Saudi Arabia Allows UBS to Operate: Cabinet Approves Agreements with Multiple Countries and Announces New Initiatives
Saudi Arabia has allowed Swiss bank UBS to open a branch in the country, as part of efforts to strengthen the Kingdom's financial sector.
The decision was made during a Cabinet meeting chaired by King Salman bin Abdulaziz Al-Saud in Jeddah on April 23.
The session began with the King updating the Cabinet on recent diplomatic discussions with various countries regarding regional and global issues.
The Cabinet reiterated Saudi Arabia's commitment to promoting security and stability in the region and the world.
The Minister of Media, Salman bin Yousef Al-Dossary, announced that the Cabinet was pleased with the results of the second ministerial meeting between Gulf Cooperation Council (GCC) countries and Central Asian nations.
The Kingdom will continue to build connections with other countries and collaborate on multilateral initiatives.
The Cabinet also expressed excitement for the upcoming World Economic Forum special meeting in Riyadh, emphasizing Saudi Arabia's commitment to fostering global cooperation and addressing common issues.
The text reports that the Saudi Arabian Cabinet announced the selection of Saudi Arabia as a center for knowledge dissemination by the World Bank to promote economic reform awareness globally.
The Cabinet also celebrated the advancement of five Saudi cities in the 2024 Smart Cities Index.
During the session, cooperation agreements were approved with Qatar, the Dominican Republic, the UK, Turkey, Chad, Portugal, Hong Kong, and Yemen.
The Cabinet also authorized discussions for statistical collaboration with Australia and maritime cooperation with Egypt.
The text reports on several agreements and approvals made during a recent meeting.
These include anti-corruption accords with South Korea, archival collaborations with Greece, financial technology partnerships with Singapore, and negotiations on science and technology cooperation with the Bahamas.
Additionally, a unified law for international road transport within the Gulf Cooperation Council countries was approved, along with compensation for affected families in the Hail region.
Lastly, final accounts for various government entities were given the green light.