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Saudi Gazette
22-05-2025
- Business
- Saudi Gazette
Ministry of Economy highlights Saudi Arabia's key economic indicators for April 2025
Saudi Gazette Report RIYADH — The Ministry of Economy and Planning highlighted Saudi Arabia's most prominent economic indicators for April 2025. According to the Saudi Economic Pulse bulletin issued by the ministry, real GDP showed a growth rate of 2.7% in the first quarter of 2025, with a 4.2% rise in non-oil activities and 1.4% decline in oil activities. The results of the General Authority for Statistics (GASTAT) showed that unemployment for Saudi Arabia showed a rate of 7.0% in the fourth quarter of 2024. The unemployment rate among Saudi males stood at 4.3%, while the rate among Saudi females was 11.9%. The results of the Saudi Central Bank (SAMA) regarding deposits of governmental and semi-governmental bodies and agencies in the first quarter of 2025 showed an amount of SR483 billion, of which 4.1% on a quarterly basis (QoQ) and 0.2% on an annual basis (YoY). SAMA's results also showed that banks' liabilities to the government in March 2025 amounted to SR612.6 billion, the rate was 1.0% on a monthly basis and 11.2% on an annual basis. As for consumer spending, the total number of ATMs, points of sale, payment systems in March 2025, the results showed an amount of SR200 billion, with a percentage of 14.5 on a monthly basis and 15.8 on an annual basis. The flow of foreign direct investment in the fourth quarter of 2024 amounted to SR21.9 billion, with the percentages distributed on a quarterly basis at 37.2% and on an annual basis at 13.9%. Consumer loans in the first quarter of 2025 amounted to SR480 billion, the results showed a growth of 1.9% on a quarterly basis and 6.4% on an annual basis. The results of Riyadh Bank and S&P Global showed regarding the Purchasing Managers' Index for April 2026, the percentage reached 55.6 points, with a decrease of 4.3 points on a monthly basis and a decrease of 2.5 points on an annual basis. Results from GASTAT on non-oil commodity exports, including 're-exports,' for February 2025 showed that the percentage reached SR1.26 billion, with a decrease of 1.2% on a monthly basis and an increase of 1.1% on an annual basis. Regarding commodity imports in February 2025, which amounted to SR36.2 billion, a monthly decrease of 17.1% and an annual decrease of 6.5%. Preliminary data from Tadawul showed that the main market index closed at 6,671.11 points in April 2025, a decrease of 9.2% on a monthly basis and 8.5% on an annual basis. Data from SAMA showed that exports in the fourth quarter of 2024 amounted to SR328.3 billion, an increase of 4.1% and an annual decrease of 2.9%. As for imports in the fourth quarter of 2024, they amounted to SR312.4 billion, with a quarterly increase of 3.3% and an annual increase of 12.2%. The results of the real estate price index in the first quarter of 2025 showed that it reached 104.9 points, Including a quarterly increase of 0.7% and an annual increase of 4.3%.
Saudi Gazette
21-05-2025
- Business
- Saudi Gazette
HR Ministry proposes revised penalties for Labor Law violations
Ministry of Human Resources and Social Development, Ahmed Al-Rajhi, violations and penalties, Istithlaa Saudi Gazette report RIYADH — The Ministry of Human Resources and Social Development has proposed revision of the penalties for violations of Labor Law and its executive regulations. Minister of Human Resources and Social Development Ahmed Al-Rajhi has decided to update the list of violations and penalties, based on the new amendments to the Labor Law and its executive regulations. The Ministry published the table of violations and penalties on the Istithlaa public survey platform, seeking the opinion of the stakeholders and the public before implementing the new proposals. The ministry noted that this update aims to clearly and precisely define violations for both establishments and inspectors, reducing the need for discretion and personal judgment in implementing regulations across different categories of companies and establishments. These updates help address ongoing changes in the work environment, such as flexible work and remote work. The clarification of penalties provides transparency, encouraging establishments to comply with regulations and ensuring the rights of both workers and employers. The table published by the ministry includes a wide range of violations, ranging from serious to minor. The fines imposed vary based on the establishment's classification into one of three categories: establishment with 20 or less than 20 workers; 21 to 49 workers; and 50 or more workers. The violations are also classified as serious and minor. The following are the fines for various serious Labor Law violations: 1- SR200,000—SR250,000 for practicing the activity of recruiting, outsourcing, or providing labor services without a license. 2- SR200,000 for employing Saudis without a license 3- SR10,000 for an employer for hiring a non-Saudi worker without a work permit. The fines will be multiplied on the basis of the number of workers. 4- SR2,000—SR8,000 for employer for hiring non-Saudi workers in professions or activities restricted to Saudis, or registering a Saudi worker without a valid employment relationship. 5- SR10,000—SR20,000 for an employer allowing his employee to work for a third party or for their own account. 6- SR5000 for an employee working for another employer. 7- SR1,500—SR5,000 for the employer if he fails to comply with occupational safety and health regulations. 8- SR1,000 for employing a worker under the sun or in adverse weather conditions without taking precautions. 9- SR1,000—3,000 for the employer's failure to bear the fees and costs required or to pass them on to the workers 10- SR300 for the failure to pay workers' wages and entitlements on time or withholding wages, which may be multiplied by the number of workers. 11- SR1000—SR3000 for any discriminatory action by an employer. 12- SR1000—SR3000 for failure to form a committee to investigate behavioral violations, as well as for failure to investigate and recommend disciplinary action within five days, or failure to impose disciplinary action within 30 days 13- SR1,000 to 2,000 for employing children under the age of 15 14- SR1,000 for keeping worker's passport or residency permit. 15- SR3000—SR5000 for failure to facilitate the tasks of supervisors and employees assigned to supervision 16- SR1,000—3,000 for failure to comply with the regulations for advertising job vacancies and conducting interviews 17- SR1000 for failure to provide maternity leave for working women 18- SR500 for failure to provide services and facilitate arrangements to enable people with disabilities to perform their work. Fines for the non-serious violations include the following: 1- SR1000—SR3000 for failure to grant the worker the approved weekly rest period, or increasing work hours without additional payment, or failing to adhere to daily rest periods 2- SR1000—SR3000 for employer's failure to provide a worker with a service certificate and return their documents after the termination of the employment relationship 3- SR300—SR1000 for failure to provide medical insurance for the workers and their family members. 4- SR300—SR1000 for failure to disclose information about operation and maintenance contracts with government agencies or establishments in which the state holds a minimum 51 percent stake or disclosure of incorrect or incomplete information 5- SR1000 for employing Saudi male workers in activities restricted to Saudi female workers.
Arab News
04-05-2025
- Business
- Arab News
Saudi Arabia opens May round of Sah savings sukuk with 4.66% return
RIYADH: Saudi Arabia launched the May issuance of its Sah savings sukuk, offering retail investors a fixed return of 4.66 percent as the government continues to push savings participation. The sukuk, part of the country's broader local bond program, is issued by the Ministry of Finance and managed by the National Debt Management Center. It is available for subscription from May 4 at 10:00 a.m. until May 6 at 3:00 p.m. local time, the NDMC said in a statement. As part of the Vision 2030 Financial Sector Development Program, the initiative aims to boost personal savings by encouraging regular fiscal habits, expanding product access, and promoting financial literacy to support future goal planning. The offering, denominated in riyals, also supports the goal of raising the national savings rate from 6 percent to 10 percent by the decade's end. The sukuk carries a one-year maturity and can be purchased in increments of SR1,000 ($266), with a cumulative cap of SR200,000 per individual across all program issuances. Allocation is scheduled for May 13, with redemption occurring between May 18 and 20. Payments will be disbursed on May 25. The Sah sukuk is accessible through digital platforms operated by SNB Capital, Al Rajhi Capital, and AlJazira Capital, as well as Alinma Investment and SAB Invest. The May issuance of the Sah savings product follows the fourth round issued in April, which offered a 4.88 percent return under the Ijarah sukuk structure. Available through the digital platforms of approved financial institutions, the bonds featured a one-year savings term with fixed returns payable at maturity. The minimum subscription was SR1,000, with a maximum cumulative limit of SR200,000 per user across all issuances during the program period. Sah is Saudi Arabia's first Shariah-compliant savings instrument for individuals. Structured under the Ijarah model — where returns are derived from leasing-based assets — the product is designed to offer a low-risk, fixed-income alternative with no fees and exemption from Zakat. Returns are paid upon maturity, with early redemptions allowed during set windows but without profit entitlement. NDMC CEO Hani Al-Madini said in March that Sah that the sukuk serves as a catalyst for private sector cooperation and participation in developing and launching various savings products tailored to diverse demographics. These initiatives could involve partnerships with banks, fund managers, financial technology companies, and more. In late February, the NDMC confirmed it would continue using the Ijarah format for future issuances to provide accessible, low-risk savings solutions.
Arab News
04-05-2025
- Business
- Arab News
Saudi fintech startup Nqoodlet secures $3m in seed funding
RIYADH: Saudi fintech firm Nqoodlet has announced the successful closure of a $3 million seed funding round aimed at accelerating its mission to streamline financial operations for small and medium-sized enterprises. The round was led by Waad Investments, with participation from Omantel, Sanabil 500 Investment, OQAL, Seed Holding, and a group of strategic investors. Founded by Mohamed Milyani and Yara Ghouth, Nqoodlet offers an integrated digital platform that includes smart corporate cards, real-time expense tracking, and financial automation tools. The startup is focused on transforming financial management for SMEs across Saudi Arabia and the wider Gulf Cooperation Council region. According to the company, more than 600 SMEs have already adopted the platform, resulting in reported gains such as an 80 percent improvement in process efficiency and average annual cost savings of SR200,000 ($53,330) per business. 'This funding gives us the rocket fuel to scale faster, go deeper with banks, and bring financial clarity to thousands of businesses who deserve better,' said Milyani. Yaser Al-Ghamdi, chief investment officer at Waad Investment, said the firm backed Nqoodlet because 'they are not just building a product — they are building an entirely new future for financial technology.' With the new capital, Nqoodlet plans to enhance its technology infrastructure, launch open banking integrations, develop automated tax solutions, and expand strategic partnerships within the regional fintech ecosystem. 'This isn't just a funding round. It's a statement: GCC is ready for the next generation of fintech,' said Ghouth.
Gulf Insider
29-04-2025
- Sport
- Gulf Insider
SR200,000 Reward For Each Player Of The Saudi Club Winning AFC Champions League Title
Minister of Sports Prince Abdulaziz bin Turki Al-Faisal has announced on Tuesday a financial reward amounting to SR200,000 for each player of the Saudi club that wins the AFC Champions League Elite Finals Jeddah 2025. In a statement on the official X account of the Ministry of Sports, the minister also ordered a reward of SR100,000 for each player of the Saudi clubs that qualify for the final match of the tournament. The AFC Champions League Elite Finals Jeddah 2025 has reached its thrilling penultimate stage, with four heavyweights—three from Saudi Arabia and one from Japan—battling for a coveted spot in the final. Four-time champions Al-Hilal will take on unbeaten Al-Ahli in the first semi-final on Tuesday. In the second semi-final, Al-Nassr, led by Cristiano Ronaldo, will face on Wednesday Japan's Kawasaki Frontale, the only non-Saudi team that entered semi-finals. The final match of the AFC Champions League will be held on May 3 at Al-Inmaa Stadium in Jeddah between the winners of the semi-final matches.
