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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 […]