The Saudi Cabinet approves licensing a branch of the National Bank of Egypt inside the Kingdom


The Saudi Cabinet approved licensing the National Bank of Egypt to open a branch in the Kingdom, and authorizing the Saudi Minister of Finance to decide on any subsequent request to open other branches of the bank inside the Kingdom.

The Council also approved, in its weekly session, via video link, on Tuesday Organizing the Digital Content Council, and abolishing the National Committee for the Legalization of Ethical Content for ICT Information, in respect of which Cabinet Resolution No. 51 was issued.

The Council approved the final account of the Agricultural Development Fund for the previous fiscal year.

The Cabinet authorized the Minister of Investment – or his representative – to discuss with the Senegalese side a draft memorandum of understanding between the Government of the Kingdom of Saudi Arabia and the Government of the Republic of Senegal for cooperation in the field of direct investment promotion, sign it, and then submit the final signed copy, to complete the regulatory procedures.

The Council also authorized the Governor of the Central Bank of Saudi Arabia – or his representative – to discuss and sign the draft statute of the Federation of Arab Organizations for Supervision and Control of Insurance Business, and then submit the final signed copy, to complete the legal procedures.

Two promotions to the fifteenth and fourteenth ranks were approved, as follows: Hassan bin Muhammad bin Abdo Al-Harbi was promoted to the position of (financial advisor) at rank (15) at the Ministry of Finance, and Mansour bin Saleh bin Muhammad Al-Saud was promoted to the position of (General Director of the Public Administration). For auditing the accounts of institutions and companies (ranked (14) in the General Court of Accounts).

The Council of Ministers was also briefed on a number of general topics on its agenda, and the Council took the necessary measures regarding these topics.

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