“Any employer who enables his workers to work for others or to be self-employed shall be subject to these penalties: A fine up to SR100,000 ($27,000), deportation if he is an expatriate in the Kingdom, imprisonment for a period up to six months, or a ban from recruitment for a period up to five years....Read More
Saudi Arabia has become one of the most attractive markets for international companies pursuing new mergers and acquisitions, and it is set to maintain its position in 2022.The kingdom’s growth stood at 6.8 percent for the third quarter. This is owed to rising world demand for crude oil, ambitious Saudi Vision 2030 targets, cutting the...Read More
In the light of celebrating “Saudi Day” at Expo 2020, Invest Saudi, the Kingdom’s investment promotion platform managed by the Ministry of Investment (MISA), hosted the Saudi Arabia Business Briefing to showcase innovative investment opportunities in the Kingdom’s business ecosystem.The event highlighted the major untapped potential in the Kingdom to attract new and existing investors....Read More
MENA mergers and acquisition deals reached $109bn in 2021. At the top of the list, the kingdom saw the most action, with $27.3 billion in mergers and acquisition activity, constituting half of the deals recorded in the region. The number of deals signed off in 2021 was up 40 percent compared to the previous 12...Read More
The Council of Ministers approved the law for the protection of the rights of the elderly people and their care. Custodian of the Two Holy Mosques King Salman chaired the virtual session of the Cabinet.The new move is a landmark initiative aimed at enhancing the status and well-being of the elderly, as well as maintaining...Read More
The Ministry of Hajj and Umrah has accomplished a new draft law governing the affairs of domestic Hajj pilgrims.According to the provisions of the law, a maximum fine of SR500000 will be on violators of the regulations.The draft law restricts the service provider from concluding Hajj service contract with those wishing to perform Hajj from...Read More
Minister of Human Resources and Social Development Ahmed Al-Rajhi approved the executive regulations of the Job Discipline Law.The executive regulations state that one or more committees would be formed in the government entity to look into violations committed by employees and investigate them.Committee members are barred from examining or investigating violations of their direct managers...Read More
Saudi cabinet approved the law of evidence to develop the legislative system.Prince Mohammed said the law meets the requirements of developments in social and economic aspects of life.The law of evidence will achieve a “major qualitative leap in the judicial legislation system, the crown prince said.Prince Mohammed thanked King Salman for his constant support for...Read More
The Ministry of Justice (MoJ) said that the enforcement sector recorded excellent progress in 2021 in terms of digital transformation.The enforcement e-system (Tanfith) was launched at enforcement courts to improve efficiency and save clients time and effort.The courts received over 800,000 applications that were processed fully electronically. This move reduced the procedural steps and consolidated...Read More
Saudi Central Bank (SAMA) updated rules for practicing debt crowdfunding activities.The rules were earlier published on the Public Consultation Platform to seek public opinions before being updated.The new rules of practicing debt crowdfunding aim to redefine beneficiaries, to include all commercial establishments registered in the Kingdom, which seek to raise finance through the debt crowdfunding...Read More
