Arab News, Thu, Mar 28, 2024 | Ramadan 18, 1445
Public entities empowered for investment initiatives after Saudi Cabinet ruling
Saudi Arabia:
Public entities in Saudi Arabia can now participate in the establishment of
investment companies or profitable ventures following the approval of
regulations by the Council of Ministers.
The decision, announced during the most recent
Cabinet session chaired by Crown Prince Mohammed bin Salman in Jeddah,
represents a significant step in the Kingdom’s economic expansion and
diversification efforts.
The meeting also underscored Saudi Arabia’s
dedication to environmental sustainability, regional diplomacy, and humanitarian
concerns.
The Cabinet also approved an agricultural
memorandum of understanding between the Ministry of Environment, Water, and
Agriculture and the Turkish Ministry of Agriculture and Forestry.
Furthermore, the Council of Ministers authorized
an MoU for collaboration in the field of communication and information
technology between the Ministry of Communications and Information Technology and
the Ministry of Information Technology and Telecommunication of Pakistan.
Additionally, the Council of Ministers approved
another agreement between the Ministry of Industry and Mineral Resources and the
Ministry of Petroleum, Mines, and Energy of Mauritania. This MoU underscored
mutual collaboration in the field of mineral resources.
Among the 15 approvals and decisions made during
the session, the Cabinet also gave the go-ahead to a deal between the Saudi
Space Agency and its Egyptian equivalent to cooperate in the sector for peaceful
purposes.
In December, the SSA signed an agreement with
Egyptian Space Agency in Riyadh, aiming to establish a framework for mutual
collaboration.
According to information provided on the SSA
website, the MoU facilitates the exchange of information and technologies, while
also fostering cooperation in research and development across relevant fields.
These efforts are geared toward enhancing achievements and advancing
collaboration in space and its technologies.
The SSA emphasized that the deal builds upon
existing partnerships between the two nations across various sectors, adding
that this tie-up is expected to contribute significantly to the economic and
technological advancement of the space sector.
Meanwhile, the Cabinet also announced that the
state will continue to cover the visa fees for seasonal workers participating in
the sacrifice project, known as Adahi, during the upcoming Hajj season.
Based on statistics from last year published by
SPA, the estimated number of these abattoir workers of various nationalities
exceeds 30,000.