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Saudi Arabia has signed a deal with US group Nasdaq to upgrade its stock market infrastructure by the end of 2020. The Kingdom has a rapidly growing stock market with a capitalization of $450 billion. Kingdom’s stock exchange Tadawul said that Nasdaq technology would create a new central counter-party clearing system for the Saudi market […]

To fulfill its dream of attaining self-sufficiency in nuclear fuel production, Saudi Arabia has invited US companies to cooperate with the Kingdom to set up its nuclear power plants. Saudi Arabia’s Minister of Energy, Industry and Mineral Resources Khalid Al-Falih emphasized that the Kingdom is only interested in developing nuclear technology for civilian use and […]

Saudi Arabian and Iraqi companies signed 18 memorandums of understanding in the energy sector at the seventh session of Iraq International Oil and Gas Conference and Exhibition. The MoUs were signed in the presence of Saudi Minister of Energy, Industry and Mineral Resources and Chairman of the Board of Directors of Saudi Exports Development Authority […]

Saudi Arabia’s oil giant Saudi Aramco and chemical firm Saudi Basic Industries Corp (SABIC) have signed a memorandum of understanding (MoU) to establish an innovative crude oil to chemicals (COTC) complex worth $20 billion. The planned COTC, which is expected to be the largest project in the world to convert crude oil to chemicals, and the first […]

The Ministry of Commerce and Investment said that there has been an increase of 93 percent in tasattur cases under probe in the Kingdom in 2017. As many as 781 cases of expatriates doing business in the names of Saudis for a fixed fees were brought to the attention of the attorney general before going […]

The Ministry of Labor and Social Development announced that gold and jewellery shops employing expatriates will be imposed a fine of SR 20,000 for each non-Saudi employee after December 3, 2017. Khaled Aba Al-Khail, spokesman of the Ministry of Labor and Social Development, said permanent inspectors will be appointed in malls and markets to track […]

With the Saudization of gold and jewellery shops to commence in 5 days, hundreds of shops are at a threat of closing down soon. The Ministry of Labor and Social Development issued an order last month demanding gold and jewellery shops to adhere to the Minister’s decision issued earlier in 2007 to nationalize gold and […]

With the introduction of Value Added Tax (VAT) from January 1, 2018 the Kingdom will witness a sudden increase in price of goods and services. Khalid Al-Zaidi, a financial analyst and director of Jeddah based Al-Zaidi Financial Education Center, said the increase in price followed by a drop in demand for goods will affect businesses […]

Saudi Arabia’s Council of Cooperative Health Insurance warned hospitals and health facilities against demanding a cash payment from insured patients. The Council received several complaints against hospitals that refused to accept insurance claims and forced patients to pay in cash. Yasser bin Ali Almuaarek, spokesman for the Council of Cooperative Health Insurance, reminded that this […]

The Communication and Information Technology Commission (CITC) announced that entering ID number or Iqama number along with prepaid card number is not required for recharging pre-paid mobile phones from November 15 onwards. Earlier in 2012, CITC made it necessary to enter iqama number while charging, recharging and transferring balance via prepaid cards. Its aim was […]