Saudi finance minister OKs amendments to unified GCC Customs Law

Saudi finance minister OKs amendments to unified GCC Customs Law
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Updated 27 November 2021

Saudi finance minister OKs amendments to unified GCC Customs Law

Saudi finance minister OKs amendments to unified GCC Customs Law

RIYADH: Saudi Finance Minister Mohammed Al-Jadaan, who is also chairman of the Zakat, Tax and Customs Authority, has approved amendments to the executive regulations of the Uniform GCC Customs Law, Argaam reported citing the official gazette Umm Al Qura.

As per the amended rules, customs duties on foreign commodities re-exported outside the Gulf Cooperation Council should be refunded, in whole or in part, provided that the exporter (re-exporter) is the importer in whose name the foreign commodities are received, or any person who proves ownership to the Customs Department.

In addition, the re-exported foreign commodities whose customs duties are to be refunded should be from one dispatch, to identify and match them with the import documents, Argaam reported.

Value of the foreign commodities to be re-exported and on which the new rule is applicable should not be less then SR20,000 ($5,332) or its equivalent in other GCC currencies.

The report said: “The refund request should be for foreign commodities that were not used locally after importing from outside the GCC region, and in the same condition they were upon import.

“The foreign commodities should be re-exported within a calendar year from the date of paying the customs duties when importing them for the first time from outside the GCC.”

The refund should be requested within six months from the date of re-export.

 


MIS inks $23m worth of contracts for cloud hosting and data center services

MIS inks $23m worth of contracts for cloud hosting and data center services
Image: Shutterstock
Updated 12 sec ago

MIS inks $23m worth of contracts for cloud hosting and data center services

MIS inks $23m worth of contracts for cloud hosting and data center services

RIYADH: Saudi information technology firm Al Moammar Information Systems Co., MIS, has inked SR84.5 million ($23 million) worth of contracts with its subsidiary Edarat Communications and Information Technology Co.

This followed the approval of the company’s board of directors.

As per the first contract, worth SR57 million and valid for 18 months, Edarat will provide data center services to MIS, the homegrown IT company said in a bourse statement.

In a separate announcement, MIS declared the closure of a 60-month deal valued at SR27.5 million with Edarat.

MIS signed the second deal to receive cloud hosting services as it aims to feed its helix cloud computing software, known as SaaS.

The financial impact of the agreements is expected to roll out on the company’s financial statements starting from the ongoing quarter and will last for each contract’s duration.  

Riyadh-based MIS owns 50 percent of Edarat. It was established in 1979 and marks Saudi Arabia’s first listed information technology company.


UAE’s Network International appoints SABB's Al-Dahmash as Saudi head

UAE’s Network International appoints SABB's Al-Dahmash as Saudi head
Updated 26 min 31 sec ago

UAE’s Network International appoints SABB's Al-Dahmash as Saudi head

UAE’s Network International appoints SABB's Al-Dahmash as Saudi head

RIYADH: Network International, a Middle East and North Africa digital commerce enabler, has appointed Abdulaziz Al Dahmash as managing director for Saudi Arabia, it said in a statement. 

Al Dahmash will be responsible for developing and implementing a comprehensive strategy to drive the company’s business growth and increase digital payments adoption in the Kingdom.

He has previously served as head of digital banking and payments in Saudi British Bank, or SABB and prior to that he contributed to developing the Saudi National Card Payment Network at the Saudi Central Bank. 

“As the Kingdom moves towards a less cash environment, it presents a significant opportunity for us to support the nation with its 2030 Vision and the goal of increasing the number of non-cash transactions to 70 percent in 2025,” CEO of the company, Nandan Mer, commented. 


Abdullah Sharafi appointed to Dubai Financial Services Authority’s board of directors

Abdullah Sharafi appointed to Dubai Financial Services Authority’s board of directors
Updated 30 min 5 sec ago

Abdullah Sharafi appointed to Dubai Financial Services Authority’s board of directors

Abdullah Sharafi appointed to Dubai Financial Services Authority’s board of directors

RIYADH: Abdullah Sharafi has been apponted to the board of directors of the Dubai Financial Services Authority, or DFSA. 

Dubai's deputy ruler and deputy prime minister Maktoum bin Mohammed appointed Sharafi who sits on several other boards in the UAE, with over 20 years experience at Emirates Industrial Bank. 

The appointment comes as a replacement of Abdul Wahid Al Ulama Chairman Fadel Al Ali said in a statement. 

It also reflects the authority’s efforts to consolidate the Dubai International Financial Centre as a major regional and global financial centre, he added. 


Airbus rejects Qatar Airways’ ‘mischaracterization’ in months-long A350 dispute

Airbus rejects Qatar Airways’ ‘mischaracterization’ in months-long A350 dispute
Updated 49 min 53 sec ago

Airbus rejects Qatar Airways’ ‘mischaracterization’ in months-long A350 dispute

Airbus rejects Qatar Airways’ ‘mischaracterization’ in months-long A350 dispute
  • The statements come as the Qatari carrier released images of the scarred exterior of grounded A350 jets

RIYADH/DUBAI: Airbus has rejected what it described as Qatar Airways’ “ongoing and public mischaracterization” of the A350 jet defects that could cost the European jet maker millions of dollars in compensation. 

“The airworthiness of the aircraft is not affected and the issues do not give any valid basis for the grounding of the aircraft,” a company's spokesperson reiterated in an email to Arab News. 

The statements come as the Qatari carrier released images of the scarred exterior of grounded A350 jets, saying they pose “serious and legitimate safety concerns.”

Airbus said it has already “identified the root cause of the issue and provided the necessary guidance to its customers worldwide to ensure they can continue to operate the A350.”

It added it has been working with the European Aviation Safety Agency to address the concerns, even as European regulators agreed the flaws don’t pose any airworthiness issues.

Qatari regulators have grounded around 21 planes since mid-2021 and Qatar Airways has been pressing compensation of up to $700 million.  

Last week, the Toulouse-based manufacturer confirmed it had revoked a contract with Qatar Airways to deliver 50 A321s, putting pressure on the airlines as it prepares to open new routes and host the World Cup. 


TASI slips as investors turn cautious on earnings announcements: Opening bell

TASI slips as investors turn cautious on earnings announcements: Opening bell
Updated 23 January 2022

TASI slips as investors turn cautious on earnings announcements: Opening bell

TASI slips as investors turn cautious on earnings announcements: Opening bell

RIYADH: Saudi Arabia’s stock market slipped in early trading, after recording ten straight days of gains, as investors sentiment was weighed down by profit drops and losses in major market players.

As of 10:17 a.m. Saudi time, the main index TASI went down by 0.6 percent to reach 12,223 points, and the parallel market Nomu fell 0.8 percent to 25,856 points.

Shares in Saudi dairy giant Almarai slid 2 percent to reach SR48.9 ($13) as it led morning losses.

This came after the dairy giant recorded a 21 percent decline in profit in 2021 as pandemic and value-added tax weighed on revenues.

Similarly, Saudia Dairy and Foodstuff Co., or SADAFCO, saw a 1.3 percent decline in its share price after its profits dropped by 29 percent during the nine months ending Dec. 31, 2021.

The Kingdom’s oil giant Saudi Aramco saw losses amounting to 0.3 percent and its largest bank by market value, Al Rajhi Bank, edged 0.4 percent lower.

Adding to financial sector woes, shares of the biggest Saudi lender, the Saudi National Bank, dropped 1.2 percent, and those of Alinma Bank and the Saudi British Bank, SABB, were down 0.2 and 1.7 percent, respectively.

Information technology company Al Moammar Information Systems Co., also known as MIS, was down 0.3 percent.

Earlier, MIS said it signed deals with Edarat Communications and Information Technology Co. to provide cloud hosting solutions and data center services.

Nama Chemicals Co. topped the gainers in the early morning, surging 3 percent to SR42.8.