The Central Bank of Saudi Arabia announced the amendment of Article (eighth) of the Financial Companies Supervision Law Executive Regulation after the deadline for expressing public opinion on the draft amendment through the National Center’s Istikla platform. for competitiveness.
This move is an initiative of the Central Bank of Saudi Arabia. Develop the sector of small and medium enterprises, attracting a new segment of investors; Establish financial companies specialized in financing these facilities by lowering the capital requirements for financing small and medium-sized enterprises.
And the Central Bank indicated that, in accordance with the amendment to Article (Eighth) of the Executive Regulations of the Financial Companies Supervision Law; Paragraph No. (4) was added, stating that the minimum paid-up capital of a financial company engaged in SME financing activities, excluding other financial activities, is (50,000,000) fifty million rials. The executive provisions of the Financial Companies Supervision Act after the amendment of Article (8) can be viewed by visiting the website of the Central Bank of Saudi Arabia via (Connection).