In the name of God, the Most Gracious, the Most Merciful
No. 17 / 2 / 3 / 1487
From Saud bin Abdulaziz
To our esteemed brother Faisal — may God preserve him
Peace and God’s mercy be upon you.
You are aware that people have gone too far in transferring the nation’s funds and wealth to be invested abroad, which contradicts the public interest. Such individuals lack conscience and confidence in themselves. Therefore, an order must be issued prohibiting the transfer of funds out of the country except for trade and the importation of goods into the Kingdom, and requiring that funds currently invested abroad be returned for the development of the nation’s wealth.
It should be noted that funds invested within the country yield profits many times greater than those invested abroad. As everyone knows, we have opened the doors of the country for the development of national wealth through construction projects, factories, and other ventures, and we provide assistance and facilitation in customs and elsewhere — all for the advancement of the nation, the elevation of its standards, and the growth of the wealth of its citizens.
Therefore, the outflow of large sums of money from the country for investment abroad is something we do not permit, for it reflects a lack of confidence in oneself and in the government. You are to implement this order and apply it to both the great and the small, for it is unacceptable to enforce it on the small while leaving the great to do as they please.
We ask God to grant us His guidance and care.
Peace.