Latest news with #NadimKawach
Zawya
3 days ago
- Business
- Zawya
Saudi awards 92 industrial permits in April
Saudi Arabia issued permits for 92 industrial units in April while 80 new factories started operations during the same month, according to official data. The new licensed factories involve investment of around 3 billion Saudi riyals ($800 million) and provide over 1,400 jobs, the Industry and Mineral Resources Ministry said. It said in a report that investments in the factories that were commissioned in April exceeded SAR900 million ($240 million). The new licenses in April boosted the total number of factories in the world's dominant oil exporter to nearly 11,400, the report showed. (Writing by Nadim Kawach; Editing by Anoop Menon) (
Zawya
23-05-2025
- Business
- Zawya
Oman invites bids for new oil sites
Petroleum Development Oman (PDO), Oman's the largest producer of oil and gas has invited Expressions of Interest (EoIs) from local and international operators in the development of a potentially hydrocarbon-rich field within its sprawling Block 6 license. The majority state-owned national oil company announced in a post on Thursday that a 130 square kilometre (sq km) land, dubbed Area A, is being offered for investment and development in the Qarn Alam Cluster, within the prolific Ghaba Basin in northern Oman. 'This represents a strategic opportunity to access a discovered resource with more than 1 billion barrels of STOIIP (stock tank oil initially in place), located within Area-A, which spans over 130 sq km. The area offers proximity to existing infrastructure and holds significant development potential,' PDO said in its post. Operators interested in the exploration, appraisal and development of Area-A have been invited to submit a letter confirming their willingness to participate in a competitive process, along with supporting documents to demonstrate their relevant experience. The deadline for submission of EoIs is June 5, 2025. The move is in line with PDO's broader strategy of engaging specialised operators to manage specific assets within its portfolio. (Writing by Nadim Kawach; Editing by Anoop Menon) ( Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
Zawya
22-05-2025
- Business
- Zawya
Egypt says no plan for tax hikes
Egypt has reassured citizens and investors that it has no plans to increase income taxes and value added. The Egyptian Tax Authority (ETA) said it was reacting to media reports that it intends to raise value added rates and abolish exemptions on taxes on basic food commodities. ETA said in a statement published on Tuesday that it is not considering any new taxes that could increase food prices that will increase the burden on citizens. 'The Tax Authority emphasises that supporting the national economy is a top priority for the state, which is primarily based on achieving sustainable economic and social development and providing a strong social safety network,' the statement said. 'This commitment is evident in the stability of the current tax policy and the absence of any plan or intention by the Authority to impose new tax increases, whether income taxes or the general rate of value-added tax,' it added. ETA said it remains 'fully' committed to enhancing tax policy stability, with the aim of supporting government efforts to attract more investments and stimulate growth. 'ETA wants to emphasise the importance of protecting the interests of taxpayers as well as vulnerable groups and low-income groups,' the statement said. 'In this context, the Authority categorically denies reports circulating in some media outlets regarding any intention to increase the general value-added tax rate or cancel exemptions for basic food commodities," it said. (Writing by Nadim Kawach; Editing by Anoop Menon) (
Zawya
21-05-2025
- Business
- Zawya
Saudi cement prices at 12-year high
Strong domestic demand boosted cement prices in Saudi Arabia in April to its highest level in nearly 12 years, press reports showed on Wednesday. The price of a 50kg cement bag increased by around one percent year-on-year in April amidst an increase in the prices of other building materials, the Arabic language daily Aleqtisadia said, citing industry sources. 'The increase last month meant that cement prices reached their highest level in 12 years due to a number of reasons, mainly strong demand,' the paper said. 'Other factors include the rise in production costs which affected the price to consumers and the end of a long-standing price war among manufacturers,' it added. The report showed the price of a 50kg cement bag averaged around 14.5 Saudi riyals ($3.8) and that local demand surged by about 43 percent in April and nearly 13 percent since the start of 2025. (Writing by Nadim Kawach; Editing by Anoop Menon) (
Zawya
20-05-2025
- Business
- Zawya
Kuwait plans to borrow to fund $7.6bln projects
Kuwait has decided to borrow between $1020 billion this year to fund projects with a value of around $7.6 billion, an official has said. Faisal Al-Muzaini, Director of the Public Debt Management Department at the Ministry of Finance, said the debt law which was approved by parliament in March allows the Ministry to borrow up to 30 billion Kuwaiti dinars ($99 billion) for a period of 50 years. The debt expected during the 2025-2026 fiscal year ranges between KWD 3 billion and 6 billion ($10-20 billion), he said at a local debt forum on Monday. 'The time is right to use this tool to get the needed liquidity since the debt-to GDP ratio in Kuwait is only around 2.9 percent…this is a very low level compared with other countries,' he said in comments published by local newspapers on Tuesday. He said no date has yet been set for borrowing in the current fiscal year but that the Ministry is now in the final stage of a borrowing plan. (Writing by Nadim Kawach; Editing by Anoop Menon) (
