Saudi Banks Upgrade Systems to Align with New Commercial Registry Regulations

The reforms are part of a broader national effort to modernize the Kingdom’s legislative infrastructure in line with Vision 2030. (Asharq Al-Awsat)
The reforms are part of a broader national effort to modernize the Kingdom’s legislative infrastructure in line with Vision 2030. (Asharq Al-Awsat)
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Saudi Banks Upgrade Systems to Align with New Commercial Registry Regulations

The reforms are part of a broader national effort to modernize the Kingdom’s legislative infrastructure in line with Vision 2030. (Asharq Al-Awsat)
The reforms are part of a broader national effort to modernize the Kingdom’s legislative infrastructure in line with Vision 2030. (Asharq Al-Awsat)

The Saudi Central Bank has instructed all banks and financial institutions in the Kingdom to update their internal technical systems to comply with the newly implemented Commercial Registry and Trade Names Laws.

The updates, which took effect on April 3, are designed to streamline business registration processes, enhance the protection of trade names, and improve the overall ease of doing business in Saudi Arabia.

The Central Bank’s directive also includes raising awareness among bank employees, particularly those in commercial departments and branch offices, of the key changes in the new regulatory framework.

The reforms are part of a broader national effort to modernize the Kingdom’s legislative infrastructure in line with Vision 2030, keeping pace with rapid economic and technological transformation.

According to information obtained by Asharq Al-Awsat, the Central Bank received a formal communication from the Minister of Commerce outlining several core updates. Most notably, the ministry has adopted a unified national identification number, beginning with the digit “7”, as the sole reference number for business entities.

The issuance of individual commercial registration numbers has been discontinued, and expiration dates for registration certificates have been removed. Instead, businesses are now required to confirm their registry information annually to avoid suspension.

Another significant reform is the cancellation of secondary commercial registrations. Under the new system, a single commercial registry will cover all business activities of a company across the Kingdom.

Existing branch records must be consolidated within five years. Failure to submit the annual confirmation of registry data within 90 days of its due date will result in the suspension of the registry, which will be treated as equivalent to expiration.

The city designation in commercial records has also been eliminated, with the national address now serving as the primary geographic identifier. Verification of registry data can be conducted through the Ministry of Commerce’s official website, the “Wathiq” platform, or by using the QR code printed on the registry certificate.

Commercial registry activity has surged following these reforms. By the end of last year, over 416,000 new registrations were issued, compared to approximately 250,000 in January 2023.

The total number of active registries in Saudi Arabia now exceeds 1.6 million. Officials credit the changes with improving data accuracy, reducing administrative burdens, and promoting transparency across the business landscape.



Saudi Arabia Signs New Port Contracts Worth Over $586 Million

Acting President of Mawani Mazen Al-Turki (Asharq Al-Awsat) 
Acting President of Mawani Mazen Al-Turki (Asharq Al-Awsat) 
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Saudi Arabia Signs New Port Contracts Worth Over $586 Million

Acting President of Mawani Mazen Al-Turki (Asharq Al-Awsat) 
Acting President of Mawani Mazen Al-Turki (Asharq Al-Awsat) 

Saudi Arabia’s General Authority for Ports (Mawani) has signed a series of new build-operate-transfer (BOT) contracts worth more than SAR 2.2 billion ($586.6 million) to develop multi-purpose cargo terminals at eight of the Kingdom’s ports.

Acting President of Mawani, Mazen Al-Turki, announced the deals during a signing ceremony held on Monday, describing the move as another milestone in Saudi Arabia’s continued infrastructure development under government leadership.

These 20-year contracts are part of a strategic public-private partnership, bringing together local and international investors to enhance operational capabilities and increase the handling capacity of Saudi ports. The initiative aligns with the objectives of the National Transport and Logistics Strategy, which seeks to position the Kingdom as a global logistics hub.

Al-Turki emphasized that these new agreements build upon previous privatization deals, including the development of container terminals at Jeddah Islamic Port and King Abdulaziz Port in Dammam, with investments exceeding SAR 16 billion. The Authority has also signed agreements to develop 20 logistics zones across the country, backed by over SAR 10 billion in investments.

He added that the latest contracts reflect the significant transformation and strategic evolution of Saudi Arabia’s ports, contributing to improved international performance indicators and reinforcing the Kingdom’s role as a key player in the global maritime industry.

Minister of Transport and Logistics Services and Chairman of Mawani, Eng. Saleh Al-Jasser, noted that the growing flow of private-sector investment demonstrates the attractiveness of Saudi ports and the logistics sector. He highlighted recent advancements in operational efficiency and maritime connectivity, supported by major global and national companies.

Al-Jasser affirmed that the Kingdom’s transport ecosystem will continue expanding its partnerships with the private sector across all regions and domains, with the new contracts marking the continuation of strategic collaborations with leading global and local port operators.

Under the newly signed contracts, the Saudi Global Ports Company will develop, manage, and operate multi-purpose terminals at east coast ports, including King Abdulaziz Port in Dammam, Jubail Commercial Port, King Fahd Industrial Port in Jubail, and Ras Al Khair Port.

Meanwhile, Red Sea Gateway Terminal will handle similar operations on the west coast, covering Jeddah Islamic Port, Yanbu Commercial Port, King Fahd Industrial Port in Yanbu, and Jazan Port.

At King Fahd Industrial Port in Yanbu, the agreements include modernizing cargo handling with state-of-the-art STS and RTG cranes, reach stackers, trucks, and trailers, aimed at reducing truck turnaround times, vessel berthing durations, and boosting overall efficiency.