No tax on Saudi investments in Abu Dhabi

The forum held under the title “Together for Ever,” was attended by Majid Al-Qassabi, minister of commerce and investment. (Courtesy photo)
Updated 14 October 2017

No tax on Saudi investments in Abu Dhabi

RIYADH: The Abu Dhabi government has announced a package of incentives for Saudi investors including exemption from taxes, and that they will be treated as its citizens for all investment purposes.
The announcement was made at the Saudi-UAE Business Forum held in Abu Dhabi on Wednesday.
The forum held under the title “Together for Ever,” was attended by Majid Al-Qassabi, minister of commerce and investment; Sultan Al-Mansouri, UAE minister of economy; and the chairman of the Council of Saudi Chambers (CSC), Ahmed Al-Rajhi, with the participation of more than 1,000 government officials, investors, businessmen and women, and entrepreneurs from the two countries.
Describing the decision made at the forum as positive, Al-Rajhi said the meeting adopted a number of measures aimed at enabling Saudi investors to establish investment projects in the emirate of Abu Dhabi.
Al-Rajhi pointed out that the forum and its constructive decisions would help Saudi and UAE business owners enter into a new developmental stage of partnership and maintain a balance of trade cooperation between the two countries, especially as they are considered the largest Arab economies.
The new measures announced at the forum were the inclusion of Saudi investors in all facilities and exemptions, the most important of which is the cancellation of fees for lease agreements, the exemption of the Saudi investor from the fees of Abu Dhabi Chamber subscriptions, and also the provision of 100,000 square meters for Saudi investors for a three-year lease period for land within the Specialized Economic Zones, on which the Saudi investors could start up their enterprises.
The forum also witnessed the signing of three agreements including entrepreneurship, agricultural investment and governance. Three working sessions were held for the National Transformation Program (NTP) 2020 in light of Saudi Arabia’s Vision 2030 and the UAE Vision 2021, and also industrial integration between both sides and the role of women in the economy.
In his speech, Al-Qassabi stressed the importance of the forum as a step toward strengthening bilateral trade relations.
The minister pointed out that it had been agreed to hold this forum every two years, provided that its mechanism and agendas are developed and updated in accordance with economic, trade and investment circumstances and developments.


Houthis, Iran condemned over new drone attacks on KSA

Updated 26 October 2020

Houthis, Iran condemned over new drone attacks on KSA

  • One civilian injured by shrapnel after Saudi-led coalition intercepts four flying bombs launched from Yemen

JEDDAH: Houthi militias and their Iranian backers were condemned on Sunday after the Saudi-led coalition intercepted four explosive-laden drones in two attacks launched from Yemen targeting the south of the Kingdom.

Three of the drones were destroyed early on Saturday and a fourth on Sunday. Shrapnel that fell in Sarat Abidah governorate injured a civilian, and damaged five homes and three vehicles, said civil defense spokesman Capt. Mohammed Abdu Al-Sayed.

Iran was increasing its support to the Houthis to undermine efforts for peace, Dr. Hamdan Al-Shehri, the political analyst and international relations scholar, told Arab News.

“They want the Houthis to sabotage all they can in Saudi Arabia, regardless of whether their target is a populated area, oil facilities or even a sacred place. This adds tension to the area, and that is what Iran is working on.”

Iranians want the Houthis to sabotage all they can in Saudi Arabia, regardless of whether their target is a populated area, oil facilities or even a sacred place. This adds tension to the area, and that is what Iran is working on.

Dr. Hamdan Al-Shehri, political analyst and international relations scholar

Al-Shehri said the situation in Yemen would remain the same unless the legitimate government was returned to Yemen, Security Council Resolution 2216 was put into practice and the Houthi militia were removed.

“Without these things, the Yemen crisis will not end and the whole region will remain in tension.”

The Houthis did not differentiate between military sites and civilian locations, he said.

“Their objective is to damage all places they can reach in Saudi Arabia, and their latest attempts to attack a populated area are nothing new.

“They have also targeted airports and some Aramco oil facilities. If the Aramco attack had not been contained, the damage would have affected the whole Eastern region. They have also attempted to target Makkah, where pilgrims and worshippers were performing their rituals.

“They don’t care. If you look back at what the Revolutionary Guards did at the Grand Mosque, you will realize it is not strange that the Houthis are trying to destroy everything in Saudi Arabia. The strange thing is the silence of the world toward what is happening.”

 

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