300.2.6 International Investment Companies and Mutual Funds and Other Nonresident Financial Institutions (Including GCC Institutions)
| No: 65681/67 | Date(g): 3/7/2019 | Date(h): 1/11/1440 | Status: In-Force |
Banks may not open any bank account for foreign investment companies, mutual funds or financial institutions, including GCC investment companies and brokers who illegally sell their products in Saudi Arabia and raise funds in Saudi riyals and other foreign currencies. Saudi banks may not facilitate the business of such entities in any way. An exception to this is the cases and categories permitted by the CMA, in which investment in the shares of Saudi joint-stock companies is allowed.