Saudi Arabia’s banking sector is dynamic and competitive, comprised of domestic universal banks, foreign specialists and finance companies vying for market share. It is also a sector in the midst of significant and regulation-driven change, as the Kingdom’s leadership works to implement its long-term economic blueprint, outlined in detail in its Vision 2030 programme. Indeed, the financial...
With increasing oil and gas prices and an expanding non-oil sector, Saudi Arabia has been logging record trade surpluses in recent years, while securing government revenue for future investment. Saudi Arabia is expected to be among the fastest-growing economies in the G20 in 2022 – and the Kingdom was on track to fulfil that forecast by the middle of the year. Indeed, in the first three months...
Explore listings of some of the leading hotels and resorts in Saudi Arabia, as well as access useful tips and information for both business and leisure visitors. This chapter contains an interview with Cihan Yilmaz, General Manager KSA, MAPA Construction & Trade Company.
Saudi Arabia’s Capital Market Authority approved updated corporate governance regulations for joint-stock companies listed on the Saudi Stock Exchange (Tadawul) in February 2017, and amended them in May 2019. The regulations set standards for best corporate practices by promoting accountability, clarity and transparency for management, board members, shareholders and stakeholders. This...
Saudi Arabia’s income tax rules are governed by the Income Tax Law, which came into force in 2004. The Tax Law is supplemented by implementing regulations. Zakat, for its part, is governed by the implementing regulations for zakat collection. The Ministry of Finance issues resolutions concerning aspects of tax and zakat, and the General Authority of Zakat and Tax (GAZT) regularly issues...
The second half of 2019 saw some of the most exciting developments yet for Saudi Arabia’s tourism sector. In a softening of regulations, the government created a new visa category for tourists as it looks to grow the industry. While the full extent of the impact of Covid-19 on Saudi Arabia’s tourism sector was difficult to gauge as of March 2020, it is clear that the pandemic is set to...
Stay updated on how some of the world’s most promising markets are being affected by the Covid-19 pandemic, and what actions governments and private businesses are taking to mitigate challenges and ensure their long-term growth story continues.
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