The Saudi Cabinet, presided over by King Salman, has approved the issuance of a license to Abu Dhabi Commercial Bank (ADCB) for the establishment of a branch in the Kingdom, as reported by the Saudi Press Agency on January 16.
In addition to this significant approval, the Cabinet has granted authority to government agencies responsible for implementing the Labor Law, possessing independent and approved administrative regulations, which include regulatory bodies, institutions, and centers. The amendment allows for adjustments in administrative regulations, particularly pertaining to official holidays such as Eid Al Fitr and Eid Al Adha. As per the revised regulations, these holidays are set to be a minimum of four working days and a maximum of five.
Furthermore, the Cabinet has given the green light to the amendment of Articles 72 and 102 of the Common Customs Law for Gulf Cooperation Council (GCC) countries. Alongside this, the regulatory framework for the inter-registration of financial products between stock market regulators in the GCC region has also been approved.
Highlighting positive economic indicators for the Kingdom, the Cabinet emphasized the continued slowdown in inflation, reaching 5.1% in December 2023, compared to the G20 countries. This outcome reflects the efficacy of proactive measures implemented to address the global surge in prices.
