In the Name of God, the Most Gracious, the Most Merciful
Number: 17/2/3/1487
Dated: 30 Sha‘bān 1374 A.H.
From Saud bin Abdulaziz
To our esteemed brother Faisal, may God preserve him,
Peace be upon you.
You are aware that people have excessively transferred the wealth and resources of this country to be invested abroad, in a manner that contradicts the public interest. Such individuals lack conscience and confidence in themselves. Therefore, it is necessary to issue an order prohibiting the transfer of funds outside the country except for trade and the importation of goods into the Kingdom. Funds currently invested abroad must be returned to contribute to the development of the nation’s wealth.
It is well known that investments within the country yield profits many times greater than those invested abroad. As everyone knows, we have opened the doors of the country to encourage national wealth through construction projects, factories, and other ventures. We provide assistance and facilitation in customs and elsewhere—all for the advancement of the country, the elevation of its status, and the growth of the wealth of its citizens.
For this reason, 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. Therefore, you shall enforce this order and apply it equally to both the prominent and the ordinary, for it is unacceptable to apply it to the small while leaving the influential untouched.
We ask God to grant us His guidance and care.
Peace.