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We are excited to share the latest edition of the Law Update, beautifully and appropriately titled “Sustainable Horizons: The Saudi Arabian Vision.” Giving special honor to the Kingdom’s 2030 vision, this update focuses on a collection of both informative and inspiring articles.
For those in construction, you can learn about how the tendering environment impacts risk-pricing for contractors, the updates on the legal framework of the construction industry and how contractors can protect themselves against financial difficulties.
There is good news too from the kingdom’s banking sector, from which the practice of “Open Banking” is being pushed for! But what is open banking? We’re answering that too.
Also . . . Are there any women trail blazers in Saudi Arabia you can name? We’ll help you with that. We cover how the Middle East has been making strides in empowering women in the entrepreneurial space,most notably in STEM fields.Read the full edition
On February 5, Ministerial Resolution No. 58 of 2023 was issued in the Kuwait Gazette regarding pricing of Pharmaceutical Products and Health Supplements (“Resolution 58/2023”).
Resolution 58/2023 stipulates the profit allowed for the sale of medicines, pharmaceutical products and food supplements traded in the State of Kuwait shall not exceed 40% of the import costs to the State of Kuwait whether imported by land, air or sea.
Resolution 58/2023 is effective from 1 April 2023.
Resolution 58/2023 repeals the previous Ministerial Resolution No. 42 for the year 2013 which previously mandated the profit allowed for the sale of medicines, pharmaceutical products and food supplements traded in the State of Kuwait to not exceed 45% of the import costs to the State of Kuwait.
Resolution 58/2023 stipulates that profit ratio shall be distributed equally between the local agent and the pharmacy. This percentage shall include all administrative expenses incurred by each.
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