On 24 February 2025, SAU MCI approved Actual Beneficiary rules by Ministerial Decision.

• Raise corporate transparency, build database to record, store beneficial owner data.
• Real beneficiary is natural person owning at least 25% of company’s capital, directly or indirectly, control at least 25% of total voting rights in company, directly or indirectly.
• Strengthened confidentiality of data and statutory period for which it must be retained.
• Violations expose companies to a fine of up to 500 k riyals or any alternative penalty.
• Rule shall come into force as of 3 April 2025.