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FinancialNews
23-01-23
SAMA lowers minimum paid-up capital for economics companies aiding SMEs
(MENAFN) The Saudi Central bank, also known as SAMA, has declared adding a subtitle to a current law, which lowers the lowest paid-up capital for finance companies dedicated in economic and promoting small and medium enterprises to SR50 million (nearly USD13.3 million), as mentioned in an announcement.
SAMA stated that the adjustment made to the Implementing Regulation of the Finance Companies Control Law cements its attempts to additionally improve Saudi Arabia’s SME industry.
The additional modification is going to also support draw further financers to the nation’s SME industry and create more finance firms focusing in financing SMEs.
“As Saudi Arabia looks to diversify its sources of revenue, grow its non-oil-based economy and increase the contribution of SMEs and the industrial sector to the GDP, supporting emerging industrial enterprises in the country will be vital,” as stated by Omar Alhalabi, director of the Global Strategy Group at KPMG in Saudi Arabia.
MENAFN23012023000045014228ID1105464329
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