Cabinet approves opening UBS AG Bank of Switzerland branches in Saudi Arabia

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JEDDAH — The Saudi Cabinet, led by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz, has approved the establishment of branches for UBS AG Bank of Switzerland in Saudi Arabia.

This decision was part of a session that also emphasized the Kingdom's robust stance on regional stability and peace, particularly reiterating its support for Palestinian statehood and calling for an end to hostilities in Gaza.

In a statement following the Cabinet session, Minister of Media Salman Al-Dossary highlighted the positive outcomes of the GCC-Central Asia Strategic Dialogue and emphasized Saudi Arabia's ongoing commitment to fostering global partnerships and enhancing multilateral cooperation.

The session also addressed the upcoming World Economic Forum in Riyadh, which underscores the Kingdom’s role in global economic discussions.

Additionally, the World Bank's recognition of Saudi Arabia as a knowledge center for global economic reform practices reflects the country's strides in enhancing its competitiveness on the world stage. This acknowledgment comes alongside the achievement of five Saudi cities ranking highly in the 2024 International Institute for Management Development's Smart Cities Index, showcasing the Kingdom's rapid progress in urban development and digital transformation.