The airport is expected to add 27 billion riyals to Saudi Arabia's non-oil GDP. Reuters
The airport is expected to add 27 billion riyals to Saudi Arabia's non-oil GDP. Reuters
The airport is expected to add 27 billion riyals to Saudi Arabia's non-oil GDP. Reuters
The airport is expected to add 27 billion riyals to Saudi Arabia's non-oil GDP. Reuters

Gulf

Saudi Arabia

Saudi Arabia to build new airport in Riyadh

King Salman International Airport set to welcome 120 million passengers by 2030

The National

November 28, 2022

  • English
  • Arabic

Saudi Arabia's Crown Prince Mohammed bin Salman has announced that a new airport will be opened in the capital Riyadh.

Plans for the King Salman International Airport were announced on Monday afternoon.

The new airport will be set to welcome 120 million passengers by 2030 and to boost Riyadh’s position as a global logistics, tourist and transport hub, according to a statement from the Saudi Press Agency.

It will be one of the largest airports in the world and have six parallel runways, it said, with plans to process 3.5 million tonnes of cargo by 2050.

It will place sustainability “at its core” and will be powered by renewable energy, the statement added.

The airport will add 27 billion Saudi Riyals to the non-oil gross domestic product (GDP) of the country, it said, without specifying when that target will be met.

It is part of a larger project to transform Riyadh into one of the world's top 10 city economies, the statement said, and turn the capital into a “global gateway.” The airport is also planned to support Riyadh's population growth to approximately 15 to 20 million people in the next eight years.

is located 35km north of Riyadh and currently hosts flights of 52 commercial airlines and eight freight carriers. Photo: Alamy
is located 35km north of Riyadh and currently hosts flights of 52 commercial airlines and eight freight carriers. Photo: Alamy

The city's current airport, King Khalid International Airport, was opened with four terminals in November 1983, with a fifth added in 2016. Before that the military airbase served commercial flights to the kingdom.

Terminal 5 is the largest at 106,500 square metres and it can accommodate 16 narrow-body or 8 wide-body aircraft. It is operated by Irish airport operator Dublin Airport Authority, and is Saudi's first privately-run airport terminal. It is capable of welcoming 12 million passengers per year.

KKIA is located 35km north of Riyadh and currently hosts flights of 52 commercial airlines and eight freight carriers.

Saudi Arabia's Neom project: in pictures

  • Trojena will open in 2026 as part of Saudi Arabia's megacity of the future. Photo: Neom
    Trojena will open in 2026 as part of Saudi Arabia's megacity of the future. Photo: Neom
  • Trojena is designed to attract visitors, holidaymakers and winter sports enthusiasts from around the world. PA
    Trojena is designed to attract visitors, holidaymakers and winter sports enthusiasts from around the world. PA
  • The design plan for Trojena, an area in Saudi Arabia's planned megacity of Neom chosen to host the 2029 Asian Winter Games. AFP
    The design plan for Trojena, an area in Saudi Arabia's planned megacity of Neom chosen to host the 2029 Asian Winter Games. AFP
  • The Line is also being built at Neom. It will be free of cars and streets and have zero carbon emissions. Photo: Neom
    The Line is also being built at Neom. It will be free of cars and streets and have zero carbon emissions. Photo: Neom
  • Neom chief executive Nadhmi Al Nasr said The Line would make use of artificial intelligence technology to the fullest. Photo: Neom
    Neom chief executive Nadhmi Al Nasr said The Line would make use of artificial intelligence technology to the fullest. Photo: Neom
  • Neom city will be powered by clean energy, officials say. Photo: Neom
    Neom city will be powered by clean energy, officials say. Photo: Neom
  • Trojena in Neom will host the first outdoor snow skiing destination in the GCC region. Photo: Neom
    Trojena in Neom will host the first outdoor snow skiing destination in the GCC region. Photo: Neom
  • Neom lies in a desert bordering the Red Sea in Saudi Arabia. Reuters
    Neom lies in a desert bordering the Red Sea in Saudi Arabia. Reuters
  • Architects say Neom will be designed to make the most of its environmental surroundings. Photo: Neom
    Architects say Neom will be designed to make the most of its environmental surroundings. Photo: Neom
  • Andrew McEvoy, sector head for tourism at Neom, at Arabian Travel Market held at Dubai World Trade Centre. Pawan Singh / The National
    Andrew McEvoy, sector head for tourism at Neom, at Arabian Travel Market held at Dubai World Trade Centre. Pawan Singh / The National
  • The $500bn Neom project in the Tabuk Province of north-western Saudi Arabia is supported by the kingdom's Public Investment Fund. Photo: Saudi Commission for Tourism and Natural Heritage
    The $500bn Neom project in the Tabuk Province of north-western Saudi Arabia is supported by the kingdom's Public Investment Fund. Photo: Saudi Commission for Tourism and Natural Heritage
World politics
More on women's right
While you're here
Who are the Soroptimists?

The first Soroptimists club was founded in Oakland, California in 1921. The name comes from the Latin word soror which means sister, combined with optima, meaning the best.

The organisation said its name is best interpreted as ‘the best for women’.

Since then the group has grown exponentially around the world and is officially affiliated with the United Nations. The organisation also counts Queen Mathilde of Belgium among its ranks.

How%20champions%20are%20made
%3Cp%3E%0D%3Cstrong%3EDiet%3C%2Fstrong%3E%20%0D%3Cbr%3E7am%20-%20Protein%20shake%20with%20oats%20and%20fruits%0D%3Cbr%3E10am%20-%205-6%20egg%20whites%0D%3Cbr%3E1pm%20-%20White%20rice%20or%20chapati%20(Indian%20bread)%20with%20chicken%0D%3Cbr%3E4pm%20-%20Dry%20fruits%20%0D%3Cbr%3E7.30pm%20-%20Pre%20workout%20meal%20%E2%80%93%20grilled%20fish%20or%20chicken%20with%20veggies%20and%20fruits%0D%3Cbr%3E8.30pm%20to%20midnight%20workout%0D%3Cbr%3E12.30am%20%E2%80%93%20Protein%20shake%20%0D%3Cbr%3E%3Cstrong%3ETotal%20intake%3A%3C%2Fstrong%3E%204000-4500%20calories%20%0D%3Cbr%3E%3Cstrong%3ESaidu%E2%80%99s%20weight%3A%3C%2Fstrong%3E%20110%20kg%0D%3Cbr%3E%3Cstrong%3EStats%3A%3C%2Fstrong%3E%20Biceps%2019%20inches.%20Forearms%2018%20inches%3C%2Fp%3E%0A
Getting%20there%20and%20where%20to%20stay
%3Cp%3EFly%20with%20Etihad%20Airways%20from%20Abu%20Dhabi%20to%20New%20York%E2%80%99s%20JFK.%20There's%2011%20flights%20a%20week%20and%20economy%20fares%20start%20at%20around%20Dh5%2C000.%3Cbr%3EStay%20at%20The%20Mark%20Hotel%20on%20the%20city%E2%80%99s%20Upper%20East%20Side.%20Overnight%20stays%20start%20from%20%241395%20per%20night.%3Cbr%3EVisit%20NYC%20Go%2C%20the%20official%20destination%20resource%20for%20New%20York%20City%20for%20all%20the%20latest%20events%2C%20activites%20and%20openings.%3Cbr%3E%3C%2Fp%3E%0A
BULKWHIZ PROFILE

Date started: February 2017

Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)

Based: Dubai, UAE

Sector: E-commerce 

Size: 50 employees

Funding: approximately $6m

Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait

Villains
Queens of the Stone Age
Matador

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

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

UK's plans to cut net migration

Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.

Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.

But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.

Language requirements will be increased for all immigration routes to ensure a higher level of English.

Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.

The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.

Global institutions: BlackRock and KKR

US-based BlackRock is the world's largest asset manager, with $5.98 trillion of assets under management as of the end of last year. The New York firm run by Larry Fink provides investment management services to institutional clients and retail investors including governments, sovereign wealth funds, corporations, banks and charitable foundations around the world, through a variety of investment vehicles.

KKR & Co, or Kohlberg Kravis Roberts, is a global private equity and investment firm with around $195 billion of assets as of the end of last year. The New York-based firm, founded by Henry Kravis and George Roberts, invests in multiple alternative asset classes through direct or fund-to-fund investments with a particular focus on infrastructure, technology, healthcare, real estate and energy.

 

The%20specs
%3Cp%3E%3Cstrong%3EPowertrain%3A%20%3C%2Fstrong%3ESingle%20electric%20motor%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E201hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E310Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20auto%0D%3Cbr%3E%3Cstrong%3EBattery%3A%20%3C%2Fstrong%3E53kWh%20lithium-ion%20battery%20pack%20(GS%20base%20model)%3B%2070kWh%20battery%20pack%20(GF)%0D%3Cbr%3E%3Cstrong%3ETouring%20range%3A%20%3C%2Fstrong%3E350km%20(GS)%3B%20480km%20(GF)%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh129%2C900%20(GS)%3B%20Dh149%2C000%20(GF)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
While you're here

Leap of Faith

Michael J Mazarr

Public Affairs

Dh67
 

While you're here
Updated: November 28, 2022, 3:58 PM
Saudi Arabia