Saudi Arabia Establishes Ministerial Panel to Fight Commercial Fraud

Saudi Arabia is keen on fighting commercial cover-up by using technology and artificial intelligence (Asharq Al-Awsat)
Saudi Arabia is keen on fighting commercial cover-up by using technology and artificial intelligence (Asharq Al-Awsat)
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Saudi Arabia Establishes Ministerial Panel to Fight Commercial Fraud

Saudi Arabia is keen on fighting commercial cover-up by using technology and artificial intelligence (Asharq Al-Awsat)
Saudi Arabia is keen on fighting commercial cover-up by using technology and artificial intelligence (Asharq Al-Awsat)

Saudi Arabia has established a ministerial committee to oversee the national program to combat commercial cover-up and to propose solutions and initiatives to eliminate the practice.

The government decision comes in light of financial estimates over the effect of the commercial cover-up on the national economy, incurring losses estimated at more than $93.3 billion annually.

The committee is expected to watch over the implementation of initiatives and develop indicators to measure the performance of all relevant authorities.

Under the government decision, the Saudi Data and Artificial Intelligence Authority (SDAIA) shall build an index to measure the percentage of suspected cases of commercial cover-up and update it periodically according to the data received from concerned authorities.

The Ministries of Commerce and Human Resources and Social Development, the Saudi Arabian Monetary Authority (SAMA), the General Authority of Zakat and Tax (GAZT) and any other body named by the Supervisory Committee shall provide SDAIA with the necessary data for the indicator for measuring suspected cases of cover-up on a quarterly basis, the decision added.

It stipulated that the Ministry of Municipal and Rural Affairs develop a plan that obliges all grocery stores to implement the updated municipal requirements for their activity and work and ensure their implementation within the specified time frame.

The ministry was also ordered to prepare an indicator to measure the sector’s adherence to the requirements and submit it to the Council of Economic and Development Affairs within 60 days.

The Supervisory Committee to Combat Commercial Cover-up is chaired by the Minister of Commerce and shall include under the latest decision the ministers of transport and environment, water and agriculture, and the SDAIA president.

It is noteworthy that the national program was established to address commercial cover-up in all sectors and stimulate e-commerce and the use of technological solutions.

The program also organizes financial transactions to reduce the exit of funds, promote private sector growth and create a competitive environment that attracts Saudis and encourages them to invest and find solutions to the problem of foreigners' illegal ownership in the private sector.

In this context, economic analyst Dr. Mohammed bin Dulaim al-Qahtani told Asharq Al-Awsat that the size of commercial cover-up in the Kingdom is estimated at SAR350 billion ($93.3 billion) annually in various sectors.

He said the Saudi citizens are contributing in this for the benefit of foreign workers, whether by allowing them to use their name, license, commercial register, or in any other means.

According to Qahtani, the previously announced national program will be based on developing regulations and legislation, intensifying means of monitoring, promoting the principle of continuous awareness and uniting the efforts of the public and private sectors.

The program is considered a qualitative leap that would control practices hindering the progress in the Saudi economy and the implementation of the Kingdom Vision 2030’s national transformation programs and initiatives.



US Energy Secretary Says Riyadh and Washington to Sign Civil Nuclear Agreement

US Energy Secretary Chris Wright speaks at the press conference in the Saudi capital Riyadh. Photo: Turki al-Aqaili
US Energy Secretary Chris Wright speaks at the press conference in the Saudi capital Riyadh. Photo: Turki al-Aqaili
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US Energy Secretary Says Riyadh and Washington to Sign Civil Nuclear Agreement

US Energy Secretary Chris Wright speaks at the press conference in the Saudi capital Riyadh. Photo: Turki al-Aqaili
US Energy Secretary Chris Wright speaks at the press conference in the Saudi capital Riyadh. Photo: Turki al-Aqaili

The United States and Saudi Arabia will sign a preliminary agreement on energy cooperation and civilian nuclear technology, US Energy Secretary Chris Wright said on Sunday.

Wright spoke at a press conference in the Saudi capital Riyadh where he arrived from the United Arab Emirates on Saturday as part of a regional tour that will also take him to Qatar.

His visit comes amid world economic turmoil over the tariffs imposed by US President Donald Trump. But Wright said that these tariffs don’t seek to restrict trade, rather they aim for fair and reciprocal trade.

His visit also comes ahead of an expected visit by Trump to the Kingdom, the UAE and Qatar in May to consolidate relations.

The US Energy Secretary told journalists at the Saudi Energy Ministry that Riyadh and Washington were on a "pathway" to reaching an agreement to work together to better develop energy resources and energy infrastructure, in addition to mining cooperation, civilian nuclear technology and energy production.

Wright said further details over a memorandum detailing the energy cooperation between Riyadh and Washington would come later this year.

Saudi Minister of Energy Prince Abdulaziz bin Salman announced last September that the Kingdom is working to develop peaceful uses for nuclear energy across various fields.

In his press conference on Sunday, Wright discussed the meetings he has held in Riyadh. There have “been very wide ranging dialogues for a day and a half now and they're going to continue. We've talked about energy in all aspects of energy. We've talked about mining, critical materials. We've talked about processing in industry. We've talked about climate change. We've talked about human lives and what drives their improvement and how best to achieve those ends,” he said.

On Saturday, Prince Abdulaziz met with Wright at King Abdullah Petroleum Studies and Research Center (KAPSARC) where the US official was briefed on the Center's role in the fields of energy policy research and its transitions, climate change, sustainable transportation, and consultancy services, in addition to the development of models and analytical tools that contribute to finding solutions to current challenges in the energy sector. They also discussed opportunities for cooperation in energy research, exchange of expertise, and strengthening joint research efforts.

Wright said Sunday that he believed “Saudi Arabia will be one of the leading countries in investing in the United States. I think that's a win for the Kingdom here. It's a win for the United States. And for us, most importantly, it's a win for the working class and American citizens to have better job opportunities.”

He added that the “broader objectives” of the US and Saudi Arabia “are prosperity at home and peace abroad.”

Wright also said in response to a question by Asharq Al-Awsat that tariffs are part of Trump's economic agenda.

He said Trump is trying to grow the flow of goods outside the United States into other countries while sustaining imports and engagement with countries from around the world. “So that's a way you could describe this. Fair trade, not restricted trade, just fair trade, reciprocal trade.”

He added that the United States has seen a lot of its intensive industries, particularly energy, move outside of the country and be outsourced somewhere else. “Too many Americans have seen their job opportunities shift overseas.”

“So tariffs are also a way to give a nudge and encourage investment into our country, to make products in our country, to grow economic opportunity and prosperity in America.”