Riyadh slaps sanctions on 11 Yemenis, 2 entities for terror links

Updated 26 October 2017

Riyadh slaps sanctions on 11 Yemenis, 2 entities for terror links

RIYADH: Saudi Arabia’s Presidency of State Security, along with the Terrorist Financing Targeting Center (TFTC), imposed on Wednesday sanctions on 11 Yemenis and two entities based in Yemen, having identified them as leaders, financiers, facilitators or supporters of Daesh in Yemen and Al-Qaeda in the Arabian Peninsula.
“This bold and innovative multilateral approach is needed because terrorism poses a threat to all of our nations. It is critical that we come together to combat this,” US Treasury Secretary Steven Mnuchin said in a speech in Riyadh, according to AFP.
“We coordinated this action with the Kingdom of Saudi Arabia, the United Arab Emirates, Kuwait, Oman, Bahrain, and Qatar, who designated these advocates of terror under their own domestic authorities. This is the largest ever multilateral designation in the Middle East.”
The TFTC was announced on May 21 as a joint effort to pursue the financial resources of officially designated “terror” groups across the region.
The TFTC is a working group co-chaired by the United States and Saudi Arabia, and includes Kuwait, the United Arab Emirates, Qatar, Bahrain and Oman.
The sanctions that will be imposed on the listed individuals and entities include the freezing of any assets within the member countries of the TFTC. And citizens and residents of TFTC countries are prohibited from engaging in any transactions with the sanctioned individuals and entities.
The sanctioned individuals and entities are listed here:
1. Nayif Salih Salim Al-Qaysi
2. Abd Al-Wahhab Muhammad Abd Al-Rahman Al-Humayqani
3. Hashim Muhsin Aydarus Al-Hamid
4. Nashwan Al-Adani
5. Khalid Abdullah Saleh Al-Marfadi
6. Sayf Alrab Salem Al-Hayashi
7. Adil Abduh Fari Uthman Al-Dhubbani
8. Radwan Qanan
9. Wali Nashwan Al-Yafiai
10. Khalid Saeed Ghabish Al-Ubaydi
11. Bilal Ali Al-Wafi
12. Rahmah Charity
13. Al-Khayr Supermarket


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

Updated 14 November 2019

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.