US Senate Republicans pass measure to move forward on Trump’s tax cuts

US Senate Republicans pass measure to move forward on Trump’s tax cuts
The US Capitol at dusk in Washington, DC, on April 4, 2025. Republican senators are working to pass a budget plan that will unlock trillions of dollars for US President Donald Trump's vision of significant spending and tax cuts. (AFP)
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Updated 05 April 2025
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US Senate Republicans pass measure to move forward on Trump’s tax cuts

US Senate Republicans pass measure to move forward on Trump’s tax cuts
  • House Republicans now must weigh Senate’s work
  • Plunging stock market hovers over fiscal outlook

WASHINGTON: The US Senate approved a Republican budget blueprint early on Saturday that aims to extend trillions of dollars worth of President Donald Trump’s 2017 tax cuts and sharply reduce government spending.

The 51-48 vote, following a late-night legislative session, unlocks a maneuver called budget reconciliation that will allow Republicans to bypass the Senate’s filibuster — a rule that imposes a 60-vote threshold on most legislation — and pass Trump’s tax, border security and military priorities later this year without Democratic votes.

“Tonight, the Senate took one small step toward reconciliation and one giant leap toward making the tax cuts permanent, securing the border, providing much-needed help for the military and finally cutting wasteful Washington spending,” Senate Budget Committee Chairman Lindsey Graham said.

Two Republicans — Senators Susan Collins and Rand Paul — joined Democrats in opposing the measure.

The Senate’s action sent the measure on to the Republican-led House of Representatives, which is expected to take it up next week.

Non-partisan analysts say the Trump agenda, if enacted, would add about $5.7 trillion to the federal government’s debt over the next decade. Senate Republicans contend the cost is $1.5 trillion, saying that the effects of extending existing tax policy that was scheduled to expire at the end of this year should not be counted in the measure’s cost.

The measure also aims to raise the federal government’s debt ceiling by $5 trillion, a move Congress has to make by summer or risk defaulting on $36.6 trillion in debt. It aims to partly offset the deficit-raising costs of tax cuts by cutting spending. Democrats have warned that Republican targets would imperil the Medicaid health insurance program for low-income Americans.

Republicans warned that allowing the 2017 tax cuts to expire would hit Americans hard, imposing a 22 percent tax hike on the average taxpayer. The cuts, Trump’s signature legislative achievement of his first term, reduced the top corporate tax rate to 21 percent from 35 percent, a move that is not set to expire.

The remainder of the cuts, for individual Americans, were set to expire, a decision made to limit the 2017 bill’s deficit-raising effects.

“Donald Trump has betrayed the American people. Tonight, Senate Republicans joined him in that betrayal. In voting for this bill, Senate Republicans sided with billionaires against the middle class, in total obeisance to Donald Trump,” Senate Democratic leader Chuck Schumer of New York said after the vote.

BRUTAL SELL-OFF

Hanging over the debate, which began late on Thursday, was a brutal stock market sell-off following Trump’s sweeping new trade tariffs, which economists warned will drive up prices and could trigger a recession.

Some Republicans said economic uncertainty could slow the path forward for Trump’s agenda if market weakness continues.

“My concern is, if we are having the kind of conversation today three weeks from now, then the distraction will be so great that it will slow down what we try to do,” Republican Senator Thom Tillis told reporters.

During a six-hour “vote-a-rama” session to consider amendments, Senate Republicans altered the blueprint to add a deficit-neutral reserve fund to help protect Medicaid and the Medicare health care program for the elderly.

Republicans also turned away dozens of Democratic amendments aimed at rescinding Trump trade tariffs and protecting Medicaid, Medicare, nutrition support for low-income women and children, the Social Security retirement system, veterans benefits and other government assistance.

Republican Senators Lisa Murkowski, Josh Hawley and Collins backed Democratic measures to safeguard social safety-net programs, but their support was not enough.

If House Republicans get their way, Congress could enact $2 trillion in spending cuts by overhauling Medicaid and food assistance programs and by eliminating popular environmental policies.

The budget blueprint would also make room for tighter security measures along the US border with Mexico, fund administration efforts to significantly ramp up immigrant deportations and bolster US military readiness. 


Foreign startup registrations in Saudi Arabia rise 118% 

Foreign startup registrations in Saudi Arabia rise 118% 
Updated 21 July 2025
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Foreign startup registrations in Saudi Arabia rise 118% 

Foreign startup registrations in Saudi Arabia rise 118% 

RIYADH: Saudi Arabia’s Ministry of Investment has granted 550 foreign new ventures the Startup Investment Registration, known as the Riyadi license, as of mid-2025, marking an annual rise of 118 percent. 

The Small and Medium Enterprises General Authority, known as Monshaʾat, has issued 364 licenses to business incubators and accelerators nationwide, according to a report by the body. 

Monshaʾat said these entities provide facilities for prototype development, mentorship, and connections to investors and commercial partners. 

The increase in Riyadi registrations aligns with the Kingdom’s surge in venture capital activity. 

According to regional platform MAGNiTT, Saudi Arabia led MENA VC funding in the first half of 2025, with $860 million raised, representing a 116 percent annual increase across 114 deals. This marked a 31 percent rise in deal count compared to the same period in 2024. 

This momentum built on a record 2024 performance, when startups in the Kingdom secured $750 million in funding and saw a 34 percent increase in early- and mid-stage “MEGA” rounds below $100 million.  

“This increase forms part of joint national efforts to reinforce the Kingdom’s role as a regional hub for entrepreneurship by streamlining market access for foreign startups and establishing a flexible regulatory environment that supports innovation and attracts investment,” Monsha’at’s report said. 

According to the Ministry of Investment, this trend reflects growing international interest in Saudi Arabia’s investment environment, underpinned by recent legislative changes, expanded digital infrastructure, and a range of support programs introduced in line with the objectives of Vision 2030. 

Saudi organizers have hosted international startup events, including Biban and LEAP, which feature presentations on the local ecosystem and investment opportunities. 

Government agencies and private-sector representatives have attended overseas gatherings, such as the Web Summit, VivaTech, and Slush, to facilitate networking with foreign entrepreneurs and promote the Kingdom as a potential base for regional operations. 

In addition to the Riyadi permit, the Ministry of Investment will issue a full suite of eight sector-specific business licenses, designed to accommodate virtually any foreign investor’s needs. 

These include service licenses, which permit 100 percent foreign ownership for activities such as IT, consulting, marketing, and hospitality; entrepreneurial authorizations that offer streamlined fees and access to government-led support for startups; and industrial licenses for establishing manufacturing facilities. 

Specialized agricultural permits cover crop cultivation and animal husbandry, while trade licenses authorize wholesale, retail and import-export operations. 

Additional categories encompass real estate licenses for development and brokerage projects, professional permits for individual practitioners and solidarity firms, and mining licenses for exploration and extraction activities. 

Each permit carries tailored minimum-capital requirements and documentation processes, but all are obtainable through MISA’s online portal, which centralizes application, approval and renewal under a unified regulatory framework. 


Closing Bell: Saudi main market closes in green with 10,981 points

Closing Bell: Saudi main market closes in green with 10,981 points
Updated 21 July 2025
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Closing Bell: Saudi main market closes in green with 10,981 points

Closing Bell: Saudi main market closes in green with 10,981 points
  • MSCI Tadawul 30 Index gained 0.27% to finish at 1,408.88
  • Parallel market Nomu slipped 0.30% to close at 27,080.02

RIYADH: Saudi Arabia’s Tadawul All Share Index closed higher on Monday, rising 16.46 points, or 0.15 percent, to end the session at 10,981.17.

The total trading value on the main market reached SR4.3 billion ($1.1 billion), with 95 stocks advancing and 148 declining. 

The MSCI Tadawul 30 Index also rallied, adding 3.86 points, or 0.27 percent, to finish at 1,408.88. 

The Kingdom’s parallel market Nomu slipped 82.58 points, or 0.30 percent, to close at 27,080.02. Of the listed stocks, 38 gained while 44 fell. 

The best-performing stock on the main market was SHL Finance Co., whose shares jumped 10 percent to SR23.87. 

Other notable gainers included Salama Cooperative Insurance Co., up 5.58 percent to SR13.62, Miahona Co. Limited, which gained 5.23 percent to SR26.94, Alamar Foods Co., rising 5.17 percent to SR53.95, and Fawaz Abdulaziz Alhokair Co., which climbed 4.92 percent to SR31.16. 

On the downside, Sahara International Petrochemical Co. posted the steepest drop of the day, falling 5.69 percent to SR17.90.  

Saudi Azm for Communication and Information Technology Co. declined 5.42 percent to SR 28.60, Alistithmar AREIC Diversified REIT Fund slipped 4.92 percent to SR 8.70, Wafrah for Industry and Development Co. fell 4.63 percent to SR27.20, and Riyadh Cables Group Co. dropped 4.13 percent to SR130. 

On the announcement front, Sports Clubs Co. is set to make its trading debut on Saudi Arabia’s main market on July 22. 

The listing follows an initial public offering in which Sports Clubs floated 34.32 million shares, representing 33 percent of its issued capital, at a nominal value of SR1 each.  

Demand saw the individual tranche oversubscribed by 5.3 times, with investors guaranteed a minimum allotment of ten shares. 

To help stabilize the share price in early trading, the bourse has set a plus or minus 30 percent daily price limit and a 10 percent static limit. 

Founded in 1994, Sports Clubs operates a network of 56 branches across 18 Saudi cities.  

Its portfolio includes 41 Body Masters men’s gyms, a brand established decades ago, and 15 Body Motions women’s clubs, introduced four years ago as part of the company’s gender-segmented expansion strategy. 


Jordan’s hybrid vehicle imports rise 31% YoY in H1

Jordan’s hybrid vehicle imports rise 31% YoY in H1
Updated 21 July 2025
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Jordan’s hybrid vehicle imports rise 31% YoY in H1

Jordan’s hybrid vehicle imports rise 31% YoY in H1

RIYADH: The number of hybrid vehicles imported into Jordan during the first half of 2025 rose by 31 percent year on year, reaching 6,834 units, new figures showed.

Released by the Jordan Free Zones Investors Commission, the numbers indicated that despite the increase, total vehicle clearance from the Zarqa Free Zone to the local market dropped by 9 percent annually during the same period, the Jordan News Agency, also known as Petra, reported.

The rise in imports of these vehicles aligns with a broader regional trend. An analysis published by market research firm Claight in December projects the hybrid vehicle industry across the Middle East and Africa to see a compound annual growth rate of 17.7 percent between 2025 and 2034.

The newly released Petra statement said: “The commission’s representative for the automotive sector, Jihad Abu Nasser, attributed the drop to shifts in consumer demand and the impact of recent regulatory and tax measures, particularly those affecting electric vehicles. He noted that several vehicle categories saw a downturn, including electric and diesel models.”

Gasoline car imports stayed fairly steady, with a slight 3 percent jump year on year during the first half of the year. The number of cleared gasoline cars increased from 2,683 to 2,753, representing a 70 vehicle increase.

Re-export activity from the free zones saw significant growth, with vehicle exports rising by 67 percent annually to reach 39,641 re-exported vehicles in the first half of the year.

The Petra statement added that Abu Nasser said the robust re-export growth underscores the responsiveness of Jordan’s free zones to regional market demands, particularly from Syria and Iraq. 

“He emphasized that the decline in local market clearances, combined with changes in consumer preferences and new policies, highlights the need for regulatory clarity and a stable investment environment. He added that the commission continues to monitor these developments closely due to their significant impact on the vehicle sector and investment activity in the free zones.”

Across the Middle East, interest in environmentally friendly alternatives to traditional combustion engine vehicles is gradually rising, as automakers accelerate the rollout of new EV models each year.

Saudi Arabia aims to have at least 30 percent of its cars be electric-powered by 2030, following its pledge to reach net-zero carbon emissions by 2060.

Meanwhile, the UAE is pushing for 42,000 EVs to be on its streets within the next decade. To meet the rising demand for green mobility, the UAE opened its first EV manufacturing facility in Dubai Industrial City in 2022, at a total cost of $408 million.

The Gulf Cooperation Council’s EV market is highly competitive, with Tesla at the forefront and brands like BMW, Audi, and Mercedes-Benz close behind.


Saudi crude exports rise to 6.2m bpd: JODI 

Saudi crude exports rise to 6.2m bpd: JODI 
Updated 21 July 2025
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Saudi crude exports rise to 6.2m bpd: JODI 

Saudi crude exports rise to 6.2m bpd: JODI 

RIYADH: Saudi Arabia’s crude oil exports rose to 6.19 million barrels per day in May, an annual increase of 1.19 percent, according to the Joint Organizations Data Initiative. 

The rise was driven by increased production, which also climbed during the month, rising by 2.12 percent year on year to 9.18 million bpd. 

This marks a continuation of the Kingdom’s phased dialling up of output as OPEC+ producers gradually unwind voluntary cuts introduced in previous years. 

The JODI figures come amid broader market developments in the global oil sector. Earlier this month, eight key OPEC+ producers, including Saudi Arabia, Russia, and the UAE, agreed to accelerate their phased output increases, announcing a larger-than-expected 548,000 bpd production hike for August.   

The decision, taken during a virtual meeting, reflects confidence in global economic resilience and healthy market fundamentals, according to the OPEC Secretariat. 

The eight-nation subset of the alliance has been gradually reversing 2.2 million bpd of voluntary production cuts separate from the bloc’s formal policy, with Saudi Arabia playing a leading role. 

This follows earlier monthly hikes of 411,000 bpd in May, June, and July, with a new, steeper increase slated for August. 

Saudi Arabia’s refined oil exports saw a sharper uptick, growing by 12.12 percent to reach 1.37 million bpd in May. 

This growth was largely driven by a 25 percent year-on-year surge in shipments of motor and aviation gasoline, which reached 325,000 bpd. Despite this increase, other major refined components recorded declines — gas diesel exports fell 2.62 percent to 594,000 bpd, while fuel oil shipments dropped 3 percent to 161,000 bpd. 

Gas diesel remained the dominant component of refined exports, accounting for 43 percent of the total, followed by motor and aviation fuels at 24 percent, and fuel oil at 12 percent. 

Refinery crude output in the Kingdom declined by 7.64 percent year on year, settling at 2.72 million bpd. 

Direct crude burn, the use of crude oil for domestic power generation, rose by 23 percent in May compared to the same month of 2024, reaching 48,000 bpd, according to JODI. 

This year-on-year increase is likely driven by a combination of factors, including the continued population growth across the Kingdom, which has expanded residential and commercial power consumption.


Saudi sustainable building demand triples

Saudi sustainable building demand triples
Updated 21 July 2025
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Saudi sustainable building demand triples

Saudi sustainable building demand triples
  • Growth reflects enhancements to ready-built property inspection service
  • 38 new projects have registered for sustainability assessment services

JEDDAH: Demand for environmental performance assessments under Saudi Arabia’s Sustainable Building program has tripled over the past five years, highlighting the Kingdom’s growing focus on eco-friendly development.

The growth follows the launch of the program’s digital platform, the automation of service procedures, and improved accessibility. It also reflects enhancements to the ready-built property inspection service, which now allows developers to submit detailed inspection requests for villa compounds and apartment buildings, according to a Saudi Press Agency report citing an official press release.

As part of the Kingdom’s Vision 2030 strategy, the nation is accelerating efforts to make its rapidly growing construction sector more sustainable and environmentally responsible.

Developed by the Ministry of Municipal, Rural Affairs, and Housing, the Mostadam, meaning “sustainable,” program is designed to suit the Kingdom’s local climate and environmental conditions. It promotes sustainable building practices by improving the efficiency of energy, water, and resource use, while supporting economic growth and job creation.

Projects are awarded one of five ratings, ranging from Green to Diamond, based on their compliance with established sustainability criteria.

“The program noted that six projects received sustainability assessment certificates during the first half of 2025, marking a 200 percent increase compared to the same period in 2024. Moreover, the number of projects granted design conformity certificates rose by 93 percent, reaching 29 projects,” SPA reported.

The release-based report said that 38 new projects, including four communities covering over 8 million sq. meters, have registered for sustainability assessment services, with a combined built-up area exceeding 700,000 sq. meters.

Since its inception in 2018, the platform has issued over 6,000 reports, encompassing property inspections and evaluations of construction quality.

The national program, in cooperation with the Real Estate General Authority, also announced that university students registered with the Saudi Council of Engineers are now eligible to enroll in training programs offered by the Saudi Real Estate Institute, SPA added.

The release said that the initiative aims to support students, enhance their professional readiness, and empower youth by enabling them to develop their skills and create a “Certified Engineer” account through the Mostadam platform.

The Sustainability Assessment is the Kingdom’s first evaluation system aligned with international best practices and the Saudi Building Code. It enables owners and developers to measure the sustainability of new and existing buildings through a comprehensive rating system, from design to maintenance.

The assessment standards were specifically developed to suit the nation’s climate and environmental conditions, focusing on key areas such as energy, water, health, and quality of life, consistent with the goals of Saudi Vision 2030.