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/node/2595973/business-economy
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
Reuters
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
Updated 05 April 2025
Reuters
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.
Oman to receive electricity connection boost after $500m GCC grid deal
Updated 12 September 2025
Arab News
RIYADH: A $500 million financing deal has been struck to help fund a direct electricity interconnection project between the Gulf Cooperation Council and Oman.
The GCC Interconnection Authority and Sohar International Bank have signed an agreement for the project, which includes the construction of a double-circuit 400 kilovolt power line linking the UAE’s Al-Silaa station and a station that the Authority will build in Oman.
It also includes the construction of two 400 kV transmission stations in Ibri in Oman and Al-Baynunah in the UAE, equipped with advanced control, protection, and communication systems to ensure efficiency, reliability, and safety.
The agreement aims to enhance energy security at the regional level and increase opportunities for energy trade and exchange between GCC countries, in a strategic step that reflects the depth of integration, according to the Saudi Press Agency.
The agreement was signed in Muscat, in the presence of Mohsen bin Hamad Al-Hadhrami, undersecretary in Oman’s Ministry of Energy and Minerals and chairman of the GCC Interconnection Authority, as well as heads of energy and electricity companies in the country, and the executive management of Sohar International Bank.
According to SPA, Al-Hadhrami “explained that this project represents a qualitative leap in the integration of electricity networks across the GCC countries and enhances the Sultanate of Oman's position as a pivotal hub for energy exchange.”
He added that the direct connection will contribute to raising the efficiency of the networks and achieving tangible economic and environmental savings, in line with the objectives of Oman Vision 2040 and the shared visions of the GCC countries in the field of sustainable energy.
The agreement was signed on behalf of the GCC Interconnection Authority by its CEO Ahmed bin Ali Al-Ibrahim, and also by Abdul Wahid bin Mohammed Al-Murshidi, CEO of Sohar International Bank.
The project will be equipped with a dynamic compensator station to enhance network stability and increase transmission capacity, providing a total capacity of up to 1.6 gigawatts.
The GCC Interconnection Authority CEO stated that the signing of the agreement reflects the institutional confidence in the project and its regional importance, according to SPA.
Al-Ibrahim “affirmed that implementation will proceed according to the approved timetable, which will enhance the reliability of supplies and enable the integration of renewable energy on a wider scale,” said the report.
Sohar International’s CEO stated that his company's financing of this project stems from its ongoing commitment to supporting infrastructure projects that contribute to achieving Oman Vision 2040 and driving the Gulf economic integration.
Al-Murshidi noted that the project represents an important pillar of the Authority's strategy to connect the electricity grids of the GCC countries and enable them to meet challenges, including absorbing renewable energy sources and reducing carbon emissions, SPA stated.
Building tomorrow’s Saudi entrepreneurs with digital and soft skills
Updated 12 September 2025
Nirmal Narayanan
RIYADH: Young talents in require a combination of digital and technical skills, including artificial intelligence and data analytics, to thrive in the Kingdom’s dynamic business environment, experts told Arab News.
Strengthening entrepreneurship and bolstering the small and medium enterprises landscape is a crucial goal outlined in ’s Vision 2030 agenda, as the Kingdom is steadily diversifying its economy by reducing its reliance on oil-based revenues.
Speaking to Arab News, Amr Kazimi, manager, public sector practice at Arthur D. Little Middle East, said that equipping young Saudis with the ability to innovate and build businesses could help the Kingdom reduce its dependence on oil and accelerate diversification into priority non-energy sectors such as technology, tourism, and renewable energy.
“To thrive in ’s dynamic business environment and to catch up with global trends, young entrepreneurs need a mix of digital and technical skill; these include AI, data analytics, e-commerce,” said Kazimi.
He added: “Strong financial literacy and business management skills are also essential to navigate funding opportunities and business operations. Similarly, innovation, problem-solving, leadership, adaptability, and cross-cultural communication are vital to support the Kingdom’s push toward a thriving economy.”
Amr Kazimi, manager, public sector practice at Arthur D. Little Middle East. Supplied
In August, a report released by PwC Middle East echoed similar views and said that developing entrepreneurial capabilities in MENA must go far beyond traditional business training, with a focus on adaptability, creativity, problem-solving and fluency in emerging technologies.
Philipp Lemmerz, Middle East leader for economic competitiveness at PwC Middle East, told Arab News that technical fluency in finance, digital tools, and emerging technologies is now a basic requirement for young entrepreneurs in to lead with confidence in the fast-changing business landscape.
“Our survey found that 81 percent of CEOs in the Kingdom have adopted generative AI in the past year, which highlights the pace of change. For youth, this means entrepreneurial skills must go hand in hand with an openness to innovation and a readiness to compete on a global scale,” said Lemmerz.
The vitality of soft skills
Shihab Elborai, partner, Strategy& Middle East, part of the PwC network, said that interpersonal abilities, such as adaptability, active listening, and risk awareness, play an outsized role in career progression for young Saudi entrepreneurs.
Elborai added that these soft skills are as important as technical expertise, and in many cases, they will help propel young people into leadership roles faster.
“On the practical side, entrepreneurs need sharp business acumen to make sound, timely decisions. But just as important are the softer skills — being adaptable, willing to take calculated risks, and able to challenge ideas without shutting down collaboration,” said Elborai.
Vanina Torlo, head of Oliver Wyman’s India, Middle East, and Africa Education Practice, said that young Saudis need a blend of innovation and creativity, business sense and strong digital skills to tone their entrepreneurship skills.
She added that the ability to think outside the box is crucial for innovating in the current economic landscape and expanding beyond the Kingdom’s traditional reliance on oil.
“In such a dynamic landscape, young Saudi entrepreneurs will need to be prepared to face setbacks and challenges; a resilient mindset and the capacity to pivot strategies when necessary are critical for long-term success,” said Torlo.
The long-lasting economic impact
Nirmal Chhabria, professor of the Practice and Director of the EMBA-Dubai Program, Georgetown University’s McDonough School of Business, told Arab News that developing entrepreneurial skills among Saudi youth creates economic impact through various interconnected mechanisms that go far beyond traditional job creation.
“Developing entrepreneurial skills transforms the employment equation itself. Rather than producing graduates who compete for existing positions, entrepreneurial education creates individuals who generate new positions. When young Saudis learn to identify market gaps and build solutions, they become job creators rather than job seekers,” said Chhabria.
He further said that strengthening these skills will organically accelerate technology adoption and innovation diffusion, allowing young entrepreneurs to gravitate toward emerging technologies and digital solutions.
“As they build businesses around AI, fintech, e-commerce, and other high-growth sectors, they become vectors for modernizing traditional industries. This organic technology integration often proves more effective than top-down digitization initiatives because it’s driven by market demand rather than bureaucratic mandate,” said Chhabria.
Lemmerz said that entrepreneurial capability is the cornerstone of Vision 2030, as it connects diversification with job creation by empowering young Saudis to establish ventures that broaden the economic base and generate sustainable employment.
The PwC official added that developing entrepreneurial skills among youth in the Kingdom will help them seize growing opportunities and build a private sector that is resilient and competitive, something which is central to the future of .
“By instilling entrepreneurial confidence and capability across our youth, we ensure that Vision 2030 is not only achieved but anchored in a thriving, innovative private sector. In doing so, we create an economy that is more diverse, more competitive, and more inclusive for generations to come,” said Lemmerz.
The crucial support system factor
According to Lemmerz, a thriving entrepreneurial ecosystem not only requires capital, but also needs access to mentorship, digital infrastructure, and a regulatory environment that enables innovation and rewards risk-taking channels.
“Our CEO survey highlights how Saudi leaders are already investing in areas such as AI and sustainability, demonstrating confidence in the Kingdom’s future. To match this, youth must be supported with the right systems to turn ideas into scalable ventures,” said Lemmerz.
He added that young business founders need structured incubation, simplified regulatory sandboxes, and corporate partnerships that open procurement.
“When ambition is backed by the right infrastructure, the next generation of Saudi entrepreneurs can emerge as national champions. This ecosystem is what will transform today’s start-ups into tomorrow’s pillars of the Saudi economy,” said the PwC official.
Kazimi said that a thriving entrepreneurial ecosystem in can be built on streamlined regulations, robust financing channels, access to mentorship and networking, infrastructure, access to talent, and adequate enablers.
The Arthur D. Little official further noted that more efficient regulations would include building on the existing momentum to simplify business set-up, reduce bureaucracy and operational impediments, and strengthen intellectual property.
“Enhancing access to finance not only involves simplifying requirements for funding but also innovating in funding products available to small businesses. In addition, achieving access to mentorship, networks, and technical support can be achieved through specialized and sector-focused incubators and innovation hubs,” said Kazimi.
He added: “Innovation hubs and incubators are also a great way to address infrastructure needs, through co-working spaces and other shared services. Finally, to address the issue of lack of specialized human capital, could continue to invest in initiatives that would make it easier to attract foreign talent as well as invest in initiatives that would help retain them.”
Torlo said that opportunities for entrepreneurship in are unprecedented, driven by substantial government support for SMEs and startups.
The Oliver Wyman official added that simplifying the entrepreneurial ecosystem and enhancing training support for entrepreneurs can significantly boost confidence in new ventures, attracting both local and foreign investment.
“Investing in entrepreneurial skills is crucial to overcoming current barriers, equipping young entrepreneurs with the knowledge and tools necessary to navigate through the rapidly evolving landscape,” added Torlo.
Measuring the success
Lemmerz said that the success of entrepreneurial initiatives should be measured by outcomes, not only outputs, which includes the number of youth-founded businesses, their survival and growth rates, and the jobs they generate.
“Success for youth entrepreneurship will be reflected in similar patterns: ventures that attract investor confidence, adopt new technologies, and contribute meaningfully to sectors central to diversification. When we see this kind of progress, we know that entrepreneurial initiatives are building not just businesses, but the future of the Kingdom’s economy,” said Lemmerz.
Kazimi said that success of youth entrepreneurship in can be measured through various indicators such as SME contribution to the Kingdom’s gross domestic product, which is a core Vision 2030 goal.
The Arthur D. Little official added that the growth can be also accessed by macro-economic indicators such as employment generation and reductions in youth unemployment, which directly reflects the impact of entrepreneurship on the labor market.
“Additional indicators include levels of venture capital attracted, patent registrations, and participation in accelerator or incubator programs such as those under Monsha’at and Misk,” said Kazimi.
Closing Bell: Saudi main market ends lower at 10,453
Updated 11 September 2025
Nour El-Shaeri
RIYADH: ’s Tadawul All Share Index ended lower on Thursday, falling 44.98 points, or 0.43 percent, to close at 10,453.06.
The total trading volume reached 192.58 million shares, with a turnover of SR3.56 billion ($948 million). A total of 57 stocks advanced, while 190 declined.
The MSCI Tadawul 30 Index slipped 3.77 points, or 0.28 percent, to finish at 1,361.21.
The Kingdom’s parallel market Nomu also eased, dropping 49.03 points, or 0.20 percent, to settle at 25,026.22, with 47 gainers against 43 losers.
Among the top performers, Thimar Development Holding Co. surged 5.84 percent to SR46.40, while Ayyan Investment Co. climbed 5.09 percent to SR12.19.
Raydan Food Co. rose 2.93 percent to SR13.71, Al Moammar Information Systems Co. gained 2.73 percent to SR131.50, and Taiba Investments Co. advanced 2.57 percent to SR36.72.
On the losing side, Dar Al Majed Real Estate Co. dropped 8.17 percent to SR12.70, while Arriyadh Development Co. fell 5.23 percent to SR28.64.
Middle East Healthcare Co. declined 4.38 percent to SR53.50, National Medical Care Co. shed 4.23 percent to SR160.80, and Buruj Cooperative Insurance Co. slipped 4.15 percent to SR15.24.
On the announcement front, Jamjoom Fashion Trading Co. announced the successful completion of its initial public offering of 2.38 million shares, representing 30 percent of its capital, at a final offer price of SR145 per share.
The offering, priced at the top of its earlier indicated range of SR140–145, implies a market capitalization of SR1.15 billion and generated total proceeds of SR346 million.
The company said the IPO was oversubscribed 4.5 times, with an order book reaching SR1.56 billion.
Kamal Jamjoom, founder and chairman, stated: “We are deeply encouraged by the strong demand from a diverse range of qualified investors, which reaffirms the market’s confidence in homegrown brands that are proudly taking Saudi development concepts to new markets, scaling in innovative ways, and blending the best of online shopping with brick-and-mortar experiences to attract and build a loyal customer base.”
The shares will be listed on the parallel market of the Saudi Exchange following regulatory approvals.
After the offering, Kamal Osman Jamjoom Trading Co. will retain a 70 percent stake in the company, subject to a 12-month lock-up period. Surplus subscription funds will be refunded by September 11, 2025, the company said.
RIYADH: has granted the Syrian Arab Republic 1.65 million barrels of crude oil under the directives of King Salman and Crown Prince Mohammed bin Salman.
The donation was formalized through a memorandum of understanding signed by Sultan bin Abdulrahman Al-Marshad, CEO of the Saudi Fund for Development, and Mohammed Al-Bashir, Syria’s Minister of Energy, the Saudi Press Agency reported.
The signing ceremony was attended by Saudi Ambassador to Syria Faisal Al-Majfel and Majid Al-Uteibi, deputy minister for Oil and Gas Technical and Regulatory Affairs.
The move reflects ’s commitment to supporting the Syrian people and the strong ties between the two countries.
“The grant will contribute to enhancing the operation of Syrian refineries and achieving operational and financial sustainability, supporting economic development and addressing economic challenges in Syria, ensuring the growth of vital sectors, and supporting national and international efforts to achieve sustainable development goals,” the SPA report said.
Furthermore, the donation aligns with and supports broader national and international efforts aimed at achieving the UN Sustainable Development Goals in the region.
is now leading a concerted effort to bring Damascus back into the Arab fold after a decade of economic isolation, a crippled currency, and shattered infrastructure.
Following the 2024 reopening of its embassy, , alongside Qatar, settled Syria’s World Bank debt, unlocking access to vital international funding.
This momentum continued with the recent Syrian-Saudi Investment Forum, where Saudi Investment Minister Khalid Al-Falih unveiled 47 agreements worth $6.4 billion, targeting key sectors of a modern economy.
In addition to the oil grant, earlier this week announced a new reconstruction project in Damascus to clear rubble and aid rebuilding efforts, further strengthening ties with the Syrian authorities.
The King Salman Humanitarian Aid and Relief Centre said it would provide an aid package to remove an estimated 75,000 cubic metres of rubble from the capital and surrounding areas.
The aid will also support the rebuilding of 34 schools in Aleppo, Idlib, and Homs, the reconstruction of dozens of bakeries, and the rehabilitation of sewage and water infrastructure in Damascus.
Can AI make Saudi sports smarter without losing its soul?
From Sevilla’s scouting rooms to Ferrari’s circuits and Wimbledon’s courts, AI is reshaping global sports
In , the real opportunity lies not in copying global models, but in tailoring them to local culture, athletes, and fans
Updated 11 September 2025
Waad Hussain
ALKHOBAR: Artificial intelligence is no longer a side project in global sports, it’s becoming central to performance, fan engagement, and strategy. IBM has been one of the most visible players in this transformation, bringing its AI innovations from the world’s top tournaments to ’s rapidly growing sports scene.
But beyond corporate case studies, a bigger question looms: how should Saudi sports federations, clubs, and fans adapt to this wave of technology? Can AI truly deliver, or will it overpromise?
’s sports market is booming. Valued at $7.2 billion in 2023, it is expected to surpass $22.4 billion by 2030. More than $2 billion has already been invested in facilities, talent, and international events—from hosting Formula 1 to the FIFA Club World Cup.
This trajectory was highlighted in a recent Arab News op-ed by Ayman Al-Rashed, who noted how AI is central to expanding fan experiences and making Saudi sports more globally competitive. The investments align with Vision 2030’s push to diversify the economy through sports and entertainment, positioning the sector as both a cultural and financial pillar for the Kingdom.
One of IBM’s most ambitious experiments came in 2024 with Sevilla FC. Together, they launched Scout Advisor, a generative AI tool built on watsonx that analyzes more than 200,000 scouting reports. Beyond traditional stats like minutes played or goals scored, the system reads unstructured scout notes on attitude, adaptability, and playing style. For a league like the Saudi Pro League, attracting global stars, such a tool could transform recruitment.
Yet some Saudi voices caution that AI should complement—not replace—human judgment.
“AI gives us accurate numbers and predictions, but in the end human experience and field vision remain essential,” said Yasser Al-Ghamdi, a sports science student at King Saud University.
Opinion
This section contains relevant reference points, placed in (Opinion field)
IBM’s longest-running partnerships are in tennis and golf. At Wimbledon, the company built Match Chat, an AI-powered assistant that answers fan questions in real time, analyzes probabilities, and predicts match outcomes. A similar platform at The Masters offered golf fans deeper insights into performance and strategy.
This mirrors findings from an Arab News survey earlier this year, where 80 percent of Saudi adults reported using AI tools, and one in three use them regularly. Nearly 90 percent said making an AI powerhouse should be a national priority — underscoring high expectations for localized innovation.
In Formula 1, IBM partnered with Scuderia Ferrari HP to redesign its mobile app with watsonx-powered racing insights. Fans now receive AI-generated summaries, driver comparisons, and interactive features in real time.
For , which hosts a Formula 1 Grand Prix as part of its expanding sports calendar, the potential is significant. The key, however, is ensuring these tools enhance both spectacle and grassroots value. Success will depend on balancing global best practices with local realities, benefiting players, coaches, and fans at every level.
Global partnerships only work if they are adapted to local contexts. That’s why IBM, alongside the Saudi Data and Artificial Intelligence Authority, developed ALLaM, an Arabic large language model capable of processing multiple dialects. The platform bridges linguistic gaps for fans and athletes across the Gulf, making interactions more natural and inclusive. Its impact will hinge on how it’s adopted on the ground.
This emphasis on localization and human-in-the-loop AI echoes developments in healthcare. MBZUAI graduates developed HuLP and Med-YOLOWorld, AI systems designed to work alongside doctors rather than replace them. The same principle applies to sports: AI must collaborate with coaches, referees, and trainers.
DID YOU KNOW?
• One of IBM’s most ambitious experiments came in 2024 with Sevilla FC.
• They launched Scout Advisor, a generative AI tool built on watsonx that analyzes more than 200,000 scouting reports.
• The system reads unstructured scout notes on attitude, adaptability, and playing style.
IBM highlights its ethical AI framework, stressing explainability, fairness, and data protection. But in , experts insist oversight must go beyond corporate pledges. With billions invested, federations need transparency, accountability, and governance when deploying AI.
Arab News has reported similar concerns in healthcare, with Dr. Mansoor Khan warning that “AI is not one thing, it’s a set of technologies that need to be used carefully, mapped to specific problems and workflows.” The same caution applies to sports.
Looking ahead, IBM predicts AI will play a central role in personalized fan experiences, athlete training, and recruitment. In , AI could make the Kingdom a global sports testbed. Potential applications include:
• Smart stadiums with AI crowd management and personalized fan services.
• Player development supported by AI-driven performance analytics.
• Localized fan platforms in Arabic, reflecting Saudi values.
• Sports medicine enhanced by AI tools for injury prevention and recovery.
For some, the immediate value is on the pitch.
“AI can help us track training loads and reduce injuries, but it can’t capture a player’s mental or emotional state,” said Mohammed Al-Qahtani, a sports science graduate from King Saud University.
From Sevilla’s scouting rooms to Ferrari’s circuits and Wimbledon’s courts, AI is reshaping global sports. In , the real opportunity lies not in copying global models, but in tailoring them to local culture, athletes, and fans. As the Kingdom invests heavily in infrastructure and innovation, the true test will be whether technology strengthens the human side of sport—or replaces it.
