Latest news with #SaudiMinistryofFinance
Saudi Gazette
17-05-2025
- Business
- Saudi Gazette
Duties revised on certain products as per amended GCC Customs Tariff Schedule
Saudi Gazette report RIYADH — The Saudi Ministry of Finance announced on Friday that Minister of Finance and Chairman of the Board of Directors of the Zakat, Tax and Customs Authority Mohammed Al-Jadaan has approved a number of amendments to the Integrated Customs Tariff Schedule for the Gulf Cooperation Council (GCC) states. Duties will be imposed on certain categories of products as per the amendments which will come into force on October 6 this year. This was revealed in the official gazette Umm Al-Qura. The amended provisions will be applied in accordance with the new tariff schedules. The new amendments include revising the duty category on a number of goods, most notably natural honey products and chemical compounds. The customs duty category has been set at 5 percent on natural honey filtered from the Manuka flower and other types of natural honey, whether filtered or containing wax pieces. The amendments also included a two percent customs duty on several chemicals, such as acetophenone, propiophenone, methylacetophenone, benzophenone, and butyl dimethyl acetophenone. A 52 percent duty was applied to other compounds, such as methyl naphthyl ketone and benzylidene acetone, as part of the alignment of the tariff schedule with the decisions of the GCC countries. The description and labeling of some goods were updated, and formal errors in the tariff schedules were corrected, most notably the inclusion of a 5 percent duty item for fresh fatty livers. The amendments also included the renaming of several types of frozen fish with a unified duty rate of 5 percent. The amendments also included the inclusion of Indian betel leaf in the customs tariff, while explicitly prohibiting the import of khat was included under the "other plants" section, indicating its complete prohibition.
Japan Times
15-04-2025
- Business
- Japan Times
Saudi Arabia to pay off Syria's World Bank debts, paving way for further funding
Saudi Arabia plans to pay off Syria's debts to the World Bank, three people familiar with the matter have said, paving the way for the approval of millions of dollars in grants for reconstruction and to support the country's paralyzed public sector. The plans would be the first known instance of Saudi Arabia providing financing for Syria since Islamist-led rebels toppled former leader Bashar al-Assad last year. It may also be a sign that crucial Gulf Arab support for Syria is beginning to materialize after previous plans, including an initiative by Doha to fund salaries, were held up by uncertainty over U.S. sanctions. Last month, Qatar announced a plan to provide Syria with gas via Jordan to improve the nation's meager electricity supply, a move that sources said had Washington's nod of approval. A spokesperson for the Saudi Ministry of Finance said, "We do not comment on speculation, but make announcements, if and when they become official."
The National
14-04-2025
- Business
- The National
Saudi Arabia considers settling Syria's arrears to World Bank
Saudi Arabia is planning to pay off Syria's debts to the World Bank, paving the way for the approval of millions of dollars in grants for reconstruction and supporting the country's paralysed public sector, Reuters reported on Monday. The plans, which have not been previously reported, would be the first known instance of Saudi Arabia providing financing for Syria since rebels toppled former president Bashar Al Assad last year. It would also be a sign of crucial Gulf Arab support for Syria beginning to materialise, after previous plans, including an initiative by Qatar to fund salaries, were held up by uncertainty over US sanctions. Last month, Qatar announced a plan to provide Syria with gas through Jordan to improve the nation's meagre electricity supply. A representative for the Saudi Ministry of Finance refused to confirm the move, telling Reuters: "We do not comment on speculation, but make announcements, if and when they become official." The Saudi government's media office, a World Bank representative and a Syrian government official did not immediately respond to the agency's requests for comment. Syria has about $15 million in arrears to the World Bank which must be paid off before the international financial institution can approve grants and provide other forms of assistance. But Damascus is short of foreign currency and a previous plan to pay off the debts using assets frozen abroad did not materialise, Reuters said. Sources said World Bank officials have discussed providing financing to help reconstruct the country's power grid, heavily damaged by years of civil war, and also to support public sector pay. Reuters reported on Saturday that Syria would send a high-level delegation to Washington for the annual spring meetings of the World Bank and IMF later this month, marking the first visit by Syrian officials to the US since Mr Al Assad's overthrow. It is unclear whether the Syrian delegation will meet with any US officials. Tough US sanctions imposed during the Assad regime's rule remain in place. In January, the US issued a six-month exemption for some sanctions to encourage humanitarian aid, but this has had limited effect.
Zawya
14-04-2025
- Business
- Zawya
Saudi Arabia plans to pay off Syria's World Bank debts, sources say
Saudi Arabia plans to pay off Syria's debts to the World Bank, three people familiar with the matter said, paving the way for the approval of millions of dollars in grants for reconstruction and to support the country's paralysed public sector. The plans, which have not been previously reported, would be the first known instance of Saudi Arabia providing financing for Syria since Islamist-led rebels toppled former leader Bashar al-Assad last year. It may also be a sign that crucial Gulf Arab support for Syria is beginning to materialize after previous plans, including an initiative by Doha to fund salaries, were held up by uncertainty over U.S. sanctions. Last month, Qatar announced a plan to provide Syria with gas via Jordan to improve the nation's meagre electricity supply, a move that sources told Reuters had Washington's nod of approval. A spokesperson for the Saudi Ministry of Finance told Reuters, "We do not comment on speculation, but make announcements, if and when they become official." The Saudi government's media office, a World Bank spokesperson and a Syrian government official did not immediately respond to requests for comment. Syria has around $15 million in arrears to the World Bank which must be paid off before the international financial institution can approve grants and provide other forms of assistance. But Damascus is short of foreign currency and a previous plan to pay off the debts using assets frozen abroad did not materialize, according to two people familiar with the matter. World Bank officials have discussed providing financing to help reconstruct the country's power grid, heavily damaged by years of war, and also to support public sector pay, two of the sources said. Reuters reported on Saturday that Syria would send a high-level delegation to Washington for the yearly spring meetings of the World Bank and IMF later this month, marking the first visit by Syrian officials to the U.S. since Assad's ouster. It is unclear whether the Syrian delegation will meet with any U.S. officials. Tough U.S. sanctions imposed during Assad's rule remain in place. In January, the U.S. issued a six-month exemption for some sanctions to encourage humanitarian aid, but this has had limited effect. Last month the U.S. gave Syria a list of conditions to fulfil in exchange for partial sanctions relief but the administration of U.S. President Donald Trump has otherwise engaged little with the country's new rulers. That is in part due to differing views in Washington on how to approach Syria. Some White House officials have been keen to take a more hard line stance, pointing to the new Syrian leadership's former ties to Al-Qaeda as reason to keep engagement to a minimum, according to diplomats and U.S. sources. (Reporting by Timour Azhari in Beirut, Suleiman al-Khalidi in Amman and Pesha Magid in Riyadh; Editing by Sharon Singleton)
Saudi Gazette
20-02-2025
- Business
- Saudi Gazette
AlUla conference emphasizes joint work to sustain emerging market economies' resilience to shocks
Saudi Gazette report RIYADH — A two-day inaugural annual global Conference on Emerging Market Economies, which concluded in AlUla on Monday, emphasized the importance of unity of purpose and the need to continue working together to sustain emerging market economies' resilience to shocks and sustain growth. "Over the past two days, we have discussed how emerging economies can navigate the risks and, importantly, how they can embrace the opportunities ahead," said Saudi Finance Minister Mohammed Al-Jadaan and International Monetary Fund Managing Director Kristalina Georgieva in a joint statement after the conference, which was co-hosted by the Saudi Ministry of Finance and IMF. 'We would like to thank emerging markets policymakers, academics, and representatives of the regional and international financial institutions for joining us and helping to make this first-ever AlUla Conference for Emerging Market Economies a successful forum for building greater collaboration and discussing the specific challenges facing emerging markets (EMs)," they said. "We are proud to have co-hosted the first global forum that is focused solely on the economic prospects for emerging market economies, and we look forward to continuing the discussions in the year ahead and at the second AlUla conference next year," Al-Jadaan and Georgieva said while noting that the conference came out with three takeaways. First, this is a time of sweeping transformations — from technology to trade or climate to capital flows — and these changes are reshaping the global economy. How all these changes will unfold remains to be seen. But we know that in a more uncertain and shock-prone world, building resilience through sound macroeconomic and financial policies must continue to be a priority. Second, emerging markets are seizing these transformations to make their economies stronger. With widespread digitalization and ambitious policies, the prospects for harnessing the benefits of AI are promising. Tapping the potential of AI would enhance emerging market economies' productivity and resilience, but it will require reforms to boost investments in digital infrastructure and human capital. Deeper regional trade and financial integration would also be important.
