Saudi Laws Update

സൗദി അറേബ്യയിൽ വിദേശ നിക്ഷേപകർക്ക് ബിസിനസ്സ് ആരംഭിക്കാൻ " ഞങ്ങൾ ബിസിനസ്സിനായി തുറന്നിരിക്കുന്നു”. വിദേശ നിക്ഷേപകർക്ക് സൗദി സർക്കാരിൽ നിന്നുള്ള സന്ദേശമാണിത്. എന്നിരുന്നാലും യാഥാർത്യം പറയുന്നത്ര എളുപ്പമല്ല. എണ്ണയും ഖനനവും ഒഴികെ രാജ്യത്തിന്റെ സമ്പദ്‌വ്യവസ്ഥയുടെ എല്ലാ മേഖലകളിലും വിദേശികൾക്ക് പൊതുവേ നിക്ഷേപം നടത്താം. നിക്ഷേപകർക്ക് ആവേശകരമായ സാധ്യതകളും അവസരങ്ങളും സൗദി അറേബ്യയിൽ ഉണ്ട്. വിഷൻ 2030 ന്റെ ഭാഗമായി , പുതിയ ബിസിനസ്സ് അവസരങ്ങൾ സൃഷ്ടിക്കുന്നതിലും സൗദി അറേബ്യയുടെ പ്രധാന തന്ത്രപരമായ ആസ്തികളെ സ്വാധീനിക്കുന്നതിലും സാമ്പത്തിക വളർച്ചയ്ക്കും വൈവിധ്യവൽക്കരണത്തിനും പ്രേരണ നൽകുന്നതിൽ വിപുലമായ സാമ്പത്തിക പരിഷ്കാരങ്ങൾ വിജയിച്ചു. സൗദി അറേബ്യയിൽ സ്വന്തമായി ബിസിനസ്സ് ആരംഭിക്കാനുള്ള നല്ല അവസരമാണ് ഇപ്പോൾ ഉള്ളത്. അതിലുപരി സൗദിയില്‍ ബിനാമി ബിസിനസ്സ് അവസാനിപ്പിക്കുന്നതിനും വാണിജ്യ വ്യവസായ സേവന മേഖല തികച്ചും നിയമപരമാക്കുന്നതിനും സൗദി സര്‍ക്കാര്‍ ആറു മാസത്തെ സമയപരിധി (ഓഗസ്റ്റ് 23 , 2021 വരെ) നല്‍കിയിരിക്കുകയാണല്ലോ. ഈ സമയത്തിനകം ബിനാമി ബിസിനസ്സില്‍ ഏര്‍പ്പെട്ട വിദേശികളും അതിനു സൗകര്യം നല്‍കുന്ന സ...

 Saudi Arabia implements cybersecurity framework The Kingdom has made notable progress in international indicators. KSA’s cybersecurity professionals are getting a boost through training initiatives to meet the growing threat of cyberattacks. (Reuters) Arabnews, May 30, 2021 The regulations contain a comprehensive set of control to boost online security in the Kingdom RIYADH: Saudi Arabia’s Communications and Information Technology Commission (CITC) on Saturday announced the implementation of a regulatory framework to beef up cybersecurity in the Kingdom. The “cybersecurity regulatory framework” for service providers in the communications, IT, and postal (services) sector aims to raise the security levels of service providers. It seeks to ensure the implementation of adequate cybersecurity measures following the best international practices. In a statement, CITC said the regulatory framework contains a comprehensive set of cybersecurity requirements and controls that will contribut...

Saudi builder MMG investors win $10m payout in Kingdom’s first class action  Arab News, 1 June 2021: MMG investors have been awarded 40.2 million Riyals and won the Kingdom’s first ever class action. Executives at the construction company, Mohammad Al Mojil Group and an auditor have been ordered to pay. It follows a ruling by the General Secretariat of Committees for Resolution of Securities Disputes in the case which involved the manipulation of financial statements to give a false impression of the company following its 2008 Initial Public Offering and the subsequent three years. The Kingdom introduced a new class action regime in 2017 for claims by shareholders of listed companies in the country. It follows a ruling by the General Secretariat of Committees for Resolution of Securities Disputes in the case that involved the manipulation of financial statements. (Shutterstock) Short Url ARAB NEWS June 01, 2021 Saudi Arabia introduced a new class action regime in 2017 for claims by...

 Al Riyadh, 3 June 2021: Saudi Arabia’s Justice Ministry has announced it has launched a labour calculator service. It is aimed at ensuring speedier settlement of disputes. It is also aimed at boosting human rights awareness among labour groups, making the application of the labour system and its regulations easier in terms of rights and financial disputes and improving the accuracy of the results of calculations related to labour rights. It will help judges, parties in a case and workers in case preparation. For full story see https://www.alriyadh.com/1888920. to view the calculator are invited to visit the following link https://www.moj.gov.sa/ar/eServices/Pages/Details.aspx?itemId=152

  Saudi National Bank unveils new logo and brand identity June 07, 2021 SNB Logo RIYADH —  Saudi National Bank (SNB), Saudi Arabia’s new leading bank, announced on Sunday the launch of its logo and brand identity, which embodies the Bank’s ambitious vision for its future. The announcement of the Bank’s new logo and brand identity and its new slogan,  Together, we build tomorrow , follows the successful execution of Saudi Arabia’s largest merger between the National Commercial Bank and Samba Financial Group. The Bank's new logo and identity signify a fresh start, and the merged bank’s local and regional competitiveness, in keeping with its role of contributing to the Kingdom's Vision 2030 program. The new logo reflects the Bank’s financial stability, as well as its aspirations towards the future, and signifies the Bank’s leading position across the local and regional banking sector. The Bank has begun to integrate the new logo throughout its marketing and media materials a...

Saudi Cabinet reviews new anti-corruption initiative, pandemic progress ARAB NEWS June 09, 2021 RIYADH: The Saudi government reviewed a number of regional and global issues and developments in its weekly session on Tuesday. The meeting, which was chaired by King Salman virtually from Neom, touched on the Kingdom’s contribution to find solutions and address the crises in the region and the world at large, the Saudi Press Agency reported. The Cabinet also noted the status the Kingdom enjoys globally, after a recent report ranked the country first in the world in the response of government as well as of entrepreneurs to the COVID-19 pandemic. Cabinet also considered the 'Riyadh Initiative,’ which is aimed at establishing a Global Network of Operations to exchange information among anti-corruption agencies around the world. The ministers were briefed on the outcome of the first meeting of the Saudi Kuwaiti Coordination Council, including the arrangement reached and the memorandums of u...

Saudi Arabia to extend visas of expats in countries facing travel ban until July 31 Saudi passports directorate extended the exit and re-entry visas of expatriates stranded abroad until July The General Directorate of Passport said the visas will be extended automatically and without fees. The General Directorate of Passport said the visas will be extended automatically and without fees.  ARAB NEWS June 08, 2021 The extension is limited to expatriates from the 20 countries from which travel has been suspended Private PCR tests lab in Riyadh closed due to violations JEDDAH: On the directives of King Salman, the General Directorate of Passports on Tuesday extended the exit and re-entry visas of expatriates stranded abroad until July 7 without charging any fee. The extension applies to residents from countries placed on the red list that currently faces a travel ban due to the coronavirus disease (COVID-19) pandemic. The visas will be extended automatically and with immediate effect. ...

Saudi women allowed to live alone without permission from male guardian It follows legal amendment giving women rights to live independently Published:  June 09, 2021 16:24 Khitam Al Amir, Chief News Editor   The Kingdom recently introduced a legal amendment allowing an adult and rational woman to live by herself in a separate house without permission from her father or male guardian. Dubai: Saudi Arabia has officially allowed single, divorced or widowed women to live independently in a house without permission from father or any other male guardian, the Makkah newspaper reported. The landmark rule gives Saudi women the freedom to stay on their own in a separate accommodation without seeking approval from their male guardians. The Kingdom recently introduced a legal amendment allowing an adult and rational woman to live by herself in a separate house without permission from her father or male guardianship. Judicial authorities scrapped Paragraph B under article No. 169 of the ...

Saudi tourism app links beneficiaries to service providers TAREQ AL-THAQAFI June 05, 2021 The application gives the best options on the prices of rest houses, chalets and tourist services of all degrees MAKKAH: Tripper Online, an application providing an innovative interface to link Saudi tourism providers to customers in the Kingdom, will help tourists plan their holidays easily in future, according to a member of the Saudi team behind it. Abdul Aziz Bukhari, Tripper Online’s chief financial and technical officer, said the app would provide a platform for tourists wishing to enjoy all manner of trips and activities in the Kingdom to search for and deal with service providers. “We decided to start working and achieve all the requirements of the tourist market by designing an electronic platform that combines all these trips and services, and through which the providers of these services can provide beneficiaries with offers through applications on Android and iOS systems,” he told Arab...

Groups exempt from workplace attendance listed in Saudi Arabia ARAB NEWS June 05, 2021 Second doses of vaccines ‘only available for 5 categories at the moment’ MAKKAH: The categories of people exempt from workplace attendance in the Kingdom’s public, private and non-profit sectors have been announced by the Ministry of Human Resources and Social Development. They are people over the age of 60; those suffering from chronic lung disease or severe asthma and have been hospitalized at least once in the past six months; those with chronic heart disease (heart failure or coronary artery disease who have had at least one heart attack during the past year); those who have inherited immunodeficiency and anemia (thalassemia and sickle cell anemia); those with acquired immunodeficiency; people with organ transplants; people who use immunosuppressive or cancer treatment drugs; the severely obese with a body mass index of above 40; people suffering from chronic medical conditions such as uncontroll...

Saudi-backed real estate startup in talks to expand into KSA June 01, 2021 The company allows investors to buy shares in a property and earn regular returns in the form of quarterly dividends RIYADH: Stake, a Dubai-based financial technology (fintech) and real estate investment platform backed by Saudi investors, is in talks to expand into Saudi Arabia. Launched in December 2020 to disrupt the region’s real estate investment market, Stake is based in the FinTech Hive in the Dubai International Financial Centre. It was established by co-founders Rami Tabbara, a former senior vice president of sales at developer DAMAC, and Manar Mahmassani, a former managing director at Falcon Group and vice president at Deutsche Bank. The company allows investors to buy shares in a property and earn regular returns in the form of quarterly dividends. The entry-level for investors is 2,000 dirham ($544), all the way up to a third of the value of an individual property. Stake announced on Tuesday that it ...

 Saudi Arabia says real estate advertisers must be citizens Saudi Arabia is undergoing a house-building boom coupled with ambitious home-ownership targets.  ARAB NEWS June 04, 2021 The new controls are aimed at reducing fake real estate advertisements RIYADH: Only Saudis can advertise real estate in the Kingdom, according to the new Real Estate Ads Controls, issued by the General Real Estate Authority, Okaz newspaper reported. The new advertising controls are aimed at reducing fake real estate advertisements, enhancing its reliability and credibility. Controls also require the registry of the advertisers’ name on the National Single Sign-On platform (NAFAZ) provided that the advertiser is the owner of the property or a legal agent or a real estate broker under a written authorization or a court order. The Real Estate General Authority also issued the licensing and classification requirements for electronic real estate platforms to raise their reliability. The Authority stresse...