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Saudi Arabia

Saudi Aramco IPO is exercise in reverse valuation

saudi aramco

RIYADH: Saudi Aramco is expected to make a decision within weeks on where to list shares in its initial public offering, the Financial Times reported on June 4. The oil producer’s legal advisers have warned that a New York listing would pose the greatest risk of any jurisdiction, the FT said. One alternative option is the London Stock Exchange, which ... Read More »

Saudi Arabia’s family tax from 1 July could be the last straw for many Indians

tax1

RIYADH: Oil-rich Saudi Arabia has been a popular destination for expatriates since they didn’t have to pay tax on their income and could get most utilities and many other essential commodities at highly subsidised price. The advantage started diminishing with prices of electricity and water going up by 30 percent after the government slashed the subsidies on them since December ... Read More »

Customs port of Duba reveals an attempt to smuggle over 219,000 Captagon tablets

A customs officer displays Captagon pills, part of the 789 kilogrammes (1739 pounds) of confiscated drugs, before its incineration in Sofia, 12, 2007. The drugs are worth around 68 million Levs (48 million dollars). REUTERS/Nikolay Doychinov (BULGARIA) - RTR1RR7M

RIYADH: Try one coming to the UK via the port of Duba enter the amount of grain Captagon reached (219.408) two hundred and nineteen thousand four hundred and eight beads, so hidden within the mission received the Kingdom, the Customs port of Duba foiled this attempt. Ali said Atawi Director General of Customs Duba port provided that the customs consignment ... Read More »

Saudi oil giant invests in UCD firm

invest

RIYADH: Saudi oil major Aramco has invested in former UCD campus company OxyMem, adding further to the Irish company’s growing shareholder base. The investment is being made through Aramco’s energy ventures investment vehicle and the size of the spend and the equity stake being taken have not been disclosed. However, both are thought not to be minor. Based in Athlone, ... Read More »

Customs King Abdulaziz International Airport 3 frustrates attempts to smuggle subjects of heroin, cocaine

SMUGGLING

RIYADH: Try a number of arrivals to the Kingdom for Umrah through King Abdulaziz International Airport in Jeddah smuggling amount of subjects heroin and cocaine amounted to (1.720) kg and 720 grams, but customs officers thwarted their attempts. The detailed Bandar Rehaily Director General of Customs said King Abdulaziz International Airport: When you perform detection and inspection on passengers a ... Read More »

Saudi non-oil private sector to rise at 1.2% in ’17

Morocco’s auto industry exports likely to rise to $10b by 2020

RIYADH: The non-oil private sector in the Kingdom is expected to grow at around 1.2 percent compared to 0.1 percent in 2016, Jadwa Investment’s recent macroeconomic update showed. “The recent issuance of an Islamic bond (sukuk), and the reinstatement of allowances for public sector workers should help lift, or at least stabilize, consumer spending and sentiment. In fact, business surveys ... Read More »

Saudi Arabia bans imports of Egyptian strawberries

ban

RIYADH: Saudi Arabia is banning imports of Egyptian strawberries due to pesticide residues, said Abdel Hamid al-Demerdash, the head of Egypt’s Agriculture Export Council, the latest such ban to hit Egypt as it struggles to revive its economy. The temporary ban comes into effect on July 11, Demerdash told Reuters on Sunday, adding that the memo received from Saudi Arabia ... Read More »

King Abdullah Port completes construction of central operations room for customs

KAP

JEDDAH: The Ports Development Co., the owner and developer of the King Abdullah Port, announced that building a central operations room for monitoring and linking customs X-ray inspection systems in the port has been completed. A wireless network will connect all customs inspection areas. The project has been delivered to Saudi Customs at King Abdullah Port, making the port a ... Read More »

Saudi Customs continues to work on Eid al-Fitr holiday to end import, export of goods procedures

saudi customs

RIYADH: A Saudi Customs explained that work during the Eid al – Fitr holiday this year 1438 e continuously in all customs ports “land, air, naval” to end the customs procedures for imports and exports. Customs calls all its partners in the relevant work of customs clearance procedures on goods from importers, exporters and agents navigation and dedicated to customs ... Read More »

Saudi private sector growth falls to 6-month low in May

profit fall

RIYADH: Saudi Arabia’s non-oil private sector remained comfortably in expansion territory during May, supported by sharp expansions in output and new orders although in both instances rates of increase eased. Data from the Emirates NBD Saudi Arabia Purchasing Managers’ Index (PMI) also showed that cost inflation dropped to a survey-record low. Consequently, selling prices were lowered marginally. Meanwhile, new export ... Read More »

Modern customs frustrates six attempts to smuggle over 238,000 Captagon tablets

A customs officer displays Captagon pills, part of the 789 kilogrammes (1739 pounds) of confiscated drugs, before its incineration in Sofia, 12, 2007. The drugs are worth around 68 million Levs (48 million dollars). REUTERS/Nikolay Doychinov (BULGARIA) - RTR1RR7M

RIYADH: Witnessed modern customs within one week 6 thwart attempts to smuggle the amount of grain Captagon reached (238.021) two hundred and thirty-eight thousand and twenty-one pill, found hidden in a number of vehicles provided to the Kingdom through the port. The detailed Ibrahim Anzi, Director General of Customs Modern said: aborted smuggling that amount of pills Captagon through 6 ... Read More »

General Customs Department cancels requirement of certificate of origin for export

saudi customs

RIYADH: It reduced the General Customs Department to carry out the necessary export to two documents only, where abolished the requirement to attach a certificate of origin within the export documents documents, in support of national products and to facilitate the procedures for export abroad. He pointed out the circular issued by His Excellency the Director General of Customs, Mr. ... Read More »

Saudi Arabia slashes U.S. oil exports to 29-year low

OIL EXPORT

RIYADH: Saudi Arabia will cut its oil exports to the U.S. in a continued effort to reduce a global supply glut cramping prices, the Wall Street Journal reported. State-owned Saudi Arabian Oil Co. will reduce U.S. exports to about 1 million bpd in June, then 850,000 bpd in July. That’s the lowest level since 1988, according to EIA data. August ... Read More »

King Abdullah Port underlines its success, thrust during Iftar

KAP

RIYADH: AN atmosphere of trust, collaboration and unity settled over those gathered at this year’s annual Iftar held by the Ports Development Company, the owner and developer of King Abdullah Port, with the participation of a wide array of guests including managers and stakeholders from the Economic Cities Authority, the Saudi Customs, the Border Guard, the Saudi Food and Drug ... Read More »

Saudi Arabia’s expat tax to hurt foreign workers, businesses

tax

RIYADH: The expatriate levy in Saudi Arabia will be a financial burden on both foreign workers and businesses, analysts have said. Starting next month, the kingdom is set to start collecting a new monthly fee of 100 riyals (Dh97.93) for every expat dependent, with plans to increase the fee gradually next year until 2020. The newly introduced fee will apply ... Read More »

Saudi Arabia plans new free economic zones in Jeddah

FEZ

RIYADH: A government committee is studying a proposal to close down Al-Jowharah Stadium and King Faisal Specialist Hospital north of Jeddah in order to open a free economic zone. “The Ministry of Finance is skeptical about the decision of buying both properties but the Public Investment Fund (PIF) intends to buy the hospital, the stadium and the residential area near ... Read More »

Saudi Arabia launches cigarette tax

cig tax

RIYADH: Smoking in Saudi Arabia is about to double in price, as the government begins taxing harmful activities. On June 11th the sale of cigarettes in Saudi Arabia became taxable, resulting in a significant hike to the price of tobacco sold in the kingdom. The tax on tobacco is set at a rate of 100 percent, and is expected to ... Read More »

Saudi to supply full crude volumes in July to some in Asia, cuts to U.S.

oil

RIYADH: Saudi Arabia, the world’s top oil exporter, will supply full contracted volumes of crude to some Asian buyers in July, while cutting allocations to the United States, industry sources with knowledge of the matter said on Monday. State-run oil company Saudi Aramco will supply full crude volumes to at least five Asian buyers mainly in North Asia, while lowering ... Read More »

Saudi Customs held three introductory workshops on “selective tax”

saudi customs

RIYADH: General Customs Department held three introductory workshops on “selective tax” system at the headquarters of the Office of interest in Riyadh and Jeddah Islamic Port Customs and Customs of King Abdul Aziz Port in Dammam, with the participation of specialists from the General Authority for Zakat and income and customs brokers. The aim of the workshops, which began its ... Read More »

Customs foils attempt to smuggle 58,000 tablets Captagon hidden in cans “biscuits”

Captagon pills, seized in eastern Europe.

RIYADH: A failed attempt coming to the Kingdom through Prince Nayef bin Abdul Aziz Airport in Qassim, when he tried to smuggle the amount of grain Captagon reached (58,000) pill and so hidden in cans “biscuits” were hidden in a bag of personal belongings. In detail Hamid Anzi, Director General of Customs said Prince Nayef bin Abdul Aziz: airport when ... Read More »