KPMG in Saudi Arabia is organizing a series of workshops in Alkhobar, Riyadh and Jeddah presenting the latest updates on the Jan. 1 implementation of the Value-Added Tax (VAT). Titled “A Clearer VAT Perspective,” the workshops will review the implementation of the VAT, its effect on the financial landscape of Saudi Arabia and the latest updates regarding its roll-out.
The workshops will take place in Alkhobar on Feb. 6, Riyadh on Feb. 8 and Jeddah on Feb. 11.
The workshops confirm KPMG’s role as one of the “best resourced professional service networks” in the region.
“We are determined to continuously raise awareness among business owners and senior officials in various aspects of economic and trade developments in the Kingdom,” said Ebrahim Baeshen, office managing partner in Jeddah head of tax at KPMG in Saudi Arabia.
“The workshops will help companies create a full and in-depth understanding of new regulations that are to be sequentially activated, making them better able to deal with market changes and advance their business activities,” he added.
As the Kingdom’s leading accounting and financial adviser firm, KPMG said it aims to play a major role in supporting the private sector as the country undergoes an economic transformation designed to elevate the role of private business in the Kingdom’s economic growth. “A Clearer VAT Perspective” will deal with both the mechanics of the new tax and some of the initial reactions.
“The introduction of VAT can be underestimated in terms of the impact on the business,” said Nick Soverall, head of VAT at KPMG in Saudi Arabia, “There is an immediate need to enhance accounting systems, train staff and to improve processes and controls. However, effective management of the VAT requires constant attention because of the potential volumes of transactions and the wide variety of transactions undertaken. Businesses need to limit errors to avoid being penalized.”
KPMG in Saudi Arabia plays a leading role in educating and preparing the markets to deal with changing dynamics and trends including the new complex tax and regulatory requirements in the Kingdom, where the KPMG tax practice is growing across the region with the VAT as a key priority. These workshops will explore the implementation of the VAT and the consequences for business operations and the Kingdom.
KPMG to hold workshops on VAT implementation
KPMG to hold workshops on VAT implementation
Sulaiman Al-Rajhi Endowment projects worth SR8bn launched in Makkah
Sulaiman Al-Rajhi Real Estate Company has announced the launch of several real estate projects belonging to the Sulaiman Al-Rajhi Endowment system in Makkah, with a total investment exceeding SR8 billion ($2.1 billion). These projects include commercial, residential, and hospitality developments, as well as strategic land plots, as part of the company’s commitment to supporting the Kingdom’s real estate sector and enhancing the quality of life in the holy city.
The announcement was made during a field tour by a delegation of high-level officials including Saleh Al-Rasheed, CEO of the Royal Commission for Makkah City and Holy Sites; Ihsan Bafakih, chairman of the board of directors of Sulaiman bin Abdulaziz Al-Rajhi Holding Company; Haitham Al-Fayez, chairman of Sulaiman Al-Rajhi Real Estate Company and CEO of Sulaiman Al-Rajhi Holding Company; Moath Al-Mukhudub, managing director and CEO of Sulaiman Al-Rajhi Real Estate Company; and Anas Mansour Abadi, CEO of real estate at Sulaiman Al-Rajhi Holding Company and representative of the Sulaiman Al-Rajhi Endowment, alongside members of the board of directors of both the holding and real estate companies and the executive team.
The tour included the launch of the Tilal Towers project, with an investment value of SR2 billion, featuring more than 2,500 hotel rooms, strengthening the hospitality sector in Makkah.
The delegation also visited the Tilal Village project, valued at SR2.8 billion. It is one of the prominent qualitative projects within the hospitality ecosystem in Makkah.
Furthermore, the visit covered the residential buildings within Tilal Village, comprising 828 units, with an investment of SR800 million. The delegation inspected the specialized hospital, medical complex housing, and the office and commercial plazas.
During the tour, a contract was signed for the Al-Rajhi Center project, valued at SR250 million, as part of a comprehensive rehabilitation plan.
The inspection also included the Al-Ukayshiyyah land, spanning 4 million square meters, and the Al-Ghazzawi project land, valued at SR250 million.
The tour concluded with prayers at the Aisha Al-Rajhi Mosque, the second-largest mosque in Makkah after the Grand Mosque, with a capacity for 50,000 worshippers.
This visit underscores the importance of these investments, which represent a clear direction toward enhancing the management of the endowment’s assets through diversification, redevelopment, and strategic expansion, in line with the development goals of the Makkah city and Saudi Vision 2030.
Sulaiman Al-Rajhi Real Estate, a subsidiary of Sulaiman bin Abdulaziz Al-Rajhi Holding Company, continues to provide innovative solutions to elevate the real estate sector to international standards.
