Latest news with #SR40
Gulf Insider
02-05-2025
- Gulf Insider
Saudi Arabia Fines Eight Foreign Trucks For Illegal Goods Transport In April
The Transport General Authority (TGA) reported that eight foreign trucks were stopped and fined SR10,000 each in April 2025 for illegally transporting goods within the Kingdom, in violation of domestic freight regulations. As part of its intensified oversight operations, TGA confirmed that all violators were penalized in accordance with established regulations, which include a SR10,000 fine and a 15-day impoundment for a first offense. Penalties increase sharply for repeat violations, reaching up to SR160,000 and vehicle confiscation for multiple infractions. Second-time offenders face a SR20,000 fine and a 30-day impoundment, while a third violation incurs a SR40,000 fine and 60-day impoundment. Fourth-time violators are fined SR80,000 with a 60-day impoundment, and a fifth violation triggers the maximum SR160,000 penalty and potential vehicle seizure. TGA also reported that its inspection teams carried out 1,552 field inspections nationwide in April, identifying a total of 1,462 violations. Riyadh recorded the highest number with 462 cases, followed by Aseer (216), Qassim (212), Makkah (183), Madinah (96), Eastern Region (87), Tabuk (61), and Hail (50). The remaining 95 violations were reported across other regions and cities.
Saudi Gazette
02-05-2025
- Saudi Gazette
Saudi Arabia fines eight foreign trucks for illegal goods transport in April
Saudi Gazette report RIYADH — The Transport General Authority (TGA) reported that eight foreign trucks were stopped and fined SR10,000 each in April 2025 for illegally transporting goods within the Kingdom, in violation of domestic freight regulations. As part of its intensified oversight operations, TGA confirmed that all violators were penalized in accordance with established regulations, which include a SR10,000 fine and a 15-day impoundment for a first offense. Penalties increase sharply for repeat violations, reaching up to SR160,000 and vehicle confiscation for multiple infractions. Second-time offenders face a SR20,000 fine and a 30-day impoundment, while a third violation incurs a SR40,000 fine and 60-day impoundment. Fourth-time violators are fined SR80,000 with a 60-day impoundment, and a fifth violation triggers the maximum SR160,000 penalty and potential vehicle also reported that its inspection teams carried out 1,552 field inspections nationwide in April, identifying a total of 1,462 recorded the highest number with 462 cases, followed by Aseer (216), Qassim (212), Makkah (183), Madinah (96), Eastern Region (87), Tabuk (61), and Hail (50). The remaining 95 violations were reported across other regions and cities.
Arab News
27-03-2025
- Business
- Arab News
Saudi CMA moves to improve debt issuance governance for SPEs
RIYADH: Saudi Arabia's Capital Market Authority is seeking to improve the governance of Special Purpose Entities to increase their attractiveness for issuing debt instruments and acting as investment units. SPEs, established and licensed by the CMA, are independent financial and legal entities created for specific financing purposes, dissolving once their objectives are met. The CMA's newly proposed amendments seek to expand the range of eligible issuers while ensuring alignment with existing regulations. The changes would also enable SPEs to offer debt instruments through exempt offerings, complementing the existing public and private issuance frameworks. This move aligns with the regulator's goals of developing the sukuk and debt instruments market while supporting the growth of the asset management industry. 'The draft will also support the deepening of the sukuk and debt instruments market and the diversification of issuances by expanding the range of debt issuers through Special Purpose Entities, which in turn will contribute to enhancing liquidity and creating new investment opportunities,' the CMA said in a statement. SPE adoption has surged in recent years, with the number of entities more than doubling from 464 in 2018 to 945 by the end of 2024. The newly released CMA draft reveals that among the amendments aimed at broadening the scope of issuers is the authorization for SPEs to conduct securitization transactions. It also aims to streamline governance by clarifying the responsibilities of directors and fund managers within an entity's by-laws, particularly for funds structured as SPEs. Additionally, the reforms aim to strengthen SPE governance by requiring that the trustee be a legal entity, enhancing provisions for trustee removal, ensuring board members' independence from the sponsor and originator, and simplifying the entity's dissolution procedures. Earlier this week, the CMA proposed easing investor criteria for Nomu, the Kingdom's parallel market, to expand participation and enhance liquidity. The amendments included reducing the minimum transaction requirement for individual investors from SR40 million ($8 million) to SR30 million over a 12-month period while eliminating the quarterly trading activity requirement. Additionally, under the new regulations, board and committee members of Nomu-listed companies would qualify as eligible investors.
Arab News
26-03-2025
- Business
- Arab News
CMA proposes easing investor criteria for Nomu to boost participation, liquidity
JEDDAH: Saudi Arabia's Capital Market Authority has proposed easing investor criteria for Nomu, the Kingdom's parallel market, aiming to expand participation and improve liquidity. The proposed amendments suggest reducing the minimum transaction requirement for individual investors from SR40 million ($8 million) to SR30 million over a 12-month period. Additionally, the requirement for quarterly trading activity would be eliminated. Under the new regulations, board and committee members of companies listed on Nomu would also be eligible to qualify as investors. The project aims to reserve the term 'Qualified Investor in the Parallel Market' for eligible categories, amend the minimum transaction value required for classifying a natural person as a qualified investor, and rank board members and committee members of listed companies as suitable to invest. Saudi Arabia accounted for 31 percent of the region's total initial public offering proceeds in 2024, making it the second-largest contributor after the UAE. The Saudi Exchange, Tadawul, witnessed 14 IPOs on its main market, collectively raising $3.8 billion. Nomu also saw 28 IPOs, generating $297 million. The CMA called upon relevant and interested persons participating in the capital market to share their feedback on the draft for 30 days, ending on April 28. Earlier in March, the CMA called for feedback on the draft 'Regulatory Framework for Debt Instruments Offering Platforms and Investing in Them,' which aims to develop debt instrument offerings by licensed capital market institutions for securities crowdfunding. With the consultation period to end on April 23, the draft outlines regulatory and licensing requirements for offering and investing in debt instruments, aligning with developments in the capital market. Key proposals include allowing organizations to present debt instruments in the sukuk and debt market and enabling companies with a FinTech Experimental Permit to obtain the necessary license to operate as capital market institutions. Organizations will need an arranging license to offer debt instruments through crowdfunding platforms. The draft also introduces requirements for safeguarding client funds and registrable functions for licensed establishments. The proposal aims to expand the role of capital market institutions in financial technology, enhance the debt market, and increase participation in securities crowdfunding, supporting the CMA's objectives.
Arab News
23-03-2025
- Business
- Arab News
Saudi charity drives support for mosque projects, Umrah trips and Zakat Al-Fitr
RIYADH: The fifth National Campaign for Charitable Work, hosted on the Ehsan platform during Ramadan, continues to attract significant donations, focusing on mosque enhancements and worship services. The campaign has funded more than 3,000 Umrah trips, built five mosques, maintained 46, and provided essential resources to 12, the Saudi Press Agency reported on Sunday. Donations can be made via or the donor service center at 8001247000, the SPA added. Ehsan has also begun accepting Zakat Al-Fitr donations digitally to ensure prompt distribution to eligible recipients across the Kingdom. This follows the approved charitable methods of Ehsan's Shariah Committee, chaired by Royal Court Adviser Sheikh Abdullah Al-Mutlaq, a member of the Council of Senior Scholars. Donors can pay Zakat Al-Fitr via the Ehsan app or website, specifying the administrative region and the number of recipients. This is done in coordination with relevant authorities across all regions. As part of the fifth National Campaign for Charitable Work, Zakat Al-Fitr distribution aims to empower the community during this season of giving and fulfill religious obligations, according to the SPA. Supporting charitable initiatives, King Salman donated SR40 million ($10.6 million), while Crown Prince Mohammed bin Salman contributed SR30 million for the fifth campaign. So far, total donations have exceeded SR1 billion. This achievement reflects Saudi society's commitment to unity, solidarity, and compassion during Ramadan. Contributions have come from individuals, companies, institutions, and philanthropists. The 2024 campaign has raised more than SR1.8 billion through 15 million transactions, reinforcing the Kingdom's leadership in charitable work and sustainable development.
