Itmam Updates: The kingdom of Saudi Arabic issued a new draft of consumer protection recently. The law will ensure a successful experience for the consumer and operator.The provisions of the law apply to the contracts ceased with customers, whether they are model versions prepared by the operator or specially negotiated.The operator shall explain the terms,...Read More

Itmam Updates: A Saudi citizen and Syrian resident were defamed by the Saudi Ministry of Commerce after being guilty of defrauding heavy equipment trade-in Dammam.The accused were referred to the Public Prosecution and eventually to the courts as per anti-cover-up (Tasattur) laws.The issue uncovered a commercial Tasattur in a contracting facility where a citizen enabled...Read More

Itmam Updates: The Kingdom of Saudi Arabia has published its first-ever comprehensive data protection law.The Personal Data Protection Law (PDPL) aims to protect individuals’ personal data privacy and regulate organizations’ collection, processing, disclosure, or retention of personal data.The Saudi Authority for Data and Artificial Intelligence will supervise the initial implementation and enforcement of the law...Read More

Itmam Updates: Micro, small and medium enterprises are witnessing promising growth due to the strong customer demand and the steady increase in lending SME in Saudi Arabia.By providing SR2 billion ($533 million) to Saudi entrepreneurs in 2021, the kingdom ranked second in MENA in startup funding activities.Saudi banks and finance companies have been at a...Read More

Itmam Updates: As a step to boost its efforts in fighting fraud and scams, SAMA calls on banks to suspend the option of opening online accounts for individuals or institutions to achieve better security.The new measures came as an increase in fraud has been marked recently due to the impersonation of platforms that sell goods...Read More

Itmam Updates: The Ministry of Investment is drafting a new Investment Law to ensure equal treatment for local and foreign investors.The law aims to support the principle of competitive neutrality and fairness and ensure equal treatment of direct investments made by public and private investors.The local and foreign investors will be subject to the same...Read More

The Saudi Ministry of Justice has launched debt statement e-services through the Najiz.sa portal that deals with debt acknowledgments, debt waivers, and the acknowledgment of debt repayments.E-services are part of the digital transformation and development promoted by the Saudi Ministry of Justice in diverse sectors.The debt acknowledgment service enables the client (the borrower) to certify...Read More

Approved in 2020, the Saudi mining law will enable foreign investors easier access to the under-developed market in the Kingdom.The law was formed to facilitate the process of obtaining licenses and attract investors to the sector by reducing administrative discretion, bureaucracy, and other possible hurdles.The Ministry of Industry and Mineral Resources had advisory sessions with...Read More

The economy of Saudi Arabia expanded 6.8 percent in the fourth quarter of 2021, maintaining the speedier pace of annual growth in almost a decade as high oil prices boost the kingdom’s income and drive its recovery from COVID-19.According to preliminary estimates released by the General Authority for Statistics, the non-oil gross domestic product gained...Read More

Saudi Arabia needs to invest in its digitally-ready population to leapfrog into the digital economy, according to a top executive at Huawei.According to Saudi Arabia’s General Authority for Statistics, 69 percent of the population is 35 years old or younger.Safder Nazir, senior vice-president of digital industries at Huawei Middle East, said that “What you’ve got...Read More