The Minister of Commerce,
based on the powers granted to him by law and after perusal of 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 235 dated 13 Sha’ban 1446 [12 February 2025],
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
The Rules of the Ultimate Beneficial Owner referred to in clause First of this decision hereby replace Ministerial Decision 235 dated 13 Sha’ban 1446 [12 February 2025] and repeal all provisions that contradict them.
Third
The Rules of the Ultimate Beneficial Owner attached to this decision must be published in the official gazette, and come into force after 30 days from the date of their publication.
Minister of Commerce
Dr Majid bin Abdullah Al-Qasabi
Issued on: 5 Jumada Al-Thani 1447
Corresponding to: 26 November 2025
Published in Umm Al-Qura 5127 issued on 5 December 2025.