A senior source in Saudi Arabia’s Council of Economic and Development Affairs, a body overseen by Deputy Crown Prince Mohammed bin Salman, responded to questions from the Bloomberg news agency on the government’s 2017 agenda with the statement that follows. Questions have been edited for clarity.
This will be a key year for Prince Mohammed's plan for life after oil, Saudi Vision 2030. How do you respond to those concerned that the to-do list for 2017 is too crowded?
Firstly, I would like to make it clear that the to-do list is ambitious but not impossible and we have already begun applying it. Our work has started, in the beginning of 2016, with the formulation of our future vision for the Kingdom of Saudi Arabia’s position and our approach until 2030 and applying it realistically, clearly, ambitiously and decisively by the identification of challenges and visions.
Since the announcement of the Vision, we have started the actual implementation of several courses, including promoting the government performance by forming a specialised council in the field of economy and development, integrating some ministries, creating new executive government agencies and creating executive programmes to achieve the objectives of Saudi “Vision 2030”.
With the launching of Vision 2030, several programmes, such as National Transformation Program 2020, Fiscal Balance Program 2020, bonds issuing, paying the delayed full dues to the private sector, Citizen’s Account Program, Parallel Financial Market, General Entertainment Authority and activities directed to the citizens have been launched.
These are some examples of the success stories we have. These successes are directly contributing to achieving the objectives of the Saudi Vision 2030. Thanks to God, Saudi Arabia has social, economic, political and geographic abilities to achieve the Vision.
How will the government shift from talk to action in 2017?
As I mentioned in the previous answer, the government is working in several avenues that contribute to implementing the plans and achieving the objectives, including paying the delayed full dues to the private sector, creating the Small and Medium Enterprises Authority and providing financial funds to support this sector – in addition to allocating many opportunities to enable the partnership between both public and private sectors. In 2017, four variety allocation opportunities in the Saudi market will be offered for private sector, locally and globally.
How will the government ensure that the Citizen’s Account, the new cash payout programme for Saudis, is implemented without mistakes?
Citizen’s Account Program is a national programme that aims to change the method of offering the government subsidies to be directed to low- and average-income groups rather than being comprehensive support. This programme will cover all kinds of government subsidies in the future, not only gasoline, electricity and high-cost living allowances.
I recall that on December 22, we announced the Citizen’s Account programme. We also announced that registering for the programme would start in February 1st of 2017, which was accomplished, thanks to God. Until now, more than three million Saudi families including 11 million male and female citizens have registered in the programme. This means that more than half of Saudi society has registered in less than 30 days and about five million male and female citizens registered in the first week easily and without any difficulties or technical malfunctions with high reliability.
In the kingdom, we also successfully established similar support programmes in an electronic format such as Hafiz (a programme meant to support job seekers) and social security and protection programmes. This has acquired the kingdom an experience in management of these programmes that draws on advanced technical infrastructure that we own and the electronic connectivity between more than 18 different government bodies. It should also be noted that more than 80 per cent of the registrations were done via mobile phones.
What has been said does not mean necessarily there will be no mistakes. Therefore, plans aimed at hedging against possible errors were developed. When examining the global experiences of such programmes we found that all of them have suffered some faults in the beginning and they have been improved and edited until they became efficient programmes. That is why we included in our plans very conservative numbers and budget to make sure that the programme covers all beneficiaries. In case we detected that the programme did not cover an entitled category, we will adjust it and pay them retroactivity to achieve justice in coverage and support. With the intention of achieving objectives for which the programme was created, the entitled citizen will always be a matter of concern for the programme.
How can the government prevent new taxes and a levy on expatriates from further slowing economic growth or putting too much pressure on the private sector?
The financial reforms are expected to cause some slowdown in economic growth. However, the state is working to cushion the slowdown through a number of procedures that will be taken in 2017.
How will Prince Mohammed’s team convince those who believe the initial public offering of Saudi Aramco is not in the country’s interests?
Aramco will remain a Saudi company that contributes to the domestic product.
Saudi Arabia will not give up on its majority ownership of Aramco, and will not relinquish the control of it as the owner of largest proportion.
Citizens will be given the priority for the IPO by offering the shares on the Saudi stock exchange, Tadawul.
IPO proceeds will be invested in the development and diversification of the kingdom’s economy and will raise its sustainability.
Aramco IPO will raise transparency of the company and the efficiency of its business.
All the suggested options in the IPO are there to maximise the economic benefits of the kingdom.
* Bloomberg
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RESULTS
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Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
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yallacompare profile
Date of launch: 2014
Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer
Based: Media City, Dubai
Sector: Financial services
Size: 120 employees
Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
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Film: In Syria
Dir: Philippe Van Leeuw
Starring: Hiam Abbass, Diamand Bo Abboud, Mohsen Abbas and Juliette Navis
Verdict: Four stars
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Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
You may remember …
Robbie Keane (Atletico de Kolkata) The Irish striker is, along with his former Spurs teammate Dimitar Berbatov, the headline figure in this season’s ISL, having joined defending champions ATK. His grand entrance after arrival from Major League Soccer in the US will be delayed by three games, though, due to a knee injury.
Dimitar Berbatov (Kerala Blasters) Word has it that Rene Meulensteen, the Kerala manager, plans to deploy his Bulgarian star in central midfield. The idea of Berbatov as an all-action, box-to-box midfielder, might jar with Spurs and Manchester United supporters, who more likely recall an always-languid, often-lazy striker.
Wes Brown (Kerala Blasters) Revived his playing career last season to help out at Blackburn Rovers, where he was also a coach. Since then, the 23-cap England centre back, who is now 38, has been reunited with the former Manchester United assistant coach Meulensteen, after signing for Kerala.
Andre Bikey (Jamshedpur) The Cameroonian defender is onto the 17th club of a career has taken him to Spain, Portugal, Russia, the UK, Greece, and now India. He is still only 32, so there is plenty of time to add to that tally, too. Scored goals against Liverpool and Chelsea during his time with Reading in England.
Emiliano Alfaro (Pune City) The Uruguayan striker has played for Liverpool – the Montevideo one, rather than the better-known side in England – and Lazio in Italy. He was prolific for a season at Al Wasl in the Arabian Gulf League in 2012/13. He returned for one season with Fujairah, whom he left to join Pune.
Results
4pm: Maiden; Dh165,000 (Dirt); 1,400m
Winner: Solar Shower; William Lee (jockey); Helal Al Alawi (trainer)
4.35pm: Handicap; Dh165,000 (D); 2,000m
Winner: Thaaqib; Antonio Fresu; Erwan Charpy.
5.10pm: Maiden; Dh165,000 (Turf); 1,800m
Winner: Bila Shak; Adrie de Vries; Fawzi Nass
5.45pm: Handicap; Dh175,000 (D); 1,200m
Winner: Beachcomber Bay; Richard Mullen; Satish Seemar
6.20pm: Handicap; Dh205,000 (T); 1,800m
Winner: Muzdawaj; Jim Crowley; Musabah Al Muhairi
6.55pm: Handicap; Dh185,000 (D); 1,600m
Winner: Mazeed; Tadhg O’Shea; Satish Seemar
7.30pm: Handicap; Dh205,000 (T); 1,200m
Winner: Riflescope; Tadhg O’Shea; Satish Seemar.
A cryptocurrency primer for beginners
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Final results:
Open men
Australia 94 (4) beat New Zealand 48 (0)
Plate men
England 85 (3) beat India 81 (1)
Open women
Australia 121 (4) beat South Africa 52 (0)
Under 22 men
Australia 68 (2) beat New Zealand 66 (2)
Under 22 women
Australia 92 (3) beat New Zealand 54 (1)
Company profile
Name: Thndr
Started: October 2020
Founders: Ahmad Hammouda and Seif Amr
Based: Cairo, Egypt
Sector: FinTech
Initial investment: pre-seed of $800,000
Funding stage: series A; $20 million
Investors: Tiger Global, Beco Capital, Prosus Ventures, Y Combinator, Global Ventures, Abdul Latif Jameel, Endure Capital, 4DX Ventures, Plus VC, Rabacap and MSA Capital
