By Innovation-sa on July 31, 2018 in News

The Finance Ministry’s Debt Management Office (DMO) has begun selling local currency government bonds through a new “primary dealer” programme which is designed to increase demand for the debt and widen the range of investors holding it.   The Ministry announced that the first edition of the Primary Dealers Program for Susuk distribution has taken place under the program, the Saudi Press Agency (SPA)…

By Innovation-sa on July 29, 2018 in News

The Ministry of Labor and Social Development (MLSD) revoked the decision to restrict profession change in iqamas of expatriate employees. From Muharram 1, employers can change job titles of employees’ subject to certain guidelines.   The Ministry’s official spokesman Khalid Aba Al-Khail informed that applications for profession change should be submitted online at the ministry’s web portal and requests will be accepted if they…

By Innovation-sa on July 29, 2018 in News

In line with the objectives of Vision 2030, Saudi Arabia’s Ministry of Justice announced plans to open full-fledged labor court in the Kingdom early next year.This will increase transparency of the labor market and thereby boost investment and drive the economy towards development.   The preparations for the labor court are on track with judges being trained, staff getting proper induction and court buildings…

By Innovation-sa on July 29, 2018 in News

In an e-Government survey conducted by the United Nations to assess the development of municipal portals in 40 pilot cities across the world, Saudi Arabia’s capital, Riyadh ranked 30th position. The survey is dedicated to transform cities to sustainable and resilient societies.   The survey report, published by the UN Department of Economic and Social Affairs after assessing 7 African cities, 6 American cities,…

By Innovation-sa on July 29, 2018 in News

As the countdown to Hajj begins, Saudi authorities intensified the ban on entry of unauthorized people to Makkah, which began earlier on July 9. The ban will be in force till the end of Hajj. Officials informed that more than 72,000 people and 30,449 vehicles were turned back from various entry points to the Holy city as of Friday.   Inspections are being carried…

By Innovation-sa on July 24, 2018 in News

Dubai-based group, Majid Al-Futtaim Cinemas announced that it will open its first multiplex in Jeddah at the highly popular Red Sea Mall by December. Earlier, the company had announced its interest to bring world-class entertainment to cities across the Kingdom as soon as the ban on cinemas was lifted in Saudi Arabia.   VOX’s parent company, Majid Al-Futtaim, has already announced project investments valued…

By Innovation-sa on July 24, 2018 in News

The General Authority of Statistics (GAStat) reports indicated a positive growth in the Saudi job market with more than 350,000 new job opportunities to be created for locals and expatriates in the near future.   The report predicts 38,000 new opportunities for Saudis and 67,000 vacancies for foreigners in the food, commercial and housing sector. Meanwhile, the industrial sector will have 23,000 job openings…

By Innovation-sa on July 18, 2018 in News

According to reports published by Saudi Arabian Monetary Agency (SAMA), consumer spending in Saudi Arabia has hit a record high amount of SR91.10 billion this May in comparison to SR84.11 billion during the same month in 2017.   The report attributed the 23-month high spending to extensive household shopping by locals and expatriates at the end of Sha’ban and the beginning of Ramadan. Due…

By Innovation-sa on July 18, 2018 in News

Saudi Arabia will introduce its first comprehensive bankruptcy law on August 18, as the nation is on a drive to overhaul its economy. The new system will enhance the confidence of local and foreign investors in private businesses as well as boost Saudi Arabia’s rankings in global economic indicators especially insolvency reports.   The bankruptcy law, once established will provide better solutions to financially…

By Innovation-sa on July 12, 2018 in News

Saudi Arabia has issued a draft law on partnerships between the government and private sector as the kingdom prepares to unlock infrastructure projects worth billions and attract new foreign investments.   The 50-page draft offers investors exemptions from labor laws, real estate ownership restrictions and other regulations. The National Center for Privatization and Public-Private Partnerships has invited the public to submit comments on the…