Saudi Cabinet Approves New Laws on Trade, Real Estate, and Highlights Global Cooperation

KSA, 18 September, 2024 : The Saudi Cabinet, chaired by Crown Prince and Prime Minister Mohammed bin Salman, approved key laws in its latest session on Tuesday. These include -

• Law of Commercial Registration, 
• Law of Trade Names, and 
• Tax Law of Real Estate Transactions. 

The session emphasized Saudi Arabia's growing cooperation with China, citing the successful outcomes of the Saudi-Chinese High-Level Committee meeting in Riyadh. The discussions reflected the strong partnership in areas like energy, trade, security, and culture.

The Council also highlighted the recent talks between the Crown Prince and Egypt’s prime minister, underscoring the deep ties between the two nations. It authorized the formation of a Saudi-Egyptian Supreme Coordination Council to further strengthen cooperation.

The Cabinet reviewed Saudi Arabia's participation in global forums and reaffirmed its commitment to regional security. It welcomed the statement from the Madrid meeting on Gaza and reiterated its support for a two-state solution to the Palestinian issue.

On the international front, the Kingdom's efforts in nuclear energy were noted, including plans to host a major nuclear emergency conference in 2025. The Cabinet also emphasized its global leadership in cybersecurity and digital innovation, reflecting on recent achievements like the 3rd Global AI Summit and Saudi Arabia's Tier 1 ranking in the UN's Global Cybersecurity Index.

Economic highlights included the stability of inflation at 1.6% and a 4.9% growth in non-oil activities in the second quarter of the year. The Cabinet praised the strong performance of the Saudi economy amid global challenges.

Source : www.saudigazette.com.sa