Saudi Arabia: Regulatory Status of NEOM Clarified

Arab News, 16 May 2022: NEOM’s Chief Investment Officer has clarified the regulatory status of NEOM.

They issued the clarification following comments by NEOM’s Head of Tourism at the Arabian Travel Market.

They suggested residents in NEOM will have a special status.

The Investment Officer clarified the $500-billion future city will have its own regulations based on global best practices which will allow businesses to grow and develop.

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Saudi Arabia: Penalties for Passport Betting Clarified

Saudi Gazette, 5 May 2022: Saudi Arabia’s General Directorate of Passports or Jawazat has clarified the penalties which will be imposed on those who bet on passports.

Offenders could be fined.

They could even have a travel ban imposed on them.

If an individual loses their passport, they should inform the nearest embassy or their representatives to the Kingdom.

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Saudi Arabia: Sharia Advisory Committee Established

Arab News, 22 April 2022: Saudi Arabia’s Stock Exchange or Tadawul has announced it will establish a Sharia Advisory Committee.

The Committee will help the Exchange offer new Sharia-compliant investment tools and products.

It will have representatives from the Kingdom’s largest financial institutions. They will include Bader Al Omar, Head of Jadwa Investment; Abdulrahman Al Ghusn, Associate in Alinma Investment and Abdullah Al Barrak, Senior Sharia advisor at Al Rajhi Capital.

They will help draft a unified Sharia-compliant rulebook which will be approved by the members’ respective Sharia boards.

They will also have responsibility for overseeing and approving the list of Sharia-compliant listed companies from time to time.

The Exchange will supervise the Sharia Advisory Committee but will not participate in the company screening and selection process.

They will not do this to ensure independence and transparency in decision making.

It will also consult the Committee as necessary on its products and services.

The Exchange will also work with IdealRatings to provide Sharia screening services of listed companies in the capital market in the Kingdom.

The list will be reviewed and approved by the Advisory Committee.

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Saudi Arabia: Real Estate Law Amendments Proposed

Saudi Gazette, 19 April 2022: The Saudi Arabian authorities have proposed amendments to the Kingdom’s Real Estate Law.

Under the proposed amendments to the Law on Real Estate Ownership and Investment by non-Saudis, foreign diplomatic missions accredited to the Kingdom will be able to own their official headquarters and residences of the head of their missions and their members. They will be able to do so on a reciprocal basis.

International and regional organisations will also be able to own their official headquarters. They will be able to do so in line with the limits of the agreements governing them. Ownership will be granted providing a licence is obtained from the Foreign Affairs Minister.

The amendments have been proposed to raise and improve the efficiency and effectiveness of the procedures and controls related to the ownership or use of real estate by non-Saudis in cities and economic zones in the Kingdom targeted for development, including Mecca and Madina.

It targets non-Saudi natural and legal persons, who are either residents or non-residents, as well as citizens of the GCC states.

It states it is not permissible, other than through inheritance, to acquire the right to own, use or have easement over real estate located within the boundaries of the Two Holy Mosques, for those banned from entering there.

The proposed Law will not prejudice the acquisition of the right of ownership or any other original right over real estate through inheritance, as well as the regulations and decisions of the Cabinet and the Royal Orders which prevent ownership in some locations.

The existing Law on Real Estate Ownership and Investment by non-Saudis would be repealed. The new law will come into force 90 days after it has been published in the Official Gazette. The Implementing Regulations to the Law will be issued by an Order from the Prime Minister.

Also reported in Okaz on 19 April 2022. For full story, click here.

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Saudi Arabia: Implementation of Saudisation in Key Health Sectors Starts

Saudi Gazette, 12 April 2022: Saudi Arabia’s Human Resources and Social Development Ministry has announced they have started implementing Saudisation in some key health sectors.

These include 60% Saudisation in health specialisation professions, 30% Saudisation of engineering and technical professions in medical appliances and 40% Saudisation in sales and medical appliances and supplies professions throughout the Kingdom.

The Saudisation has been implemented following the expiry of the grace period.

The Saudisation Decision was aimed at Saudidising health specialties including medical laboratory, radiology, physiotherapy and therapeutic nutrition jobs in all medical facilities operating in the Kingdom.

The minimum salary to calculate Saudisation has been set at 7,000 Riyals for specialists and 5,000 Riyals for technicians.

The Decision to Saudidise professions in the medical appliances sector includes the Saudisation of sales and advertising professions and will be introduced in medical appliances and supplies in two phases. It will be 40% in the first phase and 80% in the second phase.

The Saudisation of engineering and technical professions for medical devices will also be introduced in two phases. It will be 30% in the first phase and 50% in the second phase.

Also reported in Al-Eqtisadiya on 11 April 2022. For full story see https://www.aleqt.com/2022/04/11/article_2295806.html.

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Saudi Arabia: New Investment Law Being Drafted

Saudi Gazette, 7 April 2022: Saudi Arabia’s Investment Ministry has announced it is drafting a new Investment Law.

The new Law will allow local and foreign investors to be treated equally.

The Ministry added they are currently completing studies on various provisions in the draft law.

It will come into force after the necessary approvals have been obtained from the higher authorities.

This is expected in the near future.

Foreign investors will have the freedom to manage, sell and dispose of their economic projects, as well as own properties to ensure the smooth operation of the economic project.

They will also have the freedom to conclude commercial contracts, acquire, liquidate or sell any company, facilitate procedures and provide facilities with the necessary support and assistance together with all of the relevant authorities.

Funds will be able to be transferred from inside and outside the Kingdom. These include transferring the proceeds and profits of economic projects and selling and liquidating them through regular channels using any currency recognised inside the Kingdom or disposing of it by any other legitimate means. It also includes protecting intellectual property, confidential commercial information and personal data and approaching the relevant courts or arbitration centres in the Kingdom.

Local and foreign investors will be subject to the same sectoral approval requirements for licenses and registration, as well as for approvals or permits for certain economic activities or special economic zones.

The confiscation of direct investments in whole or in part will be banned unless a relevant court ruling has been issued.

They will not be able to be expropriated in whole or in part except for the public benefit and in return for fair compensation either.

There will be provisions in the new law to impose fines of 500,000 Riyals on anyone who violates the Law or its Implementing Regulations.

They will be fined once they have been given a deadline to remedy the violations.

The investor’s registration or license will be cancelled as well and all or some of the investment facilities granted to the investor revoked.

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Saudi Arabia: Saudisation of Key Jobs in Fun Cities to Begin

Saudi Gazette, 31 March 2022: Saudi Arabia’s Human Resources and Social Development Minister has announced the Saudisation of key jobs in fun cities and family recreational centres is going to begin.

Under the programme, 100% of jobs in fun cities at malls will be Saudidised.

70% of jobs in permanent and seasonal fun cities and family recreational centres will be Saudidised as well.

The programme will start from 23 September 2022.

Key jobs which are going to be covered by the programme are branch managers, department managers, department supervisors, assistant branch managers, cash supervisors, customer service jobs, sales specialists and marketing specialists.

Under the relevant Ministerial Decision, some jobs will be exempt.

They will include cleaning workers, loading and unloading workers and operators of specific games which require competence and specialist certificates.

The Ministry have recently issued a procedural guide to inform employers and establishments about the mechanism to calculate Nitaqat percentages of Saudisation and the penalties for violations of the regulations.

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Saudi Arabia: First Woman Appointed to Saudi Bar Association Board

Saudi Gazette, 23 March 2022: Saudi Arabia’s Justice Minister and Chairman of the Saudi Bar Association has announced they have issued an Order appointing the first woman to the Association’s board.

They are one of five new members appointed.

The new members are Ethar Al-Daej, Jasser Al-Jasser, Dr Osama Al-Qahtani, Anas Al-Zamil, Dr Louay Al-Akkas.

The Minister has also approved the professional conduct rules for lawyers.

They are aimed at developing the legal profession and enhancing its professional standards as well as transparency and responsibility.

In addition, they are aimed at strengthening legal protections for lawyers as well as their clients and redefining their responsibility towards clients, colleagues, judicial authorities and society.

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Saudi Arabia: Full Implementation of Personal Data Protection Law Postponed

Arab News, 23 March 2022: Saudi Arabia’s Authority for Data and Artificial Intelligence has announced it has postponed the full implementation of the Personal Data Protection Law until 17 March 2023.

They were responding to feedback received.

They have received feedback from various stakeholders. Also reported in Al Madina on 22 March 2022. For full story, click here.

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Saudi Arabia: Judicial Costs System to be Implemented From 17 March 2022

Okaz, 16 March 2022: Saudi Arabia’s Justice Ministry has announced the judicial costs system will be implemented from 17 March 2022.

The Implementing Regulations to the Law will specify the details of the criteria for estimating judicial costs for lawsuits and requests.

The system will improve the efficiency of the justice system and enhance the use of alternative methods of dispute resolution.

It will also help reduce malicious and fictitious lawsuits and improve preventive justice and the documentation of contracts.

The system does not apply to general penal cases, disciplinary cases and requests related to them, or  cases and requests which fall within the jurisdiction of the personal status courts, except for cassation requests or re-examination requests. For full story, click here.

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