Saudi Arabia’s drive against commercial concealment shows positive results

Saudi Arabia’s efforts to eliminate commercial cover-up— an illegal practice that has proven to be a reason for rising unemployment and commercial fraud— is finally starting to show positive results.

Fines imposed on violators during 2017-2018 stood at nearly SAR 10.5 million, Al-Eqtisadiah newspaper has reported, citing the Ministry of Commerce and Investment.

Also read: Saudi Arabia to unveil anti-commercial concealment program next week: minister

However, these fines don’t include the libel charges, the report added.

The newspaper said Saudi Arabia has around SAR 300-400 billion worth of commercial concealment practices prevalent across different business sectors.

Details of the National Program for Combating the Commercial Concealment will be revealed soon, the ministry noted.

Minister of Commerce and Investment Majid Al Qasabi said earlier that Saudi Arabia will announce the National Program for Combating the Commercial Concealment this week.

This comes as part of the Trade and Investment Combination initiatives under the National Transformation Program 2020, Argaam earlier reported.