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Saudi Arabia to charge VAT on private education

Stacks of coins with the letters VAT isolated on white background

RIYADH: Saudi Arabia will introduce 5 percent value added tax (VAT) on private educational institutions, the Zakat and Income Tax Authority told Zawya in an email statement. The 5 percent tax rate applies to private nurseries, schools and universities in the kingdom, the authority added. “The VAT will be taken from the parent if the school has already registered for ... Read More »

King Abdullah Port throughput rises 14% in first half of 2017

KAP

RIYADH: King Abdullah Port announced the increase of its throughput to 821,694 TEU in the first half of 2017, representing an increase of around 14% compared to the same time last year, where the throughput was 720,483 TEU. The port also announced an increase in the number of vessels received during the same period, reaching 398 vessels compared to 349 ... Read More »

Saudi Arabia imports 2mln tons of wheat this year

wheat

RIYADH: The Saudi Grains Organisation has awarded the third batch of imported solid wheat for 2017, amounting to 490,000 tons distributed to the European, American, and Australian sources, explaining that by awarding this batch, the foundation has contracted this year on two million tons of imported wheat. The Organisation’s Governor Engineer, Ahmed bin Abdulaziz Al-Faris, said that the contract for ... Read More »

Saudi fiscal deficit continues decline

decline

RIYADH:  According to the second quarter budget statement for Saudi Arabia, the vast majority of the rise in the government revenue, up to 6 percent year-on-year, was due to improvements in oil revenue as result of higher yearly oil prices, but not higher export volumes. The report, released by Jadwa Investment, said “due to lower output in accordance with the ... Read More »

Customs reviews the views of its partners in the customs work on the approved economic operator program

saudi customs

RIYADH: The General Customs Department, through its portal, has launched a survey in which it wishes to identify the views and expectations of its customs partners concerned about the draft policy of the economic operator program approved in accordance with the WCO standards framework for trade security and facilitation and in accordance with the Saudi Customs Strategic Plan and adopting ... Read More »

Goldman Sachs gets nod to trade equities in Saudi Arabia

GOLDMAN SACHAS

RIYADH: Goldman Sachs received approval on Sunday to trade equities in Saudi Arabia, joining the growing band of western investment banks and fund managers expanding in the kingdom. Western financial institutions have been looking to tap new opportunities in Saudi Arabia since the government unveiled plans for oil giant Saudi Aramco’s $100 billion initial public offering and introduced reforms to ... Read More »

Saudi Labor Ministry declares war on corruption in private sector

MOL

JEDDAH: In a move which is considered as a “declaration of war” on corruption in the private sector, the Ministry of Labor and Social Development called upon companies to adopt a firm policy against bribery, bad “business facilitators” and any misconduct which may violate work ethics. The ministry also requested that the Council of Saudi Chambers (CSC) yesterday start implementing ... Read More »

China, Saudi Arabia agree to strengthen economic ties

economic ties

BEIJING:  Chinese Vice Premier Zhang Gaoli Friday met with Saudi Arabian Minister of Energy, Industry and Mineral Resources Khalid al-Falih in Beijing, agreeing to advance industrial capacity and investment cooperation. Zhang will visit Saudi Arabia next week and co-chair the second meeting of a high-level steering committee for coordinating bilateral cooperation between China and Saudi Arabia with Crown Prince Mohammed ... Read More »

Customs clearance of King Abdullah port foils attempt to smuggle above 32 kg of cocaine drug

cocaine

RIYADH: King Abdullah Airport in King Abdullah Economic City in Rabigh continued its remarkable success in the field of customs control by thwarting the attempt to smuggle a large quantity of “cocaine” (32,379) thirty-two kilograms and three hundred and ninety-nine grams found in a consignment received for Customs. Mohammed Al-Mehmadi, Director General of King Abdullah Customs, explained: “Frozen chicken” was ... Read More »

King Abdullah Port 1,460 maritime services delivered in 2016

KAP

RIYADH: 1,460 maritime services delivered in 2016, 30% increase expected by the end of 2017,Specialized Marine Services Company Is Key Contributor To The Successful Operation Of King Abdullah Port  In 2016, Container Management magazine, a British global leader specialized in ports, navigation, maritime transportation and container handling, issued a report that ranked King Abdullah Port by far the fastest growing ... Read More »

Saudi Electricity secures $1.75bn loan for capex plans

soft loans

RIYADH: Saudi Electricity Company (SEC) said on Wednesday it had signed a $1.75 billion international syndicated loan to help finance capital expenditure plans. The five-year bullet loan is co-financed by eight major international banks including Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui Banking Corporation, Mizuho Bank, HSBC, Standard Chartered, Natixis, Citibank and First Abu Dhabi Bank, it said in a statement. ... Read More »

Saudi Arabia crude oil exports fall slightly in June

crude oil

RIYADH: Saudi Arabia’s crude oil exports in June fell slightly to 6.889 million barrels per day (bpd), 35,000 bpd lower than the May level, official data showed. Opec’s biggest producer also pumped 10.070 million bpd in June, up 190,000 bpd from May, according to a posting on the Joint Organizations Data Initiative (Jodi) website. The kingdom increased direct-burn crude used ... Read More »

Customs Taif airport foils 3 attempts to smuggle above 2 kg, 600 grams of “heroin” and “shabu”

herion

RIYADH: The Customs of Taif Airport managed to thwart three attempts to smuggle (2.679) two kilograms, six hundred and ninety-nine grams of heroin and “shabu” found hidden with passengers who came to the Kingdom through the airport. Ahmed Al-Malki, Director of Customs at Taif Airport, explained this: When conducting the usual screening and inspection of passengers on one of the ... Read More »

Higher crude oil prices slash Saudi Arabia deficit

deficit

RIYADH: The Saudi Finance Minister has announced an annual decline in the budget deficit for the first half of the year thanks to higher oil prices in the period. At $19.39 billion (72.728 billion riyals), the first-half deficit was 51 percent lower than what the government had projected, the ministry also said. Total budget revenues in the period rose by ... Read More »

Al-Batha Customs foils two attempts to smuggle 54,000 bags of “Tanbak”

BAGS

RIYADH: Al-Batha customs succeeded in thwarting two attempts to smuggle a quantity of “tinbak” amounting to 54,000 fifty-four thousand bags, all of which were hidden within the consignments received for Customs. This was explained by Mr. Abdul Rahman Al-Mahna, Director General of Al Batha Customs and said: The attempt to smuggle this quantity of “Tanbak” has been thwarted through two ... Read More »

King Abdullah Port ‘fastest growing port’

kap

RIYADH: Saudi Arabia’s King Abdullah Port, located in King Abdullah Economic City on the Red Sea coast, was named by far the fastest growing port among a global list of top 120 ports in 2016 by a leading industry magazine. The Container Management magazine also ranked King Abdullah Port at 98th on a list of 100 largest ports worldwide in ... Read More »

Saudis ready to export more oil to Iraq

export

RIYADH: After discussions on compliance with an OPEC-led effort to balance the market, Saudi Arabia’s energy minister said Iraq could be the target for more exports. Saudi Arabia and Iraq are the top two oil producers among members of the Organization of Petroleum Exporting Countries. Saudi Arabia has taken a “whatever it takes” stance on a multilateral effort to balance ... Read More »

Al-Durra Customs foils attempt to smuggle 15000 pills Captagon, Tramadol

PILLS

RIYADH: Al-Durra customs managed to thwart the attempt to smuggle a quantity of 15 thousand grains of “Cepagon and tramadol”, which were found hidden in a “home furniture” sent to Customs. This was explained by Mohammed al-Abush, general manager of the customs of the Durra and said: Customs received a consignment of “furniture of the house” and during the customs ... Read More »

Saudi Arabia tenders to purchase 660,000 T feed barley

barely

RIYADH: Saudi Arabia’s main state wheat buying agency the Saudi Grains Organization (SAGO) said on Thursday it had issued an international tender to purchase 660,000 tonnes of animal feed barley. Tender deadline is Aug. 11, it said. The barley is sought from global suppliers for arrival in Saudi Arabia in October, SAGO Governor Ahmad Al Fares said. The tender seeks ... Read More »

Saudi cement sales down 19% during Jan-July

sales fall

RIYADH: Saudi Arabia’s cement sales volume declined 19 per cent year-on-year (y-o-y) to 28.3 million tons during the first seven months of 2017, a report said. Meanwhile, clinker production fell 10 per cent on a yearly basis to 29.3 million tons and inventories stood at 33.6 million tons, added the Saudi Cement sector report from Al Rajhi Capital, a leading ... Read More »