Saudi Arabia announced a number of new projects and initiatives this year, from breaking ground on what will essentially be an entire city in a single, sustainably powered building, to hosting prestigious sporting events, as part of a drive to revamp its economy, infrastructure and services.
All of these developments, from the biggest, multibillion dollar mega projects such as Neom city to grassroots reforms for women's rights and education, fall under the banner of the kingdom's Vision 2030, one of the world's most ambitious economic reform projects.
Here are 10 of the kingdom's most significant announcements of 2022:
The Line at Neom
The Line, being built in north-west Tabuk province as part of the futuristic $500 billion Neom development, will be a 170km-long, 500m-tall city designed to house nine million citizens.
The project comprises interconnected societies sustained by green energy with a superfast rail line running along its length, and pods — mini transport vehicles on rails — available for shorter journeys.
The city is designed to coexist with nature, with everything powered by wind, solar and hydrogen. Its carbon footprint will be minimal relative to its population, and its mirrored facade will allow it to blend in with the surrounding environment.
“We are building 120 Burj Khalifas' worth of real estate in the first phase,” Giles Pendleton, executive director of development at The Line in Neom, tells The National.
“The idea of layering city functions vertically, giving people the possibility of moving seamlessly in three dimensions to access them, is a concept referred to as Zero Gravity Urbanism,” Crown Prince Mohammed bin Salman said during the launch.
Trojena for mountain tourism
In March, Crown Prince Mohammed announced the creation of Trojena, also in Neom, as a new global destination for mountain tourism that will be completed in 2026.
Trojena will be the venue when Saudi Arabia becomes the first nation in western Asia to host the Asian Winter Games in 2029, in which more than 32 countries are expected to take part.
“Trojena will be an important addition to tourism in the region, a unique example of how Saudi Arabia is creating destinations based on its geographical and environmental diversity.
“This forward-looking vision will ensure that mountain tourism will be another revenue stream,” he said.
The year-round destination will have the country's first ski village, nature reserves, luxury hotels, wellness resorts, retail stores and restaurants, in addition to sports activities, including a ski slope, watersports and mountain biking.
Saudi space initiatives
In September, Saudi Arabia announced a new human spaceflight programme with plans to send the first Saudi woman into space.
Two months earlier, the kingdom became a signatory of the Artemis Accords — a US-led international agreement on using space exploration for peaceful purposes.
Two Saudis, a man and a woman, are scheduled to fly to the International Space Station in May on a private trip organised by Axiom Space. If this materialises, the Saudi woman would also become the first Arab female in space.
Sindalah island resort
Crown Prince Mohammed has described Sindalah as “Neom’s first luxury island and yacht club destination in the Red Sea”.
Scheduled to open in 2024, the island resort will be spread over approximately 840,000 square metres, with one of the main aims of the development being to conserve natural beauty — one of Neom's central themes.
“It will be a destination where travellers can experience the true beauty of Neom and Saudi Arabia, above and below the water, making Sindalah the future of luxury travel,” the Crown Prince said.
Hosting the 2027 Asian Cup
Three-time champions Saudi Arabia will host the 2027 Asian Cup after becoming the sole bidder for the football tournament after India.
The Asian Football Confederation (AFC) Congress will formally declare the host country in the Bahraini capital of Manama in February next year.
Saudi Arabia caused one of the biggest upsets in the World Cup in Qatar when they beat Argentina 2-1 in their opening match, although the team were not able to advance past the group stage.
Nusuk platform for Hajj and Umrah
Saudi Arabia's Ministry of Hajj and Umrah launched Nusuk, an electronic platform to provide services to local and international pilgrims.
The Minister of Hajj and Umrah, Tawfiq Al Rabiah, announced the official launch of the national platform for Hajj and Umrah, which currently offers more than 121 services to assist the arrival of pilgrims from all over the world.
The Ministry of Hajj and Umrah in November revealed that more than three million visas have been issued to those wishing to perform Umrah — from 176 countries — since the beginning of the Umrah season that started on July 30.
Earlier this year, Saudi Arabia announced that a male guardian, or mahram, was no longer required to accompany a female pilgrim who wishes to travel to the kingdom.
Saudi Arabia to host Mena Climate Week in 2023
Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman has announced that the kingdom will host Mena Climate Week in 2023. Saudi Arabia is working on setting up the Knowledge Centre for the Carbon Economy, due to open at the beginning of next year.
“Next year, we will be finalising the plans for developing 10 more renewable energy projects and connecting an additional 840 megawatts of solar PV power to our grid.”
He said a new carbon offsetting initiative would “incentivise efforts and investments in emission reduction in all sectors in the kingdom.”
Saudi Arabia will contribute $2.5 billion to a green initiative in the Middle East over the next 10 years, Prince Mohammed announced during the Cop27 summit.
Saudi Aramco discovers two natural gasfields
Saudi Aramco discovered two natural gasfields, Awtad and AlDahna, in the country's Eastern Province, according to the state-run Saudi Press Agency (SPA).
“The importance of these discoveries lies in strengthening the kingdom's natural gas reserves, which contributes to supporting the kingdom's strategies and achieving the goals of the liquid fuel displacement programme,” Energy Minister Prince Abdulaziz bin Salman said.
Awtad was discovered south-west of the Ghawar field, 142km south-west of the city of Hofuf, while AlDahna was found 230km south-west of Dhahran.
Saudi Arabia aims to become a natural gas exporter by 2030.
Saudi Arabia launches its first electric vehicle brand
Saudi Arabia launched its first electric vehicle brand “Ceer”, which aims to contribute to the kingdom’s car manufacturing sector.
Ceer will attract more than $150 million in foreign direct investment and create up to 30,000 direct and indirect jobs, authorities said.
Ceer vehicles are expected to be available by 2025 and the company is projected to directly contribute $8 billion to Saudi Arabia’s economy by 2034.
Saudi Arabia plans to more than triple the size of its rail network
This year, the kingdom announced that it would more than triple the size of its rail network, with 8,000km of new track added to 3,650km of existing rail track.
“New rail will criss-cross the kingdom and add to the network we already have,” Investment Minister Khalid Al Falih said. He said the Gulf nation was working on a new investment law that would address both domestic and foreign investors.
Abdul Jabar Qahraman was meeting supporters in his campaign office in the southern Afghan province of Helmand when a bomb hidden under a sofa exploded on Wednesday.
The blast in the provincial capital Lashkar Gah killed the Afghan election candidate and at least another three people, Interior Minister Wais Ahmad Barmak told reporters. Another three were wounded, while three suspects were detained, he said.
The Taliban – which controls much of Helmand and has vowed to disrupt the October 20 parliamentary elections – claimed responsibility for the attack.
Mr Qahraman was at least the 10th candidate killed so far during the campaign season, and the second from Lashkar Gah this month. Another candidate, Saleh Mohammad Asikzai, was among eight people killed in a suicide attack last week. Most of the slain candidates were murdered in targeted assassinations, including Avtar Singh Khalsa, the first Afghan Sikh to run for the lower house of the parliament.
The same week the Taliban warned candidates to withdraw from the elections. On Wednesday the group issued fresh warnings, calling on educational workers to stop schools from being used as polling centres.
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Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
COMPANY%20PROFILE
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Monster Hunter: World
Capcom
PlayStation 4, Xbox One
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
In The Heights
Directed by: Jon M. Chu
Stars: Anthony Ramos, Lin-Manual Miranda
Rating: ****
The%20specs
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
THE SPECS
Cadillac XT6 2020 Premium Luxury
Engine: 3.6L V-6
Transmission: nine-speed automatic
Power: 310hp
Torque: 367Nm
Price: Dh280,000
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
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Empire of Enchantment: The Story of Indian Magic
John Zubrzycki, Hurst Publishers
MATCH INFO
Cricket World Cup League Two
Oman, UAE, Namibia
Al Amerat, Muscat
Results
Oman beat UAE by five wickets
UAE beat Namibia by eight runs
Namibia beat Oman by 52 runs
UAE beat Namibia by eight wickets
UAE v Oman - abandoned
Oman v Namibia - abandoned
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
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F1 line ups in 2018
Mercedes-GP Lewis Hamilton and Valtteri Bottas; Ferrari Sebastian Vettel and Kimi Raikkonen; Red Bull Daniel Ricciardo and Max Verstappen; Force India Esteban Ocon and Sergio Perez; Renault Nico Hülkenberg and Carlos Sainz Jr; Williams Lance Stroll and Felipe Massa / Robert Kubica / Paul di Resta; McLaren Fernando Alonso and Stoffel Vandoorne; Toro Rosso TBA; Haas F1 Romain Grosjean and Kevin Magnussen; Sauber TBA
Roll of honour
Who has won what so far in the West Asia Premiership season?
Western Clubs Champions League - Winners: Abu Dhabi Harlequins; Runners up: Bahrain
Dubai Rugby Sevens - Winners: Dubai Exiles; Runners up: Jebel Ali Dragons
West Asia Premiership - Winners: Jebel Ali Dragons; Runners up: Abu Dhabi Harlequins
UAE Premiership Cup - Winners: Abu Dhabi Harlequins; Runners up: Dubai Exiles
West Asia Cup - Winners: Bahrain; Runners up: Dubai Exiles
West Asia Trophy - Winners: Dubai Hurricanes; Runners up: DSC Eagles
Final West Asia Premiership standings - 1. Jebel Ali Dragons; 2. Abu Dhabi Harlequins; 3. Bahrain; 4. Dubai Exiles; 5. Dubai Hurricanes; 6. DSC Eagles; 7. Abu Dhabi Saracens
Fixture (UAE Premiership final) - Friday, April 13, Al Ain – Dubai Exiles v Abu Dhabi Harlequins
More from Rashmee Roshan Lall
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2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Profile of Tarabut Gateway
Founder: Abdulla Almoayed
Based: UAE
Founded: 2017
Number of employees: 35
Sector: FinTech
Raised: $13 million
Backers: Berlin-based venture capital company Target Global, Kingsway, CE Ventures, Entrée Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies and Mad’a Investment.
Who is Mohammed Al Halbousi?
The new speaker of Iraq’s parliament Mohammed Al Halbousi is the youngest person ever to serve in the role.
The 37-year-old was born in Al Garmah in Anbar and studied civil engineering in Baghdad before going into business. His development company Al Hadeed undertook reconstruction contracts rebuilding parts of Fallujah’s infrastructure.
He entered parliament in 2014 and served as a member of the human rights and finance committees until 2017. In August last year he was appointed governor of Anbar, a role in which he has struggled to secure funding to provide services in the war-damaged province and to secure the withdrawal of Shia militias. He relinquished the post when he was sworn in as a member of parliament on September 3.
He is a member of the Al Hal Sunni-based political party and the Sunni-led Coalition of Iraqi Forces, which is Iraq’s largest Sunni alliance with 37 seats from the May 12 election.
He maintains good relations with former Prime Minister Nouri Al Maliki’s State of Law Coaliton, Hadi Al Amiri’s Badr Organisation and Iranian officials.
RESULTS
Manchester United 2
Anthony Martial 30'
Scott McTominay 90 6'
Manchester City 0
Jawan
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AL%20BOOM
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