TRADE-

The Kingdom will begin implementing the revised customs duties starting 1 June, after Finance Minister Mohammed Al Jadaan approved changes to the unified GCC tariff schedule, Umm Al Qura reports. The new rules set a 5% import duty on several chemical compounds, including acetophenone and benzophenone, as well as on natural honey products, including filtered manuka honey, according to Al Arabiya.

About the GCC integrated customs tariff: Set to be implemented from 1 January 2025 in all GCC states, the new tariff system will expand the current eight-digit tariff codes to 12, aligning with Saudi Arabia’s system for more accurate product classification. It aims to stimulate trade, simplify customs processes within the GCC, and make it easier for the GCC to negotiate free trade agreements as a unified entity.

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M&A WATCH-

Tharwah names new financial advisor after Mekyal suspension: Altharwah Albashariyyah (Tharwah) tapped Qima Financial Company to advise on its planned acquisition of Amjad Watan, after it ended its engagement with suspended Mekyal Financial Technologies Company, according to a disclosure to Tadawul. The acquisition will involve a banknote payment and new share issuance, pending regulatory and shareholders’ approvals.

ICYMI- The Capital Market Authority suspended Mekyal Financial Technologies’ license to carry out arranging activities in the security sector earlier this month and revoked a temporary permit that allowed it to market investment in debt instruments. This came on the back of concerns about the accuracy and reliability of the company’s disclosures.

DEBT WATCH-

Middle EastPharmaIndustries (Avalon Pharma) renewed a SAR 50 mn credit facility agreement with Alinma Bank for one year, it said in a disclosure to Tadawul. The company will use the facility to finance its working capital needs, with a SAR 55 mn promissory note offered to back it up.

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