Saudi Arabia introduced VAT in 2018 as part of a regional effort to harmonise tax law between the Arab Gulf states.

This issue of the Gulf Economic Update includes a special section focused on GCC green growth opportunities for the GCC countries as the world accelerates transition to a greener future. Moving away from fossil fuels towards greener energy should not be seen as a threat but as a tremendous opportunity. This direction is entirely in line with GCC country vision documents that outline an image of the economy of the future that relies increasingly on the private sector playing a leading role in investment, job creation and value addition. The report presents the latest economic developments in the GCC focusing on the post-pandemic recovery, the vaccine roll out and the implications of a more favorable oil market. The team will highlight the medium-term prospects given continued volatility in the oil market and the need to diversify GCC economies.

The Beibu Gulf and the Guangdong-Hong Kong-Macao Greater Bay Area have further strengthened their cooperation by signing a series of cooperation projects in Nanning, Guangxi Zhuang autonomous region, ahead of the opening of the 19th China-ASEAN Expo.

The Gulf Investment Awareness Program, “Mulim”, continues receiving applications in the first round of the Smart Gulf Investor Award.

So far, Beibu Gulf Port has operated 71 container routes, connecting it with more than 200 ports in over 100 countries and regions.