Saudi consumer price deflation likely to be short-lived, say analysts

Consumer price deflation which hit Saudi Arabia in January for the first time in over a decade, is likely to be short-lived, according to Jadwa Investment. Official data showed on Tuesday that prices fell 0.4 percent from a year earlier last month as last year’s economic slowdown pushed retailers and many other companies into discounting their products. The falls were partly due to the weakness of the Saudi economy, where low oil prices have slashed the government’s export revenues and forced it to cut spending. In its latest research note,…

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Saudi Arabia says to jail suspects in Mobily insider dealing case

A special Saudi Arabia committee has found a number of individuals guilty of providing insider information and insider trading in shares of telecoms operator Mobily, leaving them facing potential jail terms of between one and two years, the kingdom’s Capital Market Authority (CMA) has said. The findings of Saudi Arabia’s Committee for the Resolution of Securities Disputes (CRSD) are not final and the accused have 30 days to lodge an appeal, the CMA said. The CMA did not name the accused or say how many there were. The action follows…

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Selective tax not yet implemented, says Saudi ministry

The Ministry of Finance said on Wednesday it has not yet started applying the selective tax on goods such as soft drinks, energy drinks and tobacco and its by-products. It said the tax will be imposed following the approval of its uniform agreement and the launch of the domestic rules of procedure in line with the decisions of the Supreme Council of Gulf Cooperation Council in December, reported the Saudi Press Agency. Furthermore, its date of implementation will be announced after the completion of legal authorisation procedures, the ministry announced….

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Saudi Arabia rejects call to allow water exports despite low sales

The Ministry of Commerce and Investment has rejected a request by bottling plants for permission to export water to a neighbouring Gulf country, stressing that all water companies are banned from selling bottle and non-bottled water and ice outside the Kingdom. In a letter sent to the Council of Saudi Chambers and circulated to owners of water plants and factories, the ministry also urged more awareness about regulations in the water sector, reported Okaz newspaper. An investor in the sector who wished to remain anonymous told the newspaper the majority…

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