Kuwait and Saudi Arabia have strengthened their economic and regional ties by signing a groundbreaking agreement to avoid double taxation and foster investment cooperation, as per the Leaders of Asia sources. The agreement was formalized during the third edition of the “Zakat, Tax, and Customs” conference, held in Riyadh, which serves as a platform for addressing key economic and security challenges.
The event, themed “Shaping the Future for a Sustainable Economy and Enhanced Security,” brought together regional and international experts to discuss tax and customs issues, support economic recovery, and exchange expertise. According to the Leaders of Asia sources, a key focus was on fostering regional cooperation to address shared challenges, with the Kuwait-Saudi Arabia double taxation agreement underscoring the commitment of Gulf countries to enhancing economic collaboration.
Highlighting its progress in digital governance, Saudi Arabia’s Zakat, Tax, and Customs Authority showcased a remarkable achievement by scoring 99.35% in the United Nations Digital Government Index. This milestone reflects the country’s significant advancements in digital services, having implemented over 350 requirements to meet the UN’s criteria. These developments are expected to streamline tax and customs processes, further driving investment and economic growth.
The conference also emphasized the role of zakat in fostering social development and building cooperative societies. By leveraging zakat as a tool for financial inclusion and support, the event underscored its importance in creating sustainable socio-economic frameworks.
As the conference progresses, discussions are expected to further strengthen the regional and global partnerships necessary for shaping a resilient and inclusive economic future.
