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SAUDI ARABIA EMARATES BAHRAIN KUWAIT OMAN QATAR

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Press Dossier

By Date

25/03/2023

	UAE: New penalties to come into force when updated consumer protection law kicks in The UAE’s Ministry of Economy is working on updating federal law No. 15 of 2022 on consumer protection which will have much more details including specific penalties for retailers and other establishments violating the consumers’ rights.
	Saudi Aramco, Samsung Electronics sign agreement to expedite Saudi Arabia’s digital transformation Global energy giant Saudi Aramco has signed a non-binding memorandum of understanding with Samsung Electronics to localize industrial 5G communication networks and facilitate the digital transformation of the Kingdom, according to a press release.
	Saudi investment funds hit record high after 25% surge: CMA Saudi Arabia’s investment potential is being recognised by traders with the number of funds operating in the Kingdom hitting an all-time high, according to the Capital Market Authority.
	SAMA and GCC banks follow Fed’s 25 bps interest rate hike The Saudi Central Bank has increased its interest rate by 25 basis points to 5.5 percent, echoing Wednesday’s move by the US Federal Reserve to curb inflation.
	Apico secures $29m funding for new plastics factory in Riyadh A new plastics factory in Riyadh is a step closer after the Arabian Plastic Industrial Co. secured SR105.5 million ($29 million) of funding from the Saudi Investment Bank.
	Moody’s boosts ratings for six key Saudi companies, including PIF and Aramco Saudi Arabia’s Public Investment Fund and energy giant Aramco are among six firms in the Kingdom to have their ratings boosted from stable to positive by Moody's Investors Service.
	San Marino, Kuwait initial an agreement on investment protection The governments of the State of Kuwait and the Republic of San Marino signed, in principle, have inked a bilateral agreement to frame common financial and investment aspects within the framework of strengthening and developing excellent bilateral relations.
	Barring expats from entering co-ops ‘illegal’ The Consumer Protection Association slammed as illegal decisions made by a number of cooperative societies banning expatriates from entering for shopping and buying products during the holy month of Ramadan under the pretext that a large number of shoppers at co-ops leads to overbuying of Ramadan products sold at discounted prices.

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