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FINANCE & ECONOMY

Riyadh Metro to begin accepting bids for station naming rights this month
December 11, 2017

The $23 billion (Dh84.5 billion) Riyadh Metro will begin accepting bids for private companies to acquire naming rights on December 17, with the process ending on January 25, 2018.

Companies must have a minimum trading history of three years in Saudi Arabia and the Gulf Cooperation Council (GCC), according to an advert placed in Gulf News on Sunday.

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Foreigners turn net buyers of Saudi stocks as shock of graft purge fades
December 11, 2017

Foreign investors turned net buyers of Saudi Arabian shares in the last week, suggesting concern about the impact of a sweeping crackdown on corruption has faded, exchange data showed on Sunday.

Foreigners were net sellers of Saudi stocks for four straight weeks after authorities launched the purge in early November, detaining dozens of top officials and businessmen and freezing over 2,000"...

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Cinemas could return to Saudi Arabia as early as April 2018
December 11, 2017

Saudi Arabia could see the return of commercial cinemas as early as April according to several sources at Dubai International Film Festival (DIFF), where some companies are already pitching themselves as potential film distributors for the Kingdom.

Riyadh and Jeddah, the country’s two largest cities, are both expecting to see the opening of state-of-the-art multiplexes in what is"...

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UPDATE 1-Saudi Arabia to supply full Jan crude volumes to an Asian refiner -source
December 11, 2017

Saudi Arabia, the world’s top oil exporter, will supply full contractual volumes of crude to a North Asian refiner in January, unchanged from the previous month, a source with direct knowledge of the matter said on Monday.

The country supplied full contractual volumes of crude to at least three North Asian refiners for December loading. But it trimmed supplies to at least three Japanese"...

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Saudi women break youth monopoly of telecom sector
December 11, 2017

Saudi women have broken the youths’ monopoly of the local telecommunications sector and have undergone training in sales and maintenance of cellphones in the wake of the Kingdom’s Saudization program.
“More than 5,000 have been trained and entered the labor market, either through small- and medium-sized enterprises or by doing business from homes,” said Fadwa Al-Atwi, a Saudi woman trainer.
The Communications and Information Technology"...

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Makkah region’s water infrastructure to be expanded at a cost of SR9 billion
December 11, 2017

The Saline Water Conversion Corporation (SWCC) signed several contracts aimed at increasing water supply to some governorates in the Makkah region as well as ensuring supply to areas without water at a cost of more than SR9 billion ($2.4 billion).
The projects include the construction of the desalination plant in Jeddah (phase 4) with reverse osmosis (RO) at Shoaiba, the transfer of technology and the purchase of produced water through the establishment of"...

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SRO adopts measures to enhance railroad safety
December 11, 2017

The Saudi Railways Organization (SRO) has adopted several measures to enhance railroad safety and minimize human errors leading to accidents, which it said are at times unavoidable.

In its latest performance report, the organization said it was paying greater attention to safety issues and was making progress on several fronts, according to Al-Hayat newspaper.

The report said the SRO developed plans and strategies to ensure environmental"...

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PTA fixes nine-hour workday for truckers
December 11, 2017

The Public Transport Authority (PTA) has introduced new rules to regulate the work of truck drivers.

The authority restricted the work of truckers to a maximum of nine hours a day and 56 hours a week with sufficient intervals to rest so that the drivers would not be overworked or exhausted.

The transport authority said the truck drivers should get enough time to rest to protect their own safety, the safety of other road users, prevent accidents"...

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Prepaid salary cards for domestic workers
December 11, 2017

Domestic workers (housemaids, drivers etc.) will now get prepaid payroll or salary cards to protect their wages and ensure that they get their salaries on time.

The Ministry of Labor and Social Development (MLSD) started this scheme on Saturday. It has given a six-month deadline to all employers to issue these cards to domestic workers under their sponsorship.

These prepaid cards, which facilitate the monthly salary transfer for domestic"...

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39 water-bottling plants closed down this year
December 11, 2017

The Saudi Food and Drugs Authority (SFDA) has shut down 39 water-bottling plants for various violations so far this year, business daily Al-Eqtisadiah reported on Sunday quoting a senior official of the authority.

Abdul Rahman Al-Sultan, director of the SFDA’s department of pharmaceutical information and awareness, said the factories were closed down after water samples were tested to ensure compliance with standard specifications.

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