Saudi Arabia allows public entities to set up investment companies

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 a 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 Cabinet 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 counterpart 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.