Money & Business - Gulf Insider

1 year ago

Tourism Licences 89% Up In Saudi Arabia

The number of licences for tourism facilities in Saudi Arabia topped 4,400 last year, growing by 89% against the previous year, according to a Saudi official. Spokesman for the Ministry of Tourism, Mohammed Al Rasasmah added that the number of licences issued in 2023 stood at 2,300. “The increasing number of licences issued to tourist hospitality facilities is the result of the ministry’s extensive efforts to enable operators and investors in the sector to obtain the necessary licences,” he added. Saudi Arabia’s tourism industry is flourishing amid facilities to draw more foreign tourists to the country. They include the issuance of tourist visas on arrival or online for citizens of several nationalities under a system launched in 2019. The kingdom has moved 15 slots to the 12th position on the scale of international tourists’ spending, according to recent global data. The Saudi news agency SPA, citing the UN Tourism Organisation, reported last November that Saudi Arabia advanced 15 places in the global rankings of international tourist spending in 2023 compared to 2019, leading the upward positions among the top 50 countries. Foreign tourists spent more than SR141 billion, or nearly $38 billion in the kingdom in 2023, the Saudi Ministry […]

1 year ago

Saudi Economy Records Highest Liquidity In History, Crossing SR3 Trillion By February 2025

Liquidity levels in the Saudi economy recorded robust growth, reaching their highest levels in history by the end of February 2025, with an annual increase of SR277.49 billion, representing a growth rate of 10.1 percent. Total liquidity crossed SR3 trillion (SR3,033,684 million), compared to SR2,756,193 million during the same period in 2024. This reflects the strong growth performance of the broad money supply (M3), according to data in the monthly statistical bulletin released by the Saudi Central Bank (SAMA). Liquidity levels witnessed a monthly growth of SR67,543 million, representing 2.3 percent, compared to SR2,966,140 million at the end of January this year. These levels of liquidity are a driving force behind and supportive of the economic and commercial system, contributing to positive economic development. Reviewing the four components of money supply (M3) in its broad and comprehensive sense, demand deposits accounted for the largest contribution to the total, accounting for 48.5 percent, with a value of SR1,470,383 million by the end of February. Time and savings deposits accounted for SR1,031,712 million, representing the second largest share to total money supply, accounting for 34 percent. Quasi-cash deposits accounted for SR293,683 million, representing a 9.7 percent contribution to total money supply, making […]

1 year ago

New UAE Salary Rule: WPS Now Mandatory For New Worker Categories

In its latest update on its official website, the Ministry of Human Resources and Emiratisation (MOHRE) confirmed that the Wage Protection System (WPS) for domestic workers is the official electronic system adopted by the Ministry. It enables employers to pay the wages of their domestic workers through banks, exchange houses, and financial institutions approved and authorised by the Central Bank of the UAE to provide wage payment services. According to Article 15 of Federal Decree-Law No. (9) of 2022 concerning domestic workers, employers are required to pay the monthly wage in UAE dirhams within a period not exceeding 10 working days from the due date. Key benefits of the WPS: Methods of wage payment under the WPS: MOHRE has specified the available wage payment methods for domestic workers as follows:

1 year ago

Saudi Arabia’s Real Estate Transaction Tax is A Game-Changer

Saudi Arabia’s new tax rules on real estate transactions have taken effect, offering a significant boost to property ownership among its citizens. At the same time, the full benefits of the update Real Estate Transaction Tax will extend across all layers of deal-making in the sector, according to industry sources. The RETT brings in a flat 5% tax on most real estate transactions, ‘including sales, transfers, and other property-related dealings, regardless of whether the parties are individuals or businesses’. The updated RETT came into effect Wednesday (April 9). When it comes to individual investors, there are specific exemptions, according to Naveen Sharma, Chairman of the Taxation Society. “While individuals are subject to the RETT on property transactions, these exemptions significantly reduce the tax burden for specific scenarios, particularly for Saudi nationals and family-related transfers,” said Sharma. Saudi Arabia has brought in a wave of reforms across its property market, the latest being measures taken to speed up availability of land for development and stabilize rentals in Riyadh. Then, there has also been the opening of freehold rights to foreign investors, the gains from which are starting to show up. These moves to open up the property market are backed by […]

1 year ago

Saudi Arabia Makes 14 New Oil And Natural Gas Discoveries

Saudi Arabia, the world’s top oil exporter, on Wednesday unveiled 14 new oil and natural gas discoveries in the Eastern Region and the vast Empty Quarter (Rub’ Al Khali), marking a significant milestone in the Kingdom’s energy exploration efforts. Saudi oil giant Aramco said that 14 oil and natural gas fields and reservoirs have been discovered in the kingdom’s Eastern Region and the Empty Quarter, state news agency SPA said on Wednesday. The announcement was made by Saudi Minister of Energy, Prince Abdulaziz bin Salman, during a press conference, where he emphasised the strategic importance of the discoveries in reinforcing the Kingdom’s position as a global energy powerhouse. The findings are expected to enhance national reserves and contribute to long-term energy security and economic development. Three days ago, the Kingdom slashed its prices for Asian buyers to close to their lowest level in four years, adding to speculation it is seeking to regain market share as part of OPEC+’s strategy to speed up oil output hikes. State oil company Saudi Aramco cut the May official selling price (OSP) for flagship Arab Light crude by $2.30 to $1.20 a barrel above the average of Oman and Dubai prices, a pricing document from […]

1 year ago

Crypto Made Simple: What’s Next for Binance in Bahrain?

Bahrain has long positioned itself as a forward-thinking financial hub in the region, and its early embrace of digital innovation is now paying off—quite literally. Picture this: you pull into a petrol station in Manama, tap open the Binance app on your phone, and within seconds, your fuel is paid for in crypto. No need to fumble for cash or cards. It’s not just a glimpse into the future—it’s happening right now. From paying rent to purchasing real estate, the use of cryptocurrency in Bahrain is steadily moving from the fringes of finance into the heart of everyday life. At the centre of this shift is Binance Bahrain, a company helping redefine the way people engage with money. Thanks to the country’s robust regulatory framework, which was among the first globally to introduce crypto-specific legislation, platforms like Binance are thriving in a well-structured, secure environment. The Central Bank of Bahrain’s proactive stance has enabled fintech players to innovate responsibly, ensuring that both users and investors enjoy transparency and protection. It’s this unique ecosystem that has allowed partnerships like the one between Binance and EasyPay to flourish, enabling seamless crypto payments at petrol stations and beyond. In this exclusive interview, Tameem […]

1 year ago

Saudi Stocks Extend Rally As TASI Hits 11,500 Points

Saudi Arabia’s stock market continued its upward momentum at the start of trading on Sunday, with the Tadawul All Share Index (TASI) climbing to the 11,500-point mark, supported by a global market recovery. The benchmark index rose 3% during the first 30 minutes of the session, buoyed by signs of a rebound in international markets. The rally helped the index reclaim a key technical level previously lost due to the fallout from the global tariff crisis. Shares of Saudi Aramco provided a major lift to the market after hitting lows earlier in the week. The stock attracted opportunistic inflows, thanks to its improved valuation and attractive dividend yield. Aramco rose 2.8% during early trade. The banking and industrial sectors also played a pivotal role in boosting the index. Al Rajhi Bank surged 3.4%, while SABIC gained 2.7%. ACWA Power added further support with a 1% rise.

1 year ago

Business Owner Ordered To Pay BD2,000 Despite Forged Cheque

A food trader who supplied goods worth BD2,000 to a small business is entitled to payment, even though the cheque he received turned out to be forged. The Civil Appeals Court backed the trader, saying the fake signature on the cheque did not cancel out the delivery, nor the debt that followed. The trader had dealt with the commercial establishment before. On this occasion, he delivered a batch of supplies and received a cheque signed in the company’s name, along with invoices confirming receipt. The signatures on those invoices came from employees in the sales team.Later, the owner of the business refused to pay. He said the cheque was fake and denied writing or signing it. Payment The trader took the matter to court, demanding payment from both the establishment and its owner. In court, the owner argued that the claim should be dismissed because the cheque had not come from him. Also read: Decorator To Pay Damages After Failing To Book Wedding Hall

1 year ago

New UAE Salary Rule: WPS Now Mandatory for New Worker Categories

In its latest update on its official website, the Ministry of Human Resources and Emiratisation (MOHRE) confirmed that the Wage Protection System (WPS) for domestic workers is the official electronic system adopted by the Ministry. It enables employers to pay the wages of their domestic workers through banks, exchange houses, and financial institutions approved and authorised by the Central Bank of the UAE to provide wage payment services. According to Article 15 of Federal Decree-Law No. (9) of 2022 concerning domestic workers, employers are required to pay the monthly wage in UAE dirhams within a period not exceeding 10 working days from the due date. Key benefits of the WPS: Methods of wage payment under the WPS: MOHRE has specified the available wage payment methods for domestic workers as follows: Documents for registration: The Ministry emphasised its commitment to ensuring that all employers are aware of their obligation to register in the Wage Protection System and process domestic workers’ wages through the system. To that end, MOHRE sends regular notifications to employers as reminders. Administrative penalties are enforced against employers who fail to comply with Ministerial Resolution No. (675) of 2022 and Executive Regulation No. (106) of 2022, both of […]

1 year ago

UAE Announces Major New Tax Rules

The UAE has announced major new tax rules as it looks to lure investment and boost the economy. As part of its continuous efforts to enhance the investment environment in the UAE, the Ministry of Finance has announced the issuance of Cabinet Decision No. 34 of 2025 on Qualifying Investment Funds and Qualifying Limited Partnerships for the Purposes of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses, which replaces the provisions of Cabinet Decision No. 81 of 2023. The new decision aims to attract more investments and promote the growth of the national economy. UAE tax rule changes Among the most significant provisions of the new decision is the introduction of a favourable tax treatment, ensuring that investors deriving income from a Qualifying Investment Fund will not be subject to UAE Corporate Tax on the income derived through the fund, provided that the real estate asset threshold (10 per cent) or the diversity of ownership conditions are not breached. Additionally, the new decision offers greater flexibility, granting QIFs a grace period even after the first two years of establishment. This grace period allows them to remedy any breaches of the diversity of ownership requirements, provided such breaches do not […]

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Search Here

Tourism Licences 89% Up In Saudi Arabia

Saudi Economy Records Highest Liquidity In History, Crossing SR3 Trillion By February 2025

New UAE Salary Rule: WPS Now Mandatory For New Worker Categories

Saudi Arabia’s Real Estate Transaction Tax is A Game-Changer

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Crypto Made Simple: What’s Next for Binance in Bahrain?

Saudi Stocks Extend Rally As TASI Hits 11,500 Points

Business Owner Ordered To Pay BD2,000 Despite Forged Cheque

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UAE Announces Major New Tax Rules

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