Fsdp Quarterly Newsletter Q3 2024 Vf · Page 8

 
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Prizes exceeding one million Saudi Riyal .. The launch 
of the third season of the “Gulf Smart Investor” Award 
The Gulf Investment Awareness Program "Mulam" 
announced the launch of the third season of the "Gulf 
Smart Investor" award starting from the beginning of 
September 2024. The award targets citizens and residents 
of the Gulf Cooperation Council countries, with cash 
prizes exceeding a total of one million Saudi riyals.  
Entries will continue to be received until the end of 
February 2025. The award aims to enable competition 
between creative men and women, whether university 
students, school students, or individuals from citizens and 
residents in the sister Gulf countries, through four tracks: 
video, drawing, photography, and writing; to select 44 
winners, 11 winners in each track, in order to spread 
investment culture and raise awareness of the 
importance of saving and investment, how to avoid 
financial fraud, and raise the level of financial awareness 
among the public in a way that enhances their ability to 
plan financially, and enables them to possess the 
elements of making the right financial decisions that 
achieve financial stability and improve their chances of 
achieving their financial goals.  
The award also seeks to raise the level of financial culture 
by providing the necessary skills and identifying the 
different methods that help in using financial resources 
in the most effective manner and with the highest 
possible levels of success. 
Convicting 19 violators for violating the Capital Market 
Law and its executive regulations and oblige them to 
pay 139 million riyals 
The Securities Disputes Appeal Committee convicted 19 
violators, including board members and employees of a 
local company, of violating the Capital Market Law and 
its implementing regulations. It sentenced four of them 
to prison and ordered them to pay approximately 139 
million riyals, including fines, illicit gains, and avoided 
losses resulting from the violations committed. The 
Authority 
stresses 
the 
importance 
of 
investors’ 
confidence in the financial market for its growth and 
development.  
The Authority works continuously to monitor any violating 
behaviors, arrest their perpetrators, and complete the 
necessary procedures to impose deterrent penalties 
against them. This is in support of the Authority’s efforts 
to create an investment environment that is attractive to 
all categories of investors and safe from unfair or unsound 
practices or practices that involve fraud, deception, 
misleading, or manipulation. 
 
The Minister of Finance Inaugurates '24 Fintech'  
His Excellency the Saudi Minister of Finance, Mr. 
Mohammed Aljadaan, inaugurated the first edition of the
Financial Technology Conference "24 Fintech", held
Tuesday, September 3, 2024, in Riyadh, Kingdom of Saudi 
Arabia. The conference was hosted by the Financial 
Sector Development Program, the Saudi Central Bank 
(SAMA), the Capital Market Authority, and the Insurance
Authority. 
In his opening speech, Minister Aljadaan said that the 
Kingdom of Saudi Arabia has spared no effort to promote 
the digital economy—prioritizing it highly and laying 
strong foundations to enhance service quality, while 
enabling the public, private, and non-profit sectors
thereby solidifying the Kingdom's global position.  
Minister Aljadaan also said that, since the launch of the 
Saudi Vision 2030, the Kingdom has sought to accelerate 
transformation to elevat