Saudi market authority refers 10 suspects to Public Prosecution for manipulative, misleading practices

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Updated 30 December 2020
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Saudi market authority refers 10 suspects to Public Prosecution for manipulative, misleading practices

  • The suspects carried out practices that involved manipulation and fraud in market trades

Saudi Arabia’s Capital Market Authority (CMA) referred 10 investors to the Public Prosecution for violating Article (49) of the Capital Market Law and Article (8) of the Market Conduct Regulations, the market regulator said in a statement.

The suspects carried out practices that involved manipulation and fraud in market trades, by entering purchase or sale orders for the purpose of influencing the price of the security, and trading (by purchasing) in the shares of a number of listed companies.

Following this, they promoted opinions via the social media platform, Twitter, for the purpose of influencing the price of the security, then trading (by selling) the shares of the listed companies affected by the promoted opinions.

The suspicious cases included affecting the shares prices of 46 companies listed on the Saudi Stock Exchange (Tadawul), during the period from Feb.17, 2020, until Sept. 21, 2020.

The authority stressed that it will not hesitate, in pursuit of prosecuting manipulators in the capital market, to supervise their dealings, based on its powers under the Capital Market Law, and the advanced technology means it possesses that enable it to supervise all dealings and monitor suspicious cases and take the necessary legal procedures, in accordance with the laws and regulations, in order to achieve the CMA’s objectives toward enhancing the market efficiency and protecting the participant in it from illegal practices, beside ensuring they are not subject to cheating or manipulation.

The CMA noted that the General Secretariat of Committees for Resolution of Securities Disputes announced to the public the identities of violators on its website upon the issuance of final decisions regarding criminal cases.

Moreover, any person affected by these violations is entitled to file a compensation claim, after conviction, against the violators, before to the Committee for the Resolution of Securities Disputes as per Article 57 of the Capital Market Law, provided that such claim is preceded by a complaint filed to the CMA.

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New Murabba seeks contractors for Mukaab Towers fit-outs: MEED

Updated 28 January 2026
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New Murabba seeks contractors for Mukaab Towers fit-outs: MEED

RIYADH: Saudi Arabia’s New Murabba Development Co., a wholly owned subsidiary of the Public Investment Fund, has issued a request for information to gauge the market for modular and offsite fit-out solutions for its flagship Mukaab development, MEED reported on Wednesday.

The RFI was released on Jan. 26, with submissions due by Feb. 11. NMDC has also scheduled a market engagement meeting during the first week of February to discuss potential solutions with prospective contractors.

Sources close to the project told MEED that NMDC is “seeking experienced suppliers and contractors to advise on the feasibility, constraints, and execution strategy for using non-load-bearing modular systems for the four corner towers framing the Mukaab structure.” The feedback gathered from these discussions will be incorporated into later design and procurement decisions.

The four towers — two residential (North and South) and two mixed-use (East and West) — are integral to the Mukaab’s architectural layout. Each tower is expected to rise approximately 375 meters and span over 80 stories. Key modular elements under consideration include bathroom pods, kitchen pods, dressing room modules, panelized steel partition systems, and other offsite-manufactured fit-out solutions.

Early works on the Mukaab were completed last year, with NMDC preparing to award the estimated $1 billion contract for the main raft works. This was highlighted in a presentation by NMDC’s chief project delivery officer on Sept. 9, 2025, during the Future Projects Forum in Riyadh.

Earlier this month, US-based Parsons Corp. was awarded a contract by NMDC to provide design and construction technical support. Parsons will act as the lead design consultant for infrastructure, delivering services covering public buildings, infrastructure, landscaping, and the public realm at New Murabba. The firm will also support the development of the project’s downtown experience, which spans 14 million sq. meters of residential, workplace, and entertainment space.

The Parsons contract follows NMDC’s October 2025 agreements with three other US-based engineering firms for design work across the development. New York-headquartered Kohn Pedersen Fox was appointed to lead early design for the first residential community, while Aecom and Jacobs were selected as lead design consultants for the Mukaab district.

In August 2025, NMDC signed a memorandum of understanding with Falcons Creative Group, another US-based firm, to develop the creative vision and immersive experiences for the Mukaab project. Meanwhile, Beijing-based China Harbour Engineering Co. completed the excavation works for the Mukaab, and UAE-headquartered HSSG Foundation Contracting executed the foundation works.