Saudi Arabia Welcomes UBS Branch to Boost Financial Landscape
In a bold move to enhance Saudi Arabia’s financial sector, the Kingdom has given the green light for a branch of the prestigious Swiss bank UBS to operate within its borders.
During a session presided over by King Salman bin Abdulaziz Al-Saud, the Custodian of the Two Holy Mosques, the approval was granted by the Cabinet in Jeddah on April 23, as reported by the Saudi Press Agency.
Commitment to Global Relations and Economic Progress
The Cabinet, led by King Salman, discussed recent communications and dialogues with various countries to strengthen relations, address regional issues, and stay abreast of global developments.
Reaffirming Saudi Arabia’s dedication to promoting security and stability globally, the Cabinet emphasized the Kingdom’s commitment to enhancing communication channels with nations worldwide.
Recognition of Achievements and Collaborative Efforts
The Cabinet lauded the outcomes of the Gulf Cooperation Council countries and Central Asian countries’ second ministerial meeting, underscoring the importance of multilateral efforts and joint coordination.
Acknowledging the upcoming World Economic Forum special meeting in Riyadh, the Cabinet highlighted the Kingdom’s role in fostering global collaboration and addressing common challenges.
Agreements and Collaborative Initiatives
Following the session, the Cabinet approved cooperation agreements with Qatar, the Dominican Republic, the UK, Turkey, Chad, Portugal, Hong Kong, and Yemen, among others.
Additionally, discussions on statistical collaboration with Australia and maritime cooperation with Egypt were authorized, along with anti-corruption agreements with South Korea and financial technology collaboration with Singapore.
The Cabinet also granted authorization for negotiations on science and technology cooperation with the Bahamas and approved a unified law for international road transport within GCC countries.
Notably, the Cabinet approved additional compensation for the affected families of Tabah village in the Hail region and finalized the accounts for various government entities.