The ministry works to improve the conditions for direct investment, protect investor rights, enhance the investment environment and increase investor confidence in local investments.

The draft law would apply the same treatment to foreign and local investors for direct investments.

Foreign investors will be treated equally without discrimination and will be able to sell, manage and dispose of their projects and own the properties necessary for smooth operation.

New Investment Law in Saudi Arabia

Foreign investors will be able to enter into commercial contracts, acquire, liquidate, or sell any company they choose, facilitate the process, and make available the support and assistance required by all authorities.

The law allows for the transfer of funds from within and outside the Kingdom. These include the transfer of profits and proceeds from the economic project.

You can also sell and liquidate it using regular channels using any recognized currency within the Kingdom, dispose of it by other legitimate means, protect intellectual property and confidential commercial information, and approach the relevant courts or arbitrators.

The new law will allow for fines up to SR500,000 imposed on anyone who violates any law or executive regulations. After giving the violator a deadline, the penalties can be rescinded. Investors who fail to rectify violations will have their registration or license revoked. They also lose all or part of any investment opportunities they were granted.

This law is intended to promote the principles of fairness, competitive neutrality, and fairness. It also ensures equal treatment for direct investments made by private and public investors. Both local and foreign investors will need to meet the same approval requirements for registration and licenses and approvals or permits in some economic regions or for certain activities.

The draft law prohibits the taking of direct investments, in whole or part, except in the case of a court ruling. It is also forbidden to confiscate them except for the public good and in return for fair compensation.

Banks will be open between 10 a.m. until four p.m. in Ramadan (KSA)

Bank Timings in Saudi Arabia (Ramadan)

The working hours for foreign exchange centres will be flexible for six hours, beginning at around 9:30 a.m. until 5:45 p.m everyday

Additionally, Eid Al-Fitr holiday will be in full swing by the time banks resume work on April 28 and banks will resume work on the following Sunday, May 8.

Eid Al-Adha holiday is scheduled to begin at the end of work on the 6th of July, on Wednesday and work will resume on Wednesday the 13th of July.

Bank branches and offices will be open throughout Makkah and Madinah during this Hajj season, even on weekend hours, so that they can provide services to pilgrims.

Instant Bank Transfer Launched in Saudi Arabia

This instant payment system in Saudi Arabia will enable All the financial institutions, companies and individuals to complete transfers between different banks instantly, 24 hours a day, seven days a week.

The bank affirmed that the system developed by “Saudi Payments”, once activated, will enable beneficiaries to implement immediate financial transfers between accounts in local banks, with less fees than the current system of interbank transfers.

Minimum transfer fee of half a riyal has been approved for operations equal to or less than 500 riyals, and one riyal for operations exceeding 500 riyals.

And they emphasized that the fees included in the tariff for the services of the Saudi system for quick financial transfers that exceed the maximum limit for a single transaction will be maintained.

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Also directed all the small shopping stores, supermarts, Bakhalas & Tamwinat to arrange electronic methods for usage or debit or credit cards to receive payments from the customers.

This step was taken by the government to stop the spread of Coronavirus in the kingdom. As using Cash will spread Coronavirus from people to people.

World Health Organization(WHO) is also pushing people to use contact-less payments.

Saudi Arabian Monetary Authority has also issued directives to extend all ATM Cards validity of all banks and also asked banks to stop freezing stagnant accounts.

These directives are in tandem with the efforts being exerted by SAMA to counter the fallout of the novel coronavirus (COVID-19) pandemic.

Starting from Travel ban from countries and then Suspending International Flights, Closing schools, Universities & Instituions in the kingdom, Closing Dining Restaurants, Malls, etc and now closing all Banks.

SAMA closes All Banks in Saudi Arabia

SAMA has decided to close down all the banks in the kingdom over a period of 16 days starting today.

No need to worry as this will not effect Online Banking.

All the customers can transact online and access Online banking through their designated Official Bank .

SAMA also confirmed that there will be no charges for transferring amount from One bank to another bank.

Banks will continue to load ATM Machines with Cash and will make sure that there will be no shortage of Cash

Some of the Banks will still continue to operate but still customers are encourages to use Online Banking

All Credit Cards & Debits Cards will continue to work, but its better to keep Cash handy always in such situations.

You can find the Circular from SAMA below:

This message was directed to all the banks in the kingdom of Saudi Arabia to report any account with transactions disproportionate to its holder’s income to place a set of regulations to fight illegal transactions of Expatriates or to control commercial activities of Expatriates.

All the Saudi Banks & Money Exchanges must report any suspected or fraudulent financial transaction to General Administration for Financial Investigation at the Presidency of State Security asper the rules for fighting Money laundering issued by SAMA

So, its important for all the expatriates to carry sources of any financial transactions done in their account to avoid any issues.

As per Eid al Adha holidays which was announced from 17th August (Friday) till 25th August (Saturday). All th Financial institutions including Stock Exchanges, Banks, Insruance Companies will be closed on the above mentioned dates and will reopen from 26th August (Sunday).

All the Banks, ATMS which are located near the holy site (Makkah & Madina) will be open and continue to work during the Hajj season on Weekend as well as holidays too to provide service to all the Hajj Pilgrims from different countries.

Insurance companies which are catering Hajj Pilgrims should operate during holidays as per SAMA.

SAMA emphasizes that it is important for banks to keep a number of their branches operating in populous and crowded areas, in places where the need arises to deal with banks, and in various airports and border outlets to work during Eid Al-Fitr holiday. We hope that names and working hours of such branches be informed to SAMA and published to the public by appropriate means.

Most of the money sending methods will charge you a lot to Expatriates. Enjaz Banking Services now officially allows you to send money to your home country through cheaper rates Online. YOu can send money to your home country through internet without even visiting Enjaz remittance Center or any branch.

Enjaz process is very simple and easy to understand. you don’t even need to convert your money to home currency, Enazj will do that for you.

For Sending Money through Enjaz, you will have to add Beneficiary. For Example if you want to send money through Albilad Bank.

Adding Beneficiary into Albilad Net banking for Enjaz

Step 1: Login to online banking account. You need to have username and password for this which you will get when you open your account in this bank.

Step 2: Click on Fund Transfer option. This option can be seen on the left side of the website.

Step 3: On new page, from the new menu, you need to click on Enjaz Beneficiary option to send money to your home country online.

Step 4: Now on this page, you need to add your beneficiary to whom you want to send the money. You need to add all the details which includes information like person name, bank account details, city and country etc. This will allow you to send money online to the required person online through Enjaz system.

Step 5: Confirm the details of beneficiary by clicking on proceed and confirm button. You need to also active this through your ATM or phone banking system.

Once the Beneficiary is added, you can send money to your Home country. Just login to the Albilad Bank account and select the beneficiary account to Send money to your Home country.

MADA Debit Cards

Though a network of most advanced global technical payment systems, mada connects all automated teller machines (ATMs) and point-of-sale (POS) terminals offered by local banks throughout the country to a central payment switch that in turn re-routes the financial transactions between a merchant’s bank and the card issuer bank. The system also permits regional and global acceptance through connecting with other payment systems such as GCC Net, VISA, MasterCard, and American Express to provide mada cardholders with a wider acceptance locally and overseas.

Mada card is a debit card issued by local banks that allows a cardholder to access funds in their accounts. This accessibility can be in the form of cash withdrawals at ATMs or through payments for goods and services at Point of Sale (PoS) terminals in thousands of outlets in KSA.

Features of MADA:

• A seven-fold enhanced routing capacity in comparison to the previous generation.
• An unprecedented standard of enhanced transactions performance and speed.
• Widespread accessibility.
• Instant SMS notifications to cardholders on any cash withdrawals or POS transactions.
• Increased daily transaction purchase limit at PoS terminals from SAR 20,000 to SAR 60,000.
• Value-added services naqd service that gives cardholders the convenience of withdrawing cash with their purchase at the merchant outlet. Click here for more information on Purchase with Cash Back service.

All the Banks in Saudi Arabia have made it mandatory now and have asked all thier customers to furnish address details in accordance with SAMA (Saudi Arabian Monetary Authority) for implementing National Address System across the kingdom.

All Bank accounts must have National Address Details submitted by the end of 14th April 2018

All the Bank Customers can now register their National Address profile online in their Bank account page or on the Official portal of Saudi National Address.

This is the first time in the history of Arab that this kind of system is getting implemented. This will help in keeping a proper track of all the customers and delivering services to them with effective transparency.

It also expands economic opportunities in digital era, besides improving navigation capabilities to send emergency services in case of disasters.

It also helps security forces reach crime scene faster.

The National Address System consisits of six basics things:

• Building number
• Street name
• Neighborhood
• City
• Postal code or zip code
• Additional phone number