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.



Riyadh to Host 10th Future Investment Initiative Conference in October

Participants during a previous edition of the conference. (SPA)
Participants during a previous edition of the conference. (SPA)
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Riyadh to Host 10th Future Investment Initiative Conference in October

Participants during a previous edition of the conference. (SPA)
Participants during a previous edition of the conference. (SPA)

Under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, the tenth edition of the Future Investment Initiative (FII) Conference will take place in Riyadh from October 26 to 29.

Held under the theme “The Power of Legacy,” FII10 will bring together heads of state, investors, policymakers, innovators and business leaders to explore how today’s decisions can create lasting prosperity for future generations, said the FII Institute in a statement on Monday.

The program will focus on four pillars: capital that builds, technology that elevates, societies that thrive and leadership that inspires.

Princess Dr. Maha bint Mishari Al Saud, Chief Executive Officer of FII Institute, expressed her appreciation for the generous Royal Patronage of the tenth edition.

She noted that the Saudi leadership’s continued support for the Institute’s events and activities, together with the guidance of Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, constitutes a fundamental pillar in advancing the comprehensive development envisioned by Saudi Vision 2030 and shaping a prosperous and sustainable economic future.

“For ten years, FII has brought together leaders who recognize the power of investment to advance human progress. FII10 invites our global community to consider the legacy of the choices we make, the partnerships we build and the innovations we support. Our goal is to turn these choices into lasting impact for people and future generations,” she added.

Across four days, FII10 will bring together a diverse global community of leaders, investors, policymakers, innovators, and changemakers for a wide-ranging program addressing the world’s most pressing economic and investment priorities.

Since its launch, FII has evolved into a leading global platform for dialogue, collaboration, and action, convening influential voices from around the world. Major agreements and commitments have been announced through the platform, further reinforcing Riyadh’s position as a global center for investment, collaboration, and action.


Iraq Raises September Basrah Medium Crude OSP to Asia

Workers walk across pipelines at the Rumaila oil field in Basra, Iraq (Reuters)
Workers walk across pipelines at the Rumaila oil field in Basra, Iraq (Reuters)
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Iraq Raises September Basrah Medium Crude OSP to Asia

Workers walk across pipelines at the Rumaila oil field in Basra, Iraq (Reuters)
Workers walk across pipelines at the Rumaila oil field in Basra, Iraq (Reuters)

Iraq has raised the September official selling price (OSP) for Basra Medium crude oil to Asia to minus $4 a barrel against the average of Oman/Dubai quotes from the August OSP of minus $6.50 a barrel, state-owned Iraqi oil marketer SOMO said on Monday, Reuters reported.

Basrah Heavy to Asia was priced at minus $7.30 a barrel to Oman/Dubai quotes, from minus $8.80 a barrel set for August.

Type of North and South European Far East Crude American Market Market Market ($/bbl) Oil ($/bbl) ($/bbl) Basrah ASCI +5.10 Brent Average (Oman Medium (dated)-4.35 & Dubai)-4.00 Basrah ASCI +1.40 Brent Average


Turkish Central Bank Bought $5 billion in Foreign Exchange Last Week, Bankers Say

Central Bank of Türkiye - File Photo/Reuters
Central Bank of Türkiye - File Photo/Reuters
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Turkish Central Bank Bought $5 billion in Foreign Exchange Last Week, Bankers Say

Central Bank of Türkiye - File Photo/Reuters
Central Bank of Türkiye - File Photo/Reuters

The Turkish central bank bought $5 billion in foreign exchange last week, with its net reserves increasing $9 billion to $63 billion, bankers said on Monday, Reuters reported.

According to the calculations of four bankers, the central bank's total reserves increased $14 billion last week to $178 billion, while net reserves excluding swaps increased $9.5 billion to $50 billion. The central bank did not comment on the figures.