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Non-government Members Appointed on Saudi Central Bank’s Board

Sheila Al-Rowaily has become the first woman to join the board of directors of Saudi Central Bank. (Asharq Al-Awsat)
Sheila Al-Rowaily has become the first woman to join the board of directors of Saudi Central Bank. (Asharq Al-Awsat)
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Non-government Members Appointed on Saudi Central Bank’s Board

Sheila Al-Rowaily has become the first woman to join the board of directors of Saudi Central Bank. (Asharq Al-Awsat)
Sheila Al-Rowaily has become the first woman to join the board of directors of Saudi Central Bank. (Asharq Al-Awsat)

The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, has agreed to appoint five non-government members to the Board of Directors of the Saudi Central Bank to lead the Kingdom’s financial sector.

Sheila Al-Rowaily, who worked with Saudi Aramco, has become the first woman to join the board of directors of Saudi Central Bank. Al-Rowaily held several positions in the Aramco, including managing global analysis and financial risks and heading the investment department in the treasury, in addition to her membership in a number of boards, including Hasanah Investment, Al Ahli and Saudi Bank and Saudi Aramco Investment Management.

She has served as chief executive of Wisayah Investment Company, a wholly owned subsidiary of Aramco, since 2019. Wisayah invests Saudi Aramco Group Companies’ pension funds, defined contribution funds and other long-term investment portfolios.

The royal order also included the appointment of Hamad bin Saud Al-Sayyari, who holds a Master’s degree in economics and assumed the position of governor of the Saudi Central Bank from 1983 to 2009, in addition to several positions such as Secretary-General of the Public Investment Fund and director of the Saudi Industrial Development Fund.

The new members also included Khalid bin Ahmed Al-Juffali, Vice President and Executive Partner of the Juffali Company, who chairs the board of directors of his privately-owned company, KJC, in New York City, and is the head of the Saudi-German Business Council. Al-Juffali has extensive experience in the field of investment and financing of major international projects.

Among the new members is Eng. Rashed bin Abdulaziz Al-Hamid, CEO and Chairman of the Board of Directors of Al-Rashed Al-Hamid Group. He participated in the establishment of the Riyad Bank, where he held several positions. He was a member of the Board of Directors of the Saudi Arabian Agricultural Bank and the Saudi Electricity Company, the Higher Commission for Tourism, as well as the Advisory Board of the International Finance Corporation.

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Saudi Arabia Implements Int’l Customs System to Facilitate Temporary Import of Goods

Jeddah Islamic Port (Asharq Al-Awsat)
Jeddah Islamic Port (Asharq Al-Awsat)
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Saudi Arabia Implements Int’l Customs System to Facilitate Temporary Import of Goods

Jeddah Islamic Port (Asharq Al-Awsat)
Jeddah Islamic Port (Asharq Al-Awsat)

Saudi Arabia has started implementing an international customs system that facilitates the temporary import of goods for up to one year without the need to pay any fees, taxes, or undergo customs procedures.

In June, the Zakat, Tax, and Customs Authority started accepting the ATA Carnet temporary admission document at all its land, sea, and air customs points. This step is part of the Kingdom's commitment to the Istanbul Convention on Temporary Admission, supporting the business sector and enhancing Saudi Arabia's status as a global destination for events, exhibitions, and activities.

On Thursday, the Federation of Saudi Chambers announced the issuance of the first ATA Carnet since the official adoption of this system, making Saudi Arabia the 80th country worldwide to implement this international customs system. The document was delivered to Swiss company Richemont.

Logistics expert Zaid Al-Jarba told Asharq Al-Awsat that adopting the ATA Carnet system is a pivotal step in enhancing Saudi Arabia’s logistics environment, adding that the move aligns with the Kingdom’s national transportation and logistics strategy, facilitating international trade by streamlining customs procedures.

He stressed that this system strengthens the country’s infrastructure readiness, supports the growth of the logistics services sector, increases Saudi Arabia’s global competitiveness, and boosts its ability to attract and host international events and exhibitions.

Businesses and interested parties can apply for the ATA Carnet through the Federation’s website and collect it from their headquarters in Riyadh.

The Zakat, Tax, and Customs Authority clarified when announcing the start of the ATA Carnet that eligible goods include items intended for display or use in exhibitions, markets, meetings, or similar events, professional equipment, containers, pallets, packing materials, samples, and other goods related to commercial operations. Additionally, goods imported for educational, scientific, or cultural purposes can also be temporarily admitted under the system.

The Federation of Saudi Chambers has been designated as the authorized guarantor in the Kingdom for the ATA Carnet, approved by the Zakat, Tax, and Customs Authority. The Federation is also the issuing body, with the right to delegate others. Beneficiaries can import goods temporarily under the ATA Carnet without needing to provide financial guarantees.