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The Public Investment Fund(PIF) unveiled the establishment of a new investment fund, called “Fund of Funds”, to aid small and medium enterprises(SMEs). With a capital of SR4 billion at its disposal, the Fund will call for greater activity in the private sector to boost gross domestic product (GDP) through venture capital and private ownership investments. […]

Women to drive in Saudi Arabia from June 2018 In a historic decision on September 26, 2017, Custodian of the Two Holy Mosques King Salman issued orders to grant driving licenses to women in the Kingdom. According to reports from The Saudi Press Agency, the royal order will come into force from Shawwal 10, 1439, […]

Saudi market regulator loosens asset management rules The Capital Market Authority (CMA), announced that Saudi Arabia’s markets regulator loosened its rules for licensing asset management and other investment firms. The revised rules will Reduce requirements for obtaining a “management activity” license. Lower the minimum net assets required for a company to be considered an “investment company” […]

SAMA to launch digital currency for banks The Saudi Arabian Monetary Authority (SAMA) is planning to implement a pilot project to issue a virtual/digital currency that will only be traded among banks. There are no plans to issue a digital currency for trading between individuals and companies. SAMA plans to dispense with SR 1 currency notes […]

Third phase feminization of shops The Ministry of Labour and Social Development is going to launch on Oct. 21 the third phase of feminization of all shops selling women’s accessories. Ministry’s spokesman Khlaid Aba Al-Khail said the third phase includes shops and stalls selling ladies perfumes, shoes, bags, stockings, ready made garments, textiles, wedding dresses, formal […]

Saudization of Insurance Agents Saudi Arabian Monetary Authority (SAMA) issued a decision on October 8, 2017, stating that all insurance companies should reach 100% Saudization by Feb. 1, 2018. Non-Saudis are prohibited from selling or marketing insurance products to individuals whatever their job titles or contractual relations with insurance companies or intermediary companies or insurance […]