The Riyadh Chamber, represented by the Commercial Committee and in cooperation with the Ministry of Commerce, held a workshop aimed at introducing the rules of ultimate beneficial ownership of companies. The workshop sought to raise awareness of regulatory requirements and to enhance compliance and transparency within companies, with the attendance of a number of business sector representatives and interested participants.
The workshop was organized as part of the Chamber’s and the Ministry’s efforts to strengthen regulatory awareness and support a business environment characterized by transparency and governance, contributing to building a more compliant and sustainable private sector. The workshop covered several key topics, including the concept of ultimate beneficial ownership and the scope of application of the rules, as well as an explanation of the regulatory framework for UBO rules issued pursuant to the Companies Law. It also highlighted the objectives of identifying the ultimate beneficial owner, namely enhancing integrity and transparency, reducing the misuse of entities, and supporting the Kingdom’s compliance with international standards in this regard.