Latest news with #SR1
Saudi Gazette
6 days ago
- Business
- Saudi Gazette
Over 35,000 counterfeit smartphones and accessories seized in Riyadh
Saudi Gazette report RIYADH — Inspection teams from the Ministry of Commerce have seized more than 35,000 counterfeit smartphones and accessories at a facility in Riyadh. The inspection teams, in cooperation with the security authorities, raided the facility. They found counterfeit phones of unknown origin and accessories, including charging cables, earphones, and other items in the warehouses of the firm. They also detected labels used to fake the country of origin and labels of well-known brands. The facility was closed and those involved in the fraud were referred to the concerned authorities to take punitive measures against them. The counterfeiting case was also referred to the Saudi Authority for Intellectual Property. According to the provisions of the Anti-Commercial Fraud Law, penalties for violators of the law may include imprisonment for three years, fines of up to SR1 million or both. Violators may also be subject to deportation of their workers, and public shaming of violators following enforceable court rulings. The Ministry of Commerce previously issued its quarterly consumer sector report for the first quarter of 2025, which included an overview of inspection tours across the Kingdom in general, and particularly in the Makkah and Madinah regions during the Umrah and Hajj seasons, as well as consumer protection initiatives. The ministry conducted more than 132,000 inspection visits across various economic sectors and activities all over the Kingdom during the first quarter of 2025. Efforts to combat commercial fraud included more than 126,000 visits, and more than 6,500 inspection visits to combat cover up.
Gulf Insider
7 days ago
- Gulf Insider
Saudi Kingdom Arrests 13,118 Illegals In One Week
Saudi authorities arrested 13,118 people (illegals) in one week for breaching residency, work and border security regulations, the Saudi Press Agency reported on Saturday. A total of 8,150 people were arrested for violations of residency laws, while 3,344 were held over illegal border crossing attempts, and a further 1,624 for labor-related issues. The Ministry of Interior said that anyone found to be facilitating illegal entry to the Kingdom, including providing transportation and shelter, could face imprisonment for a maximum of 15 years, a fine of up to SR1 million ($267,000), as well as confiscation of vehicles and property. Suspected violations can be reported on the toll-free number 911 in the Makkah and Riyadh regions, and 999 or 996 in other regions of the Kingdom.
Zawya
20-05-2025
- Business
- Zawya
Saudi asset management industry grows 20% to over $266bln in 4Q 2024
RIYADH — The value of assets under management (AUM) in the Saudi capital market exceeded SR1 trillion for the first time by the end of 2024, recording a growth rate of 20.9 percent compared to the previous year, according to the 2024 Annual Report published by the Capital Market Authority (CMA). The number of investment funds rose to 1,549, while the number of subscribers in public and private funds exceeded 1.72 million, an increase of 47 percent during the year 2024, compared to 2023. This reflects the sustained momentum in the growth and development of the Saudi capital market. The report highlighted exceptional achievements and record-breaking figures across various regulatory, legislative, and developmental areas, reinforcing the Kingdom's position as an attractive destination for both local and international investment and demonstrating the rapid progress toward the goals of Saudi Vision 2030. According to the report, the total value of listed sukuk and debt instruments in the Saudi capital market reached SR 663.5 billion by the end of 2024, compared to SR 549.8 billion at the end of 2023, reflecting a growth rate of 20.6 percent over the year. The year 2024 also witnessed growth in public offerings and equity registrations, with the CMA approving 60 applications, an increase of 36.4 percent compared to 2023, including 40 applications in the parallel market and 16 in the main market. A total of 44 listings were completed in both markets during the year, marking continued strong activity in IPOs. In terms of foreign investment, the Saudi capital market continued to achieve record levels, with net foreign investments reaching SR218 billion by the end of 2024, compared to SR198 billion the previous year, an increase of 10.1 percent. The value of foreign ownership also rose to SR423 billion, representing 11 percent of the total free float shares in the main market. In relation to the licensing and supervision of capital market institutions, the number of licensed institutions rose to 186 by the end of 2024. Revenues of capital market institutions increased by 29.6 percent compared to the previous year, reaching SR17 billion, while their profits grew by 39.3 percent to reach SR 8.8 billion. The report also highlighted Saudi Arabia's leading position among G20 countries in several international financial market indicators, according to the 2024 World Competitiveness Yearbook issued by the International Institute for Management Development (IMD). The Kingdom ranked first in the Capital Market Index, Stock Market Capitalization Index, Shareholders' Rights Index, and Venture Capital Index. Overall, Saudi Arabia saw improvements in 8 out of the 12 capital market related indicators included in the report. The report also confirmed the CMA's continued efforts to enhance investor protection tools. In 2024, the CMA completed the handling of 121 cases, while compensation awarded to affected investors exceeded SR 389 million, distributed among 921 beneficiaries. The average litigation period decreased to 4.4 months compared to 5.5 months in 2023. Additionally, the CMA issued enforceable decisions against 171 violators of the laws and regulations under its jurisdiction, and followed up on 45 enforcement requests. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Saudi Gazette
19-05-2025
- Business
- Saudi Gazette
Saudi asset management industry grows 20% to over SR1 trillion in 4Q 2024
Saudi Gazette report RIYADH — The value of assets under management (AUM) in the Saudi capital market exceeded SR1 trillion for the first time by the end of 2024, recording a growth rate of 20.9 percent compared to the previous year, according to the 2024 Annual Report published by the Capital Market Authority (CMA). The number of investment funds rose to 1,549, while the number of subscribers in public and private funds exceeded 1.72 million, an increase of 47 percent during the year 2024, compared to 2023. This reflects the sustained momentum in the growth and development of the Saudi capital market. The report highlighted exceptional achievements and record-breaking figures across various regulatory, legislative, and developmental areas, reinforcing the Kingdom's position as an attractive destination for both local and international investment and demonstrating the rapid progress toward the goals of Saudi Vision 2030. According to the report, the total value of listed sukuk and debt instruments in the Saudi capital market reached SR 663.5 billion by the end of 2024, compared to SR 549.8 billion at the end of 2023, reflecting a growth rate of 20.6 percent over the year. The year 2024 also witnessed growth in public offerings and equity registrations, with the CMA approving 60 applications, an increase of 36.4 percent compared to 2023, including 40 applications in the parallel market and 16 in the main market. A total of 44 listings were completed in both markets during the year, marking continued strong activity in IPOs. In terms of foreign investment, the Saudi capital market continued to achieve record levels, with net foreign investments reaching SR218 billion by the end of 2024, compared to SR198 billion the previous year, an increase of 10.1 percent. The value of foreign ownership also rose to SR423 billion, representing 11 percent of the total free float shares in the main market. In relation to the licensing and supervision of capital market institutions, the number of licensed institutions rose to 186 by the end of 2024. Revenues of capital market institutions increased by 29.6 percent compared to the previous year, reaching SR17 billion, while their profits grew by 39.3 percent to reach SR 8.8 billion. The report also highlighted Saudi Arabia's leading position among G20 countries in several international financial market indicators, according to the 2024 World Competitiveness Yearbook issued by the International Institute for Management Development (IMD). The Kingdom ranked first in the Capital Market Index, Stock Market Capitalization Index, Shareholders' Rights Index, and Venture Capital Index. Overall, Saudi Arabia saw improvements in 8 out of the 12 capital market related indicators included in the report. The report also confirmed the CMA's continued efforts to enhance investor protection tools. In 2024, the CMA completed the handling of 121 cases, while compensation awarded to affected investors exceeded SR 389 million, distributed among 921 beneficiaries. The average litigation period decreased to 4.4 months compared to 5.5 months in 2023. Additionally, the CMA issued enforceable decisions against 171 violators of the laws and regulations under its jurisdiction, and followed up on 45 enforcement requests.
Saudi Gazette
19-05-2025
- Entertainment
- Saudi Gazette
PUBG Nations Cup 2025 sees major expansion with 24 national teams
The ES TIMES — KRAFTON has officially revealed the return of the PUBG Nations Cup (PNC) 2025. This year, the tournament will see a significant expansion, with 24 national teams participating, up from the previous edition's 16, reflecting a clear ambition to deliver a more intense and competitive edition. The fifth edition of this international event will be held in late July at the Olympic Handball Gymnasium in Seoul, South Korea, marking a significant development for one of the most popular tournaments in PUBG history. Last year's edition was held at the KyungHee Grand Peace Hall, also in Seoul, where South Korea won the title after defeating the United States, taking home the largest share of a total prize pool of $548,932 (DZD 72,769,719.51, equivalent to SR 2,059,722.96). This figure includes a base prize pool of $300,000 (39,769,800.00 DZD, equivalent to SR1,125,671.10), in addition to community contributions through 30% of PNC 2024 skin sales. According to Esports Charts, the 2024 edition reached 510,997 viewers at its peak, making it the third most-watched event in PUBG Esports history. In the 2025 edition, South Korea returns as the defending champions, alongside 15 teams from previous editions. Denmark and India return after an absence, while France, Poland, Spain, the Philippines, Sweden, and Malaysia are entering the tournament for the first time. Full list of participating teams: Americas: • Argentina, Brazil, Canada, United States Asia: • South Korea, China, Chinese Taipei, India, Japan Europe: • Denmark, France, Germany, Norway, Poland, Spain, Sweden, Turkey, United Kingdom APAC: • Australia, Indonesia, Malaysia, Philippines, Thailand, Vietnam The final team rosters are still under wraps. Players are typically selected through a vote among PUBG pros in each region, although selection methods may vary from region to region. KRAFTON also hinted at changes to the tournament's structure, including a revised schedule beyond the traditional three-day format. Additional details regarding the new format, ticket sales, and live audience experiences will be revealed soon. As with previous editions, PUBG Nations Cup 2025 will include a Fanfest, offering exclusive activities and experiences for PUBG fans attending the event live. Sami Belhamra – Esports and Gaming writer
