Riyadh, November 01, 2022, SPA -- The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud chaired the Cabinet's session held on Tuesday afternoon at Al-Yamamah Palace in Riyadh.
At the outset of the session, the Cabinet reviewed the recent talks and meetings that took place between the Kingdom of Saudi Arabia and a number of countries, with the aim of developing relations and pushing the areas of cooperation to broader horizons in a manner that serves common interests and enhances coordination towards international challenges.
The Cabinet was briefed on the content of the meeting of His Royal Highness the Crown Prince with the President of the Republic of Senegal and the Prime Minister of the Islamic Republic of Pakistan. The Cabinet was also briefed on the update on the work in the Sub-Committee of Saudi–Pakistan Supreme Coordination Council and the Saudi-Chinese High-Level Joint Committee.
In a statement to the Saudi Press Agency (SPA) following the session, Minister of State, Cabinet's Member for Shura Council Affairs and Acting Minister of Media Dr. Essam bin Saad bin Saeed said that the Cabinet applauded
HRH the Crown Prince’s announcement that the Public Investment Fund (PIF) will establish five companies aimed at investing in the Kingdom of Bahrain, the Republic of Iraq, the Hashemite Kingdom of Jordan, the Sultanate of Oman, and the Republic of Sudan, where the companies aim to invest up to a total of SAR 90 billion (USD 24 billion) in a manner that contributes to building lasting strategic economic partnerships, growing PIF’s Assets Under Management, and diversifying Saudi Arabia’s sources of revenue, while underscoring the objectives of Vision 2030.
The Cabinet also praised the high international presence at the 6th Future Investment Initiative, which contributed to forming several thoughts and solutions to challenges facing the world in the current phase, in addition to signing agreements and memorandums of understanding and launching many local, regional and international initiatives that support the investment sector.
The Cabinet was briefed on a number of issues on its agenda and issued the following decisions:
First:
Authorizing the Minister of Energy – or a deputy – to hold talks with the Indian side regarding a draft memorandum of understanding between the governments of the Kingdom of Saudi Arabia and India for cooperation in energy fields, sign it and refer the final signed copy to proceed with formal procedures.
Second:
Approving the establishment of diplomatic ties between the Kingdom of Saudi Arabia and the Republic of Palau at the level of non-resident ambassador, and authorizing the Minister of Foreign Affairs – or a deputy – to sign the necessary draft protocol.
Third:
Authorizing the Minister of Environment, Water and Agriculture – or a deputy – to hold talks with the Omani side regarding a draft memorandum of understanding between the governments of the Kingdom of Saudi Arabia and Oman for cooperation in the environment field, sign it and refer the final signed copy to proceed with formal procedures.
Fourth:
Authorizing the Minister of Investment – or a deputy – to hold talks with the Algerian side regarding a draft memorandum of understanding between the Ministry of Investment in the Kingdom of Saudi Arabia and the National Agency of Investment Development of Algeria in the field of promoting direct investment, sign it and refer the final signed copy to proceed with formal procedures.
Fifth:
Approving a memorandum of understanding in cybersecurity between the National Cybersecurity Authority in the Kingdom of Saudi Arabia and the Secretariat General of the Gulf Cooperation Council.
Sixth:
Approving a memorandum of understanding between the Saudi Space Commission and the Italian Space Agency in the field of space activities for peaceful purposes.
Seventh:
Approving a memorandum of understanding between the Oversight and Anti-Corruption Authority in the Kingdom of Saudi Arabia and the Integrity and Anti-Corruption Commission in Jordan in the field of preventing and combating corruption.
Eighth:
Amending Item (First) of the Bylaw of Practicing Engineering Professions, issued under the Royal Decree No. (M/36) on 19/4/1438 Hijri, to transfer the jurisdiction of issuing licenses of engineering professions from the Ministry of Commerce to the Ministry of Municipal and Rural Affairs and Housing, as per the decision.
Ninth:
Assigning November 11 of every year as the Organic Food Day.
Tenth:
Establishing a council named (The Higher Council of Space) under the chairmanship of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, and amending the name of the (The Communications and Information Technology Commission) into (The Communications, Space and Technology Commission).
Eleventh:
Approving organizational arrangements for Al-Ahsa Development Commission.
Twelfth:
Approving the bylaw of Small and Medium Enterprises Bank, and moving the jurisdiction of the SME Loan Guarantee Program from the Small and Medium Enterprises General Authority to the Small and Medium Enterprises Bank.
Thirteenth:
Approving final statements of the Water and Electricity Regulatory Authority, King Abdullah City for Atomic and Renewable Energy, General Authority of Awqaf, University of Bisha, and National Development Fund for previous fiscal years.
Fourteenth:
Approving promotions to the fourteenth rank.
The Cabinet also reviewed several issues on its agenda and took necessary procedures regarding them.
--SPA
16:07 LOCAL TIME 13:07 GMT
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