User’s ID number now required to recharge prepaid mobile phones

Updated 26 July 2012

User’s ID number now required to recharge prepaid mobile phones

The Saudi Communications and Information Technology Commission (CITC) has announced that entering a user’s ID number, together with a prepaid card number, would be mandatory to charge a cell phone’s credit or transfer money from the user’s credit to that of another subscriber starting July 31. In a press statement, the telecom regulator said the new procedure aims to end the practice of anonymous persons misusing SIM cards.
In the new system, a consumer should enter his ID or Iqama number immediately after entering the prepaid card number to recharge the phone’s credit. It would not be possible to recharge without entering the ID number. The telecom regulator warned citizens and expatriates against using any prepaid SIM card with an unknown identity.
“The information supplied by subscribers while buying a SIM card must be correct and updated. It would not be possible either to charge or transfer credit if the users do not enter the same ID or Iqama number that they had furnished while subscribing to the service,” the statement said, adding that the new procedure is part of the commission’s efforts to contain the spread of illegal prepaid cards.
The regulator urged those who want more information or details about this to contact the service provider through its customer care offices, contact centers or website. The commission disclosed that it has completed all the necessary procedures and arrangements to enforce this decision.
A few months ago, Abdullah Al-Darrab, governor of CITC, reiterated the commission’s resolve to go ahead with introducing this system. He also noted that the telecommunications companies in the Kingdom had asked for a time period to introduce the system in order to make the necessary changes in their system to support the regulation.
The CITC chief said that anonymous SIM cards were posing a severe threat to the security of the nation and the society as well. He urged all citizens and foreigners in the Kingdom not to buy such SIM cards to avoid the complications and dangers that might be involved in them. He also said that buying anonymous SIM cards is a clear violation of the law and that violators would face penal action.


Saudi Aramco to buy $1bn of IPO shares as incentive to executives and employees

Updated 11 November 2019

Saudi Aramco to buy $1bn of IPO shares as incentive to executives and employees

  • Aramco said it was also considering introducing an employee stock purchase plan once it becomes a public listed entity

DUBAI: Saudi Aramco will make available $1 billion of shares for employees under a plan to incentivize executives and other staff members alongside the initial public offering (IPO) due to take place next month.

The plan — which was disclosed in the IPO prospectus published late on Saturday night — will involve Aramco buying the shares from the government and making them available for employees under special terms.

Details are still being worked through, but the prospectus talked of a “celebratory grant plan,” implying that at least some of the shares would be given free to some of Aramco’s 73,000 employees.

Such share schemes are not uncommon in privatizations. 

 

Contributions

The Aramco plan is designed to “provide additional incentives to employees whose contributions are essential to the growth and success of the company, to attract and retain qualified individuals and to further align the interests of such employees with shareholders of the company,” the prospectus said.

The scheme will be in three parts: A long-term incentive plan for executives, a similar plan for management levels, and an incentive scheme for other eligible employees, in addition to the “celebratory grant.”

Aramco said it was also considering introducing an employee stock purchase plan once it becomes a public listed entity.

Publication of the offer prospectus is expected to stimulate interest among Saudi nationals, eligible expats and Gulf Cooperation Council (GCC) citizens for the IPO, expected to be the biggest share offering ever. Some 1 billion shares will be made available to private investors in the IPO, with as much as 2 percent being sold to global investors.

High net worth individuals interested in buying large chunks of shares may be included in the institutional offering if there is a lot of private investor demand.

The final proportion to be sold will be determined by the strength of global demand for the stock. There is also the possibility that the government could sell a big tranche of shares to a strategic foreign investor — like a big energy trade partner or a sovereign wealth fund.

The 658-page prospectus contains detailed financial and commercial information on Aramco and will be studied closely by investors interested in the shares.