Saudi anti-concealment law to protect consumers and small businesses

Time: 09 March 2021

An aerial view shows a deserted highway due to the COVID-19 pandemic, on the first day of the Eid al-Fitr feast marking the end of the Muslim holy month of Ramadan, in the Saudi capital Riyadh, on May 24, 2020. – Saudi Arabia, home to Islam’s holiest sites, began a five-day round-the-clock curfew from May 23, in a bid to stem the spread of the novel coronavirus. (Photo by FAISAL AL-NASSER / AFP)

The regulations support the reporting of crimes and violations by protecting whistleblowers and motivating them through rewards. (File/Shutterstock)

The measures relate in large part to the business relationship of Saudis and foreign investors and aim to ensure that they do not circumvent the Kingdom’s commercial law

RIYADH: Saudi Arabia’s “anti-concealment” laws aim to protect consumers and small businesses from financial crime according to the Ministry of Commerce, Al Arabiya reported.
The measures relate in large part to the business relationship of Saudis and foreign investors and aim to ensure that they do not circumvent the Kingdom’s commercial law about how such partnerships are created and what happens when they are dissolved.
The regulations support the reporting of crimes and violations by protecting whistleblowers and motivating them through rewards.
Talat Hafiz, a Saudi economist, financial analyst, and board member of the Saudi Financial Association, said commercial concealment is a major financial crime that “works against fair and unjustifiable commercial trading and causes significant harm to the economy and to its gross domestic product.”
“The government of Saudi Arabia has been alerted to such risks and consequences of commercial concealment, and has introduced a very powerful national program to combat such economic and commercial disease,” he added.
Several government bodies are combating concealment besides the Ministry of Commerce, including, the Ministry of Municipal and Rural Affairs and the Ministry of Human Resources and Social Development.

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Saudi Industrial Center mulls $10.66bn worth of projects

29/11/20

The Kingdom’s industrial strategy aimed at enhancing the target business segments, and attracting top-notch industrial investments over the coming years, which will boost the sources of the non-oil income. (Shutterstock)

The National Industrial Development Center (NIDC), in cooperation with the the Ministry of Industry and Mineral Resources, is studying the development of more than SAR 40 billion ($10.66 billion) worth of industrial projects in target business divisions, Al Eqtisadiah newspaper reported, citing Chief Executive Officer Nizar Y. Al-Hariri.

These investment opportunities include the development of a combined zinc-lead-copper smelting facility, alumina refinery, phosphorus production facility, local tuna processing facility, in addition to manufacturing dialysis machines, vial injectors, as well as vaccines.

The Kingdom’s industrial strategy aimed at enhancing the target business segments, and attracting top-notch industrial investments over the coming years, which will boost the sources of the non-oil income and provide job opportunities, the CEO said.

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This article was first published in Arab News

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