Saudi Arabia’s Communications and Information Technology Commission (‘CITC’) is responsible for regulating the information and communications technology sector in the Kingdom. In the March 2019 Law Update article ‘An Overview of Telecoms Licensing in Saudi Arabia’ we provided an overview of the Saudi telecoms licensing regime.

New Country Views Egypt: A report card after the IMF

Saudi Arabia’s non-oil exports will continue to be affected by global economic developments, including the US/China trade dispute.

Since its launch in April 2016, Vision 2030 has had a mixed record of achieving its ambitious goals. Crown Prince Mohammad bin Salman (MBS) has been able to launch some aspects of the agenda, such as cultural and social reforms, with dizzying spread and little resistance.

M&A Report (July 2019)

State-controlled Saudi Payments is undergoing a restructuring plan that would lead to a full privatisation within 18 months from now, according to Vice President Ziyad AlEisa.

Ahmad Hamad Al Gosaibi and Brothers (AHAB), a large diversified family owned Saudi business group, recently filed for financial restructuring under Chapter 4 of Saudi Arabia’s new Bankruptcy Law.

Aramco’s trading unit started doing deals earlier this month at its new office in the UAE port of Fujairah. The new Fujairah office is part of a global push into new markets to secure buyers for oil products as well as crude. It already has a Singapore branch, plans to open an office in Europe and has started trading LNG.

The transfer pricing regulations now effective in Saudi Arabia are a significant tax development and introduce new compliance requirements related to transfer pricing documentation and Country-by-Country (‘CbC’) reporting.

Saudi Aramco has moved closer to its first international LNG investment, agreeing to buy 25% of the Sempra LNG export project at Port Arthur, Texas. It will offtake 5 million tonnes per year, 45% of the first phase output. It has previously held discussions to buy 10% of Russia’s Arctic-2 LNG project, and in April started to trade LNG, delivering its first cargo, to India.