The Saudi Arabian Monetary Agency (SAMA) was issued on Tuesday to regulate licensing rules for activities to support of the financing activity.
By announcing issuance of the first license in Saudi, SAMA is now set to practice activities that will boost the finance sector and support companies.
In a statement, the firm said that the rules aim to regulate the licensing provisions for finance companies. The firm invited investors to review finance systems and its regulations, and the guidelines for requesting a license to practice any finance activity is made available through its official website.
SAMA’s other objectives include supporting programs and projects, including developing the SMEs sector that would ensure the sector’s sustainability and higher contribution to the nation’s Gross Domestic Product (GDP).
SAMA also aims at attracting companies with owners of small and medium capitals, and other investors. All initiatives by this monetary agency is towards achieving the goal of the Kingdom’s Vision by the year 2030.