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Trump Organization announces deal to build Dubai tower

Trump Organization announces deal to build Dubai tower
The Trump Organization has teamed up with Saudi luxury international real estate developer Dar Global to build a Trump-branded tower in Dubai. (X/@dar_global)
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Updated 21 July 2024
AFP
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Trump Organization announces deal to build Dubai tower

Trump Organization announces deal to build Dubai tower
Updated 21 July 2024
AFP
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DUBAI: The Trump Organization on Thursday announced a deal to partner with a Saudi developer to build a high-rise tower in the UAE business hub of Dubai, its latest project in the Gulf.
Trump Tower Dubai will target “the Dubai luxury market,” real estate developer Dar Global said in a press release, adding that the location and design would be unveiled by the end of the year.
The development will include a Trump hotel and branded residential units, said Dar Global, the international subsidiary of Saudi developer Dar Al-Arkan.
The announcement came a little over two weeks after Dar Global announced a separate deal with the Trump Organization to build a high-rise tower in the Saudi coastal city of Jeddah.
It is also developing a Trump hotel and luxury villas in the capital of neighboring Oman, with completion expected in 2028, according to the firm’s website.
Former President Donald Trump entrusted the management of his real estate empire to his sons after taking office in 2017, although he held onto his shares in the Trump Organization.
His foreign business dealings prompted critics to sound the alarm about possible conflicts of interest, including in a 2022 Congressional report that found the foreign governments of six countries — the UAE among them — spent more than $750,000 at a Trump-owned hotel in Washington while trying to influence his administration in 2017 and 2018.
Trump, the presumptive Republican nominee in this year’s presidential election, cultivated close ties with Arab Gulf states during his term, choosing Saudi Arabia for his first foreign trip.
“We are proud to expand our presence in the region further through the launch of our iconic Trump Tower Dubai,” Eric Trump, the former president’s son and executive vice president of the Trump Organization, said in a statement.

Topics: main UAE Dubai real estate Dar Global Dar Al-Arkan

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New customs exemption introduced to support experimental production in Saudi Arabia

New customs exemption introduced to support experimental production in Saudi Arabia
Updated 6 sec ago
Reem Walid
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New customs exemption introduced to support experimental production in Saudi Arabia

New customs exemption introduced to support experimental production in Saudi Arabia
Updated 6 sec ago
Reem Walid

RIYADH: Saudi Arabia has launched a new customs exemption service designed to enhance the competitiveness of its industrial sector by removing duties on raw materials used in experimental production.

Experimental production involves creating goods or services on a trial basis to test new ideas, processes, or technologies before full-scale implementation. This approach helps assess feasibility, identify potential challenges, and gather data for further refinement.

The initiative, introduced by the Ministry of Industry and Mineral Resources via the Senaei platform, aims to support industrial facilities with manufacturing licenses that are still in the construction phase.

This effort aligns with the ministry’s commitment to providing support and incentives to industrial stakeholders at every project stage, as part of the Kingdom’s broader goal to boost industrialization and achieve a target of 36,000 plants by 2035.

The latest version of the Senaei platform offers over 30 electronic services to investors in the industrial sector.

The new service specifically aids industrial facilities in research and development, experimental production activities, workforce training in production procedures, and quality assessments of materials.

To apply for the exemption, applicants must log in with their facility’s account on the Senaei platform, submit their application through the designated icon, and await the exemption decision.

In April, Saudi Arabia implemented customs duty exemptions for various manufacturing products as part of its efforts to stimulate the industrial sector.

The exemptions applied to raw materials, semi-processed goods, packaging materials, as well as machinery, equipment, and spare parts.

In March, the Ministry of Industry and Mineral Resources took steps to alleviate the financial burden on businesses with valid import licenses. This decision aimed to facilitate the importation of specific products, enhancing competitiveness and boosting profitability for these firms.

The initiative is expected to allow businesses to allocate more funds toward operations and expand production capabilities, fostering growth and development within the Kingdom’s industrial sector, as reported by the Saudi Press Agency at the time.

The ministry also clarified that the customs exemptions also cover fully manufactured products and essential materials for production processes.

The sustained growth of Saudi Arabia’s industrial sector is highlighted by cumulative manufacturing assets reaching $132 billion since the launch of the economic diversification strategy, Vision 2030, in 2016.

Topics: main

GCC economies set for 4.4% growth in 2025, report forecasts

GCC economies set for 4.4% growth in 2025, report forecasts
Updated 18 September 2024
Nirmal Narayanan 
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GCC economies set for 4.4% growth in 2025, report forecasts

GCC economies set for 4.4% growth in 2025, report forecasts
Updated 18 September 2024
Nirmal Narayanan 

RIYADH: The Gulf Cooperation Council is expected to see its economies expand by 4.4 percent in 2025, driven by growth in the non-oil private sector, according to a new report. 

Analysis by the Institute of Chartered Accountants in England and Wales attributes this projected growth to both the rebound in oil production cuts by OPEC and the GCC’s ongoing diversification efforts. 

This comes as countries across the Gulf, including Saudi Arabia and the UAE, intensify diversification efforts, with the Kingdom’s General Authority for Statistics reporting a 4.9 percent increase in non-oil sector activity in the second quarter of 2024. 

The findings in the report are based on research from Oxford Economics, and Scott Livermore, ICAEW economic adviser and chief economist and managing director at Oxford Economics Middle East, said: “The GCC’s proactive and strategic investment in non-oil sectors, alongside the gradual recovery of oil production, is paving the way for robust growth in 2025, where the resilience of the GCC stands out.” 

The report revised the GCC growth forecast for 2024 slightly down to 2.1 percent, from its previous projection of 2.2 percent made three months ago. However, the non-energy sector is projected to grow by 4.2 percent in 2024 and 4.4 percent in 2025. 

Overall, the analysis forecasts Middle Eastern gross domestic product growth at 2.1 percent in 2024, accelerating to 3.7 percent in 2025. 

The report further noted that PMI readings across the region indicate strong business growth, with anticipated interest rate cuts expected to boost consumption and private investment. 

It added that tourism, trade, and finance will be key sectors driving future growth. 

“Domestic momentum remains strong across the region, as highlighted by higher output in PMI surveys and the coming interest rate reductions should support both consumption and private investment,” said the report. 

The document added that governments in the region will continue to advance diversification plans, with sovereign wealth funds, including Saudi Arabia’s Public Investment Fund and UAE’s Mubadala, likely to remain strategic spenders. 

A recent PwC analysis indicated that easing interest rates will benefit Middle Eastern economies, particularly those with currencies pegged to the US dollar. 

Topics: main Institute of Chartered Accountants in England and Wales ICAEW Oxford Economics

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Saudi Arabia approves new commercial registration, trade name laws

Saudi Arabia approves new commercial registration, trade name laws
Updated 18 September 2024
MOHAMMED AL-KINANI
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Saudi Arabia approves new commercial registration, trade name laws

Saudi Arabia approves new commercial registration, trade name laws
Updated 18 September 2024
MOHAMMED AL-KINANI

JEDDAH: Saudi Arabia has approved new laws for commercial registration and trade names, aiming to streamline business operations and improve the overall working environment.

The endorsements were announced at the weekly Cabinet session in Riyadh on Sept. 17, chaired by Crown Prince Mohammed bin Salman.

The Kingdom’s trade industry witnessed 104,000 commercial registrations in the first quarter of 2024, marking a 59 percent year-on-year growth, as the Ministry of Commerce issued 65,363 permits during the same period in 2023.

Some 44 percent of those awarded in the first three months of the year were assigned to women, according to the quarterly business sector bulletin.

The spike in numbers brings the total number of certificates issued to more than 1.45 million across all country regions.

The Minister of Commerce, Majid bin Abdullah Al-Qasabi, commented that approving the commercial register and trade name regulations aims to facilitate business operations and reduce burdens on commercial establishments by providing a single national business registration.

“It also organizes the procedures for reserving and registering trade names to protect and enhance their value, aligning with the economic and technological advancements outlined in Vision 2030,” Al-Qasabi said in a post on his X account.

The Minister of Municipalities and Housing, Majed Al-Hogail, said that issuing the new commercial registration and trade names systems is a key enabler for businesses to facilitate operations and enhance transparency.

He added in his post on X: “This step reflects an ambitious vision toward a more advanced and prosperous business environment under Saudi Vision 2030.”

Abdulrahman Al-Hussein, spokesman for the Ministry of Commerce, stated that the new commercial registration system has been designed based on the best international practices.

Explaining the advantages of the new commercial registration system, Al-Hussein said that these include that business owners can now have a single registration, regardless of the number of activities or businesses they manage across the country.

He added that the business registers will remain valid for an unlimited or unspecified period as long as the owners fulfill the requirement of annually updating the information of their establishments.

The spokesman further emphasized that every business is required to have a designated bank account for handling all its financial transactions.

Regarding existing sub-registers, Al-Hussein said that their owners will have a five-year grace period to resolve their status by either transferring or canceling their registrations.

The Cabinet also approved the real estate transaction tax system along with various decisions taken by the Ministerial Council.

Topics: main Saudi cabinet commercial registrations

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Kuwait trade surplus with Japan hits $543m

Kuwait trade surplus with Japan hits $543m
Updated 18 September 2024
Nour El-Shaeri 
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Kuwait trade surplus with Japan hits $543m

Kuwait trade surplus with Japan hits $543m
Updated 18 September 2024
Nour El-Shaeri 

RIYADH: Kuwait’s trade surplus with Japan rose 15 percent year on year to 76.9 billion Japanese yen ($542.8 million) in August, official data showed. 

This marks the first increase in two months, driven by a surge in Kuwaiti exports to Japan, according to a preliminary report by the Japanese Ministry of Finance. 

The Gulf nation has maintained a trade surplus with Japan for 16 years and seven months. 

Kuwaiti exports to Japan grew by 11.8 percent in August to 98.4 billion yen, rebounding after two months of declines. Meanwhile, Kuwaiti imports from Japan rose for the fourth consecutive month, increasing by 1.9 percent to 21.5 billion yen. 

In contrast, the Middle East’s overall trade surplus with Japan fell by 4.8 percent to 852.2 billion yen in August, as exports from the region dropped by 1 percent compared to the previous year. 

Shipments of oil, refined products, liquefied natural gas, and other natural resources, which account for 94.7 percent of the region’s exports to Japan, declined by 2.3 percent. 

Imports from Japan to the Middle East, however, rose by 12.8 percent, driven by higher demand for cars and machinery. 

Japan, the world’s third-largest economy, recorded a trade deficit for the second consecutive month in August, totaling 695.3 billion yen. This was influenced by the ongoing depreciation of the yen, which has continued to push up the cost of imports. 

Japan’s exports rose 5.6 percent, supported by shipments of semiconductor manufacturing equipment, while imports increased by 2.3 percent, fueled by rising costs of pharmaceuticals and petroleum products, exacerbated by the weaker yen against the dollar. 

In the energy sector, Japan imported 62.54 million barrels of oil in June, with 96.3 percent or 60.26 million barrels, sourced from the Arab region, as reported by the Agency of Natural Resources and Energy of Japan’s Ministry of Economy, Trade, and Industry in July. 

Saudi Arabia and the UAE dominated Japan’s oil imports, with Saudi Arabia contributing 25.82 million barrels, representing 41.3 percent of the total, and the UAE providing almost the same share with 25.84 million barrels. 

Kuwait was a significant contributor to Japan’s oil imports in June, supplying 5.21 million barrels, or 8.3 percent of the total. 

Other key suppliers included Qatar, with 2.44 million barrels, accounting for 3.9 percent, and Oman, with about half a million barrels, making up 0.8 percent. 

With Japan continuing its ban on importing oil from Iran and Russia in June, the remaining shipments of the fuel were sourced from the US at 1.4 percent, Central and South America at 1.6 percent, Southeast Asia at 0.5 percent, and Oceania at 0.2 percent. 

China remains Japan’s largest trading partner, followed by the US. 

Topics: main kuwait-japan kuwait trade

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Transport, furniture sectors lead spending rises as food tops Saudi POS transactions

Transport, furniture sectors lead spending rises as food tops Saudi POS transactions
Updated 19 min 15 sec ago
Miguel Hadchity
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Transport, furniture sectors lead spending rises as food tops Saudi POS transactions

Transport, furniture sectors lead spending rises as food tops Saudi POS transactions
Updated 19 min 15 sec ago
Miguel Hadchity

RIYADH: Furniture and transport spending in Saudi Arabia registered the highest weekly point-of-sales increases from Sept. 8 to 14, according to central bank data.

The weekly bulletin released by the bank, also known as SAMA, revealed that spending on furniture rose to SR314.3 million ($83.74 million), marking a 1.6 percent increase for the week, while expenditure on transportation came in at SR767.6 million – up 1.3 percent on the previous seven days.

The food and beverages sector preserved the biggest share of the POS data at SR1.84 billion, followed by restaurants and cafes at SR1.80 billion and miscellaneous goods and services at 1.46 billion.

Spending in the top three largest categories accounted for SR5.1 billion out of this week’s total value.

The overall value of the POS dipped for the second week in a row, dropping by 8.6 percent compared to the previous week to reach SR12.2 billion.

The latest figures showed that spending in the education sector continued to lead the dip, recording the highest decrease at 43.3 percent, with total transactions reaching SR165 million.

This week marks one month of constant declines in the education sector, after surging for four consecutive weeks, coinciding with the start of the academic year on August 18.

During the first week of September, spending on telecommunication saw the second-largest decline at 18.7 percent to SR98.2 million.

Spending on culture and recreation recorded the third biggest dip with a 15.9 percent negative change, reaching SR246.7 million. 

Expenditure on construction materials and electronic devices recorded the smallest decline at 0.4 percent each, reaching SR348.5 million and SR208.8 million, respectively.

Geographically, Riyadh dominated POS transactions, representing 34.8 percent of the total, with spending in the capital reaching SR4.2 billion — a 6.7 percent decrease from the previous week. 

Jeddah followed with a 6.8 percent decline to SR1.7 billion, accounting for 13.9 percent of the total, and Dammam came in third at SR620.4 million, down 6.3 percent.

Abha saw the largest decrease in spending, down by 13.1 percent to SR152.4 million. Tabuk and Hail also experienced downsticks, with expenditure dipping 13 percent and 11.7 percent to SR230.5 million and SR189.2 million, respectively. 

In terms of the number of transactions, Abha recorded the highest decrease at 4.6 percent, reaching 3,195. Khobar recorded the smallest decrease at 2 percent, reaching 4,373 transactions.

Topics: Finance point-of-sale PoS transportation

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