By Innovation-sa on January 2, 2019 in News

Saudi Arabia is committed to settle all outstanding payments owed to private sector companies by the Saudi government as soon as possible, announced Kingdom’s economy and planning minister Mohammed Al-Tuwaijri. A major setback faced by the Saudi government following fall in oil prices since mid-2014 led them to cut-down several projects and delay payments to several contractors and suppliers. In addition, some settlements were…

By Innovation-sa on January 2, 2019 in News

Saudi Arabia’s biggest lender by assets, the National Commercial Bank (NCB), started preliminary merger talks with smaller rival Riyad Bank, eyeing a deal that would create an entity with $182 billion in assets. The deal comes two months after the first major tie-up of the country’s banking sector in recent times between Saudi British Bank (SABB) and Alawwal Bank to create the Kingdom’s third-biggest lender. The planned…

By Innovation-sa on November 25, 2018 in News

According to the latest amendment made by the Council of Ministers to the Labor Law and the System of Labor Courts, disputes that are more than twelve months old after the termination of the contract between the employee and the employer will not be accepted by labor courts.   The Kingdom’s newly established labor courts will accept such cases only if the claimant can…

By Innovation-sa on November 25, 2018 in News

The survey report published by Talent Shift research conducted by Korn Ferry highlighted that 60 percent of Saudi business executives who participated in the survey predicted at least 28 percent growth in their businesses in Saudi Arabia by 2020 and a growth of one-third by 2030.   A major challenge that the Kingdom is going to face could be a talent deficit and 46…

By Innovation-sa on November 14, 2018 in News

Custodian of the two Holy mosques King Salman launched more than 600 development projects worth SR16.5 billion in Qassim region in the presence of Crown Prince Muhammed bin Salman, deputy premier and minister of defence, and several princes, ministers and high-ranking officials on Wednesday.   King Salman initiated 402 projects worth SR12.15 billion falling in 12 diverse sectors and laid the foundation stone for…

By Innovation-sa on November 14, 2018 in News

The labor market bulletin published by the General Authority for Statistics (GaStat) stated that about 48,000 Saudi women entered the job market in the second quarter of 2018 marking an increase of 8.8 percent in comparison to the previous year.   The department of nationalization of jobs at the Ministry of Labor and Social Development is working tirelessly on developing remote employment centre to…

By Innovation-sa on November 12, 2018 in News

Saudi Aramco and SABIC have announced Yanbu as the site for development of an integrated industrial complex to convert crude oil to chemicals (COTC), the first of its kind in the world.   The establishment of the complex will contribute to creating opportunities for setting up small and medium enterprises and factories and play a key role in national economic diversification as well as…

By Innovation-sa on November 12, 2018 in News

Saudi Arabia’s Crown Prince Muhammed bin Salman inaugurated a program to build the first nuclear research reactor in the Kingdom during a visit to King Abdulaziz City for Science and Technology (KACST), the Saudi Press Agency (SPA) reported.   The program is one among the seven strategic ventures launched by the Crown Prince in the fields of renewable energy, atomic energy, water desalination, genetic…

By Innovation-sa on November 1, 2018 in News

Saudi Arabia’s Minister of Justice Waleed Al-Sama’ani inaugurated the first labor courts in the Kingdom on Monday.   The specialized labor courts are a result of three years of continuous efforts by the Ministry of Labor and Social Development (MLSD) to increase transparency of the labor market and thereby boost investment and drive the economy towards development in line with the objectives of Vision…

By Innovation-sa on October 31, 2018 in News

Saudi Arabia, the largest and most populous Gulf Cooperation Council (GCC) country, has more than 5,200 construction projects worth $819 billion underway, according to latest reports from BNC Network.   These projects account for 35 percent of the total value of active projects across the GCC countries, according to The Big 5 Saudi, the Kingdom’s premier construction event.   The construction sector’s immediate outlook…