Saudi Arabia’s decision to weaken the link between hydrocarbons and economic growth, and pursue a policy of diversification has seen a wide range of projects come to fruition in the last several years. While at present the Covid-19 pandemic and the unprecedented plunge in oil prices are causing significant short-term uncertainty, the reforms that have been put in place in recent years should stand the Kingdom in good stead over the longer term.
Even as Saudi Arabia lays the groundwork for diversification, the energy sector is expected to continue to play a leading role in the economy. It is estimated that oil and gas will account for at least half of the country’s exports to 2040. As the world’s leading oil exporter, the Kingdom plays a key role in meeting global demand and forming international energy policies, as evidenced by the...
As Saudi Arabia’s second-largest city, Jeddah serves as an important commercial centre and is also the setting for a series of important developments currently under way, which will secure its place on the map as a regional economic centre. While Jeddah already boasts the biggest seaport on the Red Sea and is the gateway to the holy cities of Makkah and Medina, it is also set to become home to...
The guide contains listings of some of the leading hotels and resorts in Saudi Arabia as well as contacts for important government offices and services. It also contains useful tips and information for business and leisure visitors alike.
Makkah and Medina are situated in western Saudi Arabia, near the coast of the Red Sea and roughly 350 km apart. The cities are home to Islam’s holiest sites, and are thus important to the religious lives of many of the world’s 1.2bn Muslims. Makkah is the birthplace of the Prophet Muhammad and the location of the Masjid Al Haram, also known as the Grand Mosque, which houses the Kaaba, a shrine...
Corporate income tax rules are governed by the Income Tax Law, which came into force in 2004. The Ministry of Finance issues ministerial resolutions concerning aspects of tax and zakat, a payment under Islamic law that is used for charitable or religious purposes. The General Authority of Zakat and Tax (GAZT) regularly issues circulars and responses to frequently asked questions containing its...
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