Saudi Arabia: Social Insurance Launches Compliance Index for Enterprises

The Saudi Social Insurance announced the launch of the Compliance Index service, aimed at assisting employers and enterprises in achieving insurance compliance.

Analysis

The Saudi Social Insurance introduced the Compliance Index to educate enterprises about insurance systems and promote the principle of insurance compliance among employers.

Objectives of the Compliance Index

The Compliance Index aims to achieve several key objectives, including encouraging enterprises to adhere to social insurance systems, distinguishing enterprises with high compliance levels, and educating those with lower compliance. Additionally, the index seeks to offer exceptional services to compliant enterprises, thereby fostering a culture of adherence to insurance regulations.

Access and Additional Services

Employers and enterprises can access and review the Compliance Index through their accounts on the GOSI Business platform. Recently, the organisation launched the innovative “Self-Compliance” electronic service for enterprises, aiming to create a positive relationship and ongoing partnership to enhance and sustain occupational safety and health in work environments.

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Saudi Arabia: SDAIA Consults on Personal Data Audit and Certification Rules

SDAIA (the Saudi Authority for Data and Artificial Intelligence) has sought expert opinions on regulations governing the licensing of personal data processing audits and certification issuance, aiming to boost public trust in personal data handling.

Analysis

Licensing Conditions

The authority outlined general conditions for licensing, requiring applicants to adhere to system rules, regulations, and any official documents issued by the competent authority. Applicants must conduct audits or issue certifications independently, disclose potential conflicts of interest, and report any past complaints related to system compliance, ensuring no ongoing complaints during the application process.

Disclosure and Independence

The authority emphasised the need for applicants to disclose any violations previously identified by the competent authority. The regulations stipulated that applicants must be independent legal entities with a physical presence in Saudi Arabia, providing official contact details, including the legal name, address, and commercial registration or foreign investor license number.

Technical and Personnel Requirements

Applicants must possess the necessary technical tools and qualified personnel to perform audits or issue certifications related to personal data processing and protection, in line with system rules and methodologies set by the competent authority. Certification issuance requires accreditation from the Saudi Accreditation Center.

License Duration and Renewal

Licenses are granted for three years, with renewal applications required at least 90 working days before expiration, subject to meeting licensing conditions.

License Revocation

Licenses are revoked if the legal entity dissolves or undergoes transformation, merger, or division, as per company regulations. Revocation does not affect the validity of audit reports or certifications issued before the revocation date unless deemed invalid by the competent authority.

The end date of the consultation is January 11, 2025.

Here are the draft rules for the licensing of audits or checks of personal data processing activities and the issuance of accreditation certificates.

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Saudi Arabia: CMA Announces Deadline for Eighth FinTech ExPermit Applications

The Capital Market Authority (CMA) has set 31 December 2024, as the final date for submitting applications for the eighth review of the FinTech Experimental Permit (ExPermit).

Applications received by this deadline will be considered in the current review round, while those submitted afterwards will be evaluated in the subsequent round.

The CMA encourages interested parties to apply for the FinTech ExPermit, ensuring their applications meet the necessary criteria outlined in the Financial Technology Experimental Permit Instructions.

Key requirements include that the proposed FinTech product must be related to securities activities regulated by the CMA and be sufficiently developed for testing in the FinTech Lab.

This announcement highlights the CMA’s dedication to fostering financial technology innovation and supporting the growth of this crucial sector within the capital market.

Since the FinTech Lab’s inception in 2018, 53 permits have been issued, introducing innovative models that diversify investment tools and enhance the capital market’s appeal.

Authorised FinTech companies have achieved significant milestones, raising over SAR 3.8 billion through equity crowdfunding and debt instrument platforms.

Investment fund distribution platforms have attracted a diverse investor base, with distributed units valued at over SAR 2.6 billion.

Additionally, robo-advisor platforms have managed assets exceeding SAR 2.2 billion, offering investors advanced tools for investment management.

The FinTech Lab aims to attract a wide range of innovative business models to the capital market.

The CMA invites innovators to capitalise on the Kingdom’s dynamic FinTech ecosystem, promoting innovation in financial services and aligning with the Financial Sector Development Program (FSDP).

For more details on the Financial Technology Experimental Permit Instructions and the FinTech Lab, please visit the provided link.

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Saudi Arabia: GACA Introduces Annual Permits for Private Non-Commercial Aircraft

The General Authority of Civil Aviation (GACA) has approved the issuance of annual permits for private non-commercial aircraft operated by foreign companies, subject to conditions.

This new move ensures private aircraft owners can travel to and within the Kingdom without requiring individual permits for each trip.

This step aligns with GACA’s strategic objectives to enhance collaboration with strategic partners and entities while building sustainable and efficient transportation systems in Saudi Arabia.

It supports the implementation of the Kingdom’s Public Aviation Roadmap and contributes to the Vision 2030 goal of fostering a safe, seamless, and high-quality aviation experience in the country.

The initiative underscores GACA’s commitment to adopting robust regulatory frameworks that guarantee security, efficiency, and operational excellence.

It aims to facilitate the operation of centralised private flights in Saudi Arabia, providing maximum convenience to travellers.

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Saudi Arabia: Solidifies IP Leadership with Landmark Design Law Treaty

After nearly two decades of negotiations, the Riyadh Design Law Treaty has been adopted, marking a significant milestone for Saudi Arabia’s intellectual property landscape.

This landmark event solidifies the Kingdom’s position as an IP hub, reflecting the rapid reforms in this area since the establishment of the Saudi Authority for Intellectual Property (SAIP) in 2018.

The adoption of the Design Law Treaty is a testament to the prioritisation, support, and enablement of IP protection, management, and enforcement in the Vision 2030 era.

This treaty is anticipated to be a game-changer in the legal landscape governing the protection of designs, as it has been negotiated with a designer-centric view.

One of the key provisions of the treaty is the softened approach to statutory deadlines, which is often one of the main risks IP right holders need to grapple with.

Additionally, the treaty simplifies requirements and registration procedures, further streamlining the process for designers and IP holders.

The successful adoption of the Riyadh Design Law Treaty is a result of the hard work and dedication of the SAIP and the World Intellectual Property Organization (WIPO) teams, who have been instrumental in bringing this achievement to fruition.

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Saudi Arabia: To Introduce VAT Refund System for Tourists

Saudi Arabia will introduce a VAT refund system for tourists in 2025, as outlined in the Saudi Budget statement for the upcoming fiscal year.

The Zakat, Tax, and Customs Authority will oversee the implementation of the system, which is designed to streamline tax compliance and enhance the travel experience.

This initiative underscores Saudi Arabia’s dedication to creating a visitor-friendly environment and attracting more tourists to explore the Kingdom.

As part of its tourism goals, Saudi Arabia aims to attract 127 million visitors by the end of 2025, aligning with the National Tourism Strategy.

The strategy promotes both domestic and international tourism, reinforcing the Kingdom’s position as a global destination of choice.

Tourism spending is projected to reach SR346.6 billion in 2025, contributing significantly to the domestic economy, increasing non-oil revenues, and boosting private sector demand.

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