By innovation-sa on October 28, 2017 in News

Saudi Arabia’s Ministry of Commerce and Investment issued 87,575 commercial registrations for businesswomen by the end of 1438H. The Ministry of Commerce and Investment has undertaken a wide range of programs recently to boost women’s contribution to the National Economy, a giant leap to the realization of Vision 2030. Business licenses were issued in several sectors, notably: trade, manufacturing, communications, information technology, real estate,…

By innovation-sa on October 28, 2017 in News

Saudi Arabia aims to supply electricity to Ethiopia through its grid in Egypt within the next three years, revealed Minister of Energy, Industry and Mineral Resources, Khalid Al-Falih. Saudi Arabia’s interconnection with Egypt is expected to generate 3,000 megawatts in 2020. Moreover, through its planned grid in Turkey, the Kingdom also targets European countries in future. Al-Falih also confirmed the Kingdom’s decision to generate…

By innovation-sa on October 28, 2017 in News

General Organization of Social Insurance (GOSI) reports for the first half of 2017 revealed that the number of Saudi female engineers registered with GOSI outnumbered their non-Saudi counterparts. While the number of Saudi engineers reached 17,415, the non-Saudis stood at 2,843. Out of 2.8 million engineers registered with GOSI, 92 percent are non-Saudis. In a move towards limiting expatriate worker’s control over the labor…

By innovation-sa on October 28, 2017 in News

Kingdom’s International brand value escalated by 19 percent making it the second most valuable brand in the Middle East after the UAE, says research published by London-based business-valuation consultancy Brand Finance. With a brand value of $575 billion, Saudi Arabia ranks 22nd globally whereas USA tops the chart with a brand value of $21.1 trillion. Andrew Campbell, Brand Finance managing director in the Middle…

By innovation-sa on October 28, 2017 in News

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. The Fund will also remove obstacles to the growth…

By innovation-sa on October 19, 2017 in News

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, corresponding to June 24, 2018. 26 September 2017

By innovation-sa on October 19, 2017 in News

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” from 50 million riyals ($13 million) to 10 million…

By innovation-sa on October 19, 2017 in News

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 and issue coins for this denomination instead. SAMA is taking…

By innovation-sa on October 19, 2017 in News

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 wear, abayas, robes, mother care equipment’s, and pharmacies in…

By innovation-sa on October 16, 2017 in News

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 agencies. In addition, Insurance companies should provide periodic reports…