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Investor Business Services Transferred to the Saudi Business Center

Investor Business Services Transferred to the Saudi Business Center

Tuesday, 4 October, 2022 - 09:45
A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)

The Saudi government has stopped referring investors to its unified national platform after transferring all the Kingdom’s services to the Saudi Business Center (SBC). The shift comes to ease procedures for starting and conducting business for enterprises that intend to enter the Saudi market.

In 2019, the Saudi Cabinet approved the transfer of all documents, property, financial credits, obligations, and rights of the unified national platform to the SBC.

Economic business sector services will be provided to the beneficiaries through the centers of the SBC and its unified e-platform.

The center is concerned with facilitating the procedures for starting, practicing, and concluding economic works and providing all services in accordance with international best practices. It has 12 branches in ten cities across the Kingdom.

The SBC aims to make the Kingdom one of the ten leading countries in the world in the quality, smoothness and efficiency of services directed to the business sector.

It also looks to create an attractive environment that enhances the Kingdom’s competitiveness and encourages investment and growth through government services under a unified institutional interface.

Raising productivity of companies operating in Saudi Arabia through reducing time and costs is also one of the SBC’s objectives.

The center seeks achieving this by improving the quality of policies, investing in big data, and issuing specialized studies and reports.

The Saudi Central Bank (SAMA) had announced the completion of connectivity to the SBC utilizing the “Tanfeeth” program.

The solution aims at optimizing system connectivity and integration between Saudi government entities and banks operating in the Kingdom with a view to promoting automation of processes and acceleration of workflows to realize Saudi Vision 2030 objectives.

SAMA highlighted that the “Tanfeeth” program seeks to promote operational efficiency by overcoming procedural hurdles in coordination with government entities.

It is also a step towards achieving the strategic objectives of SAMA by upgrading its IT infrastructure and optimizing administrative processes including speed, quality, and integration with the financial institutions operating in the Kingdom.

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