The Kingdom of Saudi Arabia has approved the operations of a UBS branch in the country, with the goal of improving the country’s financial environment.

According to the sources, the decision was made during a meeting of the Cabinet in Jeddah on April 23 that was presided over by King Salman bin Abdulaziz Al-Saud, the custodian of the Two Holy Mosques. King Salman opened the meeting by briefing the Cabinet on recent correspondence and talks about common relations, regional concerns, and international developments that the Kingdom and numerous other nations had been experiencing.

Saudi Arabia’s determined commitment to advancing security and stability in the area and around the globe was reiterated by the Cabinet. Minister of Media Salman bin Yousef Al-Dossary said that the Cabinet was satisfied with the results of the second ministerial meeting of the dialogue between the countries of Central Asia and the Gulf Cooperation Council (GCC). He highlights the Kingdom’s commitment to strengthening communication with nations across the globe and promoting areas of cooperative coordination, such as multilateral initiatives.

In addition, the Cabinet members said that Saudi Arabia has been chosen by the World Bank to serve as a hub for information sharing aimed at raising global awareness of economic reforms, highlighting the country’s leadership in attaining notable advancements in global competitiveness metrics.

Al-Dossary went on to say that the Cabinet was appreciative that five Saudi cities had been able to secure advanced rankings in the 2024 Smart Cities Index. Cooperation agreements with Qatar, the Dominican Republic, the UK, Turkey, Chad, Portugal, Hong Kong, and Yemen were authorized by the Cabinet members.

The committee members also approved key points while discussing maritime cooperation with Egypt and statistical cooperation with Australia. It also supported collaborations on financial technology with Singapore, archive ties with Greece, and anti-corruption agreements with South Korea.

Negotiations about science and technology cooperation with the Bahamas have been authorized. The families of Tabah village in the Hail region received further compensation, and a single law for international road transit within GCC countries was adopted. The final accounts were accepted for different government agencies.

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