Saudi Arabia: New Law to Strengthen Statistical Data Protection

Saudi Gazette, 16 August 2025: Saudi Arabia has issued new legislation to enhance data privacy in statistical research, with strict controls on access and usage of information collected for statistical purposes.

The law establishes firm guidelines for the General Authority for Statistics (GASTAT) regarding data handling and sharing. Under the new regulations, data may only be released for research purposes after being anonymised to protect individual privacy.

The legislation explicitly prohibits GASTAT employees and associates from disclosing confidential information while introducing new provisions for collaboration with both public and private sector entities in conducting surveys. These partnerships must adhere to strict data protection protocols.

Public bodies are now required by law to assist GASTAT in preparing international statistics and developing standardised guidelines. The legislation specifically addresses the exchange of statistical best practices between government entities.

The new framework includes safeguards against misuse of official positions to access protected information, with clear restrictions on how collected data can be utilised.

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Saudi Arabia: Saudi Exchange Introduces Market Access Reforms

Arab News, 7 August 2025: Saudi Arabia’s stock exchange has unveiled draft amendments to broaden access to its Parallel Market, with proposed changes now open for public consultation until 19 August 2025.

The reforms focus on redefining qualified investor criteria and adjusting listing requirements for the Parallel Market. Key changes include potentially reducing the minimum securities market activity requirement for individual investors from SR40 million to SR30 million, while maintaining the SR5 million net worth threshold.

Under the proposed rules, qualified investors would encompass capital market institutions, investment funds, Gulf Cooperation Council companies, qualified foreign financial institutions, and eligible high-net-worth individuals.

The draft also suggests lowering the minimum market value requirements for public listings. Companies seeking to list would need either SR30 million in publicly held shares or 20 percent of the share class, whichever is less. Initial public offerings would require a minimum expected market value of SR10 million, while direct listings would need SR100 million.

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Saudi Arabia: Introduces Tourist VAT Refund Scheme at Airports

Saudi Gazette, 5 August 2025: Saudi Arabia has launched a new value-added tax (VAT) refund programme allowing tourists and Gulf Cooperation Council (GCC) nationals to claim back 15% VAT on eligible purchases made within the Kingdom.

The scheme, which is now operational across 1,442 authorised retail outlets, enables non-resident visitors aged 18 and above to reclaim VAT on purchases exceeding SR500.

To participate, shoppers must present their passport or GCC ID at participating stores to obtain a VAT exemption form. Customers can combine up to three same-day receipts from individual retailers to meet the minimum spending requirement.

The Kingdom has established 18 verification points across three international airports to process refund claims. Refunds are available via card payment or cash, with daily cash refunds capped at SR5,000 per person.

Key exclusions from the scheme include:

• Services such as accommodation and meals
• Vehicles, boats, and aircraft
• Food and beverages
• Tobacco products
• Petroleum derivatives

Purchased items must remain unused, be intended for personal use only, and be exported within 90 days of purchase to qualify for the refund.

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Saudi Arabia: New Arabic Data Governance Platform

Arab News, 23 July 2025: A newly launched platform will allow Saudi companies to align their data regulations with national AI policies.

Governata will enable companies to coordinate with the Kingdom’s National Data Management Office, or NDMO, and Saudi Data and AI Authority, or SDAIA, guidelines. All the data remains hosted domestically.

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Saudi Arabia: Cabinet Approves New Social Bank Financing Programme

Saudi Gazette, 9 July 2025: The Saudi Cabinet has approved a new programme enabling the Social Development Bank to sponsor vulnerable citizens seeking access to financial products.

The initiative will help qualifying individuals obtain financing from either the Social Development Bank or other financial institutions. This marks an expansion of the bank’s existing services, which have already provided SR160 billion (£34 billion) in cumulative financing to over 10 million beneficiaries.

Key aspects of the programme include:

• Direct sponsorship for vulnerable citizens
• Access to financing products from multiple providers
• Integration with existing bank services
• Support for both individual and business financing

The Social Development Bank will now develop and implement detailed procedures for the new sponsorship scheme. This follows the bank’s established role in providing specialised financing solutions across Saudi Arabia.

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Saudi Arabia: CMA Approves Regulation on Close-Out Netting and Collateral Arrangements

Argaam, 3 July 2025: The Saudi Capital Market Authority (CMA)’s board has approved new regulations on close-out netting and associated collateral arrangements, in order to streamline netting agreements and financial collateral dealings where a capital market institution is a participant.

The regulation’s primary purpose is to enhance financial system stability and protect investors by ensuring qualified financial contracts involving capital market institutions remain binding in the event of a default by either party. The regulations have been designed to secure all parties’ rights, under a netting agreement’s terms, providing a robust framework for addressing defaults.

It includes procedural guidelines for default situations in netting agreements and other specified scenarios when one involved party is a capital market entity. The framework concentrated on regulating these agreements and collateral arrangements tied to qualified financial contracts under CMA’s jurisdiction, ensuring their enforceability even amidst changes to initial contract conditions.

The regulations included several provisions, defining key terms, outlining financial collateral arrangements, specifying the scope, and identifying the entities affected.

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Saudi Arabia: Royal Commission Sets Out Regulations on Penalties for Municipal Violations

The Saudi Royal Commission for Jubail and Yanbu has stated it intends to implement stringent penalties for a broad range of municipal infractions, outlined in the draft “Regulations of Fines and Penalties for Municipal Violations of the Royal Commission.”

The draft regulation requires violators to be responsible for fixing any damages and restoring associated properties to their original state, but they would be entitled to contest the imposed penalties with the relevant authority within a 60-day period following notification. Any decisions can also be further appealed to the Board of Grievances within the same 60-day timeframe.

Municipal violations are split into five categories: public health, slaughter and stray livestock, sales, building, and traffic violations, and each has specific fine ranges and criteria. Public health violations include fees ranging from SR100 to SR20,000 for offences such as improper waste handling and unsafe food production. Slaughter and stray livestock violations carry fines from SR100 to SR5,000. Sales violations, involving unlicensed operations and failure to adhere to sales protocols, and have penalties up to SR10,000. Building violations, such as unauthorised constructions, face fines up to SR30,000. Finally, traffic violations, such as unauthorised roadworks, would incur penalties from SR200 to SR30,000.

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