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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Saudi Arabia: Non-Saudi Law Firm Directors May Now Be Appointed to Foreign Law Firms

Saudi Gazette, 16 October 2022: An executive regulation regulating foreign law firms’ licensing has been announced, meaning they can now appoint non-Saudis to directorship roles, provided they fulfil certain conditions.

Under the regulation, a non-Saudi director may be appointed as long as no less than a quarter of the board of directors or the council of executives of the firm are Saudi partners or shareholders licensed to practice the legal profession.

One of the Saudi partners, with a minimum of seven years of experience, must be a company director.

The law firm must also not have been implicated in a crime involving moral turpitude, dishonesty, or a severe professional violation in any country it practises.

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Saudi Arabia: Regulations for Distribution of Gas and Petroleum Aim to Protect Consumers

Okaz, 9 October 2022: Saudi Arabia’s Ministry of Energy has announced new executive regulations aiming to protect the rights and interests of residential and commercial consumers of dry gas and liquid petroleum gas.

Under the regulations, the licensee must adhere to security, safety, health and environmental requirements and prepare an emergency plan by the Ministry of the Interior’s instruction.

Residential consumers are those who supply dry gas, liquid petroleum gas, liquid petroleum gas cylinders, or alternative natural gas for residential purposes.

Commercial consumers are those whose facility is supplied for commercial purposes, including government or industrial facilities which do not consume more than 70,000 litres per day.

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