Riyadh – Mubasher: The Saudi Ministry of Commerce and Investment announced starting a domestic programme for combating the commercial cover-ups over the coming period, minister Majid bin Abdullah Al-Qassibi said.
Ten state-run bodies will collaborate with the ministry for carrying out this programme, including the Saudi Arabian Monetary Authority (SAMA), which is the nation’s central bank, and the Ministry of Labour and Social Development (MLSD), according to the ministry.
The Small and Medium Enterprises General Authority and the General Investment Authority will also cooperate with the Ministry of Commerce to accomplish this end.
“Commercial cover-ups often involve foreign nationals owning businesses while using the names of Saudi nationals,” the Ministry of Commerce and Investment’s statement added.
The scheme will counter cover-ups by implementing technical solutions, opening bank accounts for establishments, along with automating all services and payment channels, Arab News reported, citing Salman Al-Hajjar, an adviser to the minister of trade and investment.
