Latest news with #SR300
Observer
30-06-2025
- Observer
Bus service from Dubai, Riyadh to Salalah for Khareef
Muscat: The private scheduled bus operator, Al Khanjry, will operate services from Riyadh and Dubai to Salalah during Khareef from July 5. Tickets will cost AED350 for a return ticket from Dubai, while the one-way fare will be AED200. And from Riyadh, it will cost SR600 for a return ticket, and SR300 for a one-way ticket Dubai services will be operated on Sundays, Tuesdays, and Thursdays in the first week, with the daily service to be introduced from the following week. The service is expected to get a positive response as an alternative to flight travel and encourage motorists to avoid long drives on the stretch that has been prone to accidents, according to Rashid al Khanjry, owner of Al Khanjry Transport. It may be noted that around 70 percent of travellers to the Dhofar Governorate use road over air travel in Khareef. Screenshot 2025-06-30 095320
Arabian Post
21-06-2025
- Business
- Arabian Post
Saudi Bank Unveils New Credit‑Card Rules to Drive Transparency
Arabian Post Staff -Dubai The Saudi Central Bank has introduced sweeping reforms in the rules governing credit-card issuance and operation, aiming to reduce consumer costs, bolster transparency and align with global standards. The changes include mandatory fee notifications, reduced cash withdrawal charges, capped international transaction fees and improved disclosures. SAMA will implement these updates within 30 to 90 days. Key changes include a requirement for issuers to send SMS alerts before any fee or term modification, allowing cardholders a 14-day window to cancel agreements without penalty under the updated terms. E-wallet top-ups using credit cards will now incur no charges, a move intended to incentivise digital payments. ADVERTISEMENT Cash withdrawals of SR2,500 or less will carry a maximum fee of 3% of the transaction value; those of SR2,500 or more are capped at SR75. Previously, cash advance fees applied sharply until SR5,000 with a flat SR75, and beyond that 3%, up to SR300—making the new cap notably more favourable for larger withdrawals. International purchases will now attract a clear 2% fee of the transaction amount. A notable enhancement allows customers to deposit amounts beyond their credit limit and withdraw them at any point without additional charges, enhancing flexibility and consumer agency. Account statements must now be issued via SMS at least 25 days before payment, detailing balances, due dates and fees. Immediate notifications must follow any credit-card transaction, including details such as merchant, amount and remaining limit. Issuers are also required to provide pre‑transaction tools for estimating international charges and reward benefits. Repayment provisions maintain consumer safeguards: a 25-day minimum grace period is mandated before term costs apply. The rules prohibit levying additional fees for full balance payments and outlining clear terms for minimum payments and their implications. These reforms are underpinned by standardised disclosure templates for fees and benefits, inclusive of promotional terms—a step towards consistency across the market. Issuers must emphasise APR, term costs and expiration timelines for rewards or promotions, with SMS reminders 14 days in advance. SAMA's emphasis on mandatory due diligence and creditworthiness checks prior to card issuance is reinforced under the new framework. Criteria now include explicit customer consent via authenticated channels, formal credit record assessments and eligibility conditions aligned with industry best practices. Procedures for supplementary cards, default reporting and dispute resolution have also been clarified. For example, the minimum repayment remains 5% of the due balance, and any default procedures must include consumer advisory services before legal or collection measures begin. SMS has been designated the primary channel for disclosures, with issuers obliged to inform customers of account activity, fee changes and promotional developments. Financial institutions must adhere to SAMA‑specified notification templates to promote uniformity and clarity. According to a senior official within SAMA, the goal is to 'establish minimum requirements to promote disclosure, transparency and fair practices, as well as to limit credit risk.' Industry reaction has been generally positive. Analysts from regional banks suggest the rules will 'enhance consumer protection while supporting digital payment growth.' Critics, however, note potential implementation challenges—particularly in updating existing systems to align with stricter notification and compliance requirements. The timing reflects SAMA's broader strategy to modernise the financial sector and accelerate digital payments as part of Saudi Vision 2030. A 2020 directive mandated real‑time notifications for debit card and e-wallet transactions, laying foundational infrastructure for today's enhanced SMS regime. Collaboration with global payment networks—such as Visa, MasterCard and American Express—has helped shape caps on international and cash advance fees. Banks and fintech firms are now preparing compliance roadmaps. One major lender has initiated system-wide updates to include the new SMS templates, fee calculators and balance‑flexibility features. Industry trade bodies are urging transparency in implementation timelines to ensure consumers are well informed ahead of the rollout. As SAMA positions Saudi Arabia's credit‑card framework at par with international best practice, key areas to monitor include transparency in third‑party charges, enforcement mechanisms for non-compliant issuers, and feedback from consumer‑protection advocates.
Saudi Gazette
20-06-2025
- Business
- Saudi Gazette
New SAMA rules limit credit card fees: 3% cash withdrawal, 2% foreign purchases, free e-wallet top-ups
Saudi Gazette report RIYADH — The Saudi Central Bank (SAMA) announced on Thursday updated rules for the issuance and operation of credit cards, aimed at lowering costs for customers and increasing levels of disclosure and transparency. The new regulations will take effect within 30 to 90 days. Among the key updates, credit card issuers must notify customers of any changes in fees via SMS, with customers allowed to terminate their agreement within 14 days of receiving the notice. E-wallet top-ups via credit cards are now free of charge. For cash withdrawals below SR2,500, fees are capped at 3% of the transaction amount. For withdrawals of SR2,500 or more, fees are limited to a maximum of SR75. International purchases will now carry a 2% fee of the transaction value. Customers are also permitted to deposit additional amounts above their credit limit and withdraw them at any time without incurring charges. SAMA worked with global payment companies to assess and reduce associated transaction costs, as part of its mission to enhance Saudi Arabia's digital payment ecosystem and provide a diverse array of payment options for customers and visitors. Transparency measures now require issuers to notify customers immediately of any financial transactions and to send account statements via SMS. Issuers must also provide tools for customers to estimate rewards and international charges before making a purchase. Regarding repayment, customers may pay off their full outstanding balance without incurring late fees, with a mandatory grace period of at least 25 days. The regulations also unify disclosure templates for all fees, charges, and benefits within credit card agreements, promoting greater clarity for consumers. Previously, cash withdrawals carried fees of SR75 for transactions up to SR5,000 and 3% of the transaction amount for amounts over SR5,000, with a maximum fee of SR300. The new cap of SR75 for larger transactions offers more favorable terms. International transactions are now subject to a clear 2% fee, and additional charges include SR25 for invalid transaction disputes and account statement requests.
Saudi Gazette
12-05-2025
- Saudi Gazette
Yemeni national arrested for sexually harassing girl in Al-Jouf
Saudi Gazette report SAKAKA — A Yemeni national was arrested for sexually harassing a girl in the northern Al-Jouf region. The arrest was made during patrols carried out by the security forces, in coordination with the General Department for Community Security and Combating Human Trafficking Crimes. Muhannad Sadiq Abadi, the suspect, was referred to the Public Prosecution after taking the necessary legal measures against him, the Public Security said in a statement. Since its establishment on February 13, the General Department for Community Security and Combating Human Trafficking Crimes at the Ministry of Interior, in cooperation with regional and provincial police forces, has launched a large-scale campaign to combat all forms of immoral acts and refer those involved to the Public Prosecution. It is noteworthy that the Anti-Harassment Law stipulates that anyone who commits the crime of harassment will be punished by imprisonment for a period not exceeding two years and a fine not exceeding SR100,000, or one of these two penalties. Under the law, the penalty will be increased to imprisonment for a period not exceeding five years, and a fine not exceeding SR300,000 or either of these two penalties, in the event of a repeat of the offense, or if the offense is committed in a public place, or against a child, or against a person with special needs.
Zawya
01-05-2025
- Automotive
- Zawya
Mawani and Alissa Universal Motors to establish logistics zone at King Abdulaziz Port
Saudi Arabia - The Saudi Ports Authority 'Mawani' and Alissa Universal Motors — a subsidiary of Abdul Latif Alissa Holding Group — have signed an agreement to establish a logistics zone at King Abdulaziz Port in Dammam, with a total investment amounting to SR300 million. The project includes development and construction works over an area exceeding 382,000 square meters for a duration of 20 years. The zone will be dedicated to import, storage, and re-export operations for vehicles and spare parts, in addition to a warehouse and storage yard. The agreement was signed by Acting President of the Saudi Ports Authority Mazen bin Ahmed Al-Turki and Managing Director of Abdul Latif Alissa Holding Group Abdullah bin Abdulmohsen Alissa in the presence of several officials from both sides. This initiative aligns with Mawani's efforts within the framework of the National Transport and Logistics Strategy, which aims to position the Kingdom as a global logistics hub and a central link between three continents. It also seeks to deliver high-efficiency logistics services that support national development and empower Saudi Arabia's economic and social ambitions in line with Saudi Vision 2030. The logistics zone will offer several essential services, including ready-built warehouses spanning over 7,000 square meters for spare parts storage, and open-air storage yards with the capacity to accommodate more than 13,000 vehicles and trucks. It is noteworthy that King Abdulaziz Port in Dammam recently won the 'Port of the Year' award at the ShipTek Awards, in recognition of the remarkable achievements led by Mawani in developing the port's infrastructure. This includes the development and operation of the port's container terminals under a BOT (Build-Operate-Transfer) model, with investments exceeding SR7 billion. These efforts have increased the port's container handling capacity by more than 120%, reaching 7.5 million TEUs. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
