Legal News Until 08/02/2024

 

“The Ministry of Commerce invites companies to amend the Memorandum of Association in line with the new Companies Law through the Business platform”

The Ministry of Commerce invited existing companies that were established before the entry into force of the new Companies Law on January 19, 2023, to amend their Memorandum of Association in line with the new Companies Law, and the Ministry clarified to companies that the amendment of the Memorandum of Association is through the (Business Platform) of the Saudi Center for Economic Business, according to Royal Decree No. (M/132) dated 1/12/1443 AH, which stipulated that all existing companies must amend their status in accordance with the new system

 

“Ministry of Finance and National Debt Management Center Launch First Savings Product for Individuals”

┬áThe Ministry of Finance and the National Debt Management Center launched the first government-backed savings product for individuals, under the name “Sah”, which is derived from the initials of the phrase “government sukuk”

The Ministry explained that the launch of the “Saha” product comes within the initiatives of the Financial Sector Development Program (one of the programs of Saudi Vision 2030) aimed at raising savings rates among individuals by motivating them to deduct part of their income periodically and allocate it to saving, in addition to increasing the supply of savings products, enriching financial culture and raising awareness of the importance of saving and its benefits to plan future goals

As explained by the National Debt Management Center, these sukuk fall within the program of local sukuk denominated in Saudi riyals, which will be offered on a monthly basis according to the announced calendar of issues for the “Sah” product, indicating that “this initiative represents an incentive for the private sector to cooperate and participate in the development and launch of a number of savings products for specific goals for different categories of individuals, whether through banks, fund managers, financial technology companies and others

The Ministry also stated that the Shariah-compliant savings product “Sah” provides attractive returns, and announced that it will be offered through the digital channels of a number of financial institutions, namely: NCB Capital, Al Jazeera Capital Markets Company, Alinma Investment Company, Alawwal Investment Company, and Al Rajhi Capital Company

The subscription period for the first version of the Saha product is scheduled to begin at the beginning of February

“Legal Information”

The difference between (dismissal of the lawsuit) and (disregard of the lawsuit)

The difference between the:

The dismissal of the lawsuit: is a judgment that the plaintiff is not entitled to the subject matter of the lawsuit, as it is related to the subject matter of the lawsuit

As for the disregard of the lawsuit: it is a judgment that the lawsuit is not entitled to be considered due to a formal reason that prevents the continuation of the consideration of the case, such as the lack of specific jurisdiction of the court or the failure to write the case in full details. Once that cause has disappeared, the case may be considered

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