Saudi Arabia: Requirements for Electric Vehicle Charging Stations Announced

Almadina, 22 August 2022: Saudi Arabia’s Ministry of Municipal and Rural Affairs and Housing has announced the technical requirements for electric vehicle charging stations.

The aim is to regulate the spatial and technical requirements of the sites.

Charging stations must be where people leave their cars for long periods, such as the parking lots of theatres, hotels and commercial complexes.

They can also be in train stations, parking lots of residential buildings and transportation stations.

There is a requirement to apply the technical standards and conditions issued by the Electricity and Cogeneration Regulatory Authority, in particular, the requirements of the Saudi Distribution Code, the regulatory framework for charging electric vehicles and the provisions of the Saudi Building Code.

For the full story, click here.

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Saudi Arabia: New Regulations for Undergraduate and Postgraduate Studies Issued

Saudi Gazette, 4 August 2022: Saudi Arabia’s Council of Universities Affairs has issued two new regulations for undergraduate and postgraduate study and examinations.

The regulatory changes will be implemented from 2022 to the 2023 academic year.

They will regulate procedures and have been issued to keep up with developments in undergraduate and postgraduate studies.

They aim to increase the operational efficiency of Saudi Arabian universities and improve the quality of education output in line with labour market demands.

This will boost the recruitment of talented and innovative students and foster distinction and competition between universities.

Universities will have broad powers regarding academic procedures based on governance and a flexible institutional framework.

Under the new regulation for study and examinations, universities can change the semester, level or year schedule at the undergraduate level. They outline a different assessment system will be imposed. The system is compatible with the regulations followed by world-leading universities.

In terms of the regulatory changes affecting undergraduate studies, universities can promote a flexible education system for students, allowing them to earn degrees other than a bachelor’s degree.

For example, those who did not meet the requirements for a bachelor’s degree can be awarded a diploma in the specialism they are pursuing.

The same flexibility will be given to postgraduate students.

Universities will allow students to earn a lower academic degree than the programme they enrolled in.

Joint programmes for postgraduate studies will be able to be established between universities in or outside the Kingdom.

Students enrolled at a non-Saudi university will have the opportunity to enrol in courses at a Saudi university. They may earn a degree or certificate approved by two educational institutions with a joint programme. Students can enrol in two programmes simultaneously or from a previous stage. In addition, students can calculate equivalent courses within their cumulative average.

Various entities helped draft the regulations. They included the Education and Training Evaluation Commission, multiple universities and specialists and Government agency officials who are members of the Council of Universities Affairs.

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Saudi Arabia: Central Bank Launches Public Consultation on Amendments to Implementing Regulations to Insurance Companies Control Law

Saudi Arabia’s Central Bank has launched a public consultation on amendments to the Implementing Regulations to the Insurance Companies Control Law. The consultation lasts for 15 days.

The amendments have been proposed following amendments to the Insurance Companies Control Law.

The aim is to provide a comprehensive and flexible legal framework.

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Saudi Arabia: Investment Marketing Authority Established

Okaz, 2 August 2022: Saudi Arabia’s Cabinet has decided to establish a Saudi Investment Marketing Authority.

The Authority will be responsible for upgrading all business and services related to investment marketing and achieving cooperation between the authorities.

It will also be responsible for marketing and attracting investments to Saudi Arabia.

In addition, it will be responsible for preparing plans and programmes related to marketing locally and internationally to make investing in Saudi Arabia more attractive.

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Saudi Arabia: Final Phase of Building Code Implementation Begins

Al Madina, 28 July 2022: Saudi Arabia’s National Committee of the Saudi Building Code has announced the implementation of the fifth and final phase of the Saudi Building Code has started.

The implementation timeframe is stated in the Saudi Building Code Application Law.

The Committee explained the application of the Code in this stage includes all types of buildings classified in it as well as the entities covered in earlier phases.

This will include all types of warehouses, open and closed car park lots and auto repair workshops.

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Saudi Arabia: Amendments to Implementing Regulations of Excise Tax Law Approved

Okaz, 20 July 2022: Saudi Arabia’s Zakat, Tax and Customs Authority has approved amendments to the Implementing Regulations to the Kingdom’s Excise Tax Law. The amendments relate to Articles 29-32.

They state that a licensee or license applicant must provide the financial guarantee owed to each tax warehouse before the application’s final approval to fulfil any other conditions specified by the Authority in the licence application.

For full story, click here. see https://www.okaz.com.sa/news/local/2110585.

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Saudi Arabia: Central Bank Issues Standard Insurance Policy of Professional Indemnity for Auditors of Entities Regulated by Capital Market Authority

Saudi Arabia’s Central Bank has announced it has issued a standard professional indemnity insurance policy for auditors of Capital Market Authority supervised entities.

The Standard Policy aims to set the minimum acceptable standard which must be met within the professional indemnity insurance policy, promote the concept of sustainability and reduce potential risks in the financial market.

It also aims to protect the parties’ rights to the contractual relationship and support opportunities for growth and development in the insurance sector.

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Saudi Arabia: Airspace Changes Announced

Arab News, 15 July 2022: Saudi Arabia’s General Civil Aviation Authority has announced airspace changes have been approved.

Under the changes, all carriers can use the Kingdom’s airspace so long as the Authority’s overflight requirements are met.

No date for the change coming into force was given.

The change has been approved as part of the Kingdom’s efforts to meet its obligations under the Chicago Convention of 1944.

This states non-discrimination between civil aircrafts used in international air navigation.

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Saudi Arabia: Construction Sites Must be Fenced Off

Saudi Gazette, 15 July 2022: Saudi Arabia’s Municipal and Rural Affairs and Housing Ministry has announced construction sites must be fenced off.

They must be fenced off from 30 July.

The rule will apply to construction sites for residential buildings.

The barrier should be temporary and be constructed in line with the specifications and standards set by the Ministry.

Those who want to fence off their construction sites can check the guide launched by the Ministry for this purpose. The guide is available on the Baladi website.

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Saudi Arabia: New Companies Law Approved

Saudi Gazette, 29 June 2022: Saudi Arabia’s Cabinet has approved a new Companies Law.

Among other things, it will provide more flexibility in protecting companies and enable the private sector to keep up with best international practices better.

It regulates all provisions related to commercial companies, non-profit companies and professional companies.

It enables a family charter to be concluded which regulates family ownership in family businesses, their governance and management, work policies, the employment of family members and the distribution of profits.

The aim is to make these companies more sustainable.

SMEs will also be exempt from the audit requirement.

A new type of company called the simplified joint stock company has been established.

This has been established to respond to the needs and requirements of entrepreneurs and venture capitalists.

It will enable non-profit companies to advance to the third sector, stimulate social responsibility and allow them to generate returns in their businesses and spend them on non-profit purposes.

The requirements and procedures for establishing companies are also simplified.

There is flexibility to include special terms and conditions in the contracts of incorporation of companies or their articles of association and create possible mechanisms for entrepreneurs, owners of venture capital and private ownership.

Various restrictions are removed.

These include restrictions on company names.

A limited liability company is allowed to issue debt instruments or negotiable financing instruments.

The provisions of transformation and merger between companies have been amended.

A company can now be divided into two or more companies and the owners of individual entities can transfer their assets to any types of companies.

Different types of shares with varying categories and rights, privileges or restrictions may be issued and shares may be allocated to employees to attract and motivate talent.

Profits may be distributed temporarily or annually without compromising the rights of creditors.

Electronic procedures may be implemented via remote means of communication.

This includes the submission of incorporation applications, general assembly attendance and votes.

Disputes and disagreements may be resolved by arbitration or other alternative means and there are new provisions on the liquidation of a company in line with the Bankruptcy Law.

It has been approved to stimulate and develop the Kingdom’s commercial system.

It aims to improve the sustainability of companies, support investment in SMEs through facilitating procedures and regulatory requirements and achieve greater market diversity by adding new corporate entities.

It also aims to preserve the rights of customers, reduce the numbers of disputes and ensure all stakeholders are treated fairly.

Also reported in Okaz on 28 June 2022. For full story, click here.

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