Saudi Arabia to Expedite Opening of Accounts for Foreign Companies

Kingdom Center Tower in Riyadh, Saudi Arabia (File photo: Reuters)
Kingdom Center Tower in Riyadh, Saudi Arabia (File photo: Reuters)
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Saudi Arabia to Expedite Opening of Accounts for Foreign Companies

Kingdom Center Tower in Riyadh, Saudi Arabia (File photo: Reuters)
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.



Saudi Arabia Assumes WTO General Council Presidency for 2025–2026

The General Council of the World Trade Organization (WTO) unanimously appointed Permanent Representative of Saudi Arabia to the WTO Saqer bin Abdullah Al-Moqbel as its president for the 2025–2026 term. (SPA)
The General Council of the World Trade Organization (WTO) unanimously appointed Permanent Representative of Saudi Arabia to the WTO Saqer bin Abdullah Al-Moqbel as its president for the 2025–2026 term. (SPA)
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Saudi Arabia Assumes WTO General Council Presidency for 2025–2026

The General Council of the World Trade Organization (WTO) unanimously appointed Permanent Representative of Saudi Arabia to the WTO Saqer bin Abdullah Al-Moqbel as its president for the 2025–2026 term. (SPA)
The General Council of the World Trade Organization (WTO) unanimously appointed Permanent Representative of Saudi Arabia to the WTO Saqer bin Abdullah Al-Moqbel as its president for the 2025–2026 term. (SPA)

The General Council of the World Trade Organization (WTO) has unanimously appointed Permanent Representative of Saudi Arabia to the WTO Saqer bin Abdullah Al-Moqbel as its president for the 2025–2026 term. In a historic milestone, Al-Moqbel becomes the first Arab and Middle Eastern delegate to assume this position, reported the Saudi Press Agency on Wednesday.

The WTO General Council, which convenes throughout the year, oversees the organization’s operations between ministerial conferences, held biennially. As the highest decision-making body at the level of heads of missions, the council plays a crucial role in shaping global trade policies.

During Saudi Arabia's presidency, the General Council is set to address several key issues, including preparations for the 14th Ministerial Conference, scheduled to be held in Cameroon in March 2026.

The agenda will also focus on essential WTO reforms, particularly the dispute settlement mechanism; advancing negotiations on the second phase of the Fisheries Subsidy Agreement; and addressing agriculture, food security, and development concerns.

Other priorities include integrating multilateral agreements, such as the Investment Facilitation for Development Agreement and the E-Commerce Agreement, into the WTO framework.

Commenting on the appointment, Al-Moqbel emphasized that Saudi Arabia’s leadership in the WTO General Council reflects its growing role in the international economic landscape, leveraging its global economic influence to strengthen multilateral trade cooperation.