News developments
Saudi Arabia’s Human Resources and Social Development Minister has announced the Kingdom has ratified the International Labour Organisation agreement No. 90 on the protection of salaries and agreement No. 120 on health rules in the work environment. The Ministry launched a wages protection programme in 2013 which has been improved since then to reflect the 2030 Vision.
Weekly Spotlight
Saudi Arabia’s Central Bank will be able to buy or rent property under the new Central Bank Law. They will be able to do so providing the purpose is to diversify its foreign investments. The Law also bans the Bank from engaging in trade or participating in commercial activities or taking an interest in any commercial, industrial or agricultural projects. However, there will be exceptions to this, where the Bank does any of these activities to fulfil any of its objectives.
In addition, the Central Bank will be banned from financing or lending to the Government or to any individuals. However, there will be exception to this where the Bank carries out these activities to help manage the liquidity of financial institutions or are responding to crises.
The Central Bank’s assets, revenues, and properties will have immunity and should not be raided, seized, confiscated, possessed, or expropriated and they are not subject to any bankruptcy procedures.
They will also not be subject to the Competition and Government Procurement Law. However, they will be subject to the regulations and policies issued by the Board, provided the regulations and policies are consistent with the objectives and basic principles of the Competition Law.
The Bank’s contracts and agreements will be subject to the policies approved by the Board. There will be some exceptions, including where contracts and agreements are related to foreign laws if the rulings establish, they are subject to the jurisdiction of foreign courts.
News developments
Saudi Arabia’s Cabinet has approved the Saudi Central Bank Law. It means the Saudi Arabian Monetary Authority will be renamed the Central Bank of Saudi Arabia. They will report to the King but will still have financial and administrative independence, in line with the international practices of central banks. All of the obligations and rights of the Saudi Arabian Monetary Authority will be transferred to the Central Bank.
News developments
Saudi Arabia’s Authority for Intellectual Property has announced it has launched a service to allow the registration of collective trademarks. The service has been launched in line with international practices. Those interested in using the service should visit the Authority’s website to register.
News developments
Saudi Arabia’s Industry and Mineral Resources Ministry has announced it has published draft implementing regulations to the Mining Investment Law. They have launched a public consultation on them and this ends on 30 November. The Ministry will then review the proposals and feedback and make any appropriate changes. The announcement follows the report last week that the authorities are looking to accept new mining license applications next month.
News developments
The Vice Minister for Mining Affairs at Saudi Arabia’s Industry, and Mineral Resources Ministry has announced the Mining Investment Law will come into force next year. It is aimed at revolutionising the Kingdom’s mining sector and boosting its contribution to GDP by more than 240 billion Riyals. It is also aimed at reducing imports by 37 billion Riyals and creating 200,000 jobs by 2030. Under the Law, a mining fund will also be established and will provide sustainable finance for the sector as well as support geological survey and exploration programmes. Experts have valued mineral resources in the Kingdom at five trillion Riyals which the Law is aimed at tapping into. Finally, a National Geological Database has been set up to support the sector. It will provide access to 10,000 mining reports and 80 years of data.
News developments
Saudi Arabia’s Food and Drug Authority has urged businesses to comply with the anti-Coronavirus rules. The call followed the referring of five businesses to the Interior Ministry for non-compliance. The violations included a lack of commitment to safety instructions like taking employee and customers’ temperatures before they entered the entity, failing to wear face-masks and providing sanitisers in designated places. The Authority has issued a detailed guidebook on the measures food, drugs, cosmetic and medical equipment entities have to take to comply with the anti-Coronavirus rules.
News developments
Fintech Saudi has announced it has launched a new Fintech System Directory. It is part of the Organisation’s moves to develop this system in the Kingdom. The free directory will be publicly available on Fintech Saudi’s website. It provides a comprehensive database of the key support services and partners Fintech companies in the Kingdom may need. It is divided into five main categories. These include investors, financial institutions, infrastructure providers, service providers and IT providers. It also provides the details of 32 companies. These details include their contact information, services which can be provided and any exclusive offers or discounts which can be provided to Fintech entities. The launch of the directory follows applications for the Fintech Accelerator being accepted from October this year. The Accelerator offers an intensive three-month entrepreneurship programme which is aimed at helping Fintech communities grow and expand their businesses. Fintech Saudi will also launch Fintech Tour 20 which will be a series of high-profile events to increase public engagement in the Fintech industry at the end of next month.
News developments
Saudi Arabia’s Council of Ministers has approved an amendment to Article 14 of the Kingdom’s Anti-Bribery Law. Under the amendment, the Interior Minister, following a recommendation from the committee consisting of the Interior Ministry, the Human Resources and Social Development Ministry and the Supervision and Anti-Corruption Authority to issue a decision to reconsider the ancillary penalties after five years have passed from the date of the end of the implementation of the original punishment. The Interior Minister will approve the remit of the committee’s work.
News developments
Saudi Arabia’s Public Prosecution has issued a clarification on the Kingdom’s Wiretapping Law. Under the clarification, correspondence, letters, publications, parcels or phone conversations cannot be intercepted or monitored unless it is authorised by the Law and the Public Prosecution have given a warrant or permission in line with Article 57 of Saudi Arabia Cabinet Decision No. 200/1422 (the Criminal Procedure Law). Even in these circumstances, monitoring should only be carried out for up to ten days initially although this can be renewed and in connection with a crime which has actually occurred.
