Saudi VAT revenues hit SR46.7bn in a year: Finance minister

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Saudi VAT revenues have hit SR46.7 billion ($12.45 billion), a significant increase on estimates for the fiscal year, according to the Kingdom’s finance minister Mohammed Al-Jadaan. (SPA)
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Saudi VAT revenues have hit SR46.7 billion ($12.45 billion), a significant increase on estimates for the fiscal year, according to the Kingdom’s finance minister Mohammed Al-Jadaan. (SPA)
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Saudi VAT revenues have hit SR46.7 billion ($12.45 billion), a significant increase on estimates for the fiscal year, according to the Kingdom’s finance minister Mohammed Al-Jadaan. (SPA)
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Saudi VAT revenues have hit SR46.7 billion ($12.45 billion), a significant increase on estimates for the fiscal year, according to the Kingdom’s finance minister Mohammed Al-Jadaan. (SPA)
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Saudi VAT revenues have hit SR46.7 billion ($12.45 billion), a significant increase on estimates for the fiscal year, according to the Kingdom’s finance minister Mohammed Al-Jadaan. (SPA)
Updated 14 November 2019
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Saudi VAT revenues hit SR46.7bn in a year: Finance minister

  • Al-Jadaan announced the figures during the first edition of the General Authority for Zakat and Tax
  • Said Kingdom was working to reach a consensual solution for tax challenges

RIYADH: Saudi VAT revenues have hit SR46.7 billion ($12.45 billion), a significant increase on estimates for the fiscal year, according to the Kingdom’s finance minister.

Mohammed Al-Jadaan announced the figures during the first edition of the General Authority for Zakat and Tax (GAZT) conference and exhibition.

“The commitment rate came at 90 percent, exceeding all the expectations of GAZT and some international organizations that ranged between 60 and 70 percent,” he said.

“The conference comes as the Kingdom is witnessing an economic and social transformation under the leadership of King Salman and Crown Prince Mohammed bin Salman to achieve a diverse economy and sustainable growth in line with the Kingdom’s 2030 vision.

“The Kingdom’s fiscal policy aims to achieve a balance between the state’s financial and economic objectives. It seeks to maintain financial sustainability for the medium and long terms, which stimulates economic growth rates. This generates from our recognition that fiscal policies are one of the most important drivers of growth in the non-oil sector,” he added.

“The digital economy is rapidly advancing. We hope that modern technologies such as artificial intelligence and blockchains will improve compliance with zakat and taxes, enrich the business sector, lower costs, promote tax transparency and develop e-commerce tax regulations.

“This conference will hopefully achieve a qualitative leap in the sectors of zakat and taxes by promoting cooperation and exchanging experiences.”

Al-Jadaan said that as the Kingdom prepared to host the next G20 summit, it was working to reach a consensual solution for tax challenges of the digital economy and contribute with other member states to stabilizing the global economy.


Local ZUMI thermos bottle has heritage-inspired design

Updated 30 January 2026
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Local ZUMI thermos bottle has heritage-inspired design

  • References Zamzam and Hajar’s search for water
  • Helps to tell Kingdom’s story, says firm Teeb Made

ZUMI, a thermos bottle unveiled this month by Saudi Arabia brand Teeb Made, has a design referencing local memory, ritual and place, according to its producers.

“We believe meaningful design can influence how people live, feel, and connect,” said Abeer Alessa, CEO of The Bold Group and co-founder of Teeb Made.

“ZUMI draws from our heritage yet speaks to a global audience seeking intention and authenticity in the objects they choose.”

Developed under The Bold Group, ZUMI reflects a growing movement within Saudi Arabia’s creative sector to translate cultural narratives into tangible products.

Rather than following global design trends, the team focused on grounding the product in a story that resonates locally while remaining accessible internationally.

Above, the team behind Zumi.

The name ZUMI is inspired by Hajar’s call, “Zummi, zummi,” meaning “gather, gather,” during her search for water for her son Ismail between the hills of Safa and Marwah.

That moment led to the emergence of Zamzam water, a source revered for centuries and deeply embedded in Islamic and Saudi identity. For the creators, this origin story became the philosophical core of the product.

“Culture starts with a story,” Alessa explained. “With Teeb Made, we wanted to tell our story not only through communication, but through a product you can touch, live with, and keep close to you.”

Visually, ZUMI draws inspiration from the dorag, the historical vessel used by the Zamazmah men of Makkah to serve Zamzam water to pilgrims for more than 1,400 years.

Traditionally utilitarian, the dorag carried spiritual weight through its purpose rather than ornamentation. Teeb Made reinterpreted this form into a minimal, contemporary silhouette suited for modern lifestyles.

“We wanted ZUMI to be a vessel of meaning, not just water,” said Mohamad Baalbaki, executive creative director of The Bold Group and co-founder of Teeb Made.

“Its form, its patented base, and its simplicity all serve one purpose: to create something that feels familiar, timeless, and deeply personal.”

“We believe meaningful design can influence how people live, feel, and connect,” said Abeer Alessa, CEO of The Bold Group and co-founder of Teeb Made. (Supplied)

The design process was extensive. Translating a historical silhouette into a thermos bottle required more than 18 months of research and development.

The final product received a patented design certification from the Saudi Ministry of Culture, marking a milestone in original Saudi intellectual property within product design.

One of ZUMI’s most talked-about features is that it does not stand upright. This decision was entirely intentional.

“We wanted people to carry it, not leave it on a table,” Baalbaki said. “It’s a statement piece, but more importantly, it’s a personal object that invites interaction and conversation.”

Color selection further reinforces the connection to place. The launch collection features hues inspired by Saudi landscapes, including tin (mud), forest, and matar (rain), reflecting the Kingdom’s environmental diversity and grounding the product visually in its origins.

“ZUMI is a product with a Saudi story that is scalable and built to last,” said Souad Merheb, general manager of Teeb Made. “Our vision is to create intellectual property that can live long, grow as a brand, and carry these stories to new generations without losing their meaning.”

“Teeb Made is, at its core, a product design company,” Merheb added. “Our expertise lies in design and creativity, and ZUMI is a reflection of that focus, a piece of IP developed with intention, patience, and depth.”

“There are many rich and insightful stories in Saudi Arabia that remain untapped,” Alessa said. “With ZUMI, this is just the beginning.”

Beyond the product itself, ZUMI aligns with broader national efforts to elevate Saudi culture through the creative economy.

Teeb Made has engaged with several government entities and cultural platforms that recognize the value of culturally rooted products in shaping global perceptions of the Kingdom.

“Today, every Saudi has a role in telling our story to the world,” Alessa said. “For us, it is an honor to contribute to that narrative through design.”

ZUMI also signals the beginning of a wider design ecosystem under Teeb Made, with future editions and complementary accessories already in development.

According to the team, this is only the first chapter in a larger effort to revive untapped cultural stories through modern design.

ZUMI is available at www.zumibottle.com and on Instagram @zumibottle.