Dubai property developer reportedly buys Italian fashion house Roberto Cavalli

Previously, DAMAC partnered with Roberto Cavalli to build a fashionable collection of luxury villas in Dubailand boasting a “Just Cavalli” interior design. (AFP)
Updated 17 July 2019

Dubai property developer reportedly buys Italian fashion house Roberto Cavalli

DUBAI: International media outlets have reported that Dubai-based property developer Damac Properties has bought Italian fashion brand Roberto Cavalli.

The investment company Vision Investment Co.LCC that is controlled by the founder of Damac Properties Group, Hussain Sajwani, has reportedly signed a binding agreement to obtain 100% of Roberto Cavalli S.p.A. for an undisclosed amount, WWD magazine reported.

Previously, DAMAC partnered with Roberto Cavalli to build a fashionable collection of luxury villas in Dubailand boasting a “Just Cavalli” interior design.  

Roberto Cavalli has yet to publicly confirm the sale, Arabian Business reported on Wednesday, citing the caveat that any sale requires approval by the Milan Court.

 


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.