Saudi Arabia approves general rules of public interest markets

Riyadh city

The Official Gazette Umm Al Qura published on Dec. 8 the general rules governing the work of public interest markets.
 

The requirements of adding a new public interest market in a city or a governorate having an outstanding market should include the following:
 

1- The new market should have a comparative advantage over the outstanding one.

2- The population in the area should be proportional to the number of markets to be established.

3- The outstanding market is insufficient to accommodate all activities.

4- Obtaining a license from the Ministry of Municipal and Rural Affairs and Housing, in accordance with the municipal licensing procedures law, and from any relevant government entity.
 

The requirements of holding seasonal markets and auctions include the following:
 

1- The presence of an entity organizing the market or auction and bearing all financial and regulatory burdens.

2- The purpose of holding the seasonal market or auction and the duration of the market should be determined.

3- This should not affect the movement and activity of the public interest market in the region.

4- The ministry should technically oversee the auction.