We show you our most important and recent visitors news details Central Bank allowed to buy properties to diversify its foreign investments in the following article
Hind Al Soulia - Riyadh - Saudi Gazette report
RIYADH — The Law of the Saudi Central Bank allowed the bank to buy or own real estate if the purpose was to diversify its foreign investments, Okaz/Saudi Gazette has learnt from sources.
The new law also prevents the bank from engaging in trade or participating in commercial activities or taking interest in any commercial, industrial or agricultural projects. However, this law comes with an exception with regard to what was necessary to achieve the bank’s objectives.
According to the law, the Central Bank is prohibited from financing or lending to the government or to any individuals. But there is an exemption provided in the case of financial institutions for the purpose of managing their liquidity or during crises.
The Central Bank’s assets, revenues, and properties enjoy immunity. They should not be subjected to raid, seizure, confiscation, possession, or expropriation, and they are not subject to bankruptcy procedures in any form.
The Central Bank will not be subjected to the provisions of the Competition and Government Procurement Law. But it will be subjected to the regulations and policies issued by the Board, provided that the regulations and policies are consistent with the objectives and basic principles of the Competition Law.
The bank’s contracts and agreements will be subject to the policies approved by the Board, with the exception of some cases where contracts and agreements are related to foreign laws if the rulings establish that they are subject to the jurisdiction of foreign courts.
These were the details of the news Central Bank allowed to buy properties to diversify its foreign investments for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at Saudi Gazette and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.