Mohamed Idries
Riyadh – Mubasher: The Saudi Monetary Agency (SAMA) is currently coordinating with the Ministry of Trade and Investment regarding companies whose accumulated losses have exceeded 50% of capital, said SAMA vice governor Abdulaziz Saleh Al-Furaih.
The ministry has extended the grace period given to these companies for a year, the top official told journalists on the sidelines of the Career Day event held in Riyadh on Tuesday.
Regarding Saudisation, Al-Furaih noted that SAMA was working on raising its level in the insurance sector to reach that of the banking sector, which currently has the highest level of Saudisation. No figures were given in this regard.
Translated by: Nada Adel Sobhi
