WASHINGTON: President Donald Trump on Friday promised a big announcement about tax reform next week and ordered an administration review of Obama-era tax rules written to discourage US companies from relocating overseas to cut their tax bills.
“We will be having a big announcement on Wednesday having to do with tax reform. The process has begun long ago, but it really formally begins on Wednesday,” Trump said during a visit to the US Treasury Department.
First reported in an Associated Press interview with Trump, the news came as a surprise to lobbyists and congressional aides who had no idea what Trump’s announcement might include.
In February, Trump promised to release a “phenomenal” tax plan within a few weeks, without offering details. But none emerged.
A White House official said the impending announcement could come later than Wednesday, adding: “The president was saying what we have been saying all along, that he wants to do tax reform as quickly as possible while still doing it right.”
Trump’s latest comments got a warm reception from the Republican tax chief in the House of Representatives.
“I appreciate the president’s leadership and strong commitment to comprehensive tax reform,” House Ways and Means Committee Chairman Kevin Brady said in a statement.
Brady added that the panel’s Republican members “are ready to work with President Trump and his team.”
During the 2016 election campaign, Trump initially issued a plan that proposed deep cuts in tax rates for individuals and corporations, a reduction in the number of tax brackets to four from seven, repeal of the estate tax, an offshore profits repatriation tax holiday for multinationals and a cap on the deductibility of business interest. He later revised the number of tax brackets to three.
The plan partly resembled one developed by House Speaker Paul Ryan.
Trump on Friday also signed an executive order directing the Treasury to review tax-related regulations adopted over the past 18 months under former President Barack Obama.
Asked if that would include rules against tax-driven foreign corporate deals known as inversions, Treasury Secretary Steven Mnuchin said: “It is one of the significant things and one of the things we would be looking at.”
Trump and Republicans in Congress view tax reform as the best vehicle for eliminating what they say are tax incentives for US companies to move their headquarters, manufacturing facilities and jobs overseas.
Trump sets US tax reform announcement, orders tax rule review
Trump sets US tax reform announcement, orders tax rule review
Diriyah Co. partners with Midad to develop Four Seasons hotel in Diriyah
RIYADH: Saudi Arabia’s sovereign wealth fund-backed developer, Diriyah Co., has signed a joint development agreement with Midad Real Estate Investment and Development Co. to construct the Four Seasons Diriyah Hotel and private residences.
The partnership will strengthen collaboration between the two companies through the development of the luxury Four Seasons Diriyah, which will feature 159 rooms, alongside private Four Seasons residences, spanning approximately 235,000 sq. meters within Diriyah’s master plan.
The project’s total value is projected at SR3.1 billion (approximately $827 million), encompassing both land acquisition and construction expenses.
Midad is one of the Kingdom’s leading real estate developers, expanding its portfolio of high-end projects and maintaining numerous strategic partnerships with prominent global brands, reinforcing its reputation as a trusted name in luxury residential and hospitality development across Saudi Arabia.
This partnership marks the first major collaboration between Diriyah Co. and Midad, supporting Diriyah’s plans to develop 40 luxury hotels across its two main projects: the 14-sq.-km Diriyah Project and the 62-sq.-km Wadi Safar Project, a premium destination that blends lifestyle, culture, and entertainment.
Commenting on the agreement, Minister of Tourism and Secretary-General of Diriyah Co., Ahmad Al-Khatib, said: “The Kingdom continues to set new standards in developing tourism destinations, with Diriyah at the forefront.”
He added that such partnerships enhance the world-class experiences Saudi Arabia offers and strengthen the Kingdom’s position as a leading destination in this sector.
Diriyah Co. CEO Jerry Inzerillo commented that the Four Seasons Diriyah Hotel and Residences will be one of the Kingdom’s largest luxury hotels.
“We are proud to announce this joint development with Midad, one of Saudi Arabia’s top real estate developers. This agreement reflects our ongoing commitment to enabling Saudi partners to contribute to Diriyah’s transformative journey and confirms Midad’s confidence in the opportunities the project presents,” Inzerillo added.
Midad CEO Abdelilah bin Mohammed Al-Aiban said: “This project is a pivotal milestone for our company, allowing us to bring the Four Seasons experience to one of the Kingdom’s most prominent heritage destinations.”
He added: “We are excited to deliver a project that embodies design excellence, world-class service, and sustainable value, while contributing meaningfully to Saudi Arabia’s tourism, cultural, and economic ambitions.”
The collaboration comes amid rapid progress on the SR236 billion Diriyah project, which has awarded construction contracts worth more than SR101.25 billion to date.
Diriyah is expected to contribute approximately SR70 billion directly to the Kingdom’s gross domestic product, create more than 180,000 jobs, accommodate 100,000 residents, and host around 50 million annual visitors.
The development will feature contemporary office spaces accommodating tens of thousands of professionals across technology, media, arts, and education, complemented by museums, retail destinations, a university, an opera house, and the Diriyah Arena.
It will also offer a diverse selection of restaurants and cafes, alongside nearly 40 world-class resorts and hotels distributed across its two primary master plans.
