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SALT OF THE EARTH
The Business Year talks to Nizar Kammourie, General Manager of SAWACO, on government reforms, renewable energy, and a new mode of doing business in the KSA.
According to new U.S. Government data analyzed by the National U.S.- Arab Chamber of Commerce (NUSACC), exports of U.S. goods to the Middle East and North Africa (MENA) amounted to a “mixed bag” in 2017, with some countries increasing imports from the USA, while other countries saw U.S. imports fall. Among the major players in the region, Kuwait and Algeria occupied opposite ends of the trade spectrum: Kuwait experienced U.S. import growth of over 50 percent, while Algeria saw a drop in U.S. imports of more than 50 percent.
Saudi Industry News
There has been a significant shift in Saudi oil policy since early May and the kingdom wants to increase output to bring down oil prices, probably in response to pressure from the Trump White House. Saudi Arabia has always seen that oil price spirals that could cause global recession and decimate demand for its sole major export commodity.
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IYADH: The Saudi finance ministry said on Sunday there would be no fees applied on remittance out of the country, days after the kingdom’s advisory Shoura Council said it was looking at a proposal to impose a 6 percent levy on expatriate remittances.
KSA switches to Gregorian calendar
RIYADH: Salaries, allowances and other payments to public servants will now be paid according to the Gregorian calendar in order to be aligned with the country’s fiscal year, according to a recent decision by the Council of Ministers. On Wednesday the Cabinet agreed to switch from the Hijri calendar for payment of salaries, wages, bonuses and allowances to all civil sector employees.