Dubai ends 30% tax on alcohol sales, fee for liquor licenses | AP News
Dubai ended its 30% tax on alcohol sales in the sheikhdom Sunday and made its required liquor licenses free to obtain, ending a long-standing source of revenue for its ruling family to apparently further boost tourism to the emirate.
The sudden New Year’s Day announcement, made by Dubai’s two state-linked alcohol retailers, came apparently from a government decree from its ruling Al Maktoum family. However, government officials did not immediately acknowledge the decision and did not respond to questions from The Associated Press.
But it follows years of loosening regulations over liquor in the sheikhdom, which now sells alcohol during daylight hours in Ramadan and began providing home delivery during the lockdowns at the start of the coronavirus pandemic.
Sunday, 1 January 2023
Ronaldo Signs With #SaudiArabia’s Al Nassr Football Club - Bloomberg
Ronaldo Signs With Saudi Arabia’s Al Nassr Football Club - Bloomberg
Cristiano Ronaldo signed a 2 1/2-year contract with Saudi Arabia’s Al Nassr club, a deal that could make the five-time footballer of the year one of the highest-paid athletes in the world.
Al Nassr didn’t say how much the contract was worth, but the UK’s Sun newspaper said the 37-year-old Portugal striker would earn more than $200 million a year. He reportedly made about £26 million ($31 million) a year at Manchester United, his previous team.
In signing Ronaldo, a household name with more than 500 million social media followers and whose former clubs include Real Madrid and Juventus as well as United, Saudi Arabia is again showing it’s prepared to pay over the odds to boost its presence in the biggest sports.
Al Nassr didn’t say how much the contract was worth, but the UK’s Sun newspaper said the 37-year-old Portugal striker would earn more than $200 million a year. He reportedly made about £26 million ($31 million) a year at Manchester United, his previous team.
In signing Ronaldo, a household name with more than 500 million social media followers and whose former clubs include Real Madrid and Juventus as well as United, Saudi Arabia is again showing it’s prepared to pay over the odds to boost its presence in the biggest sports.
#Oman ok's 2023 budget, had 1.146 billion rials 2022 surplus | Reuters
Oman ok's 2023 budget, had 1.146 billion rials 2022 surplus | Reuters
Oman's Sultan ratified a 2023 budget with a deficit of 1.3 billion Omani rials ($3.38 billion) or 3% of GDP, the finance ministry said on Sunday, adding that the 2022 budget achieved a surplus of 1.146 rials.
The 2023 budget sees revenues of 10.05 bln Omani rials, 5% lower than 2022, and expenditures of 11.35 bln rials, 6.4% lower the previous year.
Higher oil prices boosted 2022 revenues to 14.234 billion rials, the finance ministry said. Last year's budget had been based on a forecast price of $50 per barrel but the government now estimates the average price in 2022 to be $94.
The 2023 budget sees revenues of 10.05 bln Omani rials, 5% lower than 2022, and expenditures of 11.35 bln rials, 6.4% lower the previous year.
Higher oil prices boosted 2022 revenues to 14.234 billion rials, the finance ministry said. Last year's budget had been based on a forecast price of $50 per barrel but the government now estimates the average price in 2022 to be $94.
#Saudi shares make positive start to 2023 | Reuters
Saudi shares make positive start to 2023 | Reuters
Saudi Arabia's stock market rose on Sunday, starting 2023 on a positive note in line with the country's economic forecast, while region's other major markets were closed and many investors absent because of year-end holidays.
Earlier last month Reuters reported that Saudi Arabia expects to post a second consecutive budget surplus in 2023, though down 84% from this year as an uncertain global economic outlook and lower crude prices look set to weigh on the top oil exporter's revenues.
The kingdom approved a 1.114 trillion riyal ($296.39 billion)- budget for 2023, forecasting a surplus at 0.4% of gross domestic product, down from an expected 2.6% in 2022.
Also crude prices, which fuels the region's growth, mostly remained highly volatile in 2022 amid the war in Ukraine and on weaker demand from top importer China.
Saudi Arabia's benchmark index (.TASI) rose 0.7%, with oil behemoth and index heavyweight Saudi Aramco (2222.SE) increasing 0.9% and Sulaiman Al-Habib Medical Services (4013.SE) advancing 1%.
In Oman, the stock index (.MSX30) gained 0.8% as Aluminium Bahrain (Alba) (ALBH.BH) jumped 3.8% while Bahrain Telecommunications (Batelco) (BTEL.BH) was up 3.2%.
Separately, Oman's Sultan ratified a 2023 budget with a deficit of 1.3 billion Omani rials ($3.38 billion) or 3% of GDP, the finance ministry said on Sunday, adding that the 2022 budget achieved a surplus of 1.146 rials.
Saudi Arabia's stock market rose on Sunday, starting 2023 on a positive note in line with the country's economic forecast, while region's other major markets were closed and many investors absent because of year-end holidays.
Earlier last month Reuters reported that Saudi Arabia expects to post a second consecutive budget surplus in 2023, though down 84% from this year as an uncertain global economic outlook and lower crude prices look set to weigh on the top oil exporter's revenues.
The kingdom approved a 1.114 trillion riyal ($296.39 billion)- budget for 2023, forecasting a surplus at 0.4% of gross domestic product, down from an expected 2.6% in 2022.
Also crude prices, which fuels the region's growth, mostly remained highly volatile in 2022 amid the war in Ukraine and on weaker demand from top importer China.
Saudi Arabia's benchmark index (.TASI) rose 0.7%, with oil behemoth and index heavyweight Saudi Aramco (2222.SE) increasing 0.9% and Sulaiman Al-Habib Medical Services (4013.SE) advancing 1%.
In Oman, the stock index (.MSX30) gained 0.8% as Aluminium Bahrain (Alba) (ALBH.BH) jumped 3.8% while Bahrain Telecommunications (Batelco) (BTEL.BH) was up 3.2%.
Separately, Oman's Sultan ratified a 2023 budget with a deficit of 1.3 billion Omani rials ($3.38 billion) or 3% of GDP, the finance ministry said on Sunday, adding that the 2022 budget achieved a surplus of 1.146 rials.
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