Culture of Saudi Arabia

An aerial view of Kaaba at the Grand mosque in the holy city of Mecca, Saudi Arabia, August 12, 2019.

Saudi Arabia raises taxes at home while making big investments abroad

Saudi Arabia, one of the richest countries in the world, has announced a 15% value-added tax on all goods and services. It is also cutting down some benefits for state employees. Meanwhile, the kingdom has been on a shopping spree with its Public Investment Fund, dropping roughly $7.7 billion on stakes in Facebook, Boeing and Starbucks, among other companies.