RIYADH: New licensing rules in the Kingdom should give a much needed boost to small businesses, says finance chiefs.
The Saudi Arabian Monetary Agency (SAMA) this week published new rules which aim to regulate the licensing process for such companies and how they conduct their business.
The regulator said the regulations would ensure compliance with information security, corporate governance, internal organization, risk management and internal audit.
SAMA said the rules will also introduce two new financing activities: Digital finance intermediation and collection of financing agencies’ debts.
These two activities will be supervised and monitored to bolster the stability of the financing sector and protect consumers rights.
The minimum paid capital for any company that wishes to practice digital finance intermediation is set at SR2 million while for collection companies it is SR10 million.
“The Kingdom boasts a robust financing system that can keep up with the market’s needs,” said Waleed Ghaith, a member of the Saudi Economic Association. “The Kingdom is eager to develop and improve the performance of its financing systems in order to create a conducive environment for enterprises that allows them to work with great efficiency.”
Financial adviser Abdullah Baeshen added that the new rules would encourage investors to invest in the financing sector which would in turn boost the capital available to SMEs.
Saudi’s small businesses get boost from new SAMA licensing rules
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Saudi’s small businesses get boost from new SAMA licensing rules
- The Saudi Arabian Monetary Agency (SAMA) this week published new rules which aim to regulate the licensing process for SMEs
- The minimum paid capital for any company that wishes to practice digital finance intermediation is set at SR2 million while for collection companies it is SR10 million
Saudi Arabia’s FMF concludes with over $26.6bn in agreements
RIYADH: Saudi Arabia said it secured more than SR100 billion ($26.6 billion) in agreements and memorandums of understanding at the fifth edition of the Future Minerals Forum, underscoring the Kingdom’s push to position mining as a key pillar of its economic diversification strategy.
The forum, held in Riyadh under the patronage of King Salman bin Abdulaziz Al Saud, drew representatives from around 100 countries and attracted about 21,500 participants, according to the Ministry of Industry and Mineral Resources.
The government has identified mining as a priority sector as it seeks to reduce reliance on oil and strengthen global supply chains for critical minerals.
The agreements signed during the forum span the full mining value chain, including exploration, extraction, and mineral processing, as well as manufacturing, research and development, innovation, and sustainability.
The ministry said the breadth of the deals highlights efforts to accelerate sector development while attracting long-term domestic and foreign investment.
Participants included ministers, senior government officials, executives from major global mining companies, and investors, as well as academics and technical experts. More than 450 speakers took part in ministerial roundtables, panel discussions and technical sessions.
An international exhibition formed a key part of the event, featuring 274 exhibitors from 13 countries, including Australia, the US, and the UK, as well as France, Germany, and several emerging mining markets.
The exhibition was organized across four main zones covering exploration and mining, processing and manufacturing, advanced technologies and innovation, and investment and partnerships.
Forum discussions focused on strengthening cross-border cooperation across mineral supply chains, accelerating exploration activity, and improving access to financing, as well as promoting sustainable and responsible mining practices.
Sessions also examined the growing role of digital tools, automation and artificial intelligence in enhancing operational efficiency and decision-making in the sector.
The ministry said the scale of agreements announced at the forum provides a foundation for sustained growth and supports the Kingdom’s long-term objective of becoming a global hub for mining and mineral processing, at a time of rising international demand for critical and strategic minerals.
The ministry also highlighted the rapid evolution of the Future Minerals Forum over its five editions, describing it as a platform that has transitioned from a regional gathering into a global convening point for policymakers and industry leaders.
