Saudi Arabia is launching a SR3 trillion ($800 billion) plan to double the size of Riyadh in the next decade and transform it into an economic, social and cultural hub for the region. The plan involves the creation of a “mega industrial zone” focusing on advanced technology such as renewables and automation, biotechnology and aquaponics.
In other news, the Kingdom officially increased its VAT rate from 5% to 15% on 1st July. The new VAT rate will apply to all goods and services subject to it in commercial markets.
To read about this and more of the week’s news from the Kingdom, click here.
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