The Cabinet approved yesterday licensing Swiss banking giant UBS to open a branch in Saudi to operate in the local market, state news agency SPA reported yesterday. No further details were provided on the range of services UBS might offer.

Extra compensation for Hail’s Tabah village residents: The ministers also approved an additional compensation of SAR 200k to residents of Hail’s Tabah village who left their homes and farms due to floor cracks in the area. Residents can opt to take residential land from the government in lieu of cash compensation.

Also approved at yesterday’s Cabinet meeting:

  • Mandating the Transport Minister to discuss and sign a MoU with Egypt on seaborne transport of passengers in the Gulf of Aqaba;
  • Mandating the Economy and Planning Minister to discuss and sign a MoU with Australia for cooperation on statistics;
  • A MoU between the government and Hong Kong to promote FDI;
  • A MoU between the Finance Ministry and Turkey for cooperation in fields of finance;
  • A MoU between the government and Chad for technical cooperation in mining;
  • A MoU between the Tourism Ministry and Portugal for tourism cooperation;
  • A Mou between Saudi Central Bank Sama and Singapore for cooperation in fintech and innovation.
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