Latest news with #SaudiRiyals
Hamilton Spectator
5 days ago
- Business
- Hamilton Spectator
The CMA: Compensation for Investors Affected by Violations Committed in the Shares of 'Watani Iron Steel Co.'
RIYADH, Saudi Arabia, July 24, 2025 (GLOBE NEWSWIRE) — The Capital Market Authority (CMA) announces the completion of compensation for investors affected by the violations committed in the shares of Watani Iron Steel Co., which occurred before and after the company's direct listing on the Parallel Market (Nomu). These violations were committed by five individuals convicted under the decision issued by the Appeal Committee for Resolution of Securities Disputes (ACRSD), published on the websites of the CMA and the GS-CRSD on April 4, 2024. The decision, resulting from the penal lawsuit filed by the Public Prosecution and referred by the Capital Market Authority, obligated them to pay SAR 41.4 million in illegal gains resulting from these violations. The compensations were deposited into the accounts of the affected investors through the Compensation Fund, which was established pursuant to a resolution of the CMA's Board to compensate affected parties in accordance with the distribution plan approved by the CRSD. This facilitates the compensation process and ensures that entitlements are delivered to their rightful owners with minimal effort. Since the publication of the ACRSD's decision, the CMA has worked on assessing the appropriateness of activating Article (59) of the Capital Market Law, which grants the CMA the power to organize compensation procedures for individuals affected by violations and to establish dedicated compensation funds sourced from illegally obtained gains. Compensation for affected individuals is carried out in accordance with a distribution plan approved by the Committee. This led to the establishment of this fund to compensate eligible parties under a distribution plan approved by a decision of the CRSD, in line with the rules, procedures, and legal provisions to enhance the efficiency of these funds. The approved distribution plan was designed in proportion to the scale of the violations committed, the value of the illegal gains realized from those violations, and the extent of harm suffered by investors who traded the company's shares during the violation period. Compensation amounts for some investors reached more than one million Saudi Riyals, representing the highest compensation approved by the CRSD. In this context, the CMA affirms that the distribution plan approved by the CRSD included all individuals proven to have suffered harm, based on the technical records. This does not preclude the right of any individual who believes they have been harmed but was not included in the distribution plan to file an individual claim with the CRSD to seek compensation. Compensation funds complement the mechanisms that facilitate compensating investors affected by violations committed in the capital market. They add to the available avenues for compensation, such as individual lawsuits and class actions. The CMA adopts a set of criteria to determine the appropriateness of establishing a compensation fund using illegal obtained gains from violators whenever the facts and circumstances of a case indicate the existence of actual harmed parties and when the CMA deems that creating such a fund would be more effective and practical than other available means of compensation for damages sustained by market participants as a result of violations of the Capital Market Law and its implementing regulations. The CMA clarified that it employs a range of analytical tools to reach a systematic assessment regarding the suitability of establishing a compensation fund based on final decisions issued by the CRSD. This assessment relies on several criteria that help determine the most suitable compensation mechanism, whether through direct compensation via these funds or through class actions to claim compensation. These criteria include aspects related to the execution and collection of illegally obtained gains, the nature and number of violations committed, their impact, and the extent to which the Committees can adopt and practically apply the principle of compensation to all affected parties in the case under review. The CMA affirms that, in the context of enhancing compensation opportunities, it has carefully studied global best practices applied in capital markets and adopted what aligns with the nature of the Saudi capital market. This contributes to improving the efficiency of compensation mechanisms, strengthening investor confidence in the market, and protecting their rights. These efforts form part of a broader package of strategic initiatives launched by the CMA to advance the development of a more sophisticated and competitive financial ecosystem. Capital Market Authority Communication & Investor Protection Division +966114906009 +966557666932 Media@
Leaders
17-07-2025
- Entertainment
- Leaders
In Photos: stc Gaming Hall Takes Center Stage at Esports World Cup 2025
The stc Gaming Hall proudly hosts the monumental Esports World Cup 2025, welcoming elite players from over 100 nations. This global gaming spectacle features diverse competitive titles and boasts an unprecedented prize pool exceeding seventy million dollars. Aziz Khalid, a prominent presenter at the stc Gaming Hall, enthusiastically invites all visitors to experience this electrifying event, as the stc Gaming Hall offers a vibrant hub of activities and innovative experiences for every gaming enthusiast. This landmark event solidifies Saudi Arabia's position as a leading force in the international esports arena. Unforgettable Experiences Await at stc Gaming Hall Visitors to the stc Gaming Hall discover a dynamic array of engaging activities. The Community Corner provides board games and video games for everyone as gamers enjoy casual play and friendly competition. The PlayStation Booth offers exciting opportunities to win valuable prizes. Furthermore, the Gaming Team Esports Area broadcasts live matches. This area showcases diverse and constantly changing teams each week. Currently, the renowned T1 team participates, featuring the legendary Faker, who offers attendees the chance to win a signed jersey, in a unique opportunity that thrilled many dedicated fans. Empowering Women in Esports and Weekly Challenges Notably, the Mobile Legends: Bang Bang Moments Invitational champions women in esports. This significant tournament empowers female gamers within the competitive scene. Saudi Arabia considers this initiative extremely important for national development. Additionally, the Gaming Area presents various challenges through the Gaming Pass, with a continuously updated Leaderboard tracks player progress weekly. The top ten competitors on this leaderboard earn valuable rewards. Last week, the first-place winner received 5000 Saudi Riyals. These challenges keep the atmosphere highly competitive and engaging. The Esports World Cup 2025, powered by the stc Gaming Hall, cements Saudi Arabia's global gaming leadership. Witness record-breaking competition, superstar players, and groundbreaking initiatives like the Moments Invitational. Visit the stc Gaming Hall in Riyadh now to join the esports revolution! Short link : Post Views: 8
Hindustan Times
20-06-2025
- Hindustan Times
25-kg weed, diamonds worth ₹1.6 crore seized from smugglers at CSMI Airport
Mumbai: The Air Intelligence Unit (AIU) on Wednesday seized 24.96 kilograms of hydroponic weed and arrested three persons from the Chhatrapati Shivaji Maharaj International Airport. The substance was allegedly being smuggled into India from Thailand. In a separate case, the AIU seized Saudi Riyals and diamonds totalling ₹1.71 crore from a passenger departing to Dubai and arrested him. The four arrested are in judicial custody. The AIU, acting on a tip-off, intercepted a couple arriving from Bangkok and seized 24.96 kilograms of hydroponic weed worth ₹24.66 crore from their luggage. The couple revealed the identity of a dealer who was waiting outside the airport to collect the consignment. Subsequently, the dealer was arrested. During interrogation, he revealed that he was a resident of Bhayender and that he was merely working on instructions. The three accused, booked under the Narcotic Drugs and Psychotropic Substances (NDPS) Act, are remanded in judicial custody. The accused are allegedly a part of an international drug trafficking syndicate. The police said they are investigating the case. In the second case, the Air Intelligence Unit (AIU) intercepted a passenger departing for Dubai on Tuesday and seized 50,000 Saudi Riyals, equivalent to ₹11.14 lakh, 406.90 grams of lab-grown diamonds worth ₹47.22 lakh, and 245.3 grams of natural diamonds worth ₹1.24 crore. The seized material is worth a total of ₹1.71 crore. Subsequently, the passenger was arrested.
CairoScene
19-06-2025
- Business
- CairoScene
Saudi-Emirati Global Fertility Network Acquires HealthPlus in Jeddah
The Saudi-Emirati Global Fertility Network has acquired HealthPlus Fertility Center, rebranding it under Bnoon IVF as part of a $27 million plan to build the region's largest fertility network. Jun 19, 2025 The Saudi-Emirati Global Fertility Network (GFN) has acquired a majority stake in HealthPlus Fertility Center in Jeddah, expanding its presence in Saudi Arabia's growing women's health sector. The facility will be rebranded under the Bnoon IVF name, following GFN's earlier acquisition of Bnoon IVF Center in Riyadh. Together, the two acquisitions represent an investment of over 100 million Saudi Riyals (approximately $27 million), forming the foundation of GFN's strategy to establish the largest fertility care network in Saudi Arabia and the wider GCC. Both HealthPlus and Bnoon IVF previously operated under M42's healthcare portfolio between 2022 and 2024. 'We're seeing a noticeable increase in couples seeking fertility treatment, driven by both primary and secondary infertility,' Dr. Abdulaziz Muhammad AlShahrani, a leading Saudi Reproductive Endocrinology & Infertility (IVF) Consultant, Founder of Bnoon in Riyadh and the Group Medical Director at Bnoon, said. 'With growing awareness, more individuals are also considering fertility treatments to help balance their families and prevent genetic diseases." With these new additions, GFN has doubled its treatment capacity and now conducts more than 5,000 IVF cycles annually, making it the largest standalone provider of assisted reproductive services in the Kingdom. 'We have identified a strong pipe-line of potential targets for acquisition across the region," Majd Abu Zant, Founder and CEO of Global Fertility Network, said. "New IVF facilities are also planned in Khobar, Abha, and additional cities across the Kingdom. With the support of our investment partners, we will continue to rapidly expand our network while introducing cutting-edge technologies faster, enhancing clinical outcomes, and making fertility care more accessible across the region.' GFN is also constructing a 3,800-square-metre flagship centre in northern Riyadh, set to open in December 2025. The facility will focus on advanced fertility treatment and reproductive genetics, and will form part of a broader integrated women's health offering across the network.
Time of India
16-05-2025
- Time of India
Customs seizes currency worth over Rs 44 lakh from woman at Kochi airport
Kochi: Air Intelligence Unit (AIU) of Customs at Cochin International Airport foiled a major attempt at smuggling foreign currency from the airport on Thursday night. Acting on specific intelligence, the Customs team intercepted a woman passenger from SpiceJet flight SG18 bound for Dubai with currency of value over Rs 44 lakh. The passenger was identified as Geeta, a native of Muvattupuzha. Sources said that upon thorough examination of her check-in baggage, the officers recovered 2,00,000 Saudi Riyals (SAR), equivalent to approximately Rs 44.40 lakh. The foreign currency was concealed inside aluminium foil layers hidden within the check-in baggage. The currency was in the denomination of 500 SAR, and there were 400 bills. Sources said she was attempting to travel to Dubai on the flight at 10pm on Thursday. Customs said that the foreign currency was seized, and an investigation was in process. A case was registered, and an investigation is underway to track down the source and destination of the currency. The woman was later granted bail.
