Saudi Shoura passes draft bankruptcy law

Updated 13 December 2017
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Saudi Shoura passes draft bankruptcy law

RIYADH: The Shoura Council on Monday approved the draft bankruptcy law which consists of 231 articles distributed over 17 chapters, including general provisions.

The draft law aims to regulate bankruptcy procedures for preventive settlement, financial reorganization, liquidation, preventive settlement for small debtors, financial reorganization for small debtors, liquidation for small debtors and administrative liquidation.

The provisions of this law will apply to any person who carries on business or profit-making activities in the Kingdom.

Such provisions shall also apply to commercial and professional companies, entities, organizations and non-Saudi investors.

In another resolution, the council also approved the draft law of transfer and Saudization of technology, submitted by council member Dr. Fahad Al-Anzi, based on Article 23 of the Council’s Law.

The draft law, which consists of 35 articles, aims to keep abreast of the advanced scientific and technical developments in various economic fields, enhancing Saudi Arabia’s own capabilities and enhancing the efficiency of its technical base as well.

It also aims to build the national capabilities and resources necessary to manage, use and develop the transferred technology, in addition to diversifying sources of income and encouraging innovation and development.


Workshop focuses on how to improve transport for Hajj and Umrah pilgrims

Updated 20 September 2018
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Workshop focuses on how to improve transport for Hajj and Umrah pilgrims

JEDDAH: The Ministry of Hajj and Umrah recently organized a workshop for the development of the administrative and operating systems for supervisors and public operators of pilgrims’ transportation.
The workshop, which was held at the Hilton Hotel in Jeddah, was under the patronage of the Minister of Hajj and Umrah Dr. Mohammad Saleh bin Taher Benten and was inaugurated by his Deputy Dr. Abdul Fattah bin Suleiman Mashat.
Sectors working in the transportation of pilgrims as well as international and local experts on crowd management and public transportation systems took part.
The event formed part of the Ministry’s initiatives in the National Transformation program 2020. It discussed the challenges facing supervisors and operators in the transportation of pilgrims and made recommendations on how to overcome challenges and improve the administrative and operating systems in cooperation with the whole Hajj services system. It also showcased the best international practice in public transportation.
Included was a briefing on the monitoring of initiatives by the Vision 2030 Achievement Office as well as presentations on the work of the Ministry’s pilgrims’ transportation agency, future projects, the urgent projects that were put in place for the last Hajj season and a detailed explanation of National Transformation initiatives. Those who attended the workshop also had the opportunity to learn about the technology the agency uses in its operations.