The Minister of Commerce,
based on the powers entrusted to him by law,
based on article 274 of the Companies Law issued by Royal Decree D/132 dated 1 Dhu Al-Hijja 1443 [30 June 2022],
and after perusal of Ministerial Decision 10708 dated 25 Safar 1439 [14 November 2017],
and in pursuance of public interest,
hereby decides
First
The Rules of the Ultimate Beneficial Owner are hereby approved in the form attached to this decision.
Second
Ministerial Decision 10708 dated 25 Safar 1439 [14 November 2017] is hereby repealed by the Rules of the Ultimate Beneficial Owner referred to in clause First of this decision.
Third
The Rules of the Ultimate Beneficial Owner attached to this decision must be published in the official gazette, and come into force from 5 Shawwal 1446 corresponding to 3 April 2025.
Minister of Commerce
Dr Majid bin Abdullah Al-Qasabi
Issued on: 13 Sha’ban 1446
Corresponding to: 12 February 2025
Published in Umm Al-Qura 5072 issued on 21 February 2025.