Saudi Arabia: Tourism Development Fund Launches Small Business Support Scheme

Arab News, 29 November 2022: The Saudi Tourism Development Fund (TFD) has announced a new tourism aid programme that aims to provide financial and non-financial support to 10,000 small and medium-sized enterprises (SMEs) in the Kingdom.

The programme has three subcategories which cover conducting trials, innovation and hospitality.

The TFD will assist SMEs in launching new projects or expanding their existing business. 

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LexisNexis Hosts the inaugural Developments in International Arbitration Seminar in Riyadh, Saudi Arabia!

In partnership with the Saudi Center for Commercial Arbitration (SCCA), SOL International Ltd, and Burhan Al Marifa, LexisNexis was pleased to host the inaugural Developments in International Arbitration seminar in Riyadh, Saudi Arabia, on 27 November 2022.

Special guest speaker Gary Born, one of the world’s pre-eminent experts on international commercial arbitration and international litigation, provided his valuable knowledge and insight for the 1st edition of this seminar in Riyadh.

The seminar started with opening remarks by Walid Abanumay, Chairman of the SCCA, followed by a welcome address by HRH Princess Hala Bint Khaled Bin Sultan Al-Saud, Chair of Burhan Al-Marifa. Dr Hamed Merah, CEO of the SCCA, shared Highlights and Developments of KSA and SCCA, followed by an SCCA Caselaw Briefing presented by Christian P.Alberti, Chief of ADR and General Counsel of the SCCA.

Following these insightful updates, Sarah Malik, CEO of SOL International Ltd, and Gary Born engaged in a fireside chat on the recent changes in international arbitration. They addressed the latest developments in arbitration in Saudi Arabia.

Finally, we had an interesting Q&A session with enthusiastic participation from the audience.

Thank you to all participants, specifically our speakers, for making this event a success!

Saudi Arabia: The Saudi National Information Technology Development Program Launches Lendtech

Aleqtisadiya, 20 November 2022: The Saudi National Information Technology Development Program has launched the LendTech initiative, which aims to support micro, small and medium-sized technology companies with funding to grow their businesses.

Medium companies will have a maximum financing option of 8.5 million Riyals, small firms 2.5 million Riyals and micro firms will have a maximum of 900,000 Riyals.

The initiative aims to close the financing gap faced by these companies so they can increase their contribution to the sector.

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Saudi Arabia: Institutions Permitted to Become Partners in Commercial Entities

Okaz, 14 November 2022: The Saudi Commercial Ministry has announced that institutions are allowed to enter as partners in companies of all kinds, with the aim of boosting growth in institutions’ investments and expanding company income. 

The Ministry also indicated that companies will benefit from the experience of the institutions they enter into partnerships with. 

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Saudi Arabia: Initiate Launched to Implement Saudisation in Freight Brokering Sector

Almadina, 13 November 2022: The Saudi Transport General Authority has launched a Saudization initiative to support Saudi nationals in finding jobs in the transport and freight brokering sectors in the Kingdom. 

The initiative will offer applicants training programmes with experienced specialists. 

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Saudi Arabia: Lawyer Loses Licence After Disclosing Client’s Secrets on Social Media

Okaz, 3 November 2022: Saudi Arabia’s Ministry of Justice has cancelled a lawyer’s licence for violating the rules of professional conduct when he addressed details of his client’s case on social media and during a television appearance. 

The lawyer committed several other violations, including: employing and training female trainee lawyers, before completing the statutory period stipulated in the legal system; identifying himself with the title of doctor in his official publications, despite not having a doctorate recognised in Saudi Arabia.

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Saudi Arabia: Central Bank issues Open Banking Framework

Alarabiya, 2 November 2022: The Saudi Central Bank has launched the Open Banking Framework setting out legislation, regulatory guidelines and technical standards. 

The framework is in accordance with international best practices and enables banks and Fintech companies to operate open banking services in Saudi Arabia. 

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Saudi Arabia: Controls for Electronic Evidence Procedure Approved

Alriyah, 26 October 2022: The Saudi Minister of Justice has approved new controls for procedures governing electronic evidence. The controls consist of 24 articles split into six chapters. 

The controls consist of general provisions regulating the evidence procedures electronically, and supporting the improvement of the electronic evidence procedures. 

Under the controls, evidence that can be conducted electronically includes writing, testimony, inspection and experience, in addition to digital evidence.

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Saudi Arabia: Up to Two Years in Prison for Exploiting Mineral Deposits Without Licence

Aleqtisadiya, 16 October 2022: The Saudi Mineral Resources Ministry has launched a public consultation on draft executive regulations providing for a punishment of up to two years in prison for those exploiting mineral deposits belonging to the National Centre for Competition.

Anyone guilty of exploiting such deposits without a licence could also face a fine of up to 1,000,000 Riyals and be ordered to return any proceeds.

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