Latest news with #SaudiMinistryofCommerce
Asharq Al-Awsat
28-02-2025
- Business
- Asharq Al-Awsat
Saudi Arabia Tightens Regulations on Precious Metals and Gemstone Traders to Combat Money Laundering
Saudi Arabia has imposed stricter regulations on traders of precious metals and gemstones as part of its anti-money laundering efforts. The government has instructed investors to comply with Article 7 of the Anti-Money Laundering Law, which mandates financial institutions and designated non-financial businesses to implement due diligence measures. These measures coincide with Saudi Arabia's push to expand its mining sector, a key component of Vision 2030. The Kingdom has increased its mineral wealth estimate to SAR9.4 trillion ($2.5 trillion) and introduced exploration incentives worth SAR682.5 million ($182 million) by the end of 2023. The new Mining Investment Law aims to attract investment and boost mineral production. Since its enactment, the number of mining licenses has risen by 138%, according to the Ministry of Industry and Mineral Resources. The Saudi Ministry of Commerce has directed private sector entities to apply customer due diligence measures, especially for high-risk transactions. Businesses must verify customer identity using official documents and obtain and confirm details such as full name, address, date and place of birth, and nationality for individual customers. Transactions must not be conducted without proper identity verification, and businesses are encouraged to contact the General Administration for Anti-Money Laundering for guidance. Saudi Arabia aims to increase the mining sector's GDP contribution to SAR176 billion ($47 billion) by 2030 while enhancing domestic mineral supply, improving the trade balance, and attracting investment. Other priorities include expanding non-oil revenue, creating jobs, developing local talent, and strengthening regulatory frameworks. These efforts align with the Kingdom's broader goal of establishing a competitive and sustainable mining industry while ensuring compliance with international financial regulations.
Leaders
30-01-2025
- Business
- Leaders
Saudi Arabia Announces Sales Season for Ramadan, Eid Al-Fitr
The Saudi Ministry of Commerce on Thursday unveiled the timing of the sales season for Ramadan and Eid Al-Fitr 2025. The sales season will start on February 9, 2025 (Shaaban 10, 1446 AH) and last until April 3, 2025 (Shawwal 5, 1446 AH). This move will enable consumers to begin their shopping earlier and avoid last-minute rushes, promoting responsible consumption. Moreover, businesses and e-stores can apply for sales permits online, via the Commerce Ministry's portal. The online submission streamlines the process of obtaining the sales permits, without losing days from the annual sales balance. يمكن للمنشآت التجارية والمتاجر الإلكترونية إصدار ترخيص تخفيضات رمضان وعيد الفطر المبارك إلكترونيًا دون فقدان أيام من رصيد التخفيضات السنوي.. 🔗 | عبر: 🗓️ | فترة الموسم: من 9 فبراير حتى 3 ابريل 2025 — وزارة التجارة | Ministry of Commerce (@MCgovSA) January 30, 2025 Sales permits allow consumers to check the validity of the discounts, according to Saudi Gazette. Consumers can use their mobile camera to scan the barcode on the sales permit and get all the details related to the offer, such as the type and percentage of the discount and the basic data of the facility. Furthermore, the Saudi Ministry of Commerce announced that its officials will continue inspecting businesses to ensure the legality of sales and monitor their implementation across all the Kingdom's regions. The sales season for Ramadan and Eid Al-Fitr 2025 will likely see many attractive offers and discounts on a diverse range of products and services. Short link : Post Views: 15 Related Stories
