Saudis will need to disclose securities holdings under Citizen Account scheme

Saudi nationals will be required under the Citizen Account scheme to disclose information about their securities portfolios going forward, Al-Hayat daily reported on Wednesday, citing Majed Al-Osaimi, the general supervisor of the social development unit at the labor ministry.

Registrants will be required to disclose monthly returns from these portfolios. He did not specify when this rule would be implemented.

However, registration of sukuk will remain optional as some sukuk are still not registered at the justice ministry.

Meanwhile, Al-Osaimi added that subsidies may be extended to income brackets exceeding SAR 20,000, taking into account income and the number of family members.

Earlier, it was announced that citizens who earned more than SAR 20,160 per month would not be eligible to benefit from the program. 

Payment of subsidies will start after King Salman’s approval of the fiscal support policy.