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SAUDI ARABIA EMARATES BAHRAIN KUWAIT OMAN QATAR

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Press Dossier

By Date

07/06/2023

	NEOM secures $5.6bn to develop 1st phase of residential communities for workforce Developmental work is fast gaining pace at Saudi Arabia’s futuristic city NEOM as the giga-project finalized contracts worth SR21 billion ($5.6 billion) to build the first phase of residential communities for the workforce.
	Top Saudi banks maintain profitability in Q1 despite global headwinds: Alvarez & Marsal Saudi Arabia’s top banks have continued to register steady earnings growth while maintaining profitability despite global headwinds amid rising interest rates, according to global professional services firm Alvarez & Marsal.
	Saudi real estate fund signs deals worth $3.64bn to boost housing market Aiming to boost Saudi Arabia’s housing market, the Kingdom’s Real Estate Development Fund inked finance agreements worth SR13.7 billion ($3.64 billion) in the first quarter of 2023.
	Mawani inks deal with Saudi Post in logistics development boost In a bid to materialize the goals outlined in Saudi Arabia’s National Transport and Logistics Strategy, Saudi Ports Authority, also known as Mawani, has entered into a strategic partnership agreement with Saudi Post to manage the authority’s postal requirements.
	NIDC inks deal with Valeo Egypt to boost Kingdom’s automotive sector In a push to localize the Kingdom’s automotive industry, Saudi Arabia’s National Industrial Development Center has inked a strategic deal with Valeo Egypt, the software development unit of the global automotive supplier.
	Kuwait’s non-oil sector to grow 3.8% in 2023: IMF Kuwait’s non-oil growth is projected to increase to about 3.8 percent in 2023 on account of a robust expatriate community, the International Monetary Fund has forecast.
	Closing bell: Saudi bourses stay steady for the 3rd consecutive day Saudi Arabia’s Tadawul All Share Index remained steady for the third consecutive day, as it edged up 23.28 points, or 0.21 percent, to close at 11,316.87 on Tuesday.
	UAE: Is income of free zone businesses subject to zero per cent tax? The UAE Corporate Tax law (UAE CT law) states that zero per cent corporate tax (CT) is applicable on the qualifying income (QI) of the qualifying Free Zone Person (QFZP), and the non-qualifying income (NQI) of the QFZP is subject to tax at nine per cent.

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SAUDI LAWS

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