Jordan, Iraq move forward with border industrial zone

Flags fly at a crossing on the Iraq-Jordan border. (AP)
Updated 18 November 2018

Jordan, Iraq move forward with border industrial zone

LONDON: Jordan and Iraq have moved ahead with a plan to establish a joint industrial zone on the border between the two countries, according to reports.
Jordan’s Minister of Industry, Trade and Supply Tariq Hammouri and Iraq’s Minister of Industry and Minerals Saleh Al-Jabouri have agreed on the required practical steps to develop the zone, Asharq Al-Awsat reported.
Hammouri and Al-Jabouri’s discussions included facilitating procedures to boost the sale of Jordanian commodities in Iraq, and exempting them from customs in accordance with a bilateral free trade agreement. Hammouri said the discussions will give a strong push for economic cooperation between Amman and Baghdad.


Saudi finance minister reassures public on taxes

Updated 10 December 2019

Saudi finance minister reassures public on taxes

  • Mohammed Al-Jadaan: There will be no more fees and taxes until after the financial, economic and social impacts have been considered carefully
  • The government expects to generate about SR203 billion in taxes this year – more than 20.5 percent higher than the previous year

RIYADH: Saudi finance minister Mohammed Al-Jadaan pledged that there would be no more taxes or fees introduced in the Kingdom until the social and economic impact of such a move had been fully reviewed.

He was speaking at the 2020 Budget Meeting Sessions, organized by the Ministry of Finance and held in Riyadh on Tuesday, where a number of ministers and senior officials gathered following the publication of the budget on Monday evening.

“There will be no more fees and taxes until after the financial, economic and social impacts have been considered carefully, especially in terms of economic competitiveness,” said Al-Jadaan.

The government expects to generate about SR203 billion in taxes this year – more than 20.5 percent higher than the previous year and more than 10 percent higher than the expected budget for this year. 

Most of that increase has come from taxes on goods and services which rose substantially as a result of the improvement in economic activity over the year.

The reassurances from the minister come as the Saudi budget deficit is estimated to widen to about SR187 billion, next year, or about 6.4 percent of GDP.