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Saudi Arabia prepares first Draft Consumer Protection Law
Saudi Gazette reportRIYADH — Minister of Commerce Majed Al-Qasabi announced on Tuesday that the Ministry of Commerce has prepared the first Draft Consumer Protection Law. The law is derived from the best international practices, he said in a statement issued on the occasion of the World Consumers Rights Day, which falls on March 15.Al-Qasabi said that the draft law includes the right to compensation, protection from fraud and unfair contracts, as well as alternative dispute resolution mechanisms.The draft law will be presented in front of the people, seeking their opinions and observations over it within a month before finalizing the text, the minister said while noting that the people are partners in its success.
March 15, 2022

Saudi Arabia prepares first Draft Consumer Protection Law

KAUST) and partner SABB Tuesday previewed 23 startups — eight from Saudi Arabia and 15 international — and 58 founders during its annual TAQADAM Startup Accelerator Showcase.
KAUST awards $1.1 million in funding to 11 startups
THUWAL — King Abdullah University of Science and Technology (KAUST) and partner Saudi British Bank (SABB) Tuesday previewed 23 startups — eight from Saudi Arabia and 15 international — and 58 founders during its annual TAQADAM Startup Accelerator Showcase. Startups were selected from the TAQADAM 2021 cohort, which included 37 startups and 100 founders.“Saudi Arabia is witnessing unprecedented entrepreneurial activities and transactions — and this year’s TAQADAM showcase was an incredible opportunity to get a preview of what comes next,” said Hattan Ahmed, director of KAUST Entrepreneurship Center. “"This TAQADAM cohort resembles a sample of the unique breed of startups in the ecosystem tackling white spaces with great creativity and passion — these founders are the...
March 15, 2022

KAUST awards $1.1 million in funding to 11 startups

SAMA seeks opinion of public on its new rules to protect bank customers
Saudi Gazette reportRIYADH — Saudi Arabia’s Central Bank unveiled its draft rules and regulations to protect and serve the interests of customers of banks and other financial institutions. SAMA called on stakeholders, specialists and the public to present their suggestions and observations on the draft by visiting the Public Consultation Platform (istitlaa) affiliated to the National Competitiveness Center.Those interested have to provide their input on the draft within 30 days so as to enable SAMA to assess its relevance before finalizing the text. The draft is available on the Public Consultation Platform through the link: https://istitlaa.ncc.gov.sa/ar/Finance/SAMA/PrinciplesandRulesfor/Pages/default.aspxThis initiative is part of SAMA's ongoing efforts to preserve the rights of...
March 15, 2022

SAMA seeks opinion of public on its new rules to protect bank customers

SPGA receives more than 1.2 million requests to prove real estate ownership
Saudi Gazette ReportRIYADH — The number of ownership applications that were submitted to prove ownership of real estate has has exceeded 1.2 million requests, while some of the applications do not meet the conditions, the General Authority for State Real Estate (SPGA) Governor Ihsan Bafakih said.Bafakih said, during an interview with Al-Ekhbariya TV, that one of the most prominent amendments to the extension of receiving applications for real estate ownership is the requirement to provide an aerial photographer to prove the ownership of the small holdings.The small holdings on which the condition of providing an aerial photograph will be applied is 5,000 meters or less for agricultural holdings, Bafakih emphasized, adding that it will also be a condition in residential holdings of 2,500...
March 15, 2022

SPGA receives more than 1.2 million requests to prove real estate ownership

Saudi Foreign Minister arrives in Bangladesh
Saudi Gazette reportDHAKA — Saudi Minister of Foreign Affairs Prince Faisal bin Farhan arrived on Tuesday in Dhaka from Nepal on a two-day visit to Bangladesh.Bangladeshi Foreign Minister AK Abdul Momen received Prince Faisal at Shahjalal International Airport.Prince Faisal is scheduled to meet Prime Minister Sheikh Hasina and other officials during his visit.The Bangladeshi foreign ministry said Prince Faisal is visiting Dhaka at the invitation of Momen. They will hold a high-level political dialogue at Hotel Sonargaon on Wednesday morning after a one-on-one meeting.
March 15, 2022

Saudi Foreign Minister arrives in Bangladesh

Consumer index in Saudi Arabia surges by 1.6%
Saudi Gazette reportRIYADH — The Consumer Price Index (CPI) in Saudi Arabia for the month of February has increased by 1.6%، the General Authority for Statistics (GASTAT) clarified.The GASTAT indicators showed that the index of the Consumer Price Index increased during the month of February 2022, by 1.6 percent compared to the index of February in 2021, noting that it is also higher than last January' index, which was at that time 1.2%.The rise in gasoline prices is considered the biggest influence on the inflation increase for the month of February 2022 compared to the same month of 2021, GASTAT said. Transportation prices increased by +4.3%, as it was affected by the increase in gasoline prices by 26.7%, while the CPI in the Kingdom for the month of February was relatively stable...
March 15, 2022

Consumer index in Saudi Arabia surges by 1.6%

Presidency allows issuance of iftar sofras permits in Grand Mosque
Saudi Gazette reportMAKKAH — The General Presidency for the Affairs of the Two Holy Mosques has enabled the issuance and renewal of the iftar sofras permits inside the Grand Mosque for the year 1443 AH.The Presidency clarified the steps for issuing a permit for iftar sofras in the Grand Mosque, and it invited those wishing to obtain the permit to visit their website.After entering the link, people must create a new username, then fill in all the required data, then click on iftar sofras for fasting person's affairs, then log on to the iftar services "Request for a new sofra permit".While the Presidency clarified the method of the steps to renew a previous permit, which is by entering the link, then logging in by entering the username and password, then clicking on the...
March 15, 2022

Presidency allows issuance of iftar sofras permits in Grand Mosque

EU Ambassador to Saudi Arabia Patrick Simonnet stressed that the relations between the EU and Saudi Arabia are strategic, close and longstanding at the embassy's headquarters in Riyadh on Tuesday.
EU envoy to KSA: EU, Saudi Arabia relations are strategic, close and longstanding
RIYADH — EU Ambassador to Saudi Arabia Patrick Simonnet stressed that the relations between the EU and Saudi Arabia are strategic, close and longstanding, noting that the two sides' interest lies in modernizing and developing relations at the strategic and political levels.This is in addition to having several joint interests, such as fighting terrorism, green transformation in Europe, Saudi Vision 2030 and the commercial and investment ties.The ambassador's remarks were made during a press conference held at the embassy's headquarters in Riyadh in the presence of the Deputy Head of the EU Delegation in Saudi Arabia Jaap Ora, and Head of Trade/Economy at the EU Delegation in Saudi Arabia Patrick Illing.Simonnet referred to the EU’s special strategy on the Gulf area, which...
March 15, 2022

EU envoy to KSA: EU, Saudi Arabia relations are strategic, close and longstanding

Custodian of the Two Holy Mosques King Salman chaired the Cabinet session at Al-Yamamah Palace in Riyadh Tuesday.
Cabinet lauds nations, bodies slamming cowardly attack on oil refinery
RIYADH — The Council of Ministers, chaired by Custodian of the Two Holy Mosques King Salman at Al-Yamamah Palace in Riyadh Tuesday appreciated the countries and organizations that were forthright in the condemnation of the cowardly attack that targeted an oil refinery in Riyadh.The Cabinet, while reviewing a number of reports on the latest developments, expressed their support of the measures taken by Saudi Arabia to protect its national capabilities and gains in a way that preserves the security of global energy.The Cabinet also reiterated that these terrorist and sabotage acts, repeatedly committed against vital installations and civilian objects, do not target Saudi Arabia alone, but more broadly the security and stability of energy supply, and thus negatively affecting the global...
March 15, 2022

Cabinet lauds nations, bodies slamming cowardly attack on oil refinery

Nazaha president opens first steering committee meeting of GlobE Network in Riyadh
RIYADH — The first meeting of the steering committee of the Global Operational Network of Anti-Corruption Law Enforcement Authorities (GlobE Network) kicked off in Riyadh Tuesday.The event is organized by the UN Office, represented by the United Nations Office on Drugs and Crime, between March 15 and 16, 2022, with the participation of several member states.The Oversight and Anti-Corruption Authority (Nazaha) President Mazin Bin Ibrahim Al-Kahmous welcomed representatives of member states and relevant organizations.He stressed that the leadership of the Kingdom of Saudi Arabia is aware that corruption is the first enemy of development and prosperity and cannot be combated without a close international cooperation under the framework of the United Nations Convention against Corruption.He...
March 15, 2022

Nazaha president opens first steering committee meeting of GlobE Network in Riyadh

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