Uber Agrees to Pay VAT in Egypt: Tax Chief

A man walks near a banner of ride-sharing app Uber during a news conference in Cairo, Egypt, December 4, 2018. REUTERS/Lena Masri
A man walks near a banner of ride-sharing app Uber during a news conference in Cairo, Egypt, December 4, 2018. REUTERS/Lena Masri
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Uber Agrees to Pay VAT in Egypt: Tax Chief

A man walks near a banner of ride-sharing app Uber during a news conference in Cairo, Egypt, December 4, 2018. REUTERS/Lena Masri
A man walks near a banner of ride-sharing app Uber during a news conference in Cairo, Egypt, December 4, 2018. REUTERS/Lena Masri

Uber has agreed to pay value-added tax on its services in Egypt, Egyptian officials said on Monday, a move that may help resolve a long-simmering feud with traditional taxi drivers.

The Minister of Finance, Mohamed Moeit, said that representatives of the Egyptian Tax Authority and Uber Egypt reached an agreement to collect VAT from the company, in accordance with Law No. 67/2016.

“This agreement comes as a result of the fruitful cooperation between the Tax Authority and Finance Ministry to settle any tax or customs conflict to push forward national economy,” the minister noted.

Moeit said this step was agreed upon during a meeting between the head of the Tax Authority and country director of Uber.

The agreement would also apply to other ride-hailing companies, Hussein said, adding that this step although Uber’s main rival Careem said it was already paying value-added tax (VAT) in Egypt, where the rate is set at 14 percent.

“Reaching an agreement and determining the tax treatment that will be applied to the company Uber and other companies operating in the same area will enhance confidence and cooperation between the authority and the tax community,” state news agency MENA quoted Hussein as saying.

Egypt introduced a law last May regulating ride-hailing apps Uber and Careem, after Egyptian taxi drivers filed a lawsuit arguing that the two companies were illegally using private cars as taxis and were registered as a call center and an internet company, respectively.

An Egyptian court suspended Uber and Careem’s services in March last year after the taxi drivers’ suit but another court stayed the suspension ruling in April, allowing the companies to operate while the case was appealed to a higher court. A verdict is expected on Saturday.

Careem has been paying VAT since March 2018 “in accordance with our compliance with Egyptian laws”, Hazem Ghorab, Careem Egypt’s head of corporate communications, said.

Uber riders and drivers in Egypt have said they faced various technical difficulties with the Uber app in recent weeks.

Uber has faced regulatory and legal setbacks around the world amid opposition from traditional taxi services. It has been forced to quit several countries, including Denmark and Hungary.

Uber has said that Egypt is its largest market in the Middle East, with 157,000 drivers in 2017 and 4 million users since its launch there in 2014.



Saudi Arabia Postpones 10th Edition of Future Investment Initiative to 2027

 Buildings line King Fahd Road in the Olaya district of Riyadh, Saudi Arabia, Wednesday, Oct. 14, 2026 (AP)
Buildings line King Fahd Road in the Olaya district of Riyadh, Saudi Arabia, Wednesday, Oct. 14, 2026 (AP)
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Saudi Arabia Postpones 10th Edition of Future Investment Initiative to 2027

 Buildings line King Fahd Road in the Olaya district of Riyadh, Saudi Arabia, Wednesday, Oct. 14, 2026 (AP)
Buildings line King Fahd Road in the Olaya district of Riyadh, Saudi Arabia, Wednesday, Oct. 14, 2026 (AP)

Saudi Arabia’s Future Investment Initiative (FII) Institute postponed to 2027 the 10th edition of its flagship conference. The event, themed "The Power of Legacy," was scheduled to take place in Riyadh from October 26 to 29.

FII Institute CEO Princess Dr. Maha bint Mishari bin Abdulaziz said in a statement on Monday that the decision reflects the institute's commitment to its partners, members, speakers, and participants, as well as its desire to ensure the 10th edition meets all expectations and truly reflects the conference's global stature in terms of participation, organizational quality, and overall impact.

She reaffirmed the institute's dedication to delivering an exceptional event that honors a decade of achievements, strategic partnerships, and shared visions, while capturing the aspirations of its global community for the future.

The new dates will be announced soon and all existing registrations and partnerships remain valid and unchanged, she said, adding that the institute's teams will continue to engage with stakeholders in the coming days to answer any inquiries and provide the necessary support.

She expressed her gratitude to the global community for its trust and understanding, voiced her pride in the relationships and partnerships the institute has built with its members, and said she looks forward to welcoming participants once again to Riyadh in 2027.


Sudanese Energy Minister to Asharq Al-Awsat: Joint Teams with Saudi Arabia to Turn Agreements into Projects

Sudanese Minister of Energy and Petroleum Al-Mutasim Ibrahim meets Saudi Assistant Minister of Energy Mohammed Abdulrahman on the sidelines of the World Petroleum Congress (X)
Sudanese Minister of Energy and Petroleum Al-Mutasim Ibrahim meets Saudi Assistant Minister of Energy Mohammed Abdulrahman on the sidelines of the World Petroleum Congress (X)
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Sudanese Energy Minister to Asharq Al-Awsat: Joint Teams with Saudi Arabia to Turn Agreements into Projects

Sudanese Minister of Energy and Petroleum Al-Mutasim Ibrahim meets Saudi Assistant Minister of Energy Mohammed Abdulrahman on the sidelines of the World Petroleum Congress (X)
Sudanese Minister of Energy and Petroleum Al-Mutasim Ibrahim meets Saudi Assistant Minister of Energy Mohammed Abdulrahman on the sidelines of the World Petroleum Congress (X)

Sudan has established working teams to explore energy partnerships with Saudi Arabia, paving the way to turn bilateral discussions into projects aimed at rehabilitating war-damaged facilities and restoring the country's oil refining and electricity generation capabilities.

Sudanese Minister of Energy and Petroleum Al-Mutasim Ibrahim told Asharq Al-Awsat that cooperation is focused on four main areas: securing fuel supplies, developing oil exploration blocks in the Red Sea, establishing a refinery in Port Sudan, and rehabilitating electricity infrastructure.

The initiative comes as Sudan seeks to restore its energy sector following extensive damage to its facilities, particularly the Al-Jaili refinery, which previously met more than 60 percent of domestic demand. The country currently relies on imports of petroleum products.

Ibrahim said discussions with Saudi officials focused on investment opportunities and technical cooperation, with working teams established to assess the scope of the proposed projects and the mechanisms for implementing them.

He explained that his participation in the World Petroleum Congress, held in Riyadh last week at Saudi Arabia's invitation, provided an opportunity to strengthen consultations on energy issues of mutual concern.

The meetings also explored ways to attract the investment and expertise needed to rebuild and develop Sudan's energy sector, supporting the country's economic recovery.

Ibrahim said he met officials from the Saudi Ministry of Energy and its affiliated entities, as well as representatives of Saudi Aramco, SABIC, ACWA Power and the Saudi electricity regulator.

He explained that cooperation with Aramco focuses on importing petroleum products and ensuring regular supplies to Sudan, particularly given the damage caused by the war to its energy facilities.

Among the most severely affected is the Al-Jaili refinery, which previously supplied more than 60 percent of the country's domestic petroleum needs.

The minister said the visit resulted in understandings to establish working teams to explore partnership and investment opportunities in rehabilitating damaged energy facilities.

These include electricity grids, power and water facilities, restarting the Al-Jaili refinery, and expanding refining capacity in Port Sudan and the Red Sea region.

Four Areas of Partnership

Ibrahim said discussions with Saudi Assistant Minister of Energy Mohammed Abdulrahman focused on four main areas of cooperation.

The first involves strengthening the partnership with Aramco to secure regular supplies of petroleum products and support stability in Sudan's domestic market, particularly after the war damaged the country's production and refining facilities.

The second focuses on opportunities to develop oil exploration blocks in the Red Sea, including encouraging Saudi private-sector investment in exploration and production activities and capitalizing on opportunities in Sudan's petroleum industry.

The third concerns a proposed oil refinery in Port Sudan, which the minister said presents opportunities for technical and investment cooperation with Saudi Arabia, enhancing Sudan's refining capabilities and strengthening energy security.

The fourth involves rehabilitating electricity infrastructure and rebuilding facilities damaged during the war, including exploring ways to provide necessary equipment, exchange technical expertise and develop local capabilities.

Ibrahim stressed that the joint working teams would assess the nature and scale of cooperation required to rehabilitate electricity grids, power stations and water facilities.

Their findings would help determine the next steps and translate the understandings reached into concrete programs and projects.

Rehabilitating Refineries

Ibrahim unveiled a plan to rehabilitate and rebuild Sudan's refinery infrastructure, electricity networks, thermal and hydropower stations, and solar energy facilities.

He explained that the first phase accounts for 20 percent of the overall rehabilitation plan.

Sudan is simultaneously working on refinery designs and promoting investment opportunities in the sector.

The minister said a Sudanese engineering team has been in China for more than a month, working with Chinese counterparts to oversee the required designs and incorporate modern technologies.

He added that a Sudanese engineering and technical team is working to complete the first phase of the rehabilitation plan.

Meanwhile, Khartoum is seeking to attract Turkish, Belarusian and Russian investment across various stages of the energy industry, including exploration and prospecting.

Ibrahim said Sudan is also looking to attract Saudi investment in refining, particularly the proposed Port Sudan refinery, which remains under study.

Other options being examined include expanding refining capacity and developing an additional refinery in the Red Sea region, either as a reserve facility or for commercial operations.

He added that the Al-Jaili refinery in Khartoum has been offered to investors with the aim of restarting operations using the latest technologies after the damage it sustained during the war.

Electricity Needs

Ibrahim said the Ministry of Energy is working to secure electricity and energy supplies for vital sectors, including industry and agriculture.

He noted that the ministry has provided energy supplies for agricultural projects, including the Gezira Scheme.

The minister said the ministry has managed to supply Khartoum with electricity covering more than 80 percent of its needs.

However, he cautioned that fully restoring power generation capacity at stations and dams, along with the associated infrastructure, would require approximately three years.

Ibrahim emphasized that drawing on Saudi Arabia's experience in developing and improving the efficiency of electricity systems is a key area of cooperation.

He said the partnership could also include providing equipment and exchanging technical expertise to help rehabilitate damaged networks and facilities.

Shipping Disruptions

Ibrahim acknowledged that disruptions to shipping through the Strait of Hormuz and the Bab el-Mandeb Strait amid the US-Iranian war have affected energy prices in Sudan.

He attributed the impact to rising maritime insurance costs and associated price premiums.

However, he stressed that Sudan is not currently experiencing shortages of imported petroleum products.

The ministry's plan, he said, aims to secure the energy requirements of vital sectors while rehabilitating domestic facilities and strengthening refining capacity.

Ibrahim added that Sudan's participation in the International Energy Forum and the World Petroleum Congress in Saudi Arabia provided an opportunity to learn about modern technologies and solutions in energy and related industries.

He said the experience could open the door for Sudan to benefit from Saudi expertise in developing its energy sector.


SAMA Governor: Saudi Infrastructure Sustains Oil Supplies, Regional Trade Amid Conflict

Officials at the meeting of the International Monetary and Financial Committee of the International Monetary Fund in Bangkok. (X)
Officials at the meeting of the International Monetary and Financial Committee of the International Monetary Fund in Bangkok. (X)
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SAMA Governor: Saudi Infrastructure Sustains Oil Supplies, Regional Trade Amid Conflict

Officials at the meeting of the International Monetary and Financial Committee of the International Monetary Fund in Bangkok. (X)
Officials at the meeting of the International Monetary and Financial Committee of the International Monetary Fund in Bangkok. (X)

Saudi Arabia’s diversified energy infrastructure and logistics networks have enabled the Kingdom to maintain oil supplies and regional trade despite the widening economic fallout from the Middle East conflict, said Saudi Central Bank (SAMA) Governor Ayman Al-Sayari.

Addressing the International Monetary and Financial Committee (IMFC) of the International Monetary Fund in Bangkok, chaired by Saudi Finance Minister Mohammed Al-Jadaan, Al-Sayari highlighted the Kingdom’s ability to withstand the crisis, supported by prudent policies, substantial financial and nonfinancial buffers, and a well-capitalized banking sector.

He stressed Saudi Arabia’s commitment to supporting economic activity and preserving monetary and financial stability without compromising fiscal sustainability.

Al-Sayari stressed that energy security depended not only on the availability of supplies but also on their reliable and affordable delivery to international markets.

He called for sustained investment throughout the energy supply chain, from production and refining to storage and diversified transport routes, as well as across all energy sources, including oil and gas.

The conflict’s initial impact, concentrated in energy markets and major shipping corridors, had gradually spread to trade, transportation, inflation, financing conditions and investor confidence.

Disruptions had also extended beyond crude oil and natural gas to refined petroleum products, particularly transportation fuels, as well as fertilizers and essential production inputs, increasing price pressures and threatening food security and production.

While rerouting supplies and drawing down inventories had helped cushion the immediate shock, those measures had reduced the capacity to absorb further disruptions, Al-Sayari cautioned.

Banking sector withstands shocks

Turning to the domestic economy, Al-Sayari highlighted the resilience of Saudi banks, whose capital and liquidity positions remain robust, with financial soundness indicators among the strongest in the region.

He attributed the Kingdom’s ability to preserve domestic stability to decades of prudent economic management, effective risk management and strategic investment, explaining that its extensive energy and logistics infrastructure had also helped maintain oil supplies and regional commerce and mitigate the impact of disruptions in global energy markets.

He underlined that Saudi Arabia would continue adjusting its response as the conflict evolved, preserving room to address further developments while maintaining fiscal discipline.

Saudi Central Bank (SAMA) Governor Ayman Al-Sayari. (IMF)

Vision 2030 strengthens economic foundations

Al-Sayari said Saudi Vision 2030, now entering its tenth year, had reinforced the Kingdom’s economic foundations by expanding non-oil activity, increasing private sector participation and strengthening institutions and reform implementation.

He underlined the government’s commitment to productivity-enhancing reforms, greater private investment opportunities, more efficient public spending and sound public finances.

The next phase would focus on further diversification, deeper financial markets and human capital development, alongside improvements in infrastructure and institutional capacity to support sustainable and inclusive growth.

IMF urged to implement institutional reforms

On international cooperation, Al-Sayari called on the IMF to prioritize the implementation of recently reviewed institutional reforms covering economic surveillance, program design and conditionality, financial sector assessments and the debt sustainability framework for low-income countries.

Fund-supported programs should reflect individual countries’ circumstances, needs and capacity to implement reforms with conditions focused on measures essential to their success, he remarked.

He also advocated closer coordination between surveillance, lending and technical assistance, as well as timely and orderly resolution of unsustainable debt and stronger cooperation among creditors.

Al-Sayari reiterated Saudi Arabia’s support for IMF capacity development, including its $279 million pledge and backing for the Fund’s regional office in Riyadh.

He also drew attention to risks stemming from volatile capital flows, rising sovereign bond yields and the expanding role of nonbank financial institutions.

Artificial intelligence and stablecoins presented implications for both productivity and financial stability, underscoring the importance of strengthening analysis and oversight to address emerging risks, he noted.