Latest news with #SR4
Gulf Insider
24-06-2025
- Business
- Gulf Insider
Saudi Arabia: SR4 Million Fines Imposed On 19 Pharmaceutical Firms For Violating RSD System
The Saudi Food and Drug Authority (SFDA) has imposed fines amounting to more than SR4 million on 19 erring pharmaceutical firms during the last month of May. The SFDA explained that these establishments failed to comply with the authority's Drug Track and Trace System (RSD) for pharmaceutical products. The authority said that 16 pharmaceutical establishments are found that they did not directly report the movement of medicines through the electronic RSD system, and this is a violation of the approved systems for tracking medicines from production to delivery to the consumer. It added that two establishments failed to ensure their registered pharmaceutical products were available on the market, while one establishment failed to report any shortage or interruption in the supply of medicines at least six months prior to the expected interruption in supply. This constitutes a clear violation of the requirements for ensuring the availability of medicines to consumers. This punitive measure was part of the authority's oversight efforts to ensure that establishments provide medicines and report their movement through the electronic RSD system. The SFDA confirmed that the RSD system aims to enhance the integrity of pharmaceutical supply chains and ensure the availability of medicines to citizens and residents.
Saudi Gazette
23-06-2025
- Business
- Saudi Gazette
SR4 million fines imposed on 19 pharmaceutical firms for violating RSD system
Saudi Gazette report RIYADH — The Saudi Food and Drug Authority (SFDA) has imposed fines amounting to more than SR4 million on 19 erring pharmaceutical firms during the last month of May. The SFDA explained that these establishments failed to comply with the authority's Drug Track and Trace System (RSD) for pharmaceutical products. The authority said that 16 pharmaceutical establishments are found that they did not directly report the movement of medicines through the electronic RSD system, and this is a violation of the approved systems for tracking medicines from production to delivery to the consumer. It added that two establishments failed to ensure their registered pharmaceutical products were available on the market, while one establishment failed to report any shortage or interruption in the supply of medicines at least six months prior to the expected interruption in supply. This constitutes a clear violation of the requirements for ensuring the availability of medicines to consumers. This punitive measure was part of the authority's oversight efforts to ensure that establishments provide medicines and report their movement through the electronic RSD system. The SFDA confirmed that the RSD system aims to enhance the integrity of pharmaceutical supply chains and ensure the availability of medicines to citizens and residents.
Saudi Gazette
23-06-2025
- Business
- Saudi Gazette
SR4 million fines imposed on 16 pharmaceutical firms for violating RSD system
Saudi Gazette report RIYADH — The Saudi Food and Drug Authority (SFDA) has imposed fines amounting to more than SR4 million on 19 erring pharmaceutical firms during the last month of May. The SFDA explained that these establishments failed to comply with the authority's Drug Track and Trace System (RSD) for pharmaceutical products. The authority said that 16 pharmaceutical establishments are found that they did not directly report the movement of medicines through the electronic RSD system, and this is a violation of the approved systems for tracking medicines from production to delivery to the consumer. It added that two establishments failed to ensure their registered pharmaceutical products were available on the market, while one establishment failed to report any shortage or interruption in the supply of medicines at least six months prior to the expected interruption in supply. This constitutes a clear violation of the requirements for ensuring the availability of medicines to consumers. This punitive measure was part of the authority's oversight efforts to ensure that establishments provide medicines and report their movement through the electronic RSD system. The SFDA confirmed that the RSD system aims to enhance the integrity of pharmaceutical supply chains and ensure the availability of medicines to citizens and residents.
Zawya
28-04-2025
- Business
- Zawya
Saudi: Kafalah grants 1,900 loan guarantees worth over $1.28bln to SMEs during 1Q 2025
RIYADH — The Small and Medium Enterprises Loan Guarantee Program (Kafalah) has issued 1,900 loan guarantees to small and medium enterprises (SMEs) with a total financing worth over SR4.8 billion during the first quarter of 2025. This figure marks an increase of 19 percent compared to SR4 billion during the same period last year. The value of credits amounted to more than SR 3.4 billion, compared to SR2.9 billion during the same period last year, an increase of 17 percent. The number of enterprises that benefited from the Kafalah program during the first quarter of the fiscal year 2025 reached 1,610 small and medium enterprises (SMEs). Hammam Hashem, CEO and Board Member of Kafalah, considered SMEs as a fundamental pillar in driving the national economy and a pivotal element in achieving sustainable development and diversifying sources of income, in line with the Saudi Vision 2030. He praised the Kafalah program's experience as a successful model of public-private sector integration in empowering SMEs to meet challenges and achieve growth. "The program, since its launch in 2006 and until the end of the first quarter of 2025, has approved more than 67,700 loan guarantees, benefiting over 25,000 SMEs. The total financing exceeded SR115 billion, compared to guarantees totaling approximately SR82 billion," he said. The Kafalah program seeks to strengthen the national economy by providing loan guarantees to enhance enterprises' access to necessary financing. To reduce lending risks borne by financing entities, the program leverages strategic partnerships and innovative technical tools, supported by the program's knowledge base. This complements the Small and Medium Enterprise Bank, which supports the expansion of financing for small and medium enterprises (SMEs), under the management of the National Development Fund, which works to provide an incubator environment for SMEs in the Kingdom. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Saudi Gazette
27-04-2025
- Business
- Saudi Gazette
Kafalah grants 1,900 loan guarantees worth over SR4.8 billion to SMEs during 1Q 2025
Saudi Gazette report RIYADH — The Small and Medium Enterprises Loan Guarantee Program (Kafalah) has issued 1,900 loan guarantees to small and medium enterprises (SMEs) with a total financing worth over SR4.8 billion during the first quarter of 2025. This figure marks an increase of 19 percent compared to SR4 billion during the same period last year. The value of credits amounted to more than SR 3.4 billion, compared to SR2.9 billion during the same period last year, an increase of 17 percent. The number of enterprises that benefited from the Kafalah program during the first quarter of the fiscal year 2025 reached 1,610 small and medium enterprises (SMEs). Hammam Hashem, CEO and Board Member of Kafalah, considered SMEs as a fundamental pillar in driving the national economy and a pivotal element in achieving sustainable development and diversifying sources of income, in line with the Saudi Vision 2030. He praised the Kafalah program's experience as a successful model of public-private sector integration in empowering SMEs to meet challenges and achieve growth. "The program, since its launch in 2006 and until the end of the first quarter of 2025, has approved more than 67,700 loan guarantees, benefiting over 25,000 SMEs. The total financing exceeded SR115 billion, compared to guarantees totaling approximately SR82 billion," he said. The Kafalah program seeks to strengthen the national economy by providing loan guarantees to enhance enterprises' access to necessary financing. To reduce lending risks borne by financing entities, the program leverages strategic partnerships and innovative technical tools, supported by the program's knowledge base. This complements the Small and Medium Enterprise Bank, which supports the expansion of financing for small and medium enterprises (SMEs), under the management of the National Development Fund, which works to provide an incubator environment for SMEs in the Kingdom.
