Construction company Bechtel is moving its Middle East headquarters to Riyadh, the company's president Brendan Bechtel said.
The company, which has a long history in the kingdom, is currently part of a consortium building two lines of the Riyadh Metro and is working on the futuristic Neom project. It also runs Saudi Arabia's National Programme Management Organisation, known as Mashroat.
"We're incredibly proud to be a partner on the Neom effort. In conjunction with that, and because of the opportunity that we see in the kingdom, I'm excited to announce now that we're moving Bechtel's regional headquarters to Riyadh," Mr Bechtel said.
"This is building on our 75-plus years of partnership in the kingdom and we're really excited about the opportunity for infrastructure investment, and innovative infrastructure investment, for many years to come.
Bechtel is ranked as the biggest contractor in the US by Engineering News Record. The family-owned company earned $21.8 billion of revenue in 2019, the most recent year for which figures are available, and had a project backlog of $38.3bn. It currently has a regional engineering centre of excellence in Dubai.
Last week, Saudi Arabia's Crown Prince Mohammed Bin Salman announced plans for major investment into Riyadh in a bid to make it one of the top 10 city economies in the world. The plans involve doubling the size of its economy and its population within 10 years - from 7.5 million currently to north of 15 million.
The kingdom's capital currently generates 50 per cent of its non-oil economy. The cost of creating jobs and developing infrastructure is about 30 per cent less expensive there than in other parts of the kingdom, the Crown Prince said.
Plans involve the creation of at least five new Special Economic Zones, out of 20 planned for the kingdom, and a park three times the size of New York's Central Park.
"For those who say, how can you grow and double the size of the economy and the population in just 10 years, Riyadh's done it 60 times over the past six decades," Fahd Al-Rasheed, president of the Royal Commission for Riyadh City, told the Future Investment Initiativesummit. "Riyadh is used to this hyper growth and has been built for it."
Saudi Arabia "needs to catch up" in terms of infrastructure development, Mohamed Alabbar, managing director of Emaar Properties, told the event.
He said the private sector will have "a critical role" to play in infrastructure development given the Covid-19 pandemic and the pressure on government budgets.
"I really think the private sector will play such a critical role. Not only because they have the ability to fund, but because they are able to be efficient," Mr Alabbar said.
The biog
Favourite films: Casablanca and Lawrence of Arabia
Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins
Favourite dish: Grilled fish
Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.
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
How to turn your property into a holiday home
- Ensure decoration and styling – and portal photography – quality is high to achieve maximum rates.
- Research equivalent Airbnb homes in your location to ensure competitiveness.
- Post on all relevant platforms to reach the widest audience; whether you let personally or via an agency know your potential guest profile – aiming for the wrong demographic may leave your property empty.
- Factor in costs when working out if holiday letting is beneficial. The annual DCTM fee runs from Dh370 for a one-bedroom flat to Dh1,200. Tourism tax is Dh10-15 per bedroom, per night.
- Check your management company has a physical office, a valid DTCM licence and is licencing your property and paying tourism taxes. For transparency, regularly view your booking calendar.
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Uefa Nations League: How it works
The Uefa Nations League, introduced last year, has reached its final stage, to be played over five days in northern Portugal. The format of its closing tournament is compact, spread over two semi-finals, with the first, Portugal versus Switzerland in Porto on Wednesday evening, and the second, England against the Netherlands, in Guimaraes, on Thursday.
The winners of each semi will then meet at Porto’s Dragao stadium on Sunday, with the losing semi-finalists contesting a third-place play-off in Guimaraes earlier that day.
Qualifying for the final stage was via League A of the inaugural Nations League, in which the top 12 European countries according to Uefa's co-efficient seeding system were divided into four groups, the teams playing each other twice between September and November. Portugal, who finished above Italy and Poland, successfully bid to host the finals.
THE 12 BREAKAWAY CLUBS
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
Arabian Gulf Cup FINAL
Al Nasr 2
(Negredo 1, Tozo 50)
Shabab Al Ahli 1
(Jaber 13)
