RCJY to invest SR67.5bn to double area by 2030

Updated 11 March 2014

RCJY to invest SR67.5bn to double area by 2030

The Royal Commission of Jubail and Yanbu (RCJY) intends to invest SR67.5 billion to double its industrial area by 2030, attracting more industrial and commercial investments and manpower in parallel with the expansion of its residential area, which will provide 50,000 residential units and establish a new university for the Royal Commission (RC) in 2026.
According to a report issued by the RCJY this week during the Jubail International City Planning Forum that was held here on Feb. 11-12, there is a plan for establishing a new city center for Jubail Industrial City by the finest architectural methods for commercial, residential, business and entertainment services that will accommodate 1.3 million residents by 2040.
Ahmed Al-Balawi, RCJY’s general director of technical affairs in Jubail and the forum organizing committee chairman, told Arab News that the new city center will be located in the heart of the Jubail Industrial City on Marduma Bay in a reclaimed area of 280 hectares.
Al-Balawi said: "The new city center will feature the main buildings and centers of the big firms, area for central commercial business, centers for exhibitions and conferences, large shopping malls, hotels and luxurious apartments and the required facilities."
He said: "The center is unique for its buildings’ design and height, where they are up to about 150 meters; trams and boats will be available in the project to help center-goers move from one area to another.”
Al-Balawi added: “The commission’s aim, behind creating a new city center, is to change the concepts of old stereotyped lifestyle into a more globalized one with the commitment to our principles. The new center is planned to succeed in attracting diverse investments in commerce, housing, business and entertainment, which will be double the investments in the current city.”
He said: “The project includes a building for the University of the Royal Commission in Jubail that will be located south of Marduma Bay and consists of integrated facilities for boys and girls with a capacity of about 18,000 students.
The building will be designed according to the highest technical specifications in order to be an architectural addition on the level of the Eastern Province.”

France ready to take Trump’s tariff threat to WTO

Updated 08 December 2019

France ready to take Trump’s tariff threat to WTO

  • Macron government will discuss a global digital tax with Washington at the OECD, says finance minister

PARIS: France is ready to go to the World Trade Organization to challenge US President Donald Trump’s threat to put tariffs on French goods in a row over a French tax on internet companies, its finance minister said on Sunday.

“We are ready to take this to an international court, notably the WTO, because the national tax on digital companies touches US companies in the same way as EU or French companies or Chinese. It is not discriminatory,” Finance Minister Bruno Le Maire told France 3 television. Paris has long complained about US digital companies not paying enough tax on revenues earned in France.

In July, the French government decided to apply a 3 percent levy on revenue from digital services earned in France by firms with more than €25 million in French revenue and €750 million ($845 million) worldwide. It is due to kick in retroactively from the start of 2019.

Washington is threatening to retaliate with heavy duties on imports of French cheeses and luxury handbags, but France and the EU say they are ready to retaliate in turn if Trump carries out the threat. Le Maire said France was willing to discuss a global digital tax with the US at the Organization for Economic Cooperation and Development (OECD), but that such a tax could not be optional for internet companies.

“If there is agreement at the OECD, all the better, then we will finally have a global digital tax. If there is no agreement at OECD level, we will restart talks at EU level,” Le Maire said.

He added that new EU Commissioner for Economy Paolo Gentiloni had already proposed to restart such talks.

France pushed ahead with its digital tax after EU member states, under the previous executive European Commission, failed to agree on a levy valid across the bloc after opposition from Ireland, Denmark, Sweden and Finland.

The new European Commission assumed office on Dec. 1.