By Innovation-sa on June 10, 2018 in News

In a move to protect the Kingdom’s natural environment and wildlife and to transform them into tourist destinations, Custodian of the Two Holy Mosques King Salman issued a royal decree establishing the Council of Royal Reserves under the chairmanship of Crown Prince Muhammed bin Salman. Nine areas have been designated as royal reservations and their board of directors has been appointed to help promote…

By Innovation-sa on June 10, 2018 in News

Saudi Arabia, the world’s top crude exporter has seen a boost in its revenues after the recent surge in oil prices, noted Capital Economics, a London-based think-tank group on Tuesday. The Kingdom has pulled itself out of recession and depicted a 1.5 percent economic growth in the first quarter of 2018, after having shrunk by 0.7 percent last year. Oil prices escalated to approximately…

By Innovation-sa on June 4, 2018 in News

Saudi Arabia is all set to adopt a digital platform in line with the objectives of Vision 2030. Mohammed Al-Jadaan, the Kingdom’s Finance Minister announced obtaining King Salman’s royal decree which calls for suspending paperwork of all procedural and financial transactions, in a final transitional move towards e-governing. The ruling ordered all ministries and government agencies to install a digital system within 60 days…

By Innovation-sa on May 30, 2018 in News

The General Authority of Zakat and Tax (GAZT) urged value-added tax (VAT) registered companies and entities whose annual value of taxable goods and services exceed SR40 million to file their tax declaration for the month of April by May 31, 2018. Meanwhile, enterprises whose supplies of taxable goods and services total SR40 million or less are required to file their tax declarations every three…

By Innovation-sa on May 30, 2018 in News

In line with the government directives to unify paydays for all state employees according to the Gregorian calendar, the General Organization for Social Insurance (GOSI) announced that it will switch to the Gregorian calendar from June for the payment of pensions to retired employees and to family members of the deceased retirees. In accordance with the social insurance system, the organization will deposit pensions…

By Innovation-sa on May 30, 2018 in News

The Ministry of Commerce and Investment registered Saudi Arabia’s Red Sea project as a standalone closed joint-stock company, The Red Sea Development Company (TRSDC), solely owned by the country’s sovereign wealth fund, the Public Investment Fund (PIF). The PIF, headed by Crown Prince Muhammed bin Salman, will inject initial investments into the project and later start partnerships with international companies. The ministry appointed John…

By Innovation-sa on May 27, 2018 in News

The Saudi Arabian Monetary Agency (SAMA) announced that it will start withdrawing one-riyal notes from the market from Thursday and new riyal coins will replace the notes. However, SAMA confirmed that paper currencies will still be traded alongside the new coins until all one-riyal notes are gradually withdrawn from the markets. Earlier in December 2016, SAMA had unveiled the sixth issue of Saudi currency…

By Innovation-sa on May 27, 2018 in News

The Saudi domestic banks, which are working to capitalize on economic reforms, have cumulatively reported a 7.5 percent year-on-year growth and an 18 percent quarter-on-quarter increase in net profit for the first quarter of 2018, despite slight recessionary trends, said a report published by Moody’s Investors Service on Wednesday. According to Moody’s, interest expenses in Saudi banks declined by 12.5 percent year-on-year and 2…

By Innovation-sa on May 22, 2018 in News

The high-speed Haramain Express train connecting the holy cities of Makkah and Madinah will roll out this September with four trains per week, in the beginning, followed by daily services by September 2019, the Spanish consortium building the project announced on Thursday. The 300kph high-speed intercity rail transport system linking Madinah and Makkah via King Abdullah Economic City (KAEC) and King Abdul Aziz International…

By Innovation-sa on May 22, 2018 in News

Saudi Arabia’s Directorate General of Traffic has called on women with foreign licenses to have them replaced with a Saudi license. The official Twitter account of the Directorate tweeted: “We invite all citizens and residents of the Kingdom who wish to replace their valid driving licenses which they have obtained from other countries with a Saudi driving license through registering their information via the…