New laws to curb antiques trade

Updated 24 January 2016
0

New laws to curb antiques trade

JEDDAH: The Kingdom has put in place new measures to preserve its national antiquities and to eradicate the illicit trafficking of antiquities and archaeological items.
The new regulations strictly prohibit trafficking in archaeological items or the holding of heritage auctions aimed at selling antiquities without first obtaining the necessary permits from the Saudi Commission for Tourism and National Heritage.
According to a report in a local newspaper, licensing for such activities in the Kingdom will be issued through the president of the commission for a period of three years, but only after the applicant meets the specified requirements, such as time constraints and practical aspects regarding activities.
The regulations also stipulate that all those involved in the exchange of antiquities must report to the authorities any heritage items that have been lost or stolen within seven days.
The commission has also approved giving financial rewards for those who report violations of the laws regarding antiquities, museums and urban heritage, in order to encourage honesty and awareness.
As for the auctions of antiquities and popular heritage items, the regulations stipulate that the commission alone is the body of jurisdiction that can grant licenses to hold auctions, and can also specify licensing fees.


Green light for crown prince-led Saudi privatization program

Updated 25 April 2018
0

Green light for crown prince-led Saudi privatization program

  • The Privatization Program is one of 12 key elements of the Saudi Arabia’s Vision 2030
  • The program is aimed at increasing job opportunities for Saudi nationals

RIYADH: Saudi Arabia’s Council of Economic and Development Affairs on Tuesday approved the Privatization Program that is one of 12 key elements of the Kingdom’s Vision 2030. 

The program is aimed at increasing job opportunities for Saudi nationals, attracting the latest technologies and innovations, and supporting economic development.

It encourages both local and foreign investment in order to enhance the role of the private sector, with government entities adopting a regulatory and supervisory role. The aim is to increase the private sector’s contribution to GDP from 40 percent to 65 percent by 2030. 

The program will aim to reach its objectives through encouraging the private sector to invest in establishing new schools, universities and health centers, while the government pursues its organizational and supervisory role in health and education.

The privatization program aims to benefit from previous success stories, with the private sector’s collaboration in the development of infrastructure, and its involvement on a large scale in sectors such as energy, water, transport, telecommunications, petrochemicals and finance.

The program sets out a series of objectives in three areas: Developing a general legal framework for policies related to privatization; establishing organizational foundations and dedicated institutions to execute the policies; and setting a timescale for their delivery. 

The Council of Economic and Development Affairs is headed by Crown Prince Mohammed bin Salman.