Saudi Arabia on Oil, Gas & Electricity

Considering todays current oil prices, it is obvious that Saudi Arabia will be experiencing budget deficit for 2024. After enjoying a rare budget surplus in 2022, and despite the recorded surplus trade balance of 113.1 USD billions in Dec 2023.

Oil and gas companies have historically been subject to tax in Sharjah under Sharjah Income Tax Decree 1968 at the top rate of 55%. On 13 February 2025, Sheikh Sultan bin Muhammad Al-Qasimi enacted a new law.

Tourism is emerging as a vital sector for Saudi Arabia. The Kingdom is leveraging its natural and historical assets to draw visitors from around the world.