By Innovation-sa on December 6, 2017 in News

To fulfill its dream of attaining self-sufficiency in nuclear fuel production, Saudi Arabia has invited US companies to cooperate with the Kingdom to set up its nuclear power plants. Saudi Arabia’s Minister of Energy, Industry and Mineral Resources Khalid Al-Falih emphasized that the Kingdom is only interested in developing nuclear technology for civilian use and will not involve in military purposes. King Abdullah City…

By Innovation-sa on December 6, 2017 in News

Saudi Arabian and Iraqi companies signed 18 memorandums of understanding in the energy sector at the seventh session of Iraq International Oil and Gas Conference and Exhibition. The MoUs were signed in the presence of Saudi Minister of Energy, Industry and Mineral Resources and Chairman of the Board of Directors of Saudi Exports Development Authority Engineer Khalid Al-Falih and Iraqi Oil Minister Jabbar Al-Alluaibi…

By Innovation-sa on December 3, 2017 in News

Saudi Arabia’s oil giant Saudi Aramco and chemical firm Saudi Basic Industries Corp (SABIC) have signed a memorandum of understanding (MoU) to establish an innovative crude oil to chemicals (COTC) complex worth $20 billion. The planned COTC, which is expected to be the largest project in the world to convert crude oil to chemicals, and the first of its kind in the Kingdom, will commence its…

By Innovation-sa on December 3, 2017 in News

The Ministry of Commerce and Investment said that there has been an increase of 93 percent in tasattur cases under probe in the Kingdom in 2017. As many as 781 cases of expatriates doing business in the names of Saudis for a fixed fees were brought to the attention of the attorney general before going to the court this year, compared to only 450…

By Innovation-sa on December 3, 2017 in News

The Ministry of Labor and Social Development announced that gold and jewellery shops employing expatriates will be imposed a fine of SR 20,000 for each non-Saudi employee after December 3, 2017. Khaled Aba Al-Khail, spokesman of the Ministry of Labor and Social Development, said permanent inspectors will be appointed in malls and markets to track down violators and punish them after December 3. The…

By Innovation-sa on November 27, 2017 in News

With the Saudization of gold and jewellery shops to commence in 5 days, hundreds of shops are at a threat of closing down soon. The Ministry of Labor and Social Development issued an order last month demanding gold and jewellery shops to adhere to the Minister’s decision issued earlier in 2007 to nationalize gold and jewellery sector. Mohammed Jameel Azouz, deputy chairman of the…

By Innovation-sa on November 27, 2017 in News

With the introduction of Value Added Tax (VAT) from January 1, 2018 the Kingdom will witness a sudden increase in price of goods and services. Khalid Al-Zaidi, a financial analyst and director of Jeddah based Al-Zaidi Financial Education Center, said the increase in price followed by a drop in demand for goods will affect businesses adversely causing them to adopt new strategies and policies…

By Innovation-sa on November 27, 2017 in News

Saudi Arabia’s Council of Cooperative Health Insurance warned hospitals and health facilities against demanding a cash payment from insured patients. The Council received several complaints against hospitals that refused to accept insurance claims and forced patients to pay in cash. Yasser bin Ali Almuaarek, spokesman for the Council of Cooperative Health Insurance, reminded that this is a violation of the council’s policies and hospitals…

By Innovation-sa on November 22, 2017 in News

The Communication and Information Technology Commission (CITC) announced that entering ID number or Iqama number along with prepaid card number is not required for recharging pre-paid mobile phones from November 15 onwards. Earlier in 2012, CITC made it necessary to enter iqama number while charging, recharging and transferring balance via prepaid cards. Its aim was to deactivate all illegally obtained prepaid sim cards. Meanwhile,…

By Innovation-sa on November 22, 2017 in News

Saudi Arabia will no longer allow immediate test for driving license applicants without attending training sessions, announced Brig. Gen. Mohammed Abdullah Al-Bassami, director general of Traffic Department. Anyone wishing to obtain a new driving license should attend a 30-hour, 90-hour or 120-hour training course depending on their level of proficiency. Applicants with a good driving experience can attend the test after attending a 30-hour…