RIYADH — The Saudi Arabian Monetary Authority (SAMA) has launched licenses for activities that support the finance sector, by announcing the issuance of the first license for a practicing company of this activity in Saudi Arabia.

The firm is the National Finance Services Company, set to practice activities supporting the financing activity, is a closed joint-stock company with a capital of SR80 million.

This step comes from SAMA's supportive role to enable the finance sector by allowing new and supporting activities to strengthen the sector and support companies and facilitate their business.

It also comes in line with the Authority's role in enhancing financial stability and supporting opportunities for economic growth and development being witnessed by Saudi Arabia towards achieving the goals of the Kingdom's Vision 2030. — SPA