RIYADH: The Saudi Cabinet on Tuesday approved the establishment of duty-free markets at air, sea and land ports, the Saudi Press Agency reported.
King Salman chaired the weekly Cabinet meeting.
The decision to allow duty-free markets permits sale to passengers arriving and departing from the Kingdom.
The Cabinet also approved the establishment of the Saudi-Thai Coordination Council.
During the meeting, the ministers reviewed the discussions that took place between Saudi officials and their counterparts from different countries over the past days.
Furthermore, the Cabinet reviewed the Kingdom’s participation in G20 ministerial meetings, which were held in Bali, Indonesia, to accelerate the digital economic growth, technology and innovation, and bridging the digital gap through strategic initiatives and projects linking the world.
The meeting also approved an agreement with Ghana in the field of air transport services.
Saudi Cabinet approves duty-free markets at ports
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Saudi Cabinet approves duty-free markets at ports
Work suspended on Riyadh’s massive Mukaab megaproject: Reuters
RIYADH: Saudi Arabia has suspended planned construction of a colossal cube-shaped skyscraper at the center of a downtown development in Riyadh while it reassesses the project's financing and feasibility, four people familiar with the matter said.
The Mukaab was planned as a 400-meter by 400-meter metal cube containing a dome with an AI-powered display, the largest on the planet, that visitors could observe from a more than 300-meter-tall ziggurat — or terraced structure —inside it.
Its future is now unclear, with work beyond soil excavation and pilings suspended, three of the people said. Development of the surrounding real estate is set to continue, five people familiar with the plans said.
The sources include people familiar with the project's development and people privy to internal deliberations at the PIF.
Officials from PIF, the Saudi government and the New Murabba project did not respond to Reuters requests for comment.
Real estate consultancy Knight Frank estimated the New Murabba district would cost about $50 billion — roughly equivalent to Jordan’s GDP — with projects commissioned so far valued at around $100 million.
Initial plans for the New Murabba district called for completion by 2030. It is now slated to be completed by 2040.
The development was intended to house 104,000 residential units and add SR180 billion to the Kingdom’s GDP, creating 334,000 direct and indirect jobs by 2030, the government had estimated previously.
(With Reuters)
