KSA issues governance rules for reviewing requests referred to Finance Ministry

The official Umm Al-Qura newspaper published on May 23 the governance rules for reviewing the requests and matters referred to the Ministry of Finance, which have been recently approved by the Council of Economic and Development Affairs.

Under the rules, the governance aims to enhance the quality of oversight for requests by public entities to establish or acquire companies or entities. It also seeks to define the regulations and procedures governing requests by public entities to establish or acquire companies or entities. This is in addition to boosting transparency and establishing governance principles.

After ensuring that the public entity submitting the request met the relevant requirements, the ministry studies the request jointly with the submitting entity and makes a decision within 90 days.

The ministry bases its review on several criteria, including the need and the impact, through measuring the anticipated impact on both the public and private sectors