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.


KSrelief distributes thousands of food baskets worldwide

KSrelief has delivered thousands of food parcels to some of the world’s most vulnerable people. (SPA)
Updated 16 March 2025
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KSrelief distributes thousands of food baskets worldwide

  • Etaam project aims to distribute 390,109 food parcels across 27 countries during Ramadan

RIYADH: Saudi aid agency KSrelief has delivered thousands of food parcels to some of the world’s most vulnerable people, the Saudi Press Agency reported on Sunday.

In Nigeria, KSrelief distributed 334 food baskets to families in need in the Adamawa state as part of the Etaam Ramadan food basket distribution project.

In Mauritania, 220 food parcels benefited 1,320 people in the Tiaret district. Somalia received 1,390 baskets for families in the Sool and Sanaag regions, benefiting 8,340 people.

Bangladesh saw 300 parcels distributed in the Barguna district, benefiting 1,500 individuals.

In Romania, 150 baskets were provided to families in Bucharest and Constanţa, while in Montenegro, 250 parcels were given to families in Rozaje and Bijelo Polje.

In Niger, 700 baskets were distributed in the Tillaberi Region, benefiting 4,900 people. South Africa received 450 parcels for families in Johannesburg.

Now in its fourth phase, the Etaam project aims to distribute 390,109 food parcels across 27 countries during Ramadan, benefiting 2.3 million people at a cost of over SR67 million ($17.8 million).


Paramedics resuscitate pilgrim in Grand Mosque within two minutes

Updated 16 March 2025
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Paramedics resuscitate pilgrim in Grand Mosque within two minutes

  • The patient was then transferred to a nearby medical facility to follow up on his condition and receive further care

RIYADH: Paramedics resuscitated a pilgrim within two minutes of a reported cardiac arrest at Makkah’s Grand Mosque on Saturday.

Authorities received a report at 4:06 p.m. of an Algerian pilgrim in his 60s who had fallen unconscious in the outer courtyards of the mosque.

Ambulance teams immediately attended the patient and used an electrical defibrillator and chest compression device to resuscitate him, the Saudi Press Agency reported.

The patient was then transferred to a nearby medical facility to follow up on his condition and receive further care.

The quick response time was thanks to a plan that the Saudi Red Crescent Authority in Makkah had put in place in preparation for Ramadan, according to the SPA.

The holy month tends to be an especially busy period with visitors performing the Umrah pilgrimage.

There have been 242 instances in which emergency cases were transported from the courtyards of the Prophet’s Mosque to medical centers during Ramadan.

The Madinah Cardiac Center has performed open-heart surgery and seven cardiac catheterizations on Umrah pilgrims from five countries during the first half of Ramadan.

The Madinah Health Cluster, which includes hospitals and clinics in the region, also provided medical and emergency services to 23,014 people from more than 70 countries during Ramadan.


Saudi-led project clears 484,949 mines, explosive devices in Yemen 

Updated 16 March 2025
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Saudi-led project clears 484,949 mines, explosive devices in Yemen 

RIYADH: A Saudi-led humanitarian initiative in Yemen has seen a milestone 484,949 land mines and unexploded ordnance cleared since the start of the project in 2018, according to a recent report.

These include 323,793 items of unexploded ordnance, 146,207 anti-tank mines, 8,200 improvised explosive devices, and 6,749 anti-personnel mines, according to Ousama Al-Gosaibi, the project’s managing director.

Project Masam, overseen by the Kingdom’s aid agency KSrelief, continues to remove deadly devices laid in the war-torn country by the Houthis.

Last week, the project’s special teams destroyed 515 items of unexploded ordnance, 25 anti-tank mines, five anti-personnel mines, and three improvised explosive devices.

Explosives planted indiscriminately by the Houthis across Yemen pose a threat to civilians, including children, women, and the elderly.

Project Masam is one of several initiatives undertaken by Saudi Arabia on the orders of King Salman to help the Yemeni people, clearing routes for humanitarian aid to reach the country’s citizens.

Demining operations took place in Marib, Aden, Jouf, Shabwa, Taiz, Hodeidah, Lahij, Sanaa, Al-Bayda, Al-Dhale, and Saada.

The initiative trains local demining engineers and provides them with modern equipment. It also offers support to Yemenis injured by the devices.

About 5 million people have been forced to flee their homes since the start of the conflict in Yemen, many of them displaced by the presence of land mines.

Masam teams are tasked with clearing villages, roads, and schools to facilitate the safe movement of civilians and the delivery of humanitarian aid.


New bus routes launched to serve Diplomatic Quarter

Updated 16 March 2025
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New bus routes launched to serve Diplomatic Quarter

  • New bus routes will run from the King Saud University Station to the Diplomatic Quarter daily

RIYADH: The public bus network in Riyadh has been extended to serve the city’s Diplomatic Quarter, which houses many of the foreign embassies in the capital.

New bus routes will run from the King Saud University Station to the Diplomatic Quarter daily starting from 6:30 a.m. and ending at midnight.

The full schedule can be found on the Darb application for public transport.

The new routes come as the Royal Commission for Riyadh City continues its efforts to expand the public transport network in the city.

As well as the high-profile launch of the Riyadh Metro in December 2024, which now has six lines covering an area of more than 176 km, the commission is also working to expand the bus network.

There are now more than 2,860 bus stops and stations in the city, covering a total length of 1,905 km with a daily capacity of 500,000.


Saudi Arabia now 66 percent self-sufficient in grape production: MEWA 

Updated 16 March 2025
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Saudi Arabia now 66 percent self-sufficient in grape production: MEWA 

  • National production in 2023 exceeded 122,000 tonnes
  • 7.13 million grapes planted in over 4,720 hectares of land 

RIYADH: Saudi Arabia's grape production surpassed 122,000 tonnes in 2023, reflecting the growth of the local agricultural sector and its ability to meet a big portion of market demands, the Saudi Press Agency (SPA) reported Saturday.

The figure accounts for 66 percent of current market demand in the Kingdom, said the report, citing a statement by the Ministry of Environment, Water and Agriculture, or MEWA.

MEWA said more than 7.13 million grape plants, with more than 6.1 million bearing fruit. 

Grape farming is considered profitable because of the ease of cultivation in various soils with minimal water requirements and the plant’s adaptabilty to various climates in the Kingdom. (SPA)

In a separate report last year, the ministry reported a grape production area of 4,720 hectares across the Kingdom.

The same report highlighted Tabuk as the top grape-producing region, yielding 46,939 tonnes annually, adding that Qassim, Hail, and Asir also contributed significantly to the national production.

Grape farming is considered profitable because of the ease of cultivation in various soils with minimal water requirements. The plant could easily adapt to various climates in Saudi Arabia. 

To encourage farmers to plant grapes, the ministry has assured its continuing efforts to support and empower them by providing modern technologies, such as smart irrigation systems and organic farming.

The ministry also aims to encourage increased local fruit consumption, saying that grapes are packed with nutrients, and have health benefits.

The harvest season for grapes is from June to September, the ministry said.