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Hassan Allam Holding formally inked a SAR 2.7 bn (USD 720 mn) contract to build the Waldorf Astoria Hotel, Residences, and Mixed-Use Super Block in Diriyah, Saudi Arabia, through its subsidiary Hassan Allam Construction Saudi in partnership with Qatar’s UCC Saudi, according to a press release (pdf). The 241k-sqm development sits in the Boulevard Northwestern District of Diriyah and will include a 200-key Waldorf Astoria hotel, 47 branded residences, commercial and office space, an integrated super-basement, and public realm space.
REMEMBER- The contract formalizes an award first announced in June. The project expands Hassan Allam’s gigaproject footprint in the kingdom, following an earlier SAR 1.84 bn contract awarded in April in consortium with Al Bawani to build the Saudi Arabia Museum of Contemporary Art in Diriyah.
Mall offices may lose their break
Mall-based offices could lose their 1% tax treatment as the Finance Ministry considers subjecting administrative units in malls and commercial centers only to the new 14% VAT — eliminating potential overlap between the two levies and aligning their treatment with other administrative premises, a senior government source tells EnterpriseAM. The new tax would apply only to lease contracts signed after the law takes effect, not existing agreements, the source adds.
What we know: Implementation instructions will be issued to tax offices once the VAT amendments are published in the Official Gazette, the source says. The government is expected to pay EGP 840 mn in VAT on buildings in the government district during the current fiscal year once the amendments take effect, the source adds.
REMEMBER- We reported last month that whether the 1% levy would survive alongside the new VAT or be scrapped to avoid double taxation was still under discussion.
More on our radar:
- Local fintech player PaySky’s Yalla platform received in-principle approval from the UAE’s central bank for a Category II retail payment services license, putting it on track to expand its payment capabilities in the country once it meets the remaining regulatory requirements and secures the final license. (Statement)
