Latest news with #SR32
Gulf Insider
01-07-2025
- Politics
- Gulf Insider
Saudi Arabia Announces New Corruption Crackdown With Arrests Across Public And Private Sectors
Saudi Arabia's Oversight and Anti-Corruption Authority (Nazaha) has announced on Monday a new wave of criminal cases as part of its ongoing campaign to root out corruption and strengthen integrity across the Kingdom. The latest round of investigations has resulted in multiple high-profile arrests spanning customs, municipal affairs, the judiciary, education, healthcare, and security sectors. In a statement issued through official channels, Nazaha reaffirmed its firm commitment to transparency, accountability, and good governance. Among the most notable cases, two customs employees and a broker were arrested after allegedly accepting SR400,000 in bribes to unlawfully expedite the import process for trucks. Meanwhile, in a separate case, a police officer and a municipal employee were detained for receiving SR110,000 from business owners in exchange for facilitating the illegal extraction and sale of metals from government buildings, a scheme that reportedly generated over SR4.6 million in profit. Judicial integrity also came under scrutiny, with a court clerk arrested after taking SR32,500, part of a promised SR65,000, to influence the outcome of a criminal case and secure an acquittal. In the education sector, a resident was taken into custody for receiving over SR230,000 to manipulate the awarding of subcontract work on Ministry of Education projects. Municipal corruption featured prominently in the new cases. One department head was found to have SR7.1 million in personal accounts linked to the illegal cancellation of commercial fines. At the King Fahd Causeway, an employee was caught pocketing over SR55,000 in crossing fees, while also using his personal permit to allow unauthorized vehicle passage. In a particularly serious case, a Ministry of Interior security officer and an accomplice were arrested for kidnapping a company collector and stealing SR707,000. Other violations included municipal employees accepting bribes to overlook regulatory breaches, shop violations, and illegal construction activity. The healthcare sector was not spared. Senior procurement officials in regional health clusters were arrested for soliciting bribes in exchange for awarding contracts. One official was also accused of offering SR100,000 to a colleague to manipulate contract outcomes. Additionally, a doctor at a government hospital was arrested for issuing fraudulent medical leave documents in exchange for payment. Nazaha emphasized that all individuals involved in these cases will be held fully accountable, regardless of rank, affiliation, or retirement status. The Authority reiterated that corruption-related crimes are not subject to a statute of limitations, affirming its unwavering dedication to enforcing the law and preserving the public interest.
Saudi Gazette
01-07-2025
- Saudi Gazette
Saudi Arabia announces new corruption crackdown with arrests across public and private sectors
Saudi Gazette report RIYADH — Saudi Arabia's Oversight and Anti-Corruption Authority (Nazaha) has announced on Monday a new wave of criminal cases as part of its ongoing campaign to root out corruption and strengthen integrity across the Kingdom. The latest round of investigations has resulted in multiple high-profile arrests spanning customs, municipal affairs, the judiciary, education, healthcare, and security sectors. In a statement issued through official channels, Nazaha reaffirmed its firm commitment to transparency, accountability, and good governance. Among the most notable cases, two customs employees and a broker were arrested after allegedly accepting SR400,000 in bribes to unlawfully expedite the import process for trucks. Meanwhile, in a separate case, a police officer and a municipal employee were detained for receiving SR110,000 from business owners in exchange for facilitating the illegal extraction and sale of metals from government buildings, a scheme that reportedly generated over SR4.6 million in profit. Judicial integrity also came under scrutiny, with a court clerk arrested after taking SR32,500, part of a promised SR65,000, to influence the outcome of a criminal case and secure an acquittal. In the education sector, a resident was taken into custody for receiving over SR230,000 to manipulate the awarding of subcontract work on Ministry of Education projects. Municipal corruption featured prominently in the new cases. One department head was found to have SR7.1 million in personal accounts linked to the illegal cancellation of commercial fines. At the King Fahd Causeway, an employee was caught pocketing over SR55,000 in crossing fees, while also using his personal permit to allow unauthorized vehicle passage. In a particularly serious case, a Ministry of Interior security officer and an accomplice were arrested for kidnapping a company collector and stealing SR707,000. Other violations included municipal employees accepting bribes to overlook regulatory breaches, shop violations, and illegal construction activity. The healthcare sector was not spared. Senior procurement officials in regional health clusters were arrested for soliciting bribes in exchange for awarding contracts. One official was also accused of offering SR100,000 to a colleague to manipulate contract outcomes. Additionally, a doctor at a government hospital was arrested for issuing fraudulent medical leave documents in exchange for payment. Nazaha emphasized that all individuals involved in these cases will be held fully accountable, regardless of rank, affiliation, or retirement status. The Authority reiterated that corruption-related crimes are not subject to a statute of limitations, affirming its unwavering dedication to enforcing the law and preserving the public interest.
Arab News
24-04-2025
- Business
- Arab News
Saudi Arabia ramps up mining investment as sector outpaces global peers
RIYADH: Saudi Arabia's mining sector is emerging as a global standout, supported by regulatory reforms, major investment, and a strong pipeline of domestic projects, a new analysis said. In a report titled 'Saudi Arabia Doubles Down on Mining,' S&P Global Ratings said the sector is poised for rapid expansion, with its contribution to gross domestic product expected to surge from $17 billion in 2024 to $75 billion by 2030, under the government's Vision 2030 strategy. Saudi Arabia's mining ambitions are anchored in its substantial natural endowments and reinforced by robust government support. The country holds an estimated SR9.37 trillion ($2.5 trillion) in mineral reserves — a 90 percent increase on a 2016 forecast — thanks to new discoveries of rare earth elements, base metals, and expanded phosphate and gold deposits. Hina Shoeb, credit analyst at S&P Global Ratings, said: 'Saudi Arabia's proactive measures and substantial resources may help offset continued cost pressures and support the resilience of metals and mining companies' credit profiles.' The agency noted that unlike many global peers, Saudi Arabia's metals and mining companies benefit from strong government support, a modern regulatory framework — including the Mining Investment Law — and substantial state-led investment in mega projects and infrastructure. The number of exploitation licenses has increased by 138 percent since 2021, and exploration permits rose from 58 to 259, driven by the law's transparency and investor-friendly policies. Flagship state-owned enterprise Ma'aden reported SR32 billion in 2024 revenues, with a diversified portfolio spanning gold, phosphate, aluminum, and base metals. Its gold output alone reached 450,000 ounces, while phosphate production surpassed 6.5 million tonnes. The number of exploration firms has grown from just six in 2020 to 133 in 2023. 'As budgets continue to increase, the likelihood of discovering additional resources and expanding existing operations supports our view of sustainable, long-term growth of Saudi Arabia's metals and mining industry,' the report said. The Vision 2030 framework has driven a shift away from oil dependency, focusing instead on sectors like mining, tourism, and manufacturing. The mining sector alone contributed about $400 million in revenues as of 2023 and is now backed by a $100 billion investment plan targeting critical minerals by 2035. Government funding also includes a SR29 billion commitment to the Wa'ad Al-Shamal phosphate project. Saudi Arabia's geography offers logistical advantages with access to European, Asian, and African markets, while mega projects such as NEOM and Qiddiya are expected to drive up local demand for construction materials and high-value metals. These projects, the report stated, 'which benefit from funding and infrastructure investments, aim to reduce the country's import costs for metals, including iron, steel, precious and semi-stones, by creating a solid domestic market for metals and minerals.' However, the report also notes infrastructure and labor as potential bottlenecks. Many deposits are in remote desert regions lacking adequate transportation and water infrastructure. Additionally, the sector's expansion will require substantial investments in workforce training to avoid high labor costs from foreign recruitment. S&P states that Saudi Arabia's commitment to financial discipline, low debt levels in the sector, and targeted policy support position the Kingdom's mining industry to grow sustainably — even amid volatile commodity markets. 'We expect these initiatives will spur domestic demand for metals, reduce import dependency, and over time improve the sector's operational efficiency,' S&P added.
Zawya
08-04-2025
- Business
- Zawya
Market value of Saudi sports sector surges to $8.53bln from $1.33bln in 2016
RIYADH — Assistant Minister of Investment Ibrahim Al-Mubarak said that the market value of the Saudi sports sector at present has reached SR32 billion compared to less than SR5 billion at the time of the launch of Saudi Vision 2030 in 2016. In a speech, delivered on behalf of Minister of Investment Khalid Al-Falih, at the first Sports Investment Forum in Riyadh on Monday, he said that the target for this sector is to reach more than SR80 billion by 2030. "Sports have become an integrated economic sector with a legislative structure, financial governance, and investment areas and models that open promising horizons for national and international companies," he said. The forum, which began at Riyadh Ritz Carlton on Monday, is co-sponsored by the Ministry of Investment and the Ministry of Sports. Al-Mubarak said that the rate of sports practiced in the Kingdom has increased from 13 percent to 48 percent currently since the launch of the Vision 2030. "More than 70 new sports federations have been established since 2016, overseeing activities covering various Olympic and non-Olympic sports, reflecting the diversity of the Saudi sports sector. Saudi Arabia has hosted more than 100 international championships, events, and activities," he said. Al-Mubarak noted that the sports sector in the Kingdom is progressing steadily toward becoming a promising and rewarding investment area for investors from within the Kingdom and abroad. He emphasized that the Ministry of Investment believes that sports in the Kingdom have become an essential element in building the modern economy, shaping human capital, and building national identity. Al-Mubarak said that sports have gone beyond being a complementary sector, becoming a real opportunity to contribute to reshaping the national economy, attracting investment, and building new value chains. "The Ministry of Investment is working in an integrated partnership with the Ministry of Sports, the Public Investment Fund, sports federations, and all relevant entities to enable investors to enter the sports market with ease and transparency, based on modern legislation. This is achieved through initiatives, most notably developing a map of investment opportunities in the sports sector, which includes infrastructure such as the construction of stadiums, training complexes, private clubs, and smart sports facilities; sports services such as marketing, media, sponsorship, and consulting services; sports technologies such as artificial intelligence in sports performance, rehabilitation technologies, and interactive digital platforms; and sports tourism, specializing in the development of tourism programs and packages that attract visitors to attend tournaments or practice sports in the Kingdom," he said. Al-Mubarak said that various incentives are offered to investors, such as exemptions, logistical support, financing facilities, and partnerships with government agencies and programs. He also noted the establishment of specialized business centers within and outside the ministry to support investors in the sports sector and other sectors from the establishment stage to operation and expansion, while providing information and studies. He pointed out that a sector-specific investment plan for sports was developed in 2021, including a comprehensive study of 88 investment opportunities, including a complete map of value-added chains in the sports sector. Twenty of these priority opportunities were identified, including sports clubs, academies, apparel, sports equipment, and sports facilities, with a total value of up to SR20 billion. Within this framework, the Kingdom is currently preparing to host the AFC Asian Cup in 2027 and the World Cup in 2034. It aspires to become a global hub for sporting events through sustainable investments, world-class infrastructure, and an integrated and supportive legislative system. In a speech delivered on behalf of Minister of Sports Prince Abdulaziz bin Turki, Deputy Minister of Sports Badr Al-Qadi stated that the leadership's support for the sports sector has contributed to the development of the sports system through the implementation of development plans that have achieved sustainable growth, under the continuous supervision of the minister of sports. He stated that sports and investment are two sides of the same coin. Sports have become an industry in leading countries around the world, and an important area for achieving investment and strategic goals by promoting economic growth and creating opportunities in an attractive environment that contributes to the growth of the present and the building of the future. Al-Qadi noted that this forum is a prominent platform and an important opportunity that brings together leaders, decision-makers, and investors in one place, given the growing global interest in the growth of sports investment and the opportunities it provides. The Sports Investment Forum witnessed the signing of several agreements, including a memorandum of understanding between the Saudi Cycling Federation and the Hail Region Development Authority, and agreements between the Ministry of Investment and several companies. The three-day forum, which will conclude on Wednesday, aims to boost sports investment in Saudi Arabia by focusing on the development of the sports sector and increasing private sector participation through partnerships and major investment opportunities. It also seeks to promote sustainable development and contribute to the national economy. Key agreements are anticipated to be finalized during the event, and new initiatives aimed at benefiting the Saudi sports sector will be unveiled. Panel discussions will include officials from both local and international sports and investment sectors. More than 50 workshops are scheduled, with approximately 120 international speakers addressing key topics related to sports investment, including projects, intellectual property, artificial intelligence, innovation, sports media, and e-sports.
