By Innovation-sa on November 1, 2018 in News
Saudi Arabia’s Minister of Justice Waleed Al-Sama’ani inaugurated the first labor courts in the Kingdom on Monday.
The specialized labor courts are a result of three years of continuous efforts by the Ministry of Labor and Social Development (MLSD) to increase transparency of the labor market and thereby boost investment and drive the economy towards development in line with the objectives of Vision 2030.
The minister said that all procedures at the new labor courts will be fully digitized to ensure speedy delivery of justice and better service to clients. He added that judges with diverse experiences were given sufficient training to handle labor cases.
Labor courts and panels started exercising their jurisdiction, as stipulated in the Civil Procedure Law, as of Monday, October 29, 2018.
The decision has also identified six minor types of cases that cannot be contested after a judgement has been issued by a first instance court. Cases with a financial claim less than SR20,000, claim of experience certificate, or worker’s documents kept by previous employer, and complaints against the decisions of the commissions on domestic employment fall in this category.
The Supreme Judicial Council also explained that cases registered at amicable settlement departments shall be referred to the labor courts and panels as soon as the courts began their works.
Moreover, competent departments shall continue to implement the decisions of commissions on labor dispute settlement regarding applications for enforcing the judgments of labor courts.
The labor courts will be connected to all government entities that deal with labor. The court will play a significant role in simplifying procedures and increasing the efficiency in conducting projects as well as ensuring employee’s security and protection at work.
Saudi Gazette – 30 October 2018
By Innovation-sa on October 31, 2018 in News
Saudi Arabia, the largest and most populous Gulf Cooperation Council (GCC) country, has more than 5,200 construction projects worth $819 billion underway, according to latest reports from BNC Network.
These projects account for 35 percent of the total value of active projects across the GCC countries, according to The Big 5 Saudi, the Kingdom’s premier construction event.
The construction sector’s immediate outlook is extremely promising and Saudi Arabia’s Vision 2030 along with significant investment in housing and infrastructure development promoted across the country by local authorities, are revitalizing the construction industry and generating interest in a growing number of international players, said Roni El Haddad, the event director of The Big 5 Saudi.
Moreover, a recent BMI Research forecasted that the Kingdom’s construction industry will expand by 6.13% every year from 2018 to 2022.
The report highlights the Kingdom’s urban construction sector, which is the largest contributor to the country’s construction sector, with 3,727 active projects worth over $386.4 billion. The King Abdullah Security Compounds (Phase Five) and the Grand Mosque Expansion, each worth $21.3 billion are some of the major urban construction projects in the Kingdom.
With 733 active projects valued at $95.6 billion, the utility sector is the second largest contributor to the construction sector followed by transportation sector with 500 projects worth $156.2 billion.
Asharq Al-Awsat – 29 October 2018
By Innovation-sa on October 31, 2018 in News
London-listed NMC Healthcare and Saudi Arabia’s Hassana Investment Company, has signed a memorandum of understanding (MoU) to establish a network of medical facilities across the Kingdom.
The joint venture targets to become one of the largest private healthcare operators in the Kingdom with a total investment of $1.6 billion and aims to provide employment to over 10,000 staff in the next five years.
“The Saudi government’s forward-looking and investor friendly policies make the Kingdom one of the most attractive destinations in the region for investment in the healthcare sector,” said NMC CEO Prasanth Manghat.
“The partnership between Hassana and NMC Saudi Arabia has ambitious growth plans across different health care sub-sectors. Both sides are committed to provide the highest standards of health services and boost revenues,” said Saad bin Abdul Mohsen Al Fadhli, CEO of Hassana, the investment arm of Saudi Arabia’s General Organisation for Social Insurance (GOSI).
The agreement is part of the “Invest in Saudi Arabia” initiative, launched within the National Transformation Program (NTP) 2020.
Arab News – 28 October 2018
By Innovation-sa on October 31, 2018 in News
NEOM, a mega investment and business special zone unveiled by Prince Muhammed last October at the Future Investment Initiative (FII) conference as part of plans to diversify the Kingdom’s oil dependent economy, has entered into its first phase of construction and works to develop the infrastructure of the first residential area at NEOM has already begun.
The proposed $500 billion NEOM will be the world’s first private zone to extend across three countries, Saudi Arabia, Egypt and Jordan. The 26,500-square km mega city will offer an open platform for investing and financing and the zone will be designed to function independent of the Kingdom’s rules and regulations.
NEOM will house a network of airports including an international airport with world-class standards. The first airport in the zone is expected to be inaugurated before the end of 2018 and bi-weekly flights will begin operating from the start of 2019.
The project planners of NEOM is working hard to ensure that the newly created towns and cities will create new ways of living, economy, trade and innovation and has identified 16 economic sectors to create a sustainable economy which would generate an estimated annual income of $100 billion.
NEOM primarily focusses on redirecting the outflow of investments and spending back into Saudi Arabia, which would eventually have a positive impact on the Kingdom’s GDP growth.
Backed by the Kingdom’s Public Investment Fund (PIF), NEOM will also strive to become the most efficient destination in the world by ensuring cent percent automation of all services and operations. In future, robots will take over repetitive and laborious tasks.
Arab News – 26 October 2018
By Innovation-sa on October 25, 2018 in News
The first day of Future Investment Initiative (FII) saw Saudi Arabia sign at least 25 deals worth more than $50 billion, of which 12 were described as “mega deals”.
The investment conference, hosted under the leadership of Crown Prince Muhammed bin Salman from October 23- 25 at Riyadh, struck major deals in oil, gas and infrastructure sectors including the second phase of Haramain high-speed railway, development of Saudi Land Bridge project,and a rail line connecting the Red Sea coast with Riyadh.
Backed by its sovereign wealth fund, the Public Investment Fund (PIF), the Kingdom also entered into deals with global companies like commodities trading house Trafigura Group, French oil giant Total SA, Hyundai Heavy Industries Co., Norinco, Schlumberger, oil-service provider Halliburton Co. and Baker Hughes. State owned oil giant Saudi Aramco signed 15 initial agreements worth $34 billion.
The business deals and projects come in line with the policies of Vision 2030, Saudi Arabia’s ambitious reform plan to reduce the country’s dependence on oil and gas revenues and diversify its economy.
The conference also counted dignitaries such as Saudi Crown Prince Muhammed bin Salman, Jordanian King Abdullah, Pakistan’s Prime Minister Imran Khan, Total CEO Patrick Pouyanne, and PepsiCo Vice Chairman Mohmood Khan among dozens of other global representatives.
The event, that debuted in the Kingdom last year is a global platform focussing on identifying future trends and opportunities, defining the future of industries and discussing how investment can contribute to overall global prosperity and development.
Arab News– 23 October 2018
By Innovation-sa on October 25, 2018 in News
Saudi Arabia revealed plans to establish a Special Economic Zone (SEZ) at King Khalid International Airport in Riyadh to attract more foreign investment to the country, the Saudi Press Agency (SPA) reported.
SEZ, the first of its kind in the world will focus on integrated logistics and will have its own set of simplified rules and regulations to attract multinational companies to the Kingdom.
A royal decree has already been issued to approve the regulations of the Integrated Logistics Bonded Zone (ILBZ) and the General Authority for Civil Aviation has been assigned its establishment and operation as the zone governing body.
The ILBZ is in line with the plans of Vision 2030 to bring in more foreign investment into various sectors in the Kingdom, such as ICT, tourism and financial services. This ILBZ concept and regulations were developed in close collaboration with prospect anchor tenants, reflecting the new way of doing business in Saudi Arabia, where the private sector, both local and international, are considered true partners in success.
Arab News– 22 October 2018
By Innovation-sa on October 22, 2018 in News
Saudi Arabia’s Public Investment Fund (PIF) revealed that the second annual Future Investment Initiative (FII) hosted under the leadership of Crown Prince Muhammed bin Salman will be held in Riyadh from October 23 – 25 under the participation of thousands of delegates from all over the world.
The economic forum nicknamed ‘Davos in the Desert’ will serve as a revolutionary platform to shape the future of global investment through an immersive 3-day program featuring more than 40 individual plenaries, private meetings, curated roundtables, world-class entertainment, unparalleled CEO networking and deep engagement with global media.
The event will examine how investment can be used to drive growth opportunities, fuel innovation and tackle global challenges and its taskforce sessions will be focussed on three core themes- Investing in Transformation, Technology as Opportunity, and Advancing Human Potential.
“FII is a global platform focused on identifying future economic trends and opportunities, defining the future of industries and discussing how investment can contribute to overall global prosperity and development,” said PIF on Monday.
Key sessions at the summit include One world, Power Moves, Capital Flows, Market Drivers, Digital Currency, Better Business, Immersive Technology, Frontiers of Health, Urban Future and Giga-project showcase such as Saudi Arabia’s ambitious programs NEOM, Red Sea and Qiddiya.
By Rohit Kulkarni on October 21, 2018 in Uncategorized
Modern Business is complicated and complex. In order to succeed, businesses have to not only ensure that the product they are providing is commercially viable, but also that it is unique as well as interesting. But that alone does not guarantee success. Cost cutting and business process efficiency is another aspect that helps in running a business smoothly and ensuring profitability. This mindset gives rise to the concept of outsourcing non-core activities such as bookkeeping, payroll, and accounting in the Kingdom of Saudi Arabia.
There are various advantages in outsourcing activities such as Bookkeeping, Payroll, and Accounting that can allow your business to grow and help you save costs wherever possible. The benefits of outsourcing in KSA are numerous and unprecedented. But let’s discuss the major benefits.
Specialization in core-business activities achieved:
The main revenue generating activity of a business in Saudi Arabia is production for a manufacturing concern or rendering service for a service-based company. Thus, if ancillary activities such Payroll, Human resource, Bookkeeping and Accounting are outsourced, then a company can focus entirely on its operations department that handles the production of goods and services and getting these services to customers. When a company’s major focus is on their customers and their product, then a higher level of specialization and efficiency can be accomplished.
You can end up saving a lot of money by outsourcing in Saudi Arabia. This should be a no brainer that outsourcing saves you money as you don’t have to hire employees for Payroll and accounting departments. All the employee related expenses such as salaries, compensation packages, employee wellness program contributions, insurance premiums etc. are not present. This in turn allows you to save tons of money, and the money that you have to pay to outsourcers is extremely low as compared to the former costs.
BPO’s specialize in Payroll and Accounting processes and are experts in every latest methodology developed for carrying out these activities, because that is their Core Business. They utilize latest technologies as well as software available in the market to carry out their operations. Some companies even go the extra mile by preparing their own software for this purpose. This leads to near perfect accuracy, reduction in time consumed for carrying out the operations, on time process and method implementation. Also, this allows the company that is outsourcing its process to focus on its main business.
Saudi Arabia has a huge potential for new businesses and most of these companies do not want to hire extra employees for Bookkeeping, Payroll and Accounting. Innovation-sa offers these services at a fair price while providing excellent outsourcing options.
By Innovation-sa on October 15, 2018 in News
The World Economic Outlook (WEO) report published by the International Monetary Fund projected a 2.2 percent increase in Saudi economic growth in 2018 followed by 2.4 percent in 2019.
Meanwhile, the report, which will be discussed during the annual IMF and World Bank meetings at Bali, Indonesia, exposes a drop in global growth projections and reductions in growth estimates for most developed and emerging economies in 2018 and 2019.
The IMF’s vote of confidence is a proof of the effectiveness and positive impact of economic reforms and fiscal measures implemented by the Saudi government in line with the Fiscal Balance Program and Vision 2030, said Mohammed bin Abdullah Al-Jadaan, the Saudi Minister of Finance.
He further said that the public-finance strategy undertaken by the Kingdom will reduce deficit rates, enhance sustainability, develop social-spending habits, modernize infrastructure, stimulate the private sector and develop the service sector to support economic growth and employment in the medium term.
Saudi Arabia’s gross domestic product (GDP) increased by 1.4 percent during the first half of 2018, in contrast to a GDP fall of 0.8 percent last year during the same period. He added that the structural economic reforms are expected to boost growth in the medium and long term.
Arab News– 13 October 2018
By Innovation-sa on October 10, 2018 in News
Saudi Arabia’s Ministry of Energy, Industry and Mineral Resources confirmed that the Kingdom is on track to implement several renewable energy mega projects worth billions of dollars in line with the goals of Vision 2030.
The projects, which plans to generate 200 megawatts of electricity from solar energy by 2030 is working in collaboration with the Public Investment Fund (PIF), SoftBank and other related authorities.
Abdulrahman Bin Abdulkareem, advisor to the Minister of Energy, Industry and Mineral Resources, promised at least $200 billion worth of investment opportunities in the solar energy sector and reassured that the Kingdom is on track to become a global leader in solar energy while speaking at the 11th annual Arab Energy Forum in Morocco.
The Ministry has outlined several short-term experimental projects and has also invited global investors, consultants, and contractors to participate in these projects.
“The PIF continues to work with the SoftBank Vision Fund and other institutions on a number of large scale, multi-billion-dollar solar projects which will be announced at the appropriate time”, the Saudi Press Agency (SPA) said in a press release reassuring that the Kingdom is moving ahead with its dream to become a leading and reliable supplier of renewable energy.
The Ministry also explained the three elements of its comprehensive power sector transformation plan – restructuring the electricity market to improve competitiveness and raise its capability to attract investments from the private sector, introducing a qualitative change in the energy blend being used in the Kingdom and its related technologies so as to include a significant capacity of renewables, primarily solar, but also wind, and investing, industrializing and localizing all stages of the added value series in the electricity sector.
SaudiGazette –October 2018