhorayef also confirmed that mining company Manara Minerals, a joint venture between Saudi sovereign wealth fund the Public Investment Fund and miner Ma’aden, is interested in investing in Pakistan’s Reko Diq mine.  “Part of what we are looking at is how we can help Pakistan also in some infrastructure,” Alkhorayef said in an interview with Reuters at the Future Minerals Forum in Riyadh. “Without that infrastructure, the economics of the deal are not attractive, so through the Saudi Development Fund we are thinking about how we can finance it.”

  • Global diesel prices spike as US hits Russia with new sanctions

    Global diesel prices and refining margins spiked following the latest round of U.S. sanctions on Russia's oil trade on expectations the measures would tighten supplies, according to analysts and LSEG data. The United States imposed its toughest sanctions on Russian producers and tankers yet on Jan. 10 to curb the world's No. 2 oil exporter's revenue for its war in Ukraine. Many of the newly-targeted vessels, part of what is called a shadow fleet that seeks to circumvent Western restrictions, have been used to ship oil to India and China. Refiners in those countries have benefited from cheap Russian imports that were banned in Europe following Moscow's invasion of Ukraine.

  • 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).

  • How Trump Can Remake the Middle East

    But were Clausewitz alive today, he would ask how these remarkable military gains will translate to political outcomes. Israel remains in Gaza. But having rejected Gen. David H. Petraeus’s strategy of “clear, hold and build,” the Israel Defense Forces must go back into Gazan neighborhoods such as Beit Hanoun and Jabalya for the fourth or fifth time. Without an alternative to Hamas—which Israel cannot create—Gaza might remain a drag on Israel, not a victory. Such a strategy should be guided by two concrete objectives in 2025: Israel must end the war in Gaza and, provided the hostages are released, withdraw militarily. And it needs Iran’s nuclear infrastructure reduced to the point that a weapon is no longer an option. On its own, Israel cannot produce either of these outcomes. With an active American role, both might be achieved, in turn transforming the Middle East.

  • How the Middle East can assume the mantle of green energy leadership

    Saudi Arabia, the UAE, and other Gulf Cooperation Council countries are both highly vulnerable to the effects of climate change and exceptionally well placed to become the most important global producers of various forms of green energy, thanks to abundant sunshine, wind, and available land on which to build the installations that can generate these new energy sources. Saudi Arabia alone is home to the world’s cheapest solar electricity at Shuaiba—almost 1 cent per kilowatt-hour. Four of the ten most cost-effective solar projects are here. So far, green foreign direct investment (FDI) has not flowed here, however. Foreign direct investment data shows that more than $0.9 trillion in large-scale green FDI has been announced, with more than 80% of it allocated to hydrogen, renewable energy, and batteries. For now, Europe is the main destination, while the Middle East is missing out despite its considerable advantages.

  • Nice One share price up 55% in first week of trading

    Nice One Beauty Digital Marketing Co’s shares jumped 9.81 percent on Tuesday, beginning the day at SAR49.75 ($13.25) and reaching SAR 54.30 by its close. Eight days after the Saudi cosmetics retailer launched an initial public offering (IPO) for 30 percent of its capital (36.5 million shares) on January 7, its shares have increased in value by 55 percent from the initial price of SAR35.  The total IPO, which was worth $320 million, included a retail tranche of 10 percent that was eight-times oversubscribed and an institutional tranche, which accounted for 90 percent, that was 139-times oversubscribed. Nice One’s share price jumped 30 percent on the first day of trading, the maximum allowed.