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Saudi Arabia Announces Tax Breaks to Foreign Firms With New HQs

A general view of Riyadh city, Saudi Arabia, February 20, 2022. REUTERS/Mohammed Benmansour
A general view of Riyadh city, Saudi Arabia, February 20, 2022. REUTERS/Mohammed Benmansour
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Saudi Arabia Announces Tax Breaks to Foreign Firms With New HQs

A general view of Riyadh city, Saudi Arabia, February 20, 2022. REUTERS/Mohammed Benmansour
A general view of Riyadh city, Saudi Arabia, February 20, 2022. REUTERS/Mohammed Benmansour

Saudi Arabia announced on Tuesday it would grant 30 years of tax relief to multinationals establishing regional headquarters.

This comes less than a month before a January 1 deadline for multinationals to open regional headquarters in Saudi Arabia or lose out on government contracts.

The tax-relief package includes a zero-percent rate for corporate income tax and withholding tax, the investment ministry said in a statement.

"This new incentive gives business more visibility and certainty for future planning as multinational corporations expand their presence in the region through Saudi Arabia, while also taking part in our own transformation journey," AFP quoted Finance Minister Mohammed al-Jadaan as saying.

"We look forward to welcoming more multinational corporations to participate in projects across all sectors, including our giga-projects and in preparation for the hosting of such events as the 2029 Asian Winter Games and Expo 2030."

More than 200 licenses have been granted under the program to date, the Saudi investment ministry said.

Other benefits under the program include the ability to apply for unlimited work visas and a 10-year waiver on quotas for hiring Saudi nationals.

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Business

Oil Hovers Near Six-month High with Nuclear Talks and US Tariffs in Focus

Oil platforms and pumpjacks at Lake Maracaibo, in Cabimas, Venezuela, January 26, 2026. REUTERS/Leonardo Fernandez Viloria/File Photo
Oil platforms and pumpjacks at Lake Maracaibo, in Cabimas, Venezuela, January 26, 2026. REUTERS/Leonardo Fernandez Viloria/File Photo
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Oil Hovers Near Six-month High with Nuclear Talks and US Tariffs in Focus

Oil platforms and pumpjacks at Lake Maracaibo, in Cabimas, Venezuela, January 26, 2026. REUTERS/Leonardo Fernandez Viloria/File Photo
Oil platforms and pumpjacks at Lake Maracaibo, in Cabimas, Venezuela, January 26, 2026. REUTERS/Leonardo Fernandez Viloria/File Photo

Oil prices steadied near a six-month high on Monday as the US and Iran prepared for a third round of nuclear talks while increased economic uncertainty was also in focus after the latest US tariff upheaval.

Brent crude futures were up 9 cents at $71.85 a barrel by 1308 GMT while US West Texas Intermediate crude gained 15 cents to $66.63, Reuters reported.

Growing concern over potential military conflict between the US and Iran pushed Brent prices up more than 5% last week to their highest since July 2025 at $72.34.

"With the next, and possibly last, round of the Iranian nuclear talks not until Thursday, focus is on the US Supreme Court’s decision to strike down import tariffs and the subsequent reaction from the government," said PVM Oil Associates analyst Tamas Varga.

The US Customs and Border Protection agency said it would halt collections of tariffs imposed under the International Emergency Economic Powers Act at 12:01 a.m. EST (0501 GMT) on Tuesday.

However, Trump said on Saturday that he would raise a temporary tariff from 10% to 15% on US imports from all countries, the maximum allowed under the law, after the US Supreme Court struck down his previous tariff program.

"This morning’s weakness is a defensive move, and needless to say, with the uncertainty surrounding a US military intervention in Iran, the ongoing Russian-Ukrainian war and now the US Supreme Court’s decision, oil price direction is not (clear), but volatility is guaranteed," PVM's Varga said.

Iran has indicated it is prepared to make concessions on its nuclear program in return for the lifting of sanctions and recognition of its right to enrich uranium, a senior Iranian official told Reuters ahead of Thursday's third round of nuclear talks between the two nations.

While prices on paper had moved higher, softer prompt spreads and weaker physical differentials pointed to pricing being based on geopolitical concerns rather than an actual lack of oil in the market, Morgan Stanley analysts said in a note.

Business

Chevron, Iraq Agree to Exclusive Talks Over West Qurna 2 Oilfield 

A view of West Qurna oilfield is seen in Basra, southeast of Baghdad, March 29, 2014. (Reuters)
A view of West Qurna oilfield is seen in Basra, southeast of Baghdad, March 29, 2014. (Reuters)
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Chevron, Iraq Agree to Exclusive Talks Over West Qurna 2 Oilfield 

A view of West Qurna oilfield is seen in Basra, southeast of Baghdad, March 29, 2014. (Reuters)
A view of West Qurna oilfield is seen in Basra, southeast of Baghdad, March 29, 2014. (Reuters)

Chevron has entered into exclusive talks with Iraq over the giant West Qurna 2 oilfield, moving closer to acquiring the field from sanctioned Russian oil firm Lukoil.

The talks, which Chevron said will include the exchange of confidential data, could expand the US oil major's footprint in ‌Iraq after ‌the country decided to nationalize the West ‌Qurna 2 ⁠field and unwind ⁠Lukoil's interest in the project.

Iraq nationalized the field last month after the US imposed sanctions on Lukoil to put pressure on Russia to end its war in Ukraine.

EXCLUSIVE NEGOTIATION RIGHTS FOR ONE YEAR

Iraqi Prime Minister Mohammed Shia al-Sudani's office confirmed the signing of the deal between Chevron and the Basra Oil Company.

The agreement between ⁠BOC, Lukoil and Chevron allows for the temporary ‌transfer of the West Qurna ‌2 contract to BOC, which will subsequently assign it to Chevron after ‌terms of the new contract are agreed, al-Sudani's office said in ‌a statement.

Chevron will have exclusive negotiation rights for one year, al-Sudani's office said.

Iraq's government must approve the agreements, and certain steps are contingent upon other approvals including from the US Office of Foreign ‌Assets Control, Chevron said.

Competitive economic terms will be essential to upcoming negotiations, Chevron added.

'AMICABLE SETTLEMENT' WITH ⁠LUKOIL

The Iraqi ⁠cabinet approved last week an "amicable settlement" with Lukoil over the transfer of operations of the oilfield to BOC. Lukoil has until February 28 to sell its assets under the sanctions.

West Qurna, one of the world's largest oilfields, accounts for about 0.5% of global oil supply and nearly 10% of Iraq's output.

A deal for Chevron in West Qurna 2 would mark a further push into Iraq for the US oil major.

It has agreed to develop several fields in the country as part of an international expansion since completing a deal to acquire US oil producer Hess for $53 billion in 2025.

Business

EU Reportedly Set to Freeze US Trade Deal Approval Over Trump Tariff Risk

FILE PHOTO: Containers are loaded on freight trains at the railroad shunting yard in Maschen near Hamburg, Germany November 14, 2019. REUTERS/Fabian Bimmer/File Photo
FILE PHOTO: Containers are loaded on freight trains at the railroad shunting yard in Maschen near Hamburg, Germany November 14, 2019. REUTERS/Fabian Bimmer/File Photo
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EU Reportedly Set to Freeze US Trade Deal Approval Over Trump Tariff Risk

FILE PHOTO: Containers are loaded on freight trains at the railroad shunting yard in Maschen near Hamburg, Germany November 14, 2019. REUTERS/Fabian Bimmer/File Photo
FILE PHOTO: Containers are loaded on freight trains at the railroad shunting yard in Maschen near Hamburg, Germany November 14, 2019. REUTERS/Fabian Bimmer/File Photo

The European Union is poised to freeze the ratification process of its trade deal ‌with the ‌US and is ‌seeking ⁠more details from ⁠President Donald Trump’s administration on its new tariff program, Bloomberg News reported on Monday.

Zeljana ⁠Zovko, the lead ‌trade ‌negotiator in the ‌European People’s Party group ‌on the US deal, told Bloomberg in an interview that the ‌EU has "no other option" but to ⁠delay ⁠the approval process to seek to clarity on the situation.

The center-right EPP group is the largest political bloc in the European parliament.

Trump said Saturday that he wants a global tariff of 15%, up from the 10% he announced a day earlier.

American and EU officials sealed a trade deal last year that imposes a 15% import tax on 70% of European goods exported to the United States. The European Commission handles trade for the 27 EU member countries.

The value of EU-US trade in goods and services amounted to 1.7 trillion euros ($2 trillion) in 2024, or an average of 4.6 billion euros a day, according to EU statistics agency Eurostat.