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Tag Archives: MBS

VAT increased from 5% to 15% in Saudi Arabia

Saudi Arabia’s government is suspending the cost of living allowance and raising the value added tax (VAT) threefold, as part of measures aimed to shore up state finances, which have been battered by low oil prices and the coronavirus. “Cost of living allowance will be suspended as of June first, …

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More Saudi royals arrested, no explanation given

Three senior members of Saudi Arabia’s royal family, including the king’s brother, have been arrested for unexplained reasons. Two of the men were among the kingdom’s most influential figures. The detentions are seen as Crown Prince Mohammed bin Salman tightening his grip on power. In 2017 dozens of Saudi royal figures, …

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Saudis arrest two royals

Saudi Arabia has detained two senior members of the Saudi royal family – Prince Ahmed bin Abdulaziz, the younger brother of King Salman, and Mohammed bin Nayef, the king’s nephew, two sources with knowledge of the matter said. Crown Prince Mohammed bin Salman, King Salman’s son and the de facto …

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Khaled al-Falih back in Saudi cabinet

Former Saudi energy minister Khalid al-Falih, who was removed last year, was tapped to head the kingdom’s newly-created investment ministry in a cabinet reshuffle announced on Tuesday that also created new ministries for tourism and sports. According to royal orders published by state news agency SPA, the ministers of media …

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Neom to construct a ‘Solar Dome’ Desalination Plant

By Dr. Haytham Mouzahem   Saudi Arabia will adopt a new solar technology to desalinate seawater at Neom, a mega-city that it is developing along the country’s northern Red Sea coast. Last month NEOM announced that it will rely on a pioneering solar technology to produce clean, low-cost, environmentally friendly …

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Slight improvement in Saudi Aramco shares

Saudi Aramco’s 2222.SE shares went up slightly to 37 Saudi riyals ($9.87) in a pre-market auction on Sunday, Refinitiv data showed, putting the company’s market value slightly below $2 trillion. Aramco’s shares closed at 36.8 riyals on Thursday after hitting earlier in the day the $2 trillion price tag long …

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Japan offers to help Saudi non-oil economy

Japanese Prime Minister Shinzo Abe on Sunday praised Saudi Arabia’s efforts to reduce its dependence on oil and promised Crown Prince Mohammed bin Salman that Japan will help the kingdom with a sweeping reform plan. “Saudi Arabia’s ‘Vision 2030’ is an unprecedented major reform aimed at shifting away from dependence …

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Russia extending OPEC-deal with Saudis

Russia has agreed with Saudi Arabia to extend by six to nine months a deal with OPEC on reducing oil production, Russian President Vladimir Putin said. Putin, speaking after talks with Saudi Crown Prince Mohammed bin Salman, told a news conference the deal would be extended in its current form …

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