Business & Money | Sunday 25 December, 2016 11:00 am

20% of design work for advanced reactor completed

The second meeting of the joint Saudi-Korean Steering Committee for the System-integrated Modular Advanced Reactor (SMART) concluded in Seoul recently.  From the Saudi side, the meeting was chaired by Deputy President of King Abdullah City for Atomic and Renewable Energy (K.A.CARE) Walid...

More Details

Business & Money | Saturday 24 December, 2016 12:26 pm

Saudi Arabia’s new expat fees: What will it cost?

Saudi Arabia plans to introduce an “expat levy” from 2017, it was confirmed during Thursday’s budget announcement, with charges of up to SR800 per worker to be phased in by 2020. Companies currently pay a levy of SR200 per month per expat employee, but only for expat employees...

More Details

Business & Money | Saturday 24 December, 2016 12:05 pm

Jadwa Investment Report: Saudi Arabia’s 2017 Fiscal Budget

The government’s budget for the 2017 fiscal year (31 December 2016 to 30 December 2017) was endorsed by the Council of Ministers on 22nd December. It points to an expansionary stance (Figure 1) and is also in line with the National Transformation Program’s (NTP) target of reaching a...

More Details

Business & Money | Saturday 24 December, 2016 11:50 am

Training is our top priority, says crown prince

Crown Prince Mohammed bin Naif, deputy premier and minister of interior, said the Ministry of Interior accords top priority to the training of personnel. He said the ministry focuses on continuous training and development, noting that the role of equipment and machinery comes after...

More Details

Business & Money | Saturday 24 December, 2016 11:19 am

Isuzu opens central spare parts depot

BAKHASHAB Brothers Holding Company, dealer of Isuzu cars in Saudi Arabia, recently opened the largest depot for Isuzu spare parts in Jeddah. The opening ceremony was attended by a delegation of senior executives from Isuzu Middle East Company, including Hiroyoshi Sakai, president, and Katsuro...

More Details

Business & Money | Saturday 24 December, 2016 11:12 am

MiSK Foundation launches talent-mining festival

Deputy Crown Prince Mohammed bin Salman’s MiSK Foundation launched Wednesday the third edition of the “Hakaya MiSK” Festival at Dhahran Exhibition Center in the Eastern Province, an event that will witness many activities through which the foundation seeks to disseminate knowledge ...

More Details

Business & Money | Saturday 24 December, 2016 10:14 am

Al-Hogail: Kingdom aims to provide affordable housing

The Fourth Arab Housing Conference in Riyadh on Wednesday tackled several important issues facing the housing and construction sector, with experts discussing the latest developments, available opportunities and studies related to the industry. Organized by the Ministry of Housing in partnership...

More Details

Business & Money | Friday 23 December, 2016 7:21 am

More than a third of budget goes to education, health and development

More than a third of Saudi expenses will be in two key emerging sectors: the education with more than SR200 billion, and the health and social development sector with SR120 billion. The figures allocated for the education and health and social development sectors represent 36% of the total...

More Details

Business & Money | Friday 23 December, 2016 5:19 am

No tax for citizens, expats

Minister of Finance Mohammed Al-Jadaan said that there won’t be any tax on Saudi citizens or expatriates or any Saudi companies. Al-Jadaan also announced the launch of the 2020 fiscal balance program and the Citizen’s Account initiative. The minister was addressing a press...

More Details

Business & Money | Friday 23 December, 2016 5:07 am

Saudi budget signals economic recovery, say economists

Saudi Arabia’s 2017 budget and spending boost announced Thursday suggests its finances are on the road to recovery, economists said, although one forecast that austerity measures would return. The oil price crash plunged the Kingdom’s budget into the red, recording a severe deficit of...

More Details