Latest news with #non-Saudi
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.
Argaam
04-05-2025
- Business
- Argaam
Specialized Medical issues prospectus to list 75M shares on TASI
Specialized Medical Clinic Co. issued the prospectus for floating 75 million shares on the Main Market (TASI). The shares represent 30% of the company's SAR 250 million share capital, divided into 250 million shares, each with a nominal value of SAR 1. For More IPOs The IPO price will be determined after the book-building process. The subscription period will run for two working days, from May 28-29. According to the prospectus, the book-building process and subscription period for participating entities will run from May 11 to May 15. Last March, the Capital Market Authority (CMA) approved the company's application to list its shares on TASI. The subscription is limited to two categories of investors: Tranche (A): Participating Parties: Those qualified to participate in the book-building process, to which a total of 75 million shares, or 100% of offered shares, will be allocated. In the event of sufficient demand from retail investors, the lead manager will have the right to reduce the number of their allocated shares to 80% of the total offer shares, at 60 million in minimum. Tranche (B): Retail Investors: Saudi nationals, any non-Saudi natural person living in the Kingdom and any GCC national, who holds a bank account with one of the receiving entities and has the right to open an investment account with a capital market institution. A total of 15 million shares (20% of the total offer shares) will be allocated to individual investors. Key background Founded in 1994, the company is headquartered in Riyadh and focuses on developing, managing, and operating multi-specialty general hospitals. It currently runs two hospitals in Riyadh: SMC (1) on King Fahd Road and SMC (2) on King Abdullah Road. Three more hospitals are under development in the city. The two hospitals offer around 600 beds and 250 outpatient clinics covering general and specialized fields. They are staffed by nearly 500 doctors and over 2,500 medical and nursing professionals. Company Profile Company Specialized Medical Clinic Co. Core Activities Healthcare Capital SAR 250 mln Number of Shares 250 mln Share Par Value SAR 1 IPO Summary Issue Percentage 30% Offered shares 75 mln shares Total No. of Shares Offered to Individual Investors 15 mln shares (20% of post-IPO) IPO Minimum Limit (Participating Entities) 100,000 shares IPO Minimum Limit (Individual Subscribers) 10 shares IPO Maximum Limit (Participating Entities) 12.5 mln shares IPO Maximum Limit (Individual Subscribers) 1 mln shares Offer period From May 26-27, 2025 Final Allocation June 4, 2025 Refund (if any) June 4, 2025 Company Shareholders Shareholders Before IPO After IPO Number of Shares (mln shares) Ownership (%) Number of Shares (mln shares) Ownership (%) Abdulrahman Saad Al-Rashed & Sons Co. 100.99 40.4% 70.69 28.3% Abdullah bin Saad Al-Rashed & Sons Co. 51.60 20.6% 36.12 14.4% Al-Thammad Trading Co. 50.49 20.2% 35.34 14.1% Rashid bin Saad Al-Rashed & Sons Co. 32.55 13.0% 22.78 9.1% Khalid Al-Enezi 9.56 3.8% 6.69 2.7% Mohammed Al-Qanbaz 4.81 1.9% 3.37 1.3% Public -- -- 75.00 30.0% Total 250.00 100 % 250.0 100 % **Public ownership will represent 30% of the company's share capital at the time of listing. However, total public ownership will reach 34.02% post-IPO.
Gulf Insider
01-05-2025
- Business
- Gulf Insider
Saudi Arabia Opens Skies To Foreign Charter Jets In Major Aviation Shake-Up
Saudi Arabia has officially opened its domestic airspace to international charter operators, ending long-standing cabotage restrictions and giving foreign private jet companies the green light to fly between cities inside the Kingdom. The change—effective from May 1, 2025—means that non-Saudi business and private jet operators can now run intra-Kingdom charter flights without needing a local partner or special exemption. It's a significant regulatory shift aimed at boosting private aviation and attracting more global investment into the sector. 'This policy change will build real opportunities for growth, create jobs, and make the Kingdom a more connected, accessible place for business and private travel,' said Imtiyaz Manzary, General Manager for General Aviation at GACA, the country's aviation regulator. The move is part of Saudi Arabia's General Aviation Roadmap, launched in 2024, which targets building a $2 billion general aviation industry by 2030. It includes removing empty-leg restrictions, upgrading infrastructure, and attracting international operators. Since GACA first signaled the rule change in February, several foreign operators have already submitted applications to enter the domestic market—an early sign of investor interest in the newly liberalised space. The reform also supports the country's Vision 2030 economic diversification agenda, which includes turning Saudi Arabia into a regional aviation and logistics hub. Opening up domestic airspace to non-Saudi players is seen as a bold, market-friendly step in that direction. Why it matters: Foreign charter firms can now fly domestic routes like Riyadh–Jeddah or Dammam–NEOM. More competition could mean better availability and pricing for private flyers. Signals a more open and investor-friendly stance from Saudi regulators. Bottom line:Saudi Arabia's skies are opening up—literally. With a pro-market policy shift now in place, the Kingdom is positioning itself as a serious player in the global business aviation scene.
Gulf Business
01-05-2025
- Business
- Gulf Business
Job seekers alert: Saudi announces new employment rules
Image credit: Getty Images The Regulations for job announcements Job vacancy announcements and interviews must not contain any form of discrimination, including those based on gender, disability, age, marital status, or other factors. Read- The ministry's new rules prohibit brokering or advertising employment opportunities for Saudis unless the activity is licensed by the ministry and complies with regulations governing such practices. Additionally, these regulations stress the need to obtain proper licenses for job fairs or public job invitations held outside workplace premises. Such events must be coordinated through the Saudi Conventions and Exhibitions General Authority, in line with governing rules. Compliance with professional standards The ministry requires that advertised job roles align with the professions listed in the Saudi Standard Classification of Occupations. Job postings must be made through approved digital platforms, the company's website, official social media accounts, or licensed job fairs. Job advertisement guidelines Key provisions of the regulations stipulate that job advertisements must include: A brief description of the company, including its name, business activity, headquarters, and work location. A clear description of the job vacancy, including the job title, responsibilities, required qualifications, and skills. Years of experience required, application procedures, working hours, job nature, benefits, and the application deadline. An electronic method for receiving job applications. Employers must notify each applicant of the interview format (in-person, remote, or phone), date, and expected time at least three working days in advance. Interview venues—whether inside or outside the facility—must be suitable for the number of applicants. They must be in visible, accessible locations with sufficient seating and desks, comply with occupational health and safety standards, and have security systems or guards, gender-specific restrooms, and drinking water. Accommodations for persons with disabilities For applicants with disabilities, employers must provide appropriate communication tools and ensure accessibility throughout the interview location. A job interview committee must be formed, comprising at least two Saudi individuals, including one human resources specialist. The committee may consult non-Saudi experts if necessary, provided they do not exceed half the committee's members. Restrictions on interview questions The regulations prohibit interviewers from asking about personal freedoms or confidential details about previous employment. All interview outcomes must be documented for future reference. Communicating interview results Applicants must be informed of interview results through official channels within 30 days of the interview. If an applicant is not selected, the reasons must be communicated.
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.
