Reference is made to the program aimed at attracting regional headquarters of foreign companies to the Kingdom, a joint initiative between the Ministry of Investment and the Royal Commission for Riyadh City, aimed at enhancing the Kingdom's economy, job opportunities, and national capabilities and expertise. This program recognizes the need for these companies to work with banks to facilitate their banking transactions and benefit from various banking services and products.

Accordingly, the Central Bank would like to emphasize that all banks should facilitate and expedite the procedures for opening bank accounts for foreign companies, enabling them to benefit from various services and products. Additionally, banks should consider allocating units or establishing offices within the ministry to ease the provision of banking services to this category of clients.

Please review and act accordingly, and provide the Central Bank with a plan to support the aforementioned initiative via email at BankingPolicy@sama.gov.sa before the date of November 20, 2022.