DP World chairman: 2019 will be challenging for ports operator

Ahmed bin Sulayem, CEO of DP World, during the unveiling of the DP World CargoSpeed in Dubai on April 29, 2018. Bin Sulayem said the US-China trade dispute had created uncertainty in the market. (AFP)
Updated 03 February 2019

DP World chairman: 2019 will be challenging for ports operator

  • The US-China trade dispute had created uncertainty in the market

DUBAI: The chairman of Dubai’s DP World said on Sunday the port operator was facing a challenging 2019 and the US-China trade dispute had created uncertainty in the market.
Sultan Ahmed bin Sulayem said he expected both sides to reach an agreement and that the company would be able to cope, whatever happened with US-China trade negotiations.


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.