Saudi Arabia .. An urgent decision by the Council of Ministers regarding Banque Misr

On Tuesday, the Saudi Council of Ministers approved granting a license to Banque Misr to open a branch in the Kingdom of Saudi Arabia.

This came during a session of the Saudi Council of Ministers via video communication headed by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud.

The Saudi Press Agency “SPA” stated that the council decided to “approve the license for Banque Misr to open a branch for it in the Kingdom.”

The decisions of the Saudi Council of Ministers included the approval of a headquarters agreement between the government of the Kingdom of Saudi Arabia and the Union of Arab Banks regarding the regional office of the union.

The council decided to authorize the Minister of Energy – or whoever deputized him – to negotiate with the Singaporean side regarding a draft memorandum of understanding between the Ministry of Energy in the Kingdom of Saudi Arabia and the Ministry of Trade and Industry in the Republic of Singapore in the field of energy, sign it, and then raise the final signed copy, to complete the legal procedures.

The Cabinet also approved the (Tourism Community) initiative, and authorizes the Minister of Tourism – or whoever deputizes him – to coordinate with the Ministry of Finance to take the necessary measures to establish a trust fund for the initiative with the World Bank and the United Nations World Tourism Organization.

In another context, the Saudi Council of Ministers renewed during its session the Kingdom’s support for Egypt and Sudan, and for any efforts that contribute to ending the Renaissance Dam file.

The Council also reviewed a number of general topics on its agenda, including annual reports of the Ministry of Defense, Health, the Saline Water Desalination Corporation, the General Real Estate Authority and the Non-Oil Revenue Development Center.

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