Saudi Arabia licenses Sohar International Bank to open branch

26/10/2021 Argaam

Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud

The Saudi Cabinet, in its session today, Oct. 26, headed by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, approved licensing Sohar International Bank to open a branch in the Kingdom to conduct banking business.

 

The Cabinet authorized the Minister of Finance to decide on any subsequent request to open other branches of the bank across the Kingdom, Saudi Press Agency reported.

 

The Cabinet also approved the payment system and its services, and the General Entertainment Authority (GEA) to sign a memorandum of understanding (MoU) with the Small and Medium Enterprises Financing Guarantee Program (Kafalah) clarifying the guarantee mechanism for loans to small and medium enterprises (SMEs) operating in the entertainment sector.

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