Saudi Cabinet: Committed to Enhancing Economic Development

The Saudi Cabinet held its weekly meeting on Tuesday, January 16, 2024, in Riyadh. It was chaired by King Salman bin Abdulaziz Al Saud. The meeting discussed various local and regional topics, including developments in the occupied Palestinian territories.

Saudi Cabinet Stands on the Palestinian Issue

The Cabinet reaffirmed Saudi Arabia’s firm position on the Palestinian issue. It emphasized the importance of reducing escalation and ensuring the containment of violence to avoid serious repercussions on regional and global security and peace.

Saudi Cabinet Discusses Recent International Engagements

The Cabinet reviewed the contents of recent discussions between Saudi Arabia and other countries. This included a telephone conversation between Crown Prince Mohammed bin Salman and the Prime Minister of Canada.

Positive Economic Indicators

The Cabinet reviewed outcomes of international conferences and meetings hosted by Saudi Arabia. It praised the results of the third edition of the International Mining Conference, which saw broad global participation from 133 countries and the signing of 75 agreements and memorandums of understanding in various sectors.

Saudi Cabinet Discusses Inflation and Economic Measures

The Cabinet discussed positive economic indicators, including the slowing inflation rate to 1.5% in December. It noted the stability of these rates compared to G20 countries, reflecting the effectiveness of proactive measures against global price rises.

Hajj and Umrah Services Conference

The Cabinet commended the efforts of the Ministry of Hajj and Umrah in organizing the Hajj and Umrah Services Conference. The conference aims to achieve the targets of Vision 2030 by finding innovative, sustainable, and futuristic solutions to continuously improve services for the guests of mercy.

Saudi Cabinet Agenda Topics

The Cabinet reviewed items on its agenda, including topics studied in conjunction with the Shura Council. It discussed conclusions reached by the Council of Economic and Development Affairs, the Council of Political and Security Affairs, the Cabinet’s General Committee, and the Council of Experts.

Saudi Cabinet Meeting: Key Decisions and Approvals

1. Authorization for the Minister of Energy to discuss and sign a memorandum of understanding with the UN Environment Programme.
2. Approval of a memorandum of understanding for establishing a strategic partnership council between Saudi Arabia and South Korea.
3. Approval of a MoU for establishing the Saudi-Polish Coordination Council and authorization for the Foreign Minister to sign it.
4. Authorization for the Minister of Environment, Water, and Agriculture to discuss and sign a MoU with the Dutch Ministry of Agriculture, Nature, and Food Quality on adopting and localizing advanced technologies in the environment, water, and agriculture sectors.
5. Authorization for the Minister of Industry and Mineral Resources to discuss and sign a MoU with India in the textile industry sector.
6. Approval of a MoU between Saudi Arabia’s Anti-Corruption Authority and the Maldives’ Anti-Corruption Commission on preventing and combating corruption.
7. Approval of the amended protocol of the Marrakesh Agreement establishing the World Trade Organization and its accompanying Fishery Subsidies Agreement, and authorization for the Foreign Minister to sign the acceptance document.
8. Authorization for the Head of State Security to discuss and sign a MoU with Hungary’s Counter-Terrorism Centre on combating terrorism and its financing.

9. Authorization for the Governor of the Saudi Central Bank to discuss and sign a MoU with the Central Bank of Turkey on central banking operations.

10. Approval for Abu Dhabi Commercial Bank to open a branch in Saudi Arabia.
11. Government entities with independent administrative regulations to adjust their regulations regarding the minimum and maximum days for Eid Al-Fitr and Eid Al-Adha holidays.
12. Amendments to Articles 72 and 102 of the Unified Customs Law of the Gulf Cooperation Council.
13. Approval of the regulatory framework for cross-border registration of financial products among the financial market regulators of the Gulf Cooperation Council.
14. Adoption of the final accounts of the Makkah Region Development Authority and the General Authority for Irrigation for previous financial years.
15. Approval of promotions to the 15th and 14th ranks at the Ministry of Interior, including several key appointments.
The Cabinet also reviewed several general topics on its agenda, including annual reports from various ministries and authorities, and took necessary actions regarding these matters.

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