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Saudi Arabia’s PIF Buys 30 Percent Stake in Cooling Company Saudi Tabreed
- December 21,2022
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- SUSTG Team
Saudi Arabia’s Public Investment Fund (PIF) has reportedly acquired a 30% stake in Saudi Tabreed, a leading cooling services provider in Saudi Arabia, according to a report in Bloomberg and Reuters.
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Germany Sets Sights on Importing Saudi Ammonia to Make Hydrogen by 2026
- December 20,2022
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- SUSTG Team
European economic powerhouse Germany has said it hopes to import green ammonia from Saudi Arabia at a terminal to be opened in 2026, according to a report in the UAE-based The National.
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Saudi Arabia’s PIF Buys 9.5 Percent Stake in German Renewables firm Skyborn
- December 12,2022
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- SUSTG Team
Saudi Arabia’s Public Investment Fund has acquired a 9.5 percent stake in German renewable firm Skyborn Renewables, as the growing sovereign wealth fund of the Kingdom continues to expand with international investments.
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Virginia-Based Bechtel Corp. Wins Contract to Provide Project Management Consultancy Services for NEOM’s TROJENA
- December 5,2022
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- SUSTG Team
Virginia-based Bechtel Corporation has been appointed as the Project Management Consultant for TROJENA, a year-round mountain destination in the NEOM region of northwest Saudi Arabia, the company confirmed in a press release.
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Saudi Arabia’s Tourism Ambitions in the Spotlight as WTTC 2022 Global Summit Wraps
- December 1,2022
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- SUSTG Team
Saudi Arabia’s tourism ambitions were in the global spotlight this week as the 22nd World Travel and Tourism Council Global Summit took place in the Saudi capital from November 28th – December 1st.
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An ‘Aerotropolis’: Saudi Arabia Plans to Build One of the World’s Largest International Airport’s in Riyadh Named After King Salman
- November 28,2022
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- SUSTG Team
Saudi Arabia plans to build one of the world’s largest airports in the capital Riyadh, named after King Salman, which will be capable of handling 185 million passengers a year and eventually powered by renewable energy, according to a statement from Saudi Arabia’s Public Investment Fund and reported widely by news outlets.
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Saudis Celebrate Historic Win Against Argentina at Qatar World Cup with National Holiday
- November 23,2022
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- SUSTG Team
Saudi Arabia’s King Salman bin Abdulaziz declared Wednesday as a public holiday after the Saudi soccer team beat Argentina in the World Cup on Tuesday in a thrilling and historic upset that will long be remembered and celebrated by Saudis.
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Prince Waleed bin Nasser Al-Saud from Saudi-based Consultancy Mukatafa, more on the U.S.-Saudi relationship, Saudi’s mining sector, and more
- November 11,2022
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- SUSTG Team
Episode 65! Prince Waleed Bin Nasser Al Saud joins The 966 — Prince Waleed is CEO of Mukatafa, a consultancy based in Riyadh that brings together the public and private sectors in Saudi Arabia, forming an ecosystem that enables the private, public, and third-party sectors to collaborate, integrate, and grow together as the Kingdom drives […]
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Middle East’s Largest Broadcaster, MBC Group, Taps Banks for IPO — Report
- November 3,2022
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- SUSTG Team
The Middle East’s biggest broadcaster, MBC Group, has tapped two top banks to work on its initial public offering in Riyadh, people familiar with the matter told Bloomberg.
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Saudi Arabia Sees Traction with Green Initiatives as Kingdom Climbs Ranks of MIT’S Green Future Index
- November 2,2022
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- SUSTG Team
Saudi Arabia advanced 10 places in the second edition of the Green Future Index, issued by MIT Technology Review, evidence that the Kingdom is seeing progress in its goals outlined in the new Saudi Green Initiative announced by Crown Prince Mohammed bin Salman last year.
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MUST-READS
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VAT and Customs Duty Increases in Saudi Arabia – Implications for Investment into the Kingdom
On 27 May 2020, the General Authority of Saudi Customs announced an increase in the rate of customs duties applicable to a range of imported products, including food, minerals, chemicals, machinery, equipment, vehicles and other manufactured goods. The new rates are effective from 10 June.
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Saudi Arabia to Privatize World’s Largest Desalination Plant
The Saline Water Desalination Corporation (SWCC) has accelerated the procedures to privatize the world’s largest water and power plant in Ras Al-Khair in the Eastern Province. The move is part of the SWCC initiatives to achieve the goals of the Kingdom’s Vision 2030, and to keep pace with national strategies that will form the basic engine of the economy.
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Saudi Arabia: VAT refund for non-residents
The administrative process for VAT refunds is still unclear, and the GAZT has yet to publish guidelines on the VAT refund system. Still, eligible businesses need to consider taking steps to preserve their entitlement to a refund of VAT incurred in 2019 by submitting a refund application.
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Saudi Arabia: VAT rate increase, transitional provision
The Saudi tax authority (General Authority of Zakat and Tax) on 20 May 2020 announced guidelines concerning transitional provisions that will apply to contracts signed and tax invoices issued before the effective date of the new VAT rate. The transitional guidance is summarized, as follows:
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Saudi Arabia reaps the benefit of establishing VAT
Most OECD governments have sophisticated tax systems that are hundreds of years old, affording them a high degree of flexibility when implementing austerity reforms. These governments can adjust income tax, VAT, real estate tax, capital gains tax, and corporation tax with the goal of increasing revenues in a cost-effective manner that protects living standards for the poor and maintains the incentive to invest so that the economy continues to grow.
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Will Saudi Arabia’s private sector be able to hold up during a pandemic?
As part of the royal decree, the Deputy Minister of Work Resources Abdullah N. Abuthnain disclosed three choices for Saudi employees in the private sector: exhaust the annual thirty leave days for employees, which also applies to employees with unused leave days; accept the alignment of remuneration with working hours under the current circumstances, which is less than regular work hours they used to perform; or take unpaid leave and receive governmental support which offers sixty percent of their salary. The final option is part of SANED, the Saudi insurance scheme against unemployment, which aims to motivate employers to keep their employees at zero cost.
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Saudi Arabia asks private sector to import 355,000 T of wheat
The imported wheat would be for arrival periods between May and November and the quantity represents around 10pc of Saudi Arabia‘s local needs for the grain.
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Saudi Arabia approves listing of state assets planned for privatization
Saudi Arabia’s government approved on Tuesday the listing of government assets planned for privatisation on its stock market. “Assets, sectors and services planned for privatisation shall be listed on the Saudi stock market through direct or indirect initial public offering (IPO),” the government said in a statement carried by the state news agency SPA.
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Saudi Arabia suspends private sector work for 15 days
Saudi Arabia suspended work in private sectors except for health, food and other vital services for 15 days, state news agency SPA reported early on Wednesday. Necessary infrastructure sectors such as electricity, water and communications will remain open while the rest of the country activates remote working procedures.
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Traveling private collection of Banksy artworks lands in Saudi Arabia
The traveling exhibition, which has already made its way to Amsterdam, Berlin, Melbourne, and Paris, will land in an Arab country for the first time ever. It showcases over 80 iconic creations from multiple private collections including photographs, multi-media prints, and a documentary on the artist and his work.
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