By Innovation-sa on February 8, 2018 in News

The Ministry of Labor and Social Development (MLSD) updated Labor Law regulations to protect employee rights in the Kingdom. The decision, approved by Minister of Labor and Social Development, Ali Al-Ghafees, has been formulated in view of the current changes and developments in the labor market. According to the revised table, employers violating the Labor Law provision with regards to employee vacation will be…

By Innovation-sa on February 4, 2018 in News

The Ministry of Labor and Social Development (MLSD) has implemented the 13th phase of the Wage Protection System (WPS) on establishments whose workers range between 30 and 39 starting from 1st of February 2018. Under this phase, 14,000 establishments will have to upload wage files of 477,402 workers according to the ministry’s statistics. MLSD spokesman Khaled Abalkhail clarified that the ministry emphasized its keenness…

By Innovation-sa on January 30, 2018 in News

The General Authority of Zakat and Tax (GAZT) urged Value Added Tax (VAT) registered establishments with more than SR40 million turnover annually to file their tax returns on a monthly basis, while those with an annual turnover equal to or less than SR40 million should file tax returns every three months. Enterprises whose supplies of goods and services total SR40 million annually must file…

By Innovation-sa on January 30, 2018 in News

Saudi Arabian General Investment Authority (SAGIA) has reduced the average time required to issue investment licenses from 53 hours to less than 4 hours. The recent initiatives undertaken by SAGIA to restructure the processes, reduce the number of documents required, and train and qualify cadres has contributed to this notable progress. The restructured processes include issuing, amending and renewing investment licenses. Previously, eight documents…

By Innovation-sa on January 30, 2018 in News

Saudi Minister of Labor and Social Development Dr.Ali Al-Ghafees announced on Monday the Saudization of 12 new sectors starting from September this year. Khaled Aba Al-Khail, official spokesperson for the Ministry, said the ministerial decree was issued as the Kingdom strives to provide more employment opportunities for Saudis in the private sector and reduce the rate of unemployment among Saudi men and women which…

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…