KSA Archives - Page 33 of 45 - LexisNexis Middle East

Saudi Arabia: Penalties for Trademark Counterfeiting Announced Saudi Arabia: Penalties for Trademark Counterfeiting Announced

25/04/202125/04/2021
by Benjamin Filaferro

Saudi Gazette, 22 April 2021: Saudi Arabia’s Commerce Ministry has announced the penalties for trademark counterfeiting.

Offenders will be jailed for up to one year and/or fined up to one million Riyals.

The same penalties will be imposed on those who violate the Trademark Law.

This will include those who forge registered trademarks or exhibit, sell or possess products bearing a forged or counterfeit trademark.

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News developments

Saudi Arabia: Implementing Regulations of White Lands Fees Law Amended

17/04/202117/04/2021
by Benjamin Filaferro

Saudi Arabia’s Cabinet has approved amendments to the Implementing Regulations to the White Lands Fees Law. They were issued by Saudi Arabia Cabinet Decision No. 379/1437. Under the amendments, the Regulations will be implemented in three phases. The first phase will include undeveloped plots of land with an area of 10,000 square metres or more, which fall within the scope specified by the Ministry. It will be implemented in Riyadh, Jeddah, Dammam and Makkah. The second phase will include developed plots of land with an area of 10,000 square metres or more for a single proprietor of 10,000 of square metres or more in one housing plan within the scope specified by the Ministry. The third phase will include developed land with an area of 5,000 square metres or more and the total area of developed plots of land for a single owner is 10,000 square metres or more in one city within the scope specified by the Ministry. It will also be possible to apply for more than one implementation phase in one city. The Ministry will carry out and periodically review the situation in any city to decide whether to apply taxes to plots of land there or suspend the application of tax, or implement one or more phases to bypass a certain phase and move to the next phase in the same city.

News developments

Saudi Arabia: Short-selling Changes Announced

26/03/202126/03/2021
by Benjamin Filaferro

Saudi Arabia’s Stock Exchange has announced short-selling changes have been introduced. Under the changes, all eligible investors will be able to sell any stock short or stock-lend. However, new rules state the short ratio to average daily traded volume of any security should not exceed 10 days. Total net short positions should not exceed 10% of the free float. Collateral rules for those lending and borrowing securities have also been amended. The amendments are aimed at developing a regulatory environment consistent with international best practices.

News developments

Saudi Arabia: Private Sector Participation Law Approved

19/03/202119/03/2021
by Benjamin Filaferro

Saudi Arabia’s Cabinet has approved a Private Sector Participation Law. The law will enable the privatisation of 16 key industries. It is aimed at boosting the private sector’s involvement in the Kingdom’s economy, particularly in infrastructure projects and public services. It has been approved as part of the new private sector participation programme.

News developments

Saudi Arabia: Accounting and Auditing New Law Reduces Experience Requirement

12/03/202112/03/2021
by Benjamin Filaferro

Saudi Arabia’s Accounting and Auditing Law, which has recently been approved by the Cabinet amends the title of the Saudi Authority for Chartered Accountants to the Saudi Authority for Auditors and Accountants. It authorises the issuing of licenses to practice accounting and auditing for part timers and reduces the experience requirement to a year instead of three years.

News developments

Saudi Arabia: Merged Insurance Companies Exempt From Qualification Financial Requirement

05/03/202105/03/2021
by Benjamin Filaferro

Saudi Arabia’s Cooperative Health Insurance Council has announced it is exempting merged small and medium insurance companies from the financial requirement for qualification. They will be exempt for up to three years in line with new terms and conditions. The aim of the policy is to improve the quality of health services by creating economic entities able to offer high quality services as part of the 2022-2024 health strategy to empower the health insurance sector. The official spokesperson for the Council said they have prepared the initiative and a work plan to support the merging of insurance companies. They have also signed an agreement with the Competition General Authority to encourage companies to merge.

News developments

Saudi Arabia: Saudisation Will Not be Forced on Companies Who Relocate Their Headquarters

26/02/202126/02/2021
by Benjamin Filaferro

Saudi Arabia’s Investment Minister has announced Saudisation will not be forced on companies who relocate their headquarters to the Kingdom. They added Saudisation will also not apply to companies who choose to set up in the Kingdom. Their announcement follows last week’s news that certain rules for companies seeking to take advantage of the $3 trillion investment opportunities identified for international investors under the Vision 2030 strategy will be set.

News developments

KSA: International companies that wish to participate in the Saudi government’s investment opportunities will have to establish regional headquarters in the kingdom from January 2024

19/02/202119/02/2021
by Benjamin Filaferro

International companies that wish to participate in the Saudi government’s investment opportunities will have to establish regional headquarters in the kingdom from January 2024 or they will not win government contracts, the Saudi finance minister has told Reuters. International companies which refuse to move their regional headquarters to Saudi Arabia after this time would continue to have the freedom to work with the private sector in the country. However, some sectors will be exempt and detailed regulations on this area will be issued before the end of 2021. This will affect all the authorities, organisations, and funds of the government from any of its organisations. The aim is also to ensure that the products and services purchased by the government are implemented in the kingdom and with suitable local content.

Weekly Spotlight

Saudi Arabia: Raft of Judicial Reforms including a new Civil Transactions Law Announcement

12/02/202112/02/2021
by Benjamin Filaferro

Saudi Arabia’s Crown Prince has announced a raft of judicial reforms including a new Civil Transactions Law are on the way. A new Personal Status Law, Penal Code for Discretionary Sanctions and Law of Evidence will also be introduced.
Once the draft laws are finalised, they will be referred to the Cabinet and other relevant bodies to consider. Once the Cabinet and other relevant bodies have reviewed them, they will be submitted to the Shoura Council to consider. They will be drafted in line with Sharia Law and the Kingdom’s international and regional treaty obligations.
They will help clarify the lines of accountability and ensure the consistency of legal references to limit discrepancies in court rulings. Discrepancies in court rulings have led to a lack of clarity in the rules governing incidents and practices as well as prolonging cases which are not based on established legal provisions and creating a lack of a clear legal framework for individuals and businesses.

News developments

Saudi Arabia: Major Airline Company to be Established

05/02/202105/02/2021
by Benjamin Filaferro

Saudi Arabia’s Public Investment Fund has announced its intention to plans to establish a major airline company in the Kingdom. It will compete with State-owned Saudi Arabian Airlines and other major aviation companies in the region. The Fund has made significant progress in establishing an aviation company which will operate both international and domestic flights. The aim is offer consumers more choice and increase the contribution of the aviation sector to the country’s GDP.