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  • Saudi Arabia launches sewage plants privatisation scheme

    Saudi Arabia's National Water Company (NWC) has started moving towards private sector participation in 114 sewage treatment plants with a total daily capacity of 5.1 million cu m/day by announcing the launch of the first phase of the programme. The company said it intends, in the first phase, to procuring contracts covering 15 sewage treatment plants with a total daily capacity of 2.5 million cu m/day, which is 50% of the total treatment capacity in the kingdom.

  • Saudi Arabia considers full VAT exemption on first residence

    Saudi Minister of Housing Majed al-Hogail announced that authorities were considering the full exemption of VAT on Saudi citizens’ first residence. He pointed out that the first residence, which valued at around SAR850,000 ($227,000), is exempt from the 15 percent tax. He also expected a minimum of 550,000 subsidized loans during the upcoming five year-period.

  • Saudi Arabia to widen privatisation scope, finance minister says

    Saudi Arabia will look to sell assets in sectors not previously considered for privatisation, the country’s finance minister said on Wednesday, as the country contends with the economic impact of sustained low oil prices.

  • Innovation ‘key to Saudi Arabia’s digital future’

    As digital transformation continues to play a critical role in enabling more secure, adaptable, and connected working environments, recent events have shed light on key areas for improvement to help ensure continuity and aid growth, for local enterprise and individuals alike.

  • IMF did not recommend Saudi Arabia VAT tripling, official says

    The International Monetary Fund did not recommend the decision taken by Saudi Arabia to triple value-added tax this month, an official said, cautioning against increasing consumption taxes in the Middle East amid the coronavirus-driven downturn. Saudi Arabia tripled VAT this month to 15% as it seeks to bolster state finances badly hurt by a drop in oil prices. Economists have said the move may lead to a spike in inflation and dampen economic recovery.

  • Saudi Arabia bolsters Tadawul with major derivatives push

    Saudi Arabia announced the launch of derivatives trading Tuesday, seeking to enhance its capital markets despite anxiety over slowing growth and slumping oil prices. “We believe that this is an appropriate time,” Tadawul Chief Executive Khalid Al Hussan told CNBC’s Capital Connection. “We have noticed an increasing appetite in the Saudi market compared to the region,” he said.

  • Saudi Arabia Completes First Phase of State Mills Privatisation

    Saudi Arabia said on Wednesday it had completed the first batch of its flour milling sector privatisation, according to a statement by the state grain buyer and privatisation centre. The long-awaited flour mills sale was one of the first privatisations the kingdom planned as part of a wide-reaching overhaul of its economy.

  • New law to ensure water conservation, fair prices in Saudi Arabia

    Minister of Environment, Water and Agriculture Eng. Abdul Rahman Al-Fadhli said that the new water law aims to conserve, develop, and protect water sources as well as to ensure their sustainability and management. He emphasized that the law would guarantee the provision of high-quality water supply in a safe, clean and reliable manner to consumers at competitive prices.

  • Commentary: Saudi Arabia Hikes its VAT, but for How Long?

    Al-Jadaan pointed out that the VAT increase is likely to stay in place since the benefits of imposing it on the economy will not be seen before two to three years.

  • Saudi Arabia: 15% VAT hike comes into effect

    Saudi Arabia’s decision to raise the value-added tax (VAT) rate to 15 per cent was enforced on Wednesday on all goods and services subject to it in markets across the Kingdom, after a royal decree was issued on May 11, Saudi media reported Wednesday.