By Innovation-sa on January 14, 2018 in News

The Council of Cooperative Health Insurance announced that hospitals can provide treatment to patients seeking immediate medical attention even before obtaining approval from insurance companies. However, hospital authorities should inform the insurance companies within 24 hours of receiving a medical case. Insured citizens must be familiar with the policies of insurance companies, well versed about the complexity of cooperative health insurance system and fully…

By Innovation-sa on January 14, 2018 in News

The Saudization of car rental sector will commence on March 18, 2018, announced Khaled Abu Al-Khail, spokesman of the Ministry of Labor and Social Development. The owners of car rentals are advised to complete Saudization before the deadline to avoid penalties. Once completed, the initiative is expected to generate some 200,000 part-time and full-time jobs for Saudis in the next three years. As more…

By Innovation-sa on January 14, 2018 in News

The Ministry of Labor and Social Development (MLSD) deposited the second installment of SR 2.1 billion into the Kingdom’s household allowance program, informed Citizen’s Account program director Ali Rajhi. Known as the Citizens Account, the initiative is designed to provide financial assistance to low- and middle-income Saudi families and to support them from the direct and indirect impact of energy price hike as well…

By Innovation-sa on January 14, 2018 in News

The Saudi Commission for Tourism and National Heritage (SCTH) announced that women over 25 years of age will be granted tourist visa to travel to Saudi Arabia provided that she is part of a tourist group. However, it is mandatory for women under 25 to be accompanied by a family member. Tourism agencies arranging visits to Saudi Arabia must be licensed by the pertinent…

By Innovation-sa on January 8, 2018 in News

The General Authority of Zakat and Tax (GAZT) announced that all lease-to-own and rent-to-own (Ijara) contracts of assets like real estate or cars concluded before January 1, 2018 will not be liable to pay Value Added Tax (VAT). GAZT clarified that such contracts are viewed as non-continuous supplies and therefore VAT will not be collected for these contracts on the remaining installments after January…

By Innovation-sa on January 8, 2018 in News

The General Authority of Statistics (GaStat) Q3 labor report indicated a drop of 5.8 percent in the Kingdom’s overall unemployment rate among Saudis during the third quarter of 2017 in comparison to the second quarter. Although there has been an increase in the number of new jobseekers in the Saudi market, the Kingdom’s unemployment rate remained stable at 12.8 percent. Saudi Arabia now stands…

By Innovation-sa on January 8, 2018 in News

Saudi Arabia announced plans to grant tourist visas for visitors from 65 nations under the Saudi Arabia Muslims’ Destination initiative. The initiative, launched by Saudi Commission for Tourism and National Heritage (SCTH) is another vision of Kingdom’s National Transformation Program 2020. Being the cradle of Islam and a major destination for Muslims, Saudi Arabia, through this initiative targets pilgrims and visitors, Muslim business visitors,…

By Innovation-sa on January 1, 2018 in News

Saudi Arabia raised fuel prices with effect from January 1, 2018. The initiative is part of a program that aims at gradually eliminating energy subsidies as the Kingdom seeks to overhaul its economy and balance the budget. The price of Octane 91 increased from 0.75 riyals to 1.37 riyals per liter while that of Octane 95 increased from 0.90 riyals to 2.04 riyals per…

By Innovation-sa on January 1, 2018 in News

Global tech giants Apple Inc. and Amazon.com are engaged in licensing discussions with Saudi Arabia as part of Crown Prince Muhammed bin Salman’s move to give the Kingdom a high-tech look. SAGIA, Saudi Arabia’s foreign investment authority, is expected to complete licensing agreement with Apple in February and Apple targets to open its first retail store in the Kingdom in 2019. According to market…

By Innovation-sa on January 1, 2018 in News

The Saudi Real Estate Refinance Company (SRC) has signed a strategic deal of SR1 billion with Bidiya Home Finance to purchase a portfolio and provide mortgage refinancing facility. This is the second strategic deal signed by SRC in two weeks. Earlier, SRC entered into another refinancing partnership of SR1 billion with prominent real estate financing company, Deutsche Gulf Finance (DGF). The deal will support…