Properly deals in Saudi Arabia have been exempted from a 15 percent value – added (VAT) as the government moves to support the real estate sector. Instead a new 5 percent tax will be applied to deals as the Kingdom seeks to boost an economy that has been hit hard by the impact of the … More BUSINESS | Saudi Arabia Brings In Lower Property Tax To Boost Sector
MILAN | ITALY – Saudi Arabia’s crude oil exports bounced back to 5.73 million barrels per day (bpd) in July from 4.98 million bpd in June, official data showed on Thursday. June’s exports were the weakest recorded in data stretching back to 2002. Monthly export figures are provided by Riyadh and other members of the … More BUSINESS | Saudi Arabia’s July Crude Exports Tick Up From Historic Lows – JODI
MILAN | ITALY – Saudi Telecom Co has asked banks to pitch for roles in a potential public offering of its products and services development arm, three sources familiar with the matter told Reuters. STC, Saudi Arabia’s largest telecoms operator, sent a request for proposals to international and local banks last week for Solutions by … More BUSINESS | Saudi Arabia’s STC Asks Banks To Pitch For Subsidiary IPO: Sources
Saudi Arabia’s sovereign fund PIF is weighing a potential investment in the initial public offering of Chinese financial technology firm Ant Group, which could be the world’s biggest IPO, two sources familiar with the matter said. Ant, Alibaba’s fintech arm and China’s dominant mobile payments firm, field for a dual listing in Hong Kong and … More BUSINESS | Saudi Sovereign Fun PIF Weighs Investing In Ant IPO – Sources
MILAN | ITALY – The International Atomic Energy Agency (IAEA) director general Rafael Grossi was quoted on Monday as saying the Saudi Arabia was preparing to adopt nuclear energy and the agency was providing support, Saudi state TV Al-Ekhbariya reported. ‘Saudi Arabia is interested in nuclear energy and we are working on providing it with … More BUSINESS | IAEA Providing support for Saudi Arabia As It Plans To Adopt Nuclear Energy: Saudi TV
RIYADH – The Saudi Ministry of Investment said it has issued more than 500 licenses for foreign investments during the first half of 2020, despite the repercussions of the COVID-19 pandemic. The ministry granted 506 licenses during the first half of the year, registering a 20 percent growth in foreign investment in the first quarter, … More BUSINESS | Saudi: 500 Licenses for Foreign Investments Granted in H1
RIYADH | SAUDI ARABIA – Saudi Arabia said on Sunday it established a corporate development organization to optimize the company’s portfolio. ‘Corporate Development is mandated to create value, assess existing assets and secure greater access to growth markets and technologies through portfolio optimization and strategic alignment’, the Saudi oil giant company said in a statement. … More BUSINESS | Saudi Aramco Establishes Corporate Development Organisation
RIYADH | SAUDI ARABIA – Saudi Arabia has deployed its triple-bottomed dividend defence sooner than expected. The Saudi state energy giant is handing $18.75 billion to investors this quarter even though earnings plunged to little more than a third of the amount. It’s a contrast with rivals BP and Royal Dutch Shell, which both trimmed … More BREAKING NEWS | Aramco’s Dividend Defence Are Triple-Locked
MILAN | ITALY – Saudi state oil group Aramco on Sunday reported a 73.4% fall in second-quarter net profit, a steeper drop than analysts had forecast, and said it expected capital expenditure for 2020 to be at the lower end of a $25 billion to $30 billion range. The world’s biggest oil exporter said the … More BUSINESS NEWS | Saudi Aramco’s Profit Plunges 73.4%, Sees Signs Of Oil Market Recovery
RIYADH | SAUDI ARABIA – A consortium led by Saudi Arabia’s Investment Fund has withdrawn a proposed take – over of Newcastle United, the English Premier League football club. A statement from the investment group, which also included U.K. investor Amanda Staveley’s PCP Capital and the family business of British entrepreneur Reuben Brothers said the … More SPORTS NEWS | Saudi-Led Consortium Pulls Out Of Newcastle United Takeover Bid
