Saudi Cabinet approves board members of CMA to join government agencies

The Cabinet also authorized the Kingdom’s Ministry of Investment to work with Norway to promote direct investment in Saudi Arabia. SPA

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Updated 13 February 2024

Arab News

February 13, 2024 17:46

Saudi Cabinet approves board members of CMA to join government agencies

Updated 13 February 2024

Arab News

February 13, 2024 17:46

RIYADH: Saudi Arabia’s Cabinet has approved the proposal to allow members of the Capital Market Authority to serve on the boards of other government agencies.

The Cabinet, chaired by King Salman, has given the nod to CMA members and its CEO to serve other government agencies for a maximum period of two years, according to a report by the Saudi Press Agency.

The body, which met on Feb. 13, also approved the law protecting informants, witnesses, and victims, as well as backing regulations governing the Saudi Tourism Authority.

According to the SPA report, the Cabinet authorized the minister of foreign affairs to enter into a memorandum of understanding with Singapore to establish a strategic partnership council between the two countries’ governments.

It also authorized Saudi Arabia’s minister of environment, water, and agriculture to enter into a draft agreement to cooperate in the environmental sector with the Arab Center for the Studies of Arid Zones and Dry Lands.

Saudi Arabia’s Ministry of Communications and Information Technology received approval to cooperate with India in the fields of digitization and electronic manufacturing.

The Cabinet also authorized the Kingdom’s Ministry of Investment to work with Norway to promote direct investment in Saudi Arabia.

The minister of transport and logistics services and chairman of the General Authority of Civil Aviation received the green light from the Cabinet to sign a draft memorandum of understanding for technical cooperation with the Latin American Civil Aviation Commission.

The body also approved a memorandum of understanding for cooperation in the field of passenger security between the National Traveler Security Center of Saudi Arabia and the Nationality, Passports and Residence Affairs of Bahrain.

The Cabinet consented to a cooperation agreement in counter-terrorism and its financing between the Presidency of State Security of Saudi Arabia and the National Counter Terrorism Agency of Indonesia.

It also authorized the Ministry of Education to a draft memorandum to promote scientific and educational cooperation with countries including Ethiopia, Eritrea, and Burundi, as well as Kenya, Tanzania, Ghana, Rwanda, and Uganda.

Topics: Saudi cabinet Capital Market Authority (CMA)

AI will eliminate routine jobs but create new ones, expert says

Updated 04 November 2024

Arab News

November 04, 2024 20:33

AI will eliminate routine jobs but create new ones, expert says

Chuck Yoo, executive vice president of research at Korea University, spoke to Saudi Data and Artificial Intelligence Authority’s GAIN podcast

Updated 04 November 2024

Arab News

November 04, 2024 20:33

RIYADH: Routine jobs are “very much in danger” thanks to the rise of artificial intelligence, a leading academic from Korea University has warned.

Speaking to the Saudi Data and Artificial Intelligence Authority’s GAIN podcast, Chuck Yoo – executive vice president of research at the Seoul-based institution – did offer an optimistic note, stating that new jobs will be created by the technology.

“For young people, I strongly encourage that they take an active role to learn the new technology and be used to how to use it. I think that’s the way that you can deal with such a profound change in our human history,” he told the GAIN Podcast.

Yoo further explained that the rise of AI is similar to the 18th century industrial revolution, where change opened up new opportunities.

Jobs that are based on routine work or gathering and analyzing data are the most in danger, said Yoo, giving the example of a paralegal.

AI in classes

As a professor, Yoo advises teachers and students to utilize the technology in classes instead of banning it, because the revolution is irreversible.

“You now have a very strong assistant, why do you want to go back to the old days?” Yoo remarked.

“To do that, professors who teach classes also have to know what GPT is and how to use it, and they should give assignments that have to be addressed with ChatGPT, not banning ChatGPT,” he added.

He added that the Korea University is also researching to build a new curriculum and a new way of teaching which incorporates AI and technologies like ChatGPT.

Yoo believes that AI is very rewarding and that the world is living in a fruitful age thanks to the technology.

Yoo emphasized the importance of findable sustainable solutions as the rise of the technology calls for more data centers, which extract a heavy power toll.

AI and energy

Yoo further added that Saudi Arabia’s push toward becoming an AI hub might call for more power plants amid higher energy consumption.

“It is being realized as a serious problem,” he said, adding: “People are working on how to reduce the power consumption in parallel with constructing more power plants.”

He added that the US has already announced their plan to build several nuclear facilities in anticipation of “exponential growth” of power consumption.

The Saudi Data and Artificial Intelligence Authority introduced the GAIN Podcast as it aims to elevate global understanding of data and AI and their effects on society.

The 14-episode series features insights from leading scientists, AI experts, decision-makers, and CEOs of prominent tech companies, discussing various aspects of technological advancements, industry milestones, and strategies for fostering human talent in the field.

Topics: business economy artificial intelligence (AI) Saudi Arabia Saudi Data and Artificial Intelligence Authority

Pakistanis welcome Aramco’s new Islamabad outlet

Updated 04 November 2024

SAIMA SHABBIR

Arab News Pakistan

November 04, 2024 18:26

Pakistanis welcome Aramco’s new Islamabad outlet

Saudi oil giant opened its second outlet in Islamabad last week following the inauguration of the first in Lahore on Oct. 29
In collaboration with Pakistan’s GO, Aramco aims to expand its retail network and establish a foothold in the Asian country’s growing economy

Updated 04 November 2024

SAIMA SHABBIR Arab News Pakistan

November 04, 2024 18:26

ISLAMABAD: Pakistanis in Islamabad on Monday hailed the opening of Aramco’s branded retail petrol station as a valuable addition to the capital’s oil marketing landscape, expressing hopes for high-quality fuel and services from the Saudi oil giant.

This is Aramco’s second retail outlet in Pakistan, following the opening of its first station in Lahore on Oct. 29 after the global oil giant acquired a 40 percent stake in Gas & Oil Pakistan Ltd, commonly known as GO Petroleum.

According to a statement shared last week by Corporate and Marketing Communications, which manages public relations for GO and the Saudi energy firm in Pakistan, Aramco-branded stations will offer premium fuel, high-quality lubricants, professional automotive services, and modern convenience stores, aiming to deliver a seamless customer experience.

The Saudi oil giant’s Islamabad outlet is located on Ataturk Avenue in the Pakistani capital, which is being frequented by a large number of customers anticipating quality fuel supply and services.

“This is a great addition to Islamabad. I hope that this global oil giant will focus on providing quality oil products, along with ensuring top-notch service and accurate fuel measurements,” Muhammad Asim, a Pakistani government employee, told Arab News, while filling up at the newly opened station, adding: “Looking forward to seeing the positive impact it brings to the city.”

Aramco is a global integrated energy and chemicals company that produces approximately one in every eight barrels of the world’s oil supply. GO, one of Pakistan’s largest retail and storage companies, is involved in the procurement, storage, sale and marketing of petroleum products and lubricants.

Together with GO, which has a network of over 1,200 fuel retail stations in Pakistan, Aramco plans to expand its retail network and establish a presence in the fast-growing Pakistani economy.

“Having Aramco in Pakistan is exciting,” said Sara Ahmed, a local business owner. “It raises the bar for fuel quality and customer service.”

She hoped that the Saudi company would set new standards in fuel quality and customer care, something that had been needed in Pakistan for quite some time.

Another customer, Ali Asghar, said Aramco is a renowned name globally and hoped the company would uphold its international standards in Pakistan.

“We need reputable global companies like this, not only to provide quality products but also to encourage competition among other companies, ultimately benefiting customers,” he told Arab News.

Pakistan and Saudi Arabia enjoy strong trade, defense, and cultural ties. The Kingdom is home to over 2.7 million Pakistani expatriates and serves as the top source of remittances to the cash-strapped South Asian nation.

In February 2019, Pakistan and Saudi Arabia inked investment deals totaling $21 billion during a visit by Saudi Crown Prince Mohammed bin Salman to Islamabad. The agreements included approximately $10 billion for an Aramco oil refinery and $1 billion for a petrochemical complex at the strategic Gwadar Port in Pakistan’s Balochistan province.

Islamabad and Riyadh have also been working in recent months to increase bilateral trade and investment, and the Kingdom this year reaffirmed its commitment to expedite an investment package worth $5 billion for Pakistan.

Both countries last month signed $2.2 billion in agreements and memorandums of understanding during the visit of a high-level business delegation, led by Saudi Minister for Investment Khalid Al-Falih.

Topics: Aramco Saudi Aramco

UK’s non-dom tax reforms set to reshape Arab investment landscape

Updated 04 November 2024

Miguel Hadchity

November 04, 2024 17:45

UK’s non-dom tax reforms set to reshape Arab investment landscape

Updated 04 November 2024

Miguel Hadchity

November 04, 2024 17:45

RIYADH: Arab investors will face significant changes to their UK tax affairs after the British government announced reforms to rules for non-UK domiciled individuals.

Effective from April 6, 2025, these changes will alter the tax efficiency strategies that many Arab investors have relied upon for UK property and investments.

So-called “non-dom” status is a tax classification that allows UK residents whose permanent domicile is in a different country to limit their tax liability on foreign earnings.

They have traditionally only been required to pay UK taxes on income generated within Britain, creating considerable tax savings for those who designate a lower-tax country as their domicile.

Starting in 2025, non-dom status will be abolished and replaced with a residency-based tax regime.

In an interview with Arab News, Vijay Valecha, chief investment officer at Century Financial said: “The disadvantages of the tax measures announced is that if an Arab buyer is planning to buy additional properties in the UK, they have to pay an increased surcharge of 5 percent.”

Moreover, if a buyer intends to dispose of a non-residential property, they have to pay increased capital gains tax 18 percent — 24 percent, he explained.

Arabs living in the UK who earn income abroad will also suffer from the abolishment of the non-UK domiciled tax status as their tax burden will increase, according to Valecha.

The CIO did reveal some positive news for investors, saying: “Non-resident Arab buyers can still purchase residential property in the UK at a 2 percent surcharge, a potential benefit.”

He added: “Newly arrived investors will enjoy a four-year grace period where foreign income and gains remain untaxed, offering short-term planning flexibility.”

Key changes

Under the current system, non-dom status can be obtained if an individual was born outside the UK or if their father’s permanent residence was in another country; or by becoming a domicile of choice, which is a classification available to individuals over 16 who decide to live indefinitely in another country.

From April 2025, newly arrived UK residents who have not been living in the country in the prior 10 years will receive a 100 percent tax relief on foreign income and gains for their first four years.

For capital gains tax, lower-rate taxpayers earning under £50,270 ($54,760) will now be taxed at 18 percent, up from 10 percent, while higher-rate taxpayers will see their rates increase to 24 percent from 20 percent.

Additionally, non-UK assets will be subject to UK inheritance tax if the individual has been a resident for at least 10 of the last 20 years.

Effective Oct. 31, 2024, the stamp duty surcharge on second homes increased from 3 percent to 5 percent.

Long-term strategies

Valecha anticipated that these changes may negatively impact the long-term investment strategies of Arab buyers, “due to higher surcharges on additional homes, capital gains taxes on disposal of secondary homes, and abolishment of the non-dom status.”

“In order to optimize their portfolio, Arab buyers can consider diversifying their portfolio to other asset classes and geographical regions that offer favorable tax regimes,” he said.

The UAE, for instance, could see increased interest due to its tax-free environment, and “Arab buyers looking to diversify can now consider investing their wealth in their own country.” This, he added, could improve capital flows in the UAE and boost the country’s real estate sector.

The UK government projects that these reforms could generate up to £12.7 billion in additional revenue over five years, underscoring the significant contribution expected from foreign investors.

With strategic planning, Valecha suggested that Arab investors can still leverage competitive opportunities in the UK market, even within this redefined landscape.

Topics: uk tax Century Financial Arab investment

Closing Bell: Saudi main market sheds points, Nomu gains 2.8%

Updated 04 November 2024

Nour El-Shaeri

November 04, 2024 17:05

Closing Bell: Saudi main market sheds points, Nomu gains 2.8%

Updated 04 November 2024

Nour El-Shaeri

November 04, 2024 17:05

RIYADH: Saudi Arabia’s Tadawul All Share Index ended Monday’s trading session in the red, losing 8.95 points, or 0.07 percent, to close at 12,039.31.

The total trading value of the benchmark index was SR6.1 billion ($1.6 billion), with 66 listed stocks advancing, while 166 retreated.

The MSCI Tadawul Index also shed 0.34 points, or 0.02 percent, closing at 1,512.48.

However, the Kingdom’s parallel market Nomu gained 765.32 points, or 2.80 percent, to close at 28,062.77, with 41 stocks advancing and 32 retreating.

The best-performing stock of the day was Shatirah House Restaurant Co., also known as Burgerizzr, whose share price surged by 9.96 percent to SR22.52.

Other top performers included Retal Urban Development Co., which saw a rise of 9.64 percent to SR15,70, and Al-Baha Investment and Development Co., which increased by 7.14 percent to SR0.30.

Elm Co. and Al-Baha Investment and Development Co. also recorded gains of 4.64 percent and 4.29 percent, closing at SR1,122 and SR21.90, respectively.

Several Saudi firms released their financial results for the first nine months of the year.

Saudi Telecom Co. recorded a 3.9 percent yearly increase in profit to reach SR56.6 billion, mainly attributed to the rise in stc KSA and stc’s subsidiaries revenue by 0.6 percent and 11 percent, respectively.

Net profit also recorded growth of 1.9 percent to reach SR11.2 billion, largely driven by the increase in revenue and the decrease in zakat and income tax expenses.

The company closed Monday’s trading session in green with a 0.59 percent increase in its share price to reach SR42.30.

National Gas and Industrialization Co. also saw a significant 15.5 percent year-on-year increase in revenue to reach SR2 billion in the first nine months.

The growth in profit was driven primarily by rising gas prices and an uptick in sales volume. This shift is further supported by enhanced revenues from commercial projects and increased sales of empty cylinders.

Additionally, the company has witnessed gains from the sale of scrap and spare parts, as well as from transportation and various other services.

The firm also reported an increase in net profit by 2.1 percent to reach SR188.7 million, primarily driven by a significant rise in gross profit resulting from enhanced revenues and a reduction in zakat expenses.

Despite this, the company closed Monday’s trading session in red, shedding 2.21 percent to close at SR106.

Bupa Arabia for Cooperative Insurance Co. also recorded significant gains. The company saw insurance revenues increase by 15 percent to reach SR13.4 billion, driven by business growth.

Profit before zakat and income tax attributable to shareholders for the current period amounted to SR1.3 billion, an increase of 31.4 percent, mainly due to gains across multiple aspects of the business.

Despite the strong gains, Bupa closed Monday’s trading session in red, shedding 1.49 percent to close at SR198.20.

On a different note, SNB Capital launched its SNB Capital Saudi Nomu Market Fund to facilitate easier access to the parallel market.

The fund is designed for retail investors aiming to strategically invest in the listed equities on the Nomu market without having to meet the Qualified Investor criteria.

Topics: Closing Bell Saudi stock exchange Tadawul All Share Index (TASI)

Saudi airline flynas expands African reach with new routes to Uganda and Djibouti

Updated 04 November 2024

Mohammed Al-Kinani

November 04, 2024 16:55

Saudi airline flynas expands African reach with new routes to Uganda and Djibouti

Updated 04 November 2024

Mohammed Al-Kinani

November 04, 2024 16:55

JEDDAH: Saudi budget airline flynas will add two new African destinations to its network starting in January 2025, aligning with its broader expansion strategy across the continent.

Beginning Jan. 8, the airline will operate three weekly flights from Riyadh to Entebbe, Uganda, and the same number from Jeddah to Djibouti, according to the airline’s statement.

The expansion is part of the airline’s “We Connect the World to the Kingdom” initiative and supports Saudi Arabia’s National Civil Aviation Strategy, which aims to expand connectivity to 250 international destinations and reach 330 million passengers.

The routes to Entebbe and Djibouti also align with Saudi Arabia’s goal of welcoming 150 million tourists annually by 2030 and advancing the Pilgrims Experience Program, which seeks to streamline travel access to the holy cities of Makkah and Madinah.

The airline’s new routes to Uganda and Djibouti mark additional steps in its effort to grow its international network, offering more accessible travel for passengers across the region.

This announcement follows flynas’s recent increase in domestic seat capacity by over 480,000 on routes to Taif, Abha, and Al-Baha during the summer, marking a 21 percent rise from the previous year.

The airline has also expanded its fleet with the arrival of its 53rd A320neo in July as part of its ongoing order of 120 Airbus aircraft.

The new model airplane arrived at King Khalid International Airport in Riyadh, reinforcing flynas’s position as a prominent low-cost airline in the Middle East and ranking among the top four globally.

During the UK’s Farnborough International Airshow in July, flynas signed a deal to double its fleet, with plans to purchase 160 additional Airbus planes, including 30 wide-body A330neos and 130 A320s.

CEO and Managing Director Bander Al-Mohanna described the agreement as a key step toward establishing flynas as a leading global low-cost carrier.

Since its inception in 2007, flynas has grown to serve over 70 domestic and international destinations, with 1,500 weekly flights and more than 80 million passengers flown to date.

Topics: Flynas Saudi aviation

Saudi Cabinet approves board members of CMA to join government agencies

Saudi Cabinet approves board members of CMA to join government agencies

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Closing Bell: Saudi main market sheds points, Nomu gains 2.8%

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Saudi Cabinet approves board members of CMA to join government agencies

Saudi Cabinet approves board members of CMA to join government agencies

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