ECONOMY | Saudi Arabia To Issue Executive Regulations On Labor Reform Initiative Soon: Ministry Official

The Minister of Human Resources and Social Development will issue soon the executive regulations of the Labor Reform Initiative (LRI), Sattam Alharbi, Deputy Minister for Inspection and development of work environment, was cited by Saudi Press Agency as saying. The initiative, which falls under the Kingdom's National Transformation Program, was launched by the ministry last … Continue reading ECONOMY | Saudi Arabia To Issue Executive Regulations On Labor Reform Initiative Soon: Ministry Official

ECONOMY | Saudi Arabia Could Review VAT Hike After Pandemic Ends, Says Minister

Saudi Arabia’s acting information minister on Thursday said the kingdom could review its VAT increase after the novel coronavirus pandemic ends, a move which may spur economic recovery after the tax increase boosted inflammation. Saudi Arabia tripled value – added tax to 15 percent in July to offset the impact of lower oil revenue on … Continue reading ECONOMY | Saudi Arabia Could Review VAT Hike After Pandemic Ends, Says Minister

ECONOMY | Aramco Extended $8 Billion Revolving Loans This Year: Bond

JEDDAH - - Saudi Aramco this year extended the maturity of two revolving credit facilities it took in 2015, meaning those loans worth a total of $8 billion will be available through March 2022, a bond prospectus showed. Aramco said on Monday it plans to issue multi-tranche U.S. dollar-denominate bonds, as the world’s largest oil … Continue reading ECONOMY | Aramco Extended $8 Billion Revolving Loans This Year: Bond

BREAKING NEWS | Mohammed Bin Salman: Saudi Arabia Has Made Unprecedented Achievements In Short Period Of Time

Saudi Crown Prince Mohammed bin Salman said on Thursday that the Kingdom has been able to make unprecedented achievements in a short period of time. He expressed optimism that growth will accelerate after the coronavirus pandemic comes to an end. In a speech carried by Saudi State News Agency (SPA), the Crown Prince said that … Continue reading BREAKING NEWS | Mohammed Bin Salman: Saudi Arabia Has Made Unprecedented Achievements In Short Period Of Time

ECONOMY | Saudi Arabia To Import 860,000 Tons Of Wheat

RIYADH | SAUDI ARABIA - - The Saudi Grains Organization (SAGO) has completed procedures to import the fifth and the last batch of wheat for 2020 from the Black Sea countries, EU, Australia and the North and South America except Canada. The tender comprising 860,000 tons of wheat will reach the Kingdom between February and … Continue reading ECONOMY | Saudi Arabia To Import 860,000 Tons Of Wheat

ECONOMY | Saudi Commerce Ministry Granted European Certificate

MILAN | SAUDI ARABI A - - The Saudi Commerce Ministry has become the first government agency to receive the European ‘Recognized for Excellence 4 Stars’ certificate. The CEO of the European Foundation for Quality Management (EFQM), Russel Longmuir, said during a virtual meeting with Saudi Commerce Minister Majid Al-Qasabi that among the 50,000 government … Continue reading ECONOMY | Saudi Commerce Ministry Granted European Certificate

ECONOMY | Saudi Ministry Clarifies After Report On Pending Decision To Abolish Kafala System

RIYADH | SAUDI ARABIA - - Saudi Arabia’s Ministry of Human Resources and Social Development said it is working on ‘many initiatives’ to develop the labor market and that decision will be announced when they are ready following a report that the Kingdom was working to abolish the Kafala system. ‘In reference to what has … Continue reading ECONOMY | Saudi Ministry Clarifies After Report On Pending Decision To Abolish Kafala System

G20 SAUDI ARABIA | King Salman Says Pandemic Proved Flexibility, Strength Of Saudi Economy

Custodian of the Two Holy Mosques King Salman bin Abdulaziz stressed on Monday that the novel coronavirus pandemic demonstrated the flexibility and strength of the Saudi economy. In an address before the Business 20, he said: ‘We are determined to boost development and prosperity through empowerment and investment in new sectors’. Minister of Investment Khalid … Continue reading G20 SAUDI ARABIA | King Salman Says Pandemic Proved Flexibility, Strength Of Saudi Economy

BUSINESS | Saudi Arabia Brings In Lower Property Tax To Boost Sector

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 … Continue reading BUSINESS | Saudi Arabia Brings In Lower Property Tax To Boost Sector

BUSINESS | Saudi Information Security Firm Elm To Aquire Tabadul

Saudi information security company Elm is to acquire digital services company Tabadul from Saudi Arabia’s sovereign wealth fund, Elm said in a statement on Sunday. The Public Investment Fund (PIF) also owns Elm and was considering an initial public offering of the information security company, sources told Reuters in May. The value of the deal, … Continue reading BUSINESS | Saudi Information Security Firm Elm To Aquire Tabadul