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Saudi Arabia to Expedite Opening of Accounts for Foreign Companies

Saudi Arabia to Expedite Opening of Accounts for Foreign Companies

Tuesday, 13 December, 2022 - 10:00
Kingdom Center Tower in Riyadh, Saudi Arabia (File photo: Reuters)

The Saudi Central Bank (SAMA) has called on local banks to facilitate and speed up the procedures for opening accounts for foreign companies, in order to encourage them to transfer their regional headquarters to the Kingdom.


The step is aimed at strengthening the country’s economy, providing employment opportunities, and boosting national capabilities and expertise.


Last year, the Saudi government announced that after 2023 it would no longer sign contracts with foreign companies that have their regional headquarters other than in the kingdom.


The policy, which comes into effect on Jan 1. 2024, is designed to encourage foreign firms to open a permanent, in-country regional presence that would help create local jobs.


According to information available to Asharq Al-Awsat, SAMA has asked Saudi banks to facilitate and accelerate the procedures for opening accounts for foreign companies and enable them to benefit from various services and products.


SAMA has also called on the local banks to explore the possibility of allocating units or establishing offices at the headquarters of the Ministry of Investment to provide all banking services to this category of clients.


According to the information, the move was based on a plan to encourage foreign companies operating in the region to move their regional headquarters to Saudi Arabia, as part of a joint initiative between the Ministry of Investment and the Royal Commission for the City of Riyadh.


The move is aimed at strengthening the country’s economy, employment opportunities, national capabilities and expertise.


Earlier this year, the Saudi Council of Ministers decided to establish the Investment Marketing Authority, with the aim of attracting investments in the Kingdom, and achieving the objectives of the relevant national strategy and Vision 2030.


Minister of Investment Khaled Al-Falih said that the authority would contribute to achieving the goals of the Saudi investment strategy in attracting and developing national and foreign investments.


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