10 investors convicted for violating Saudi stock market rules

The logo of Saudi Arabia's Capital Market Authority. (File photo)
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Updated 14 June 2024
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10 investors convicted for violating Saudi stock market rules

  • 1 imprisoned, all to pay total of $27.1m in fines, compensation
  • Manipulated share prices with false statements of firm’s health

RIYADH:Ten investors have been convicted of violating the Kingdom’s Capital Market Law and ordered to pay the government a total of SR101.7 million ($27.1 million) in fines and compensation for losses, the Saudi Press Agency reported on Thursday.

The Appeal Committee for Resolution of Securities Disputes, or ACRSD, sentenced one of the individuals to imprisonment, the SPA report said. The “final decision” was issued by the ACRSD on Dec. 24, 2023.

The amount of $27.1 million comprised SR670,000 in fines and SR101 million as compensation for losses resulting from the violations committed in their investment portfolios, the report added.

The convictions, which included bans on trading for between one and two years, were announced online in detail by the ACRSD and the Capital Market Authority. According to the ACRSD statement, cases were filed against the 10 investors after referral by the CMA.

Several of the perpetrators had “illegally” disclosed internal information related to the financial position of Abdullah A.M. Al-Khodari & Sons Co. before it was made available to the public.

They had also falsely boosted the value of the firm to manipulate the share price and lure in unsuspecting investors.

In a statement posted on its website and on X, the CMA said: “One of the (convicted) was held responsible for making an incorrect statement in the announcement published by a listed company in the capital market.

“This was done to affect the price of the security or to urge others to purchase the security, in addition to his responsibility for neglecting to disclose essential developments in the company.”

In addition, others “engaged in trading based on the illegally disclosed internal information, intending to benefit from it before it was announced and made available to the general public.”

Named in the ruling were Mish’al bin Abdullah bin Abdulmohsen Alkhudari, Naif bin Abdullah bin Abdulmohsen Alali, Abdulaziz bin Abdullah bin Abdulmohsen Alkhudari, Ghada bint Abdullah bin Abdulmohsen Alkhudari, and Sami bin Abdullah bin Abdulmohsen Alkhudari.

The others named were Fawaz bin Abdullah bin Abdulmohsen Alkhudari, Jameel bin Abdullah bin Abdulmohsen Alkhudari, Ali bin Abdullah bin Abdulmohsen Alkhudari, Fawzi bin Abdullah bin Abdulmohsen Alali, and Fawzia bint Abdullah bin Abdulmohsen Alali.

One investor was ordered to pay the CMA SR50.5 million because of the violations committed in the person’s investment portfolio.

The others were fined sums between SR100,000 and SR12 million.

Investors who had lost money have been urged to file claims for compensation, the SPA stated.


Saudi leadership approves over SR3bn of Ramadan aid disbursement

Updated 18 March 2025
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Saudi leadership approves over SR3bn of Ramadan aid disbursement

  • Initiative part of government’s efforts to improve quality of life, enhance standard of living

RIYADH: The Saudi leadership has approved the disbursement of over SR3 billion ($800 million) to social security beneficiaries as part of an aid initiative during the holy month of Ramadan.

Under the leadership of King Salman and Crown Prince Mohammed bin Salman, the scheme will address the needs of beneficiary families and fulfill their requirements during Ramadan, the Saudi Press Agency reported.

Over SR3 billion will be given as follows: each breadwinner will receive SR1,000, and each dependent in the household will receive SR500. The funds will be deposited directly into the bank accounts of the beneficiaries on Tuesday, March 18, the SPA said.

Saudi Minister of Human Resources and Social Development Ahmad bin Sulaiman Al-Rajhi expressed gratitude to the Saudi leadership for helping to provide citizens with a decent livelihood.

The initiative is part of the Saudi government’s efforts to improve the quality of life and enhance the standard of living for social security beneficiaries, especially during Ramadan, the SPA added.


Nearly 11m iftar meals served at Two Holy Mosques during first half of Ramadan

Updated 18 March 2025
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Nearly 11m iftar meals served at Two Holy Mosques during first half of Ramadan

  • Number iftar meals provided during Ramadan to has increased this year due to growth in the number of Umrah pilgrims at Grand Mosque and Prophet’s Mosque, officials say

MAKKAH: Saudi authorities provided almost 11 million iftar meals to Umrah pilgrims and other worshippers at the Two Holy Mosques in Makkah and Madina during the first half of Ramadan.

The General Authority for the Affairs of the Grand Mosque and the Prophet’s Mosque said on Monday, the 17th day of Ramadan, it has provided 10,822,999 iftar meals and 10,290,000 packets of dates so far during the holy month, which is a time of worship for Muslims during which they fast from sunrise to sunset.

The authority said the number of iftar meals it provides during Ramadan to pilgrims performing Umrah, and other visitors to the mosques, has increased this year due to growth in the number of pilgrims, the Saudi Press Agency reported. The food is served in designated iftar areas at the mosques, in adherence with strict health standards to ensure the safety of worshippers, it added.

In the run-up to the holy month, the authority introduced an online service through which individuals, charitable organizations and endowments could submit requests to donate iftar meals at the Grand Mosque, the SPA added.


Palestinian, Egyptian envoys awarded with King Abdulaziz Sash of the Second Class

Palestinian and Egyptian ambassadors to Saudi Arabia are awarded with the King Abdulaziz Sash of the Second Class on Monday. SPA
Updated 17 March 2025
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Palestinian, Egyptian envoys awarded with King Abdulaziz Sash of the Second Class

  • Basem Al-Agha and Ahmed Farouk Tawfiq were given the awards for their efforts to strengthen relations between their countries and the Kingdom

RIYADH: The Palestinian and Egyptian ambassadors to Saudi Arabia were awarded with the King Abdulaziz Sash of the Second Class on Monday. 

Basem Al-Agha and Ahmed Farouk Tawfiq were given the awards for their efforts to strengthen relations between their countries and the Kingdom, Saudi Press Agency reported.

Saudi Deputy Foreign Minister Waleed Al-Khuraiji awarded the sashes on the directive of King Salman, SPA added. 


Saudi Culinary Arts Academy receives full institutional accreditation

Updated 17 March 2025
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Saudi Culinary Arts Academy receives full institutional accreditation

  • The accreditation follows an agreement signed on March 10 between the academy and the Education and Training Evaluation Commission

RIYADH: The Saudi Culinary Arts Academy (ZADC) was awarded a full institutional accreditation certificate on Sunday, with the support of Prince Saud bin Nayef bin Abdulaziz Al-Saud, Governor of the Eastern Province.

The recognition was granted during the inauguration ceremony of the academy’s new building on March 16.

The accreditation follows an agreement signed on March 10 between the academy and the Education and Training Evaluation Commission to implement institutional accreditation processes.

The achievement underscored ZADC’s commitment to maintaining the highest standards of quality and excellence in culinary education and training.

By equipping national talents with specialized skills, the academy aims to contribute to the growth of Saudi Arabia’s tourism and hospitality sector.

The achievement also aligns with the broader efforts of the Education and Training Evaluation Commission to ensure quality and excellence in education and training institutions across the Kingdom.


Saudi Foreign Ministry hosts Iftar reception for diplomats and international organizations

Updated 17 March 2025
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Saudi Foreign Ministry hosts Iftar reception for diplomats and international organizations

  • Several senior ministry officials attended

RIYADH: Under the patronage of Saudi Foreign Minister Prince Faisal bin Farhan and in the presence of Deputy Foreign Minister Waleed Al-Khuraiji, the Foreign Ministry hosted a gathering of the heads of diplomatic missions, regional offices, and international organizations accredited to the Kingdom to mark the holy month of Ramadan.

The ministry hosted an iftar reception at its headquarters in Riyadh, and those attending, which included several senior ministry officials, exchanged Ramadan greetings and engaged in cordial discussions, enhancing communication with diplomatic missions in the Kingdom, the Saudi Press Agency reported.