Saudi Arabia Culture, Economy, and Politics

The Kingdom of Saudi Arabia is an Arab country, reputed to be where Islam originated. It also has the two most holy mosques (Mecca and Medina) in the Islamic faith which are the primary destinations for Muslims all over the world to visit as part of their pilgrimage, also known as the ‘Haj’. Their economic wealth comes from their vast natural reserves of crude oil, and they remain the world’s main source for imports. The political temperatures in the country were recently set ablaze due to global condemnation of the Kingdom’s alleged involvement in the killing of a dissident journalist. Their government remains a monarchy with a strict, authoritarian style of government that is considered very harsh towards people who are considered to be non-compliant with its dictates. Saudi Arabia is also rich in cultural traditions as defined by its Islamic heritage. People are very religious and practice ancient traditions from centuries ago. The population speaks primarily Arabic and practices Islam.

Public Holidays

2021
May 13	Eid al-Fitr
May 14	Eid al-Fitr Holiday
May 15	Eid al-Fitr Holiday
May 16	Eid al-Fitr Holiday
July 19	Arafat Day
July 20	Eid al-Adha
July 21	Eid al-Adha Holiday
July 22	Eid al-Adha Holiday
September 23	Saudi National Day

Legal Entity Types

Private Limited Company ( شركة ذات مسئولية محدودة)
Joint-Stock company ( شركة مساهمة )
General Partnership Company ( شركة تضامن )
Limited Partnership (شركة التوصية البسيطة )
Foreign Company ( شركة أجنبية )
Individual Establishment ( مؤسسة فردية )

Taxation

Corporate Tax: 15%
Income Tax (Lowest Marginal Rate): 2.5% (capital assets of natives/Zakat), 0% (foreigners)
Income Tax (Highest Marginal Rate): 2.5% (capital assets of natives/Zakat), 0% (foreigners)
VAT/GST/Sales Tax: 15%

Available Banks

The National Commercial Bank (Commercial Bank)
The Saudi British Bank (Commercial Bank)
Saudi Investment Bank (Commercial Bank)
Alinma Bank (Commercial Bank)
Banque Saudi Fransi (Commercial Bank)
Riyad Bank (Commercial Bank)
Samba Financial Group (Samba) (Commercial Bank)
Saudi Hollandi Bank (Alawwal) (Commercial Bank)
Al Rajhi Bank (Commercial Bank)
Arab National Bank (Commercial Bank)
Bank Al-Bilad (Commercial Bank)
Bank AlJazira (Commercial Bank)
Asia Bank (Commercial Bank)
Qatar National Bank (QNB) (Foreign Bank)
State Bank of India (SBI) (Foreign Bank)
Gulf International Bank (GIB) (Foreign Bank)
Emirates NBD (Foreign Bank)
National Bank of Bahrain (NBB) (Foreign Bank)
National Bank of Kuwait (NBK) (Foreign Bank)
Muscat Bank (Foreign Bank)
Deutsche Bank (Foreign Bank)
BNP Paribas (Foreign Bank)
J.P. Morgan Chase N.A (Foreign Bank)
National Bank of Pakistan (NBP) (Foreign Bank)
T.C.ZIRAAT BANKASI A.S. (Foreign Bank)
Industrial and Commercial Bank of China (ICBC) (Foreign Bank)

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