By innovation-sa on October 30, 2017 in News

The Minister of Labor and Social Development, Dr. Ali Al Ghafis issued an order granting permission to employ non-Saudi mothers of Saudi children and non-Saudi children of Saudi women in those sectors which had earlier been limited only to Saudi nationals. The revised Saudization program (Nitaqat) will treat any employee falling in the above category as Saudi citizens. This will be an added benefit…

By innovation-sa on October 30, 2017 in News

Saudi Arabia unveiled plans to build an independent mega city, investment and business zone in the north-western region of the country, backed by a capital of $500 billion. The 26,500-square km mega city will span across the coast of Red Sea and Gulf of Aqaba, spreading across Egypt and Jordan, making it the world’s first private zone to extend across three countries. The special…

By innovation-sa on October 30, 2017 in News

Saudi Arabia’s Public Investment Fund (PIF) revealed plans to nearly double the value of assets it manages by 2020. PIF, which is currently managing assets worth around $230 billion, plans to raise its value to $400 billion in the coming years. The funding is expected to come from proceeds of privatisation of state owned assets, including 5 percent of oil giant, Saudi Aramco. The…

By innovation-sa on October 30, 2017 in News

SoftBank Vision Fund(SBVF), backed by Japan’s SoftBank Group, claimed a return of $3 billion during its first five months of collaboration with Saudi Arabia’s Public Investment Fund (PIF). PIF earlier committed to invest up to $45 billion in SBVF over the next five years, in an effort to diversify the Kingdom’s portfolio beyond oil assets. Masayoshi Son, the ambitious founder and CEO of Japan’s…

By innovation-sa on October 30, 2017 in News

The government of Saudi Arabia approved plans to issue tourist visas for the country, reported Al-Watan newspaper. During the first phase of its implementation, visas will only be made available to tour groups through authorized tour operators. The Public Investment Fund (PIF) would play a key role in promoting tourism in the Kingdom and has undertaken several projects recently. Under the new initiative, Saudi…

By innovation-sa on October 28, 2017 in News

Saudi Arabia has shown a huge progress in corruption control in the World Bank Indicator report, according to a statement published by National Anti-Corruption Commission (Nazaha). The Kingdom advanced 18 points in the corruption control indicator in 2016, in comparison to 2015 making this the country’s most significant improvement in the World Bank indicator report since 1996. Every year World Bank publishes reports in…

By innovation-sa on October 28, 2017 in News

The auction launched by Riyadh Metro on Sunday invited private companies to name and advertise in select metro shops, which is expected to open in 2019. Local and international companies licensed in the Kingdom will be eligible to bid for naming and advertising rights at 10 stations, cited officials from Arriyadh Development Authority (ADA), who oversees the metro project. The last date for the…

By innovation-sa on October 28, 2017 in News

As Value Added Tax (VAT) is about to take effect in the Kingdom from January 2018, the official VAT twitter account announced that housing rents and government funded services are exempted from VAT levies. Few of the governmental services cleared from VAT include passport and driver’s license renewal. The Kingdom will be the first GCC member to implement VAT levies from January 2018. The…

By innovation-sa on October 28, 2017 in News

Saudi Arabia will host the first World Boxing Super Series Cruiserweight final in May next year as well as its first-ever worldwide motorsport event, Race of Champions, featuring stars from Formula One, World Rally Championship, IndyCar, NASCAR, sportscars and touring cars competing against each other. For the very first time in the event’s 30-year history, Riyadh will host Race of Champions early next year….

By innovation-sa on October 28, 2017 in News

Public Investment Fund (PIF) has announced the establishment of National Energy Efficiency Services Co., with a capitalization of SR1.9 billion. According to a statement by the Saudi Press Agency(SPA), the new company has been established to stimulate the growth of the Kingdom’s energy efficiency industry, in line with the objectives of Vision 2030 to diversify the economy and boost environmental sustainability. In association with…