French transport infrastructure company Alstom has signed a five-year operation and maintenance contract with Jeddah Airports Company worth 200 million Saudi riyals ($53.3m) for Terminal 1 at the King Abdulaziz International Airport.
The company secured an initial contract in August 2019 to run until June 2021, with the new one now in place until 2027, Alstom said on Tuesday.
King Abdulaziz International Airport is one of Saudi Arabia’s largest, occupying an area of 102 square kilometres, and welcomes about 30 million passengers every year.
Under the new contract, Alstom will continue to provide operations and maintenance services for the Innovia automated people mover within the airport, it said.
"Alstom has been present in the kingdom for more than 70 years and our strategy is one of long-term partnership," said Mohamed Khalil, managing director of Alstom Saudi Arabia.
"It also reiterates Alstom’s commitment to supporting the development of Saudi Arabia's public infrastructure in line with Vision 2030."
Saudi Arabia is aggressively diversifying its economy away from oil as part of its Vision 2030 agenda, with tourism one of the key pillars.
To support the growth of the industry, the kingdom is investing heavily in aviation infrastructure.
The country has earmarked $147 billion to enhance airport facilities to serve 330 million passengers by 2030, expand its transport sector and launch a new national airline alongside the established Saudia, Flynas and Flyadeal.
The kingdom's National Aviation Sector Strategy also aims to increase travel routes to 250 destinations and double air cargo capacity to 4.5 million tonnes.
The travel sector aims to generate 280bn riyals for Saudi Arabia’s gross domestic product by 2030.
Saudi Arabia, the Arab world's largest economy, this year announced the privatisation of its airports' ownership, with 29 currently being prepared for the process. Plans are also under way for a new international airport in Riyadh.
Alstom has been expanding its presence in the kingdom and supported the Haramain high-speed rail line between Makkah and Madinah. It also supplies an integrated Metro system for lines 3, 4, 5 and 6, plus maintenance.
In August, the company signed a preliminary agreement with the kingdom's Ministry of Investment to identify opportunities in railway infrastructure powered by sustainable technology and energy sources with lower carbon emissions.
The deal will also look into the establishment of Alstom's regional headquarters in the kingdom, the Saudi Press Agency said at the time.
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
Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
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Political flags or banners
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Bikes, skateboards or scooters
