VAT’s high on the agenda in Saudi Arabia and Bahrain
The Saudi Tax Authority is gearing up for the introduction of VAT by publishing frequently asked questions on its website ahead of the introduction of value added tax. The hotel industry, like many others in the Middle East, has been eagerly waiting for information about the introduction of VAT on January 1. Deloitte has also announced it will be hosting VAT academies in Saudi Arabia on 21 and 22 May and Bahrain on 23 May. “The key question for businesses right now is how long will it take my business to get ready? If businesses have not already started, now is the time for them to 12
HOTEL NEWS ME June 2017
start preparing and analyzing in detail what the implications of VAT implementation are,” said Nauman Ahmed, partner and Middle East tax leader at Deloitte. Justin Whitehouse, Middle East Indirect Tax leader at Deloitte said: “The Deloitte VAT Academy is designed for legal, tax and finance experts who want to have a better understanding from experts on the VAT legal framework. The course is aimed at analyzing the VAT framework and look further at the detailed consequences of the framework for a KSA and Bahraini business in its domestic dealings, and its business within the GCC and the wider world.”
The Palm Gateway construction contract signed
Nakheel has signed a construction contract worth nearly AED1.5 billion for The Palm Gateway, a new, threetower residential, retail and beach club complex in Palm Jumeirah. Nakheel has appointed Shapoorji Pallonji Mideast LLC to complete the work, which will begin in Q2 2017 and take two and a half years. Nakheel Chairman Ali Rashid Lootah said: “The Palm Gateway contract is among AED12 billion worth of construction contracts to be awarded by Nakheel this year. “We look forward to delivering another iconic, landmark project at the entrance to Palm Jumeirah through this first-time collaboration with Shapoorji Pallonji.” The Palm Gateway includes 1,265 luxury apartments across three high-rise buildings to be con-
structed on top of the existing Palm Monorail terminal, which includes 14 levels of parking spaces. The Palm Gateway is one of a number of new projects in Nakheel’s residential leasing portfolio, which is set to double to more than 35,000 units, with other new developments coming to Palm Jumeirah, Warsan Village, Jebel Ali Village, Dragon City, Ibn Battuta Mall and Nad Al Sheba. The project is one of three high rise developments by Nakheel on Palm Jumeirah. The Palm Tower, a 52-storey luxury hotel and residential complex at the centre of the island is under construction, while PALM 360, a 220 metre twin-tower penthouse, apartment and hotel complex, is currently being designed.
Published on Jun 5, 2017