Latest news with #SR150
Gulf Insider
07-05-2025
- Business
- Gulf Insider
Saudi Woman And 2 Bangladeshis Penalized In Cover-Up Case
The Ministry of Commerce has penalized a Saudi woman and two Bangladeshi nationals after a final court ruling was issued convicting them of the crime of commercial cover-up (tasattur) in the transportation and logistics sector in the city of Makkah. The ministry published names of the convicts and their crime in the local media at their own personal expense. The ministry published the ruling issued by the Criminal Court in Makkah, which includes imposing a fine of SR150,000, canceling the commercial registration, revoking the license, liquidating the establishment's activities, and collecting zakat, fees, and taxes. The defendants were also banned from engaging in any commercial activity. The court also ordered deportation of the Bangladeshis and imposed a ban on their return to Saudi Arabia for work. It was found in investigations that the woman assisted the Bangladeshis to engage in commercial activity in the transport sector without obtaining a foreign investment license. The Bangladeshis were allowed to work for their own account, as well as to generate revenue from the illegal activity, and transfer funds outside the Kingdom. It was also found that the Saudi woman purchased tankers through financing loans in her name to support the foreign residents in engaging in transportation activity. It was proved that the Bangladeshis used the facility as its owners, managing and operating it, and signing contracts and agreements. It is noteworthy that the Anti-Commercial Cover up Law stipulates penalties of up to five years in prison and a fine of up to SR5 million, in addition to the confiscation and seizure of illicit funds after final court rulings are issued against those involved.
Saudi Gazette
07-05-2025
- Business
- Saudi Gazette
Saudi woman and 2 Bangladeshis penalized in cover-up case
Saudi Gazette report RIYADH — The Ministry of Commerce has penalized a Saudi woman and two Bangladeshi nationals after a final court ruling was issued convicting them of the crime of commercial cover-up (tasattur) in the transportation and logistics sector in the city of Makkah. The ministry published names of the convicts and their crime in the local media at their own personal expense. The ministry published the ruling issued by the Criminal Court in Makkah, which includes imposing a fine of SR150,000, canceling the commercial registration, revoking the license, liquidating the establishment's activities, and collecting zakat, fees, and taxes. The defendants were also banned from engaging in any commercial activity. The court also ordered deportation of the Bangladeshis and imposed a ban on their return to Saudi Arabia for work. It was found in investigations that the woman assisted the Bangladeshis to engage in commercial activity in the transport sector without obtaining a foreign investment license. The Bangladeshis were allowed to work for their own account, as well as to generate revenue from the illegal activity, and transfer funds outside the Kingdom. It was also found that the Saudi woman purchased tankers through financing loans in her name to support the foreign residents in engaging in transportation activity. It was proved that the Bangladeshis used the facility as its owners, managing and operating it, and signing contracts and agreements. It is noteworthy that the Anti-Commercial Cover up Law stipulates penalties of up to five years in prison and a fine of up to SR5 million, in addition to the confiscation and seizure of illicit funds after final court rulings are issued against those involved.
Arabian Business
31-03-2025
- Business
- Arabian Business
Saudi Arabia imported 123m kilograms of chocolate in 2024
Saudi Arabia saw more than 123 million kilograms of chocolate imports last year, according to the Zakat, Tax and Customs Authority (ZATCA). The sweet deals reflect the growing demand for sweets and chocolates as the market is witnessing active growth, fuelled by increasing consumer demand for diverse options to satisfy various tastes, along with high demand for chocolates driven by a wide variety of local and imported products and special promotional offers for Eid Al-Fitr that boost sales and attract more buyers. The authority stated that the UAE, UK, Jordan, Egypt, and Türkiye are among the main countries from which the Kingdom imports chocolate, helping to provide a variety of options that meet consumer expectations. Saudi chocolate imports Shops are eager to offer a wide range of sweets and chocolates, whether imported or locally manufactured. Consumers tend to buy in large quantities, as chocolates are considered an essential part of Eid celebrations. Shop owners make sure to offer the latest designs and varieties that cater to diverse tastes. Factors affecting prices include the type, country of origin, packaging quality, and the type of serving plates used. The prices of local sweets range from SR30 ($8) to SR150 ($40) per kilogram, covering a variety of products such as colourful flavoured candies, toffee, biscuits, and chocolates in various forms. ZATCA attributed the stability of prices to abundant production and relatively low manufacturing costs. However, imported sweets, especially those from European and Eastern countries, are more expensive. The price of pure or dark chocolate with special fillings can reach up to SR300 ($80) per kilogram in Saudi Arabia.
Arab News
30-03-2025
- Business
- Arab News
SR1.8 billion donated to Jood Regions housing campaign during Ramadan
RIYADH: A total of SR1.8 billion ($491.7 million) was donated to Saudi Arabia's Jood Regions housing campaign over the month of Ramadan. The initiative supported more than 11,479 families with cash donations, financing solutions, housing unit construction donations and in-kind contributions. Abdulaziz Al-Kuraidis, secretary-general of the National Developmental Housing Corporation (Sakan) thanked everyone who donated to the campaign, including King Salman and Crown Prince Mohammed bin Salman, who gave a combined total of SR150 million. 'This widespread participation reflects the spirit of social responsibility among our nation's people and embodies the national vision of providing deserving families with dignified housing stability,' Al-Kuraidis said. 'At the Sakan Foundation, working collaboratively with our partners, we will continue developing innovative initiatives and partnerships that contribute to sustainable development and help achieve Saudi Vision 2030 goals.' Al-Kuraidis said the platform would continue to advance the Sakan Foundation's objectives by implementing comprehensive projects. The Jood Regions campaign aims to provide adequate housing for families across Saudi Arabia. It was first launched during Ramadan 2024 and provided more than 10,000 housing units for families in need across the 13 provinces. The initiative includes events to raise awareness and encourage community participation, bringing together entrepreneurs, leaders and others to ensure citizens can access suitable housing with ease and reliability, fulfilling the goals of developmental housing initiatives. The Wad Al-Iskan platform played a pivotal role in the success of the Jood Regions campaign, Al- Kuraidis has said previously. The platform is another Sakan initiative which allows people to support families to obtain adequate housing by submitting their donations online.
Arab News
10-03-2025
- Business
- Arab News
Tadawul approves Morgan Stanley Saudi Arabia as market maker for 8 listed securities
RIYADH: Tadawul has approved Morgan Stanley Saudi Arabia to serve as a market maker for eight securities on the main trading platform and the parallel index, Nomu. The decision allows the financial services company to enhance market liquidity and improve price efficiency in accordance with regulations and procedures. Among the securities listed on the main index, the firm will act as a market maker for Arabian Internet and Communications Services Co., where it will ensure a minimum presence of orders at 80 percent, maintain a size of SR150,000 ($39,982), and adhere to a maximum spread of 0.65 percent, with the lowest value traded of 5 percent. Similarly, it will provide services for Electrical Industries Co., ensuring an 80 percent minimum presence of orders, a minimum size of SR75,000, a maximum spread of 0.65 percent, and a value traded of 5 percent. Elm Co. is also among the approved securities, with Morgan Stanley Saudi Arabia committing to the same trading obligations as Electrical Industries Co. Meanwhile, the Co. for Cooperative Insurance will have a minimum order presence of 80 percent, a minimum size of SR150,000, a maximum spread of 0.65 percent, and a value traded of 5 percent. On Nomu, Morgan Stanley Saudi Arabia was approved as a market maker for National Environmental Recycling Co., International Human Resources Co., Almuneef Co. for Trade, Industry, Agriculture, and Contracting, as well as Aqaseem Factory for Chemicals and Plastics Co. In each of these cases, it will ensure a minimum presence of orders at 50 percent, maintain a minimum size of SR50,000, and adhere to a maximum spread of five percent, with no minimum value traded requirement. Morgan Stanley Saudi Arabia's participation in market making is expected to contribute to greater liquidity and a more efficient trading environment, reinforcing the development of the country's capital market. In November, the investment bank was granted approval to establish its regional headquarters in the Kingdom, as the nation continues to attract international investment. This move aligns with Saudi Arabia's regional headquarters program, which offers businesses various incentives, including a 30-year exemption from corporate income tax and withholding tax on headquarters activities, as well as access to discounts and support services. Morgan Stanley first entered the Saudi market in 2007, launching an equity trading business in Riyadh, followed by the establishment of an equity fund in 2009.
