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Gulf states and India sign Terms of Reference for Free Trade Agreement

 Gulf states and India sign Terms of Reference for Free Trade Agreement The six-member Gulf Cooperation Council and India signed on Thursday the Terms of Reference (ToR) to formally begin negotiations on a free trade agreement. February 5, 2026 Saudi Gazette report NEW DELHI — The six-member Gulf Cooperation Council—which includes Saudi Arabia and the United Arab Emirates— and India signed on Thursday the Terms of Reference (ToR) to formally begin negotiations on a free trade agreement. This marks a major step in strengthening economic ties with the six-member Gulf bloc, including Bahrain, Kuwait, Oman, and Qatar. The Terms of Reference (ToR) for the India-GCC Free Trade Agreement (FTA) were signed between Ajay Bhadoo, Additional Secretary and Chief Negotiator, Department of Commerce and Dr. Raja Al Marzouqi, Chief Negotiator, Secretariat General of the Gulf Cooperation Council, at Vanijya Bhawan, New Delhi on Thursday. The signing took place in the presence of India’s Minister of ...
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Education Ministry revokes licenses of 74 private schools for violations

 Education Ministry revokes licenses of 74 private schools for violations Inspection visits conducted over the past period revealed that several schools had failed to renew their licenses or comply with updated regulatory requirements, prompting the implementation of necessary measures to protect student safety and maintain the quality of the educational environment. February 5, 2026 - Saudi gazette report RIYADH — The Saudi Ministry of Education has revoked the licenses of 74 private schools across several cities in the Kingdom, as part of its efforts to safeguard student safety and uphold the quality of the educational environment. The decision followed the detection of multiple regulatory violations, including breaches related to student safety, educational standards, and compliance with approved requirements. Inspection visits conducted over the past period revealed that several schools had failed to renew their licenses or comply with updated regulatory requirements, prompting...
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Ministry of Commerce Clarifies the Key Benefits of the Ultimate Beneficial Owner (UBO) Rules

  Ministry of Commerce Clarifies the Key Benefits of the Ultimate Beneficial Owner (UBO) Rules  09 Dec 2025   The Ministry of Commerce revealed the key benefits of the Ultimate Beneficial Owner (UBO) Rules, which define the UBO as the person — or persons of natural capacity — who has final, actual, direct or indirect control over the company. The rules enhance corporate transparency and compliance with international requirements, in addition to establishing an accurate database that preserves the information of ultimate beneficial owners in the business sector. The rules also contribute to facilitating disclosure procedures related to the UBO’s data by aligning them with the procedures for company incorporation requests or the annual confirmation of the commercial registry. The rules additionally provide a guidance manual to help companies comply with identifying the UBO, disclosing the required information, and retaining it. The rules further ensure the confidentiality o...
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Ministry of Commerce Clarifies Those Responsible for Preparing and Filing Companies’ Financial Statements

 Ministry of Commerce Clarifies Those Responsible for Preparing and Filing Companies’ Financial Statements  16 Dec 2025   The Ministry of Commerce clarified the parties responsible for preparing and filing companies’ financial statements, as part of efforts to enhance companies’ awareness of statutory requirements and enable them to clearly understand their responsibilities, thereby contributing to higher levels of transparency, governance, and the quality of financial disclosure. The Ministry explained that, in joint-stock companies (unlisted), the Board of Directors is responsible for preparing the company’s financial statements, which must be prepared at the end of each financial year. The financial documents must be made available to the auditor (if any) at least 45 days prior to the date of the General Assembly meeting. The financial statements must be signed by the Chairman of the Board, the Chief Executive Officer, and the Chief Financial Officer (if any), and a co...
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Investment Ministry calls on non-Saudi companies to register their real estate investments

The Ministry of Investment, represented by the "Invest in Saudi Arabia" platform, called on non-Saudi companies and entities to register their real estate investments through the "Invest in Saudi Arabia" platform. The Ministry of Investment, represented by the "Invest in Saudi Arabia" platform, called on non-Saudi companies and entities to register their real estate investments through the "Invest in Saudi Arabia" platform. January 29, 2026 -Saudi Gazette report RIYADH — The Ministry of Investment, represented by the "Invest in Saudi Arabia" platform, called on non-Saudi companies and entities to register their real estate investments through the "Invest in Saudi Arabia" platform. This follows the implementation of the new law allowing non-Saudis to own real estate effective from January 22. The Law of Real Estate Ownership by Non-Saudis allows non-Saudis to benefit from approved investment pathways and available incentives, a...
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Saudi Arabia begins implementation of national privatization strategy

  Strategy targets over 220 public-private partnership contracts, more than SR240 billion in private investment by 2030, and tens of thousands of jobs across 18 sectors The strategy targets 18 priority sectors and aims to raise satisfaction levels with public services while creating tens of thousands of specialized jobs.  The strategy targets 18 priority sectors and aims to raise satisfaction levels with public services while creating tens of thousands of specialized jobs.  January 29, 2026 - Saudi Gazette report RIYADH — Saudi Arabia has begun implementing its National Privatization Strategy following Cabinet approval, Finance Minister Mohammed Al-Jadaan announced. This marks a new phase aimed at improving infrastructure quality, upgrading public services and expanding private sector participation in economic development. Al-Jadaan, who also chairs the board of the National Center for Privatization, said the strategy received Cabinet approval on Nov. 25, 2025, and aligns...
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Commerce ministry announces results of car dealership and online store evaluations in its bid to improve service quality

 The Ministry of Commerce announced on Thursday the results of three evaluations covering car dealerships, electrical and electronic appliance dealers and distributors, and online stores. The Ministry of Commerce announced on Thursday the results of three evaluations covering car dealerships, electrical and electronic appliance dealers and distributors, and online stores. January 29, 2026 - Saudi Gazette report RIYADH — The Ministry of Commerce announced on Thursday the results of three evaluations covering car dealerships, electrical and electronic appliance dealers and distributors, and online stores. The ministry explained that these second phases of evaluations aimed to raise the quality of services provided, enhance establishments' compliance with approved standards, and improve the customer experience. It clarified that the car dealership evaluation included 24 dealerships and comprised four main criteria: inventory and reservation data, after-sales services, compliance level...
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