A long-delayed road project between Oman and Saudi Arabia through the world’s largest sand desert is in the final phase of construction, officials said on Tuesday.
The new road starts from Ibri, a town in south-west Oman, and ends in Al Ahsa in east Saudi Arabia, saving 16 hours of travel time compared with the existing road.
The 720-kilometre motorway was originally scheduled for completion in 2014, but was delayed because of technical issues.
Salim Al Naimi, Undersecretary for Oman’s Ministry of Transport, Communications and Information Technology, said the project could be completed by the end of 2021.
“Finally, we are going to complete the road project after many years since the start of the construction,” Mr Al Naimi told Oman TV.
“There were many technical problems because the road is being built in a very remote desert. Hopefully, it will be completed by the end of this year or the beginning of next year.”
He did not say how much it would cost, but industry experts close to the project said the project will come in at about $475 million to complete.
“The initial cost to complete the project was estimated at about $350 million but because of technical problems, the final price is now expected to be about $475 million,” the industry expert told The National.
It passes straight through the Rub Al Khali desert, known as the Empty Quarter, which spreads over Oman, Saudi Arabia and the UAE. The section of the road in Oman is about 160km long while about 580km is in Saudi Arabia.
When completed, the new road will save more than 16 hours in the travel time between the two towns at each end of the route. The existing 1,600km road linking the two nations also cuts through the desert, but via a much longer route. It was built more than 40 years ago.
Seyyid Faisal bin Turki, Oman’s ambassador to Saudi Arabia, said on Oman TV that the new road will boost commercial activities between the two countries.
“The road, when completed, will increase foreign trade between Oman and Saudi Arabia. It will also speed up exports between the two countries in the shortest period of time and that will contribute to cost-saving because of the shorter route,” he said.
Oman exports fish to the Saudi market while Saudi Arabia provides dairy produce, vegetables and petrochemicals to Oman.
Earlier this year, Oman and Saudi Arabia held a series of talks to boost trade relations. Oman’s minister of commerce, industry and investment promotion revealed that an Omani-Saudi Business Council is in the works.
Omani businessmen say they are looking forward to the completion of the new road boosting trade.
“It takes a long time to export anything to Saudi Arabia with the existing road. The new road will cut travel time by more than half. We have to drive for nearly 18 hours to reach Saudi Arabia. I calculate that the new road will take only six hours,” said Khamis Al Shibli, 44, an Omani fish exporter from the town of Ibri in Oman.
Other Omanis said the road will also benefit tourists and pilgrims.
“Omanis who are living in the south-west of the country will find it easy to use the new road to visit Saudi Arabia for tourism purposes and the Makkah pilgrimage. It will be quicker and a cheaper mode of transport, too,” said Hamed Al Abri, 34, a resident of Ibri.
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Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
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Sat, Sep 1: UAE v Hong Kong; Oman v Singapore; Malaysia v Nepal
Sun, Sep 2: Hong Kong v Oman; Malaysia v UAE; Nepal v Singapore
Tue, Sep 4: Malaysia v Singapore; UAE v Oman; Nepal v Hong Kong
Thu, Sep 6: Final
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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
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More than 2.2 million Indian tourists arrived in UAE in 2023
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RACE CARD
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8.15pm: Conditions (TB) Dh120,000 (D) 1,600m
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David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.
The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.
Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.
Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.
Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.
At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn.
TEAMS
EUROPE:
Justin Rose, Francesco Molinari, Tyrrell Hatton, Tommy Fleetwood, Jon Rahm, Rory McIlroy, Alex Noren, Thorbjorn Olesen, Paul Casey, Sergio Garcia, Ian Poulter, Henrik Stenson
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Liverpool's all-time goalscorers
Ian Rush 346
Roger Hunt 285
Mohamed Salah 250
Gordon Hodgson 241
Billy Liddell 228
Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199
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Evacuations to France hit by controversy
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Kick-off: Midnight, Thursday, March 12
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Live: On beIN Sports HD
