The Saudi Arabian Monetary Agency (Sama) has allowed nationals of the UAE, Oman, Bahrain and Qatar to use ID cards issued by their countries in dealing with Saudi banks.
A high-ranking bank official told Al Eqtisadiah that nationals of the four Gulf countries can use their IDs or passports to open current accounts and investment accounts in various funds offered by banks and investment companies.
They can open share portfolios in banks and investment companies.
The bank official said GCC nationals who want to open accounts in a bank operating in Saudi Arabia should be residents of Saudi Arabia and should have a permanent address. They can use a rent contract, property deed, public service bill to prove their residency status or a notification from a Saudi national that the said person is a resident.
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