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Oman Sultan Haithem has named his son as her heir, among a long list of changes to the constitution.

Saudi Arabia's economy has contracted again, as the country grapples with falling oil production and emerges from lockdown.

Cash-strapped Oman expected to impose unprecedented income tax

The New Arab Staff

Cash-strapped Oman expected to impose unprecedented income tax

Oman is set to introduce an income tax on high earners starting in 2021, potentially becoming the first-ever GCC state to do so.

Qatar gives Oman $1 billion cash injection

The New Arab Staff

Qatar gives Oman $1 billion cash injection

Qatar has pumped $1 billion into Oman, after money woes brought on by the coronavirus crisis and low oil prices.

The New Arab Staff & Agencies

Oman to bring in five-percent VAT for first time

Oman will impose VAT for the first time from 2021 due to the economic downturn caused by coronavirus and low oil prices, becoming the fourth GCC state to do so.

The New Arab Staff

Saudis bombard finance minister with questions over VAT hike

Saudis frustrated at austerity measures refused to let the country's finance minister off the hook during a virtual investor conference.

The New Arab Staff & Agencies

Saudi private sector deteriorates after signs of recovery

Low oil prices, new taxes, and the coronavirus crisis have battered the Saudi economy.

The New Arab Staff

Saudi Arabia posts $29 billion losses for second quarter

The kingdom has recorded big losses for the second quarter of 2020.

New coronavirus lockdown another financial burden for Palestinians

The New Arab Staff & Agencies

New coronavirus lockdown another financial burden for Palestinians

Palestinians have been hit with another lockdown, as Covid-19 cases spike.

The New Arab Staff & Agencies

IMF cuts Saudi forecast as oil, virus hit economy

The new projection for the Saudi economy, the largest in the region, is a massive 4.5 percentage points lower than what the IMF had projected ...

Everything you need to know about Hajj 2020

Kamal Afzali

Everything you need to know about Hajj 2020

This year's Hajj pilgrimage has been scaled back to 1,000 participants in a bid to stop the spread of coronavirus. Here is everything you need ...

Saudi wealth fund 'shopping spree' disguises economic pain

The New Arab Staff & Agencies

Saudi wealth fund 'shopping spree' disguises economic pain

Amid its worst economic crisis in decades, the seemingly contradictory state policy to splurge billions on overseas assets is raising eyebrows.

Riyadh continues buying up arms despite harsh austerity measures

The New Arab Staff

Riyadh continues buying up arms despite harsh austerity measures

Saudi Arabia shows no signs of halting arms purchases despite austerity measures due to the Covid-19 pandemic.

Hezbollah and the IMF: Rhetoric over practice

Karim Safieddine

Hezbollah and the IMF: Rhetoric over practice

Hezbollah's pro-poor populist rhetoric has often conflicted with its political strategies and proposed economic policies.

Courtney Freer

What will be left of Saudi Vision 2030, post-coronavirus?

Comment: As coronavirus and oil revenues force the Saudi government to make cuts that will impact its citizens, the fate of its grandiose Vision 2030 looks uncertain, writes Courtney Freer.

The New Arab

Saudi Vision 2030 takes $8bn cut as austerity bites

Saudi Arabia's much-hyped modernisation programme has taken a substantial funding cut as the kingdom's finances suffer from the ...

The New Arab & agencies

Oil rebounds in Asia after Saudi Arabia output cut

Oil rebounded in Asian trade Tuesday, buoyed by Saudi Arabia's decision to cut output more than it had pledged as the virus-hit world economy ...

The New Arab

The Middle East at war with coronavirus

Iran sees new spike in coronavirus cases, Lebanese troops at a military court have caught Covid-19, while economies have been battered from the ...

Saudi slashes another million barrels from daily oil output

The New Arab & agencies

Saudi slashes another million barrels from daily oil output

The Kingdom has asked oil giant Aramco to cut its output by an additional one million barrels per day, starting in June.

The New Arab

Saudi markets reel after tripling of VAT

Monday’s austerity measures are valued at around 100 billion royals ($26.6 billion).

Saudi triples <em>VAT</em>, suspends handouts in virus-led austerity drive

The New Arab & agencies

Saudi triples VAT, suspends handouts in virus-led austerity drive

Saudi Arabia's finance minister said the kingdom will triple its Value Added Tax and halt monthly handout payments to citizens in new austerity ...

Lebanon can save its economy, without the IMF's help

Karim Safieddine

Lebanon can save its economy, without the IMF's help

In-depth: Most experts agree that resorting once again to the IMF is a non-starter, as it would only prolong the same vicious cycle of austerity ...

Profile: Lebanon's new government, including first-ever female defence chief

The New Arab

Profile: Lebanon's new government, including first-ever female defence chief

Six women have been appointed in Lebanon's allegedly 'technocratic' government – but are the ministers as fresh-faced as they seem?

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