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SAMA Calls On Banks not to Misuse Citizen’s Account Allocations

SAMA Calls On Banks not to Misuse Citizen’s Account Allocations
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SAMA Calls On Banks not to Misuse Citizen’s Account Allocations

SAMA Calls On Banks not to Misuse Citizen’s Account Allocations

The Saudi Arabian Monetary Authority (SAMA) addressed local banks not to discount or cut any amounts from the beneficiaries’ dues of the Citizen’s Account in return of any judicial seizure, as an affirmation that Saudi banks have no right to draw amounts from the Citizen’s Accounts in banking accounts.

SAMA underlined the necessity of abiding by this circulation starting from its day of issuance, in addition to lifting previously imposed confiscations on Citizen’s Account beneficiaries' dues, urgently.

This step follows several complaints submitted by the Citizen’s Account regarding confiscating monetary amounts by some local banks, urging SAMA to respond and issue this circulation on Thursday.

As Saudi Arabia begins to apply the Value Added Tax (VAT) and to correct oil prices, the Ministry of Commerce and Investment carried out check-up tours on establishments in various regions in the kingdom to counter any price manipulation. Up to 11,500 establishments were examined and 695 violations were discovered.

All required procedures were taken in cooperation with the government bodies including security bodies, under the supervision of the Consumer Protection to ensure quick intervention and conduction of tours as well as responding to notifications of consumers promptly, throughout the day.

The General Authority of Zakat and Tax (GAZT) has announced that the score of VAT registered-establishments is 90,000 establishments. Most of them are prepared to train employees, comply with the tax system, adopt the accounting system and information technology related to tax-operations in addition to managing records to maintain instruments in the determined application.

Notably, the kingdom started to apply the lowest VAT rate (five percent) since Jan.1 2018, while GAZT is in charge of observing the application of VAT, in cooperation with relevant bodies, including Saudi Customs.

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Saudi-Yemeni Business Council Looks Forward to Contributing to Reconstruction

The Saudi-Yemeni Business Council has met in Makkah. Asharq Al-Awsat
The Saudi-Yemeni Business Council has met in Makkah. Asharq Al-Awsat
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Saudi-Yemeni Business Council Looks Forward to Contributing to Reconstruction

The Saudi-Yemeni Business Council has met in Makkah. Asharq Al-Awsat
The Saudi-Yemeni Business Council has met in Makkah. Asharq Al-Awsat

The Saudi-Yemeni Business Council is leading the initiative "Saudi Vision and Yemeni Development 2030," which aims to enhance economic ties between Saudi Arabia and Yemen by developing border crossings, establishing economic zones, and creating smart food cities. This contributes to facilitating the movement of goods and people, as well as increasing the volume of trade.

Official data indicates that the trade exchange between Saudi Arabia and Yemen reached approximately 6.3 billion riyals (1.6 billion dollars) in 2023, with Saudi exports accounting for the largest share. Despite this, Yemeni imports are still below the available potential, particularly in the agriculture, fisheries, and mining sectors.

The main projects of this initiative, which is led by the council under chairman of the Saudi-Yemeni Business Council Dr. Abdullah bin Mahfouz, include "the establishment of joint economic zones, development of infrastructure and logistics services, and strengthening investment in the agricultural and renewable energy sectors."

The project also involves creating advanced laboratories for testing livestock, fruits, and vegetables, contributing to improving the quality of goods and increasing Yemen's agricultural and livestock exports to Saudi Arabia.

These efforts aim to enhance food security for Saudi Arabia and achieve economic growth for Yemen.

As part of the future plans to enhance economic partnership, an exhibition titled "Reconstruction and Development of Yemen" will be held in Riyadh next year. This exhibition aims to attract investors from various sectors and strengthen partnerships between Saudi and Yemeni companies.

"Yemeni investments in Saudi Arabia have witnessed significant growth, reaching approximately 18 billion riyals (4.8 billion dollars) by the end of 2023, ranking 13th in terms of investment volume."

These investments focus on wholesale and retail trade, particularly in food products, clothing, and household goods, as well as in sectors such as construction, manufacturing, and logistics services.

Bin Mahfouz explained that "this investment expansion is due to the support provided by the Saudi government to Yemeni investors through streamlining licensing procedures, offering investment incentives, and ensuring a stable investment environment. These factors have contributed to attracting Yemeni capital to Saudi Arabia, while enhancing investors' benefits from available economic opportunities."

Despite the noticeable progress, Yemeni investments face significant challenges. According to bin Mahfouz, the main challenges include "the instability of the Yemeni local currency, the banking restrictions that hinder money transfers, the weak infrastructure in Yemen, and the ongoing armed conflicts that increase investment risks."

He said that the council’s future plans focus on promising projects, including the cultivation of agricultural land in Yemen, the establishment of packaging centers for agricultural products and fishery resources, in addition to developing livestock projects.

Bin Mahfouz emphasized that Yemen is considered a key market for Saudi Arabia in providing agricultural and livestock products that have comparative advantages over similar goods from other countries. According to economic data from 2022, animal production ranks second after agricultural production in terms of its contribution to Yemen's total GDP, accounting for more than 20 percent.