During its latest session, the Cabinet examined the nation's economic performance, ongoing development initiatives, and how these align with the Vision 2030 strategy, as stated by the Saudi Press Agency.

Earlier in the month, the Saudi Investment Ministry offered tax benefits and other incentives to entice foreign businesses to set up their regional hubs within the country. Investment Minister Khalid Al-Falih mentioned that over 180 enterprises had already secured licenses to do so in November.

Yet, it remains to be seen what specific rules will apply to foreign firms without a local HQ, as this detail wasn't shared in the Cabinet's recent announcements.

Moreover, the Cabinet lauded the strides made in the Kingdom's digital transformation, noting its second-place ranking among G20 countries in the IT Development Index by the International Telecommunication Union for 2023.

Several Memorandums of Understanding (MoUs) were approved, including a financial innovation cooperation agreement with Hong Kong's Monetary Agency and energy-sector agreements with Turkiye and the Netherlands. Additionally, an intellectual property MoU with Morocco, an investment promotion deal with Argentina, and an air services agreement with Chile were all greenlit.

The Saudi Food and Drug Authority was authorized to join the International Forum for Medical Device Regulators.

Furthermore, the Cabinet discussed and reviewed annual reports from several regulatory bodies, including those overseeing water, electricity, industrial security, and religious research and edicts.