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Sheikh Ahmad Abdullah Al Ahmad Al Sabah, Prime Minister of Kuwait: Viewpoint
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Over the past year, Kuwait has taken fundamental reform steps to strengthen financial stability and ensure the sustainability of public finances, as well as to begin reforming the national economy by diversifying it and increasing private sector participation. Foremost among these steps was the adoption of the financing and liquidity law as a regulatory legislative framework for managing financial…
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Abdulmohsen Aljamhor, Managing Partner, Aljamhor Law Company: Viewpoint
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Saudi Arabia has accelerated the integration of artificial intelligence (AI) and advanced technologies as part of its broader economic and institutional transformation. This reflects a national strategy to modernise the public sector; strengthen regulatory capacity; and support the development of a diversified, knowledge-based economy, while ensuring that technological adoption is embedded via clear…
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HH Sheikh Tamim bin Hamad Al Thani, Amir of the State of Qatar: Viewpoint
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The economy continued to grow in 2023, with estimates indicating that GDP has grown at constant prices by 1.2%. This was supported by the growth of the hydrocarbons sector by 1.4% and the non-hydrocarbons sector by 1.1%. The IMF estimates that the local economy will grow by 2% at the end of the current year, with growth jumping to 4.1% annually during 2025-29 – propped up by gas production expansion…
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Barbara Henzen, Partner and Head of Tax, KPMG in Qatar: Viewpoint
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In recent years, Qatar has emerged as a significant player in the global economy, driven by its economic transformation and regulatory reforms. The country has made notable progress in diversifying its economy beyond hydrocarbons, with focused efforts on logistics, manufacturing, financial services, tourism and technology sectors. This economic diversification aligns with Qatar National Vision 2030,…
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Essa Mohammed Al Sulaiti, Founder and Chairman, Essa Al Sulaiti Law Firm: Viewpoint
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Qatar’s commitment to economic diversification and its ambition to become a regional centre for international business have been facilitated by a series of legal reforms that are reshaping the country’s investment landscape. At the heart of this transformation is Law No. 1 of 2019 on Regulating Non-Qatari Capital Investment in Economic Activity, a landmark law that permits 100% foreign ownership…
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Sultan Haitham bin Tarik Al Said: Viewpoint
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The citizens of Oman have rendered an indispensable contribution to the achievements seen during the nation’s continuing development. Our country has attained notable results and accomplishments across social and economic sectors, as well as in fiscal performance, in spite of the global economic challenges that have impacted our economic and national programmes. Our plans strive to address the exigencies…
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President Bola Tinubu: Viewpoint
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Global institutions, other countries and private sector actors must see African development as a priority, not just for Africa, but for their interests as well. Due to long-standing internal and external factors, Nigeria and Africa’s economic structures have been skewed to impede development, industrial expansion, job creation and the equitable distribution of wealth. If Nigeria is to fulfil its…
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Mubeen Khadir, Head of Tax and Corporate Services, KPMG Fakhro: Viewpoint
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On September 1, 2024 Bahrain became the first GCC country to implement a domestic minimum top-up tax (DMTT) aligned with pillar two of the OECD base erosion profit shifting inclusive framework. The DMTT law applies the global minimum tax of 15% on Bahraini constituent entities of multinational enterprises (MNEs) and contains key operative provisions of pillar two of the OECD global anti-base erosion…
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Eyad Reda, Managing Partner, Eyad Reda Law Firm: Viewpoint
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A transformation is sweeping through Saudi Arabia’s legal landscape, marking a pivotal moment in the country’s journey towards modernisation and transparency. With a focus on aligning with global standards, Saudi Arabia is ushering in an era of reform that promises to reshape its legal system and redefine its role on the international stage. These changes are part of the broader Vision 2030 initiative,…
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Mago JB Singh, Founder and Group Managing Partner, Just & Fair Consulting Group: a member of Baker Tilly International: Viewpoint
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Businesses across Saudi Arabia face an evolving and increasingly complex tax environment as the Kingdom continues to diversify its economy under Vision 2030. With the introduction of value-added tax (VAT) in 2018, the implementation of excise taxes and the forthcoming zakat (a payment under Islamic law used for charitable or religious purposes) and income tax reforms, the regulatory landscape is rapidly…