Latest news with #Istitlaa
Leaders
2 days ago
- Business
- Leaders
25 Projects Open for Public Feedback on 'Istitlaa' Platform
The National Competitiveness Center (NCC), through its Public Consultation Platform Istitlaa, has launched 25 projects focused on economic and developmental matters. In collaboration with 12 government entities, the NCC invites the public, private sector, and government stakeholders to review and comment on these proposals before their final approval. Highlighted Projects: Ministry of Tourism: Amendment of the Violation Table for Tourism Consultation Activities—seeks to revise the penalties for hospitality establishments to align with updated regulations and industry standards. Open for feedback until June 8, 2025. Ministry of Municipalities and Housing: Updates to Municipal Requirements for Transportation Service Centers in 2025—aims to improve the business environment in the transportation sector. Feedback period ends June 16, 2025. Ministry of Environment, Water and Agriculture: Regulations for Issuing New Well Drilling Licenses on the Sedimentary Shelf—focuses on protecting and sustaining non-renewable groundwater for agricultural and livestock use. Consultation closes June 17, 2025. Capital Market Authority: Regulatory Framework for Offshore Securities Business Licenses proposes new licensing regulations for offshore securities operations. Open for feedback until June 28, 2025. Saudi Food and Drug Authority: Amendments to the General Food and Drug Authority Law and Food Law—aims to modernize regulations governing the licensing and oversight of food establishments. Consultation ends June 30, 2025. These initiatives reflect the government's commitment to transparency and inclusive decision-making. Finally, Istitlaa strengthens civic engagement and supports a more responsive legislative environment. Related Topics: CST, Aramco Digital Launch AI-Powered Crowd Management Trial at Holy Sites China Is Major Market for Saudi Aramco: CEO Saudi Aramco Records $106bn Profits in 2024 Saudi Arabia to Launch NextGen Investment Forum to Cultivate Future Hospitality Leaders Short link : Post Views: 17 Related Stories
Zawya
28-04-2025
- Business
- Zawya
Saudi: SAMA seeks public consultation on 'update to the implementing regulations of the finance companies Control law' draft
Riyadh: The Saudi Central Bank (SAMA) announced in a press release today the launch of the draft 'Update to the Implementing Regulations of the Finance Companies Control Law' for public consultation through 'Istitlaa' Platform of the National Competitiveness Center. The draft update comes as part of SAMA's supervisory and regulatory role over the finance sector, as well as its continuous efforts to support the sector's stability and growth by increasing the aggregate finance amount offered by a finance company. Moreover, the update includes easing the requirements for companies applying for licenses by reducing the bank guarantees required to submit licensing applications. The update also includes a revision of relevant provisions stipulated by related parties and outlines cases of expiration of licenses granted to finance companies. The submission window for feedback and comments on the draft 'Update to the Implementing Regulations of the Finance Companies Control Law' will be open for 30 days. Afterward, all feedback and comments will be considered, and the final version will be approved.
Argaam
27-04-2025
- Business
- Argaam
SAMA seeks public feedback on financing regulations update
The Saudi Central Bank (SAMA) seeks public opinion on the draft rules for the "Executive Regulations of the financing companies control system', through the Public Consultation Platform 'Istitlaa', over a period of 30 days. The feedback will be reviewed after the deadline to finalize the regulations. This initiative aligns with SAMA's role in overseeing and regulating the financing sector, supporting its stability and growth by increasing the total financing a company can provide. The update includes support for companies applying for licenses by reducing the required bank guarantee amount when submitting applications. It also reviews the relevant provisions of related parties and clarifies conditions for the expiration of a financing company's license. Key elements of the update include regulating requirements for financing activities, enabling financing companies to increase liquidity and contribute to gross domestic product (GDP), reviewing the relevant provisions of related parties, acquisitions, public offerings, and conditions for founders and board members, and reducing the minimum bank guarantee required for licensing from 100% to 20% of the minimum capital.
Arab News
27-04-2025
- Business
- Arab News
Saudi Arabia proposes lower bank guarantee requirements for finance licenses
RIYADH: Saudi Arabia is considering steps to lower the bank guarantee requirements for financial companies seeking licenses, part of efforts to bolster the Kingdom's financial sector. In a statement, the Saudi Central Bank, known as SAMA, said it has launched a public consultation on a draft update to the Finance Companies Control Law through the National Competitiveness Center's 'Istitlaa' platform. The draft proposes regulatory changes aimed at supporting sector growth and stability. The draft update highlights SAMA's ongoing efforts to support the financial sector's stability and growth by increasing the aggregate financing amount offered by a company. 'The update includes easing the requirements for companies applying for licenses by reducing the bank guarantees required to submit licensing applications,' said SAMA. It added: 'The update also includes a revision of relevant provisions stipulated by related parties and outlines cases of expiration of licenses granted to finance companies.' Under the draft, the minimum bank guarantee would be cut to 20 percent of the minimum required capital, compared to the current requirement of 100 percent, according to the regulatory proposal reviewed by Arab News. This change is designed to enable finance companies to provide more liquidity and raise their contribution to Saudi Arabia's gross domestic product. The draft also introduces clearer criteria for approving new activities by finance companies, requiring applicants to demonstrate adequate risk management frameworks, sufficient financial resources, and compliance with governance standards. It defines specific cases where licenses can be revoked, including prolonged inactivity or violation of regulatory obligations. The public comment period will be open for 30 days, after which SAMA will assess feedback before finalizing the new regulations. Strengthening the financial sector is a key priority under Saudi Arabia's Vision 2030. As part of this effort, the Kingdom launched the Financial Sector Development Program to transform its stock exchange into a strong, internationally competitive investment platform. In 2018, Saudi Arabia also introduced the Fintech Saudi initiative, helping the Kingdom emerge as a leading fintech hub in the Middle East by fostering innovation and expanding digital payments. SAMA has played a critical role in these initiatives, implementing progressive regulations, including a regulatory sandbox for supervised testing of advanced technologies and specialized licenses for fintech businesses.
Gulf Insider
25-04-2025
- Business
- Gulf Insider
Saudi Arabia: 80% Of Recruitment Offices Fail To Meet Regulations
Saudi Arabia has reported that 80 percent of recruitment offices and companies operating in the Kingdom are non-compliant with regulations and lack comprehensive governance, according to the Ministry of Human Resources and Social Development. The ministry said the situation has negatively impacted the Kingdom's relations with countries that send workers to Saudi Arabia. The announcement came in response to public feedback on the draft 'Rules for the Practice of Recruitment and the Provision of Labor Services,' which the ministry recently posted on the Istitlaa public consultation platform. The feedback included concerns about the mandatory transformation of small recruitment businesses into companies. The ministry said it conducted individual interviews with more than 170 recruitment office owners and chief executives to discuss the mandatory conversion. Following a review of international best practices and workshops held with business owners, the ministry requested that these offices transition into small companies. Since 2022, a total of 86 recruitment offices have been converted into companies, and the ministry said it has received more than 200 additional requests for conversion. However, recruitment office owners have objected to the mandatory shift, saying it has forced many to exit the market due to high capital requirements and the need for bank guarantees. They argued that the continued presence of smaller offices had helped stabilize market operations and pricing.
