By Innovation-sa on January 23, 2018 in News

Saudi Arabia’s Minister of Justice Waleed Al-Samaani issued a statement on Monday granting permission to lawyers from all Gulf Cooperation Council (GCC) countries to practise law in the Kingdom. The updated executive regulations of the Kingdom’s legal system stipulate that for a foreign law firm to complete its registration in the Kingdom, each of its partner must be licensed to practise law in the…

By Innovation-sa on January 23, 2018 in News

The Saudi Commission for Tourism and National Heritage (SCTH) stated that the rules and regulations regarding issuance of tourist visas to Saudi Arabia will be published by the end of March and any media reports being circulated regarding the requirements, details and nationality specifications are mere speculations and mostly based on discussions that have not yet been validated. According to the Saudi Press Agency…

By Innovation-sa on January 22, 2018 in News

Saudi Arabia strengthened its 60-year-old trading relationship with Japan on Sunday by granting three investment licenses to Japanese companies and signing six Memoranda of Understanding (MoUs) with Japan in the fields of finance, administration, renewable energy, scientific and technological services, and industrial sector. The MoUs were signed at the Saudi-Japanese Business Forum, a forum organized by Saudi Arabian General Investment Authority (SAGIA) to discuss…

By Innovation-sa on January 22, 2018 in News

Saudi Aramco’s Chief Executive Officer Amin Nasser announced that the state-owned oil giant’s initial public offering (IPO) is on track for the second half of this year. However, Aramco is awaiting the government’s decision regarding the listing of venue. The government will decide where the stock will be traded, not the company, Nasser told reporters at the company’s headquarters. “We want to see if…

By Innovation-sa on January 22, 2018 in News

Jeddah Economic Company (JEC) has signed an infrastructure deal worth SR 620 million with Al-Fouzan General Contracting Company on Tuesday for the infrastructure development of Jeddah Tower and Jeddah Economic City around it. According to the contract, Al-Fouzan General Contracting Company will complete the scheduled infrastructure work within a year. The project, earlier named as Kingdom Tower, is undertaken by JEC with the partnership…

By Innovation-sa on January 14, 2018 in News

The Council of Cooperative Health Insurance announced that hospitals can provide treatment to patients seeking immediate medical attention even before obtaining approval from insurance companies. However, hospital authorities should inform the insurance companies within 24 hours of receiving a medical case. Insured citizens must be familiar with the policies of insurance companies, well versed about the complexity of cooperative health insurance system and fully…

By Innovation-sa on January 14, 2018 in News

The Saudization of car rental sector will commence on March 18, 2018, announced Khaled Abu Al-Khail, spokesman of the Ministry of Labor and Social Development. The owners of car rentals are advised to complete Saudization before the deadline to avoid penalties. Once completed, the initiative is expected to generate some 200,000 part-time and full-time jobs for Saudis in the next three years. As more…

By Innovation-sa on January 14, 2018 in News

The Ministry of Labor and Social Development (MLSD) deposited the second installment of SR 2.1 billion into the Kingdom’s household allowance program, informed Citizen’s Account program director Ali Rajhi. Known as the Citizens Account, the initiative is designed to provide financial assistance to low- and middle-income Saudi families and to support them from the direct and indirect impact of energy price hike as well…

By Innovation-sa on January 14, 2018 in News

The Saudi Commission for Tourism and National Heritage (SCTH) announced that women over 25 years of age will be granted tourist visa to travel to Saudi Arabia provided that she is part of a tourist group. However, it is mandatory for women under 25 to be accompanied by a family member. Tourism agencies arranging visits to Saudi Arabia must be licensed by the pertinent…

By Innovation-sa on January 8, 2018 in News

The General Authority of Zakat and Tax (GAZT) announced that all lease-to-own and rent-to-own (Ijara) contracts of assets like real estate or cars concluded before January 1, 2018 will not be liable to pay Value Added Tax (VAT). GAZT clarified that such contracts are viewed as non-continuous supplies and therefore VAT will not be collected for these contracts on the remaining installments after January…