Saudi Arabia has launched a new ‘instant visa’ scheme to support entrepreneurs setting up new businesses in the kingdom. “We are pleased to announce the launch of the entrepreneurship instant visas for new establishments, through ‘Qiwa’ platform,” said Ahmed Alrajhi, Minister of Human Resources and Social Development on twitter. “This initiative will have an important role in supporting entrepreneurs, and stimulating business growth to provide investment opportunities, which will contribute...

The Saudi Arabian Monetary Authority (SAMA) has issued additional licensing guidelines for digital-only banks in the kingdom, the regulator said on twitter. Conditions for the digital-only bank include that it should be set up as a locally incorporated joint-stock company and maintain a physical presence in Saudi Arabia. The promoter should also have experience and knowledge in the financial industry and technology-related expertise. While it is not expected to establish physical branches,...

The investment arm of Saudi family-owned business Abdul Latif Jameel has invested an undisclosed amount of money in American air taxi start-up up Joby Aviation. Jameel Investment Management Company (JIMCO) confirmed that it has participated in a Series C funding round for the California-based firm, which seeks to provide piloted, all-electric air taxi services to commuters in the Middle East and around the world. The start-up raised $590 million in its latest investment round, bringing the...

The privatization of Saudia Medical Services Company (SMS), a subsidiary of Saudi Arabian Airlines, has been completed through the sale of a majority stake in SMS to Dr. Soliman Abdel Kader Fakeeh Hospital Company. The transaction is the first privatization of a government-owned healthcare entity, according to Jadwa Investment which acted as the exclusive financial advisor. “As part of the privatization mandate, Jadwa provided advisory services on several key aspects of the transaction,...

The new end-of-service scheme for the Dubai International Financial Centre (DIFC), which goes into effect at the beginning of next month, is expected to roll out in the rest of the UAE as well, according to global legal firm DWF. Last week, the Prime Minister of the UAE and the ruler of Dubai, enacted amendments to DIFC Employment Law and new Employment Regulations to introduce new end-of- service savings plan. Read more here “This is a progressive change which should increase the UAE's...