Bloomberg Saudi government institutions invested almost $2.3 billion into the initial public offering (IPO) of Saudi Aramco, a transaction that was intended to find new sources of funding for the kingdom’s economic diversification plan. The government sold two thirds of the shares offered in the company to institutional investors, of which 13.2% came from Saudi government institutions, according to a ...

ABU DHABI / WAM The Khalifa Fund for Enterprise Development (KFED), announced that it is taking part in the ongoing 10th edition of Sial Middle East at the Abu Dhabi National Exhibition Centre (Adnec). The event features top local and international food and hospitality companies. During the event, Khalifa Fund for Enterprise Development has been engaging with young Emirati entrepreneurs ...

ABU DHABI / WAM Tax revenue, including VAT, amounted to 5.5 percent of the total public revenue last year while oil revenues and the profits of public joint-stock companies accounted for 36.1 percent and 32.9 percent, respectively, according to the Ministry of Finance (MoF). The Ministry of Finance said the UAE’s decision to apply value-added tax (VAT), was positively reflected ...