Saudi Laws Update

  MoC warns against forex promoters' usage of public figures to defraud victims May 23, 2022 The Ministry of Commerce (MoC) has warned people against the use of public figures as forex trading promoters in order to lure and defraud victims. Saudi Gazette report RIYADH —  The Ministry of Commerce (MoC) has warned people against the use of public figures as forex trading promoters in order to lure and defraud victims. The ministry said that unlicensed forex promoters use stories and public figures in their advertisements to deceive, trick and defraud people. It is noteworthy that the Saudi Central Bank (SAMA) has recently announced several campaigns warning clients to beware of unauthorized activities in the foreign exchange market (Forex). The Ministry of Commerce (MoC) has also issued earlier a severe warning against the Forex fraudsters. It stated that "Do not lose your money because of your dealings with people or entities who promote unlicensed foreign exchange transactions...

  Ministry of Commerce blocks 7 e-stores owned by Saudi company May 18, 2022 The Ministry of Commerce (MoC) announced that it has blocked 7 e-stores owned by a Saudi company due to its violation over the e-commerce system and its executive regulations. Saudi Gazette report RIYADH —  The Ministry of Commerce (MoC) announced that it has blocked 7 e-stores owned by a Saudi company due to its violation over the e-commerce system and its executive regulations. The ministry said that the stores had violated the e-commerce system by misleading the consumers and not complying with their contractual rights. It confirmed that the Department of Monitoring of Electronic Stores discovered the violation. It monitored, through its electronic follow-up, the violation of these stores of the e-commerce system and its executive regulations. The ministry revealed that the monitored stores are e-stores that market clothing products for women's and children's supplies, as well as furniture and elec...

  Commerce Ministry comes up with urgent measures to tackle delay in delivering cars to consumers May 12, 2022 Saudi Gazette report RIYADH  — The Ministry of Commerce directed car dealers to give individual consumers priority in providing the most demanded cars, as well as reduce the percentage of cars allotted to distributors and showrooms. This is one of the 10 urgent measures announced by the ministry on Wednesday to tackle delay in delivering cars to consumers. Nearly one month ago, the ministry had  said that it is investigating into complaints about car agencies giving preference to selling new cars to car showrooms and dealers, and delaying delivery of cars to consumers on the basis of their requests and bookings and that on the pretext of non-arrival of vehicles.  The ministry stated then that it is verifying the number of cars sold by agents to showroom dealers and comparing them with the number of cars sold to consumers directly. It also investigated the pr...