RIYADH: The Council of Ministers on Monday endorsed a Gulf Cooperation Council summit decision, allowing GCC companies to open their branches in Saudi Arabia and other member countries, giving them equal treatment like branches of national firms.
"In order to benefit from the decision, a company should be registered in one of the GCC countries and engaged in economic activities that GCC citizens are allowed to practice," said the Cabinet, chaired by Crown Prince Naif, deputy premier and minister of interior.
"The company should be fully owned by GCC citizens," said Culture and Information Minister Abdul Aziz Khoja while explaining the terms and conditions for the GCC companies to open branches in the Kingdom.
"It should have also completed three years after its registration," Khoja said, adding that GCC member states have been given the power to reduce this period.
"Those who are appointed to manage the branches should be GCC citizens and the states will have the discretion to nullify this condition," the minister said. GCC states will have the authority to cancel the company's commercial registration if they find any foreign partner in the mother company or it violates any other conditions stipulated in the setting up of these branches.
The Cabinet reviewed preparations for the upcoming Haj, which begins on Nov. 4 and welcomed the nearly 1.8 million pilgrims who have already arrived from different parts of the Islamic world for the annual event.
Prince Naif urged public and private sectors to exert maximum efforts in order to make this year's Haj operation a big success. It was the first Cabinet meeting chaired by Prince Naif after he was appointed crown prince last Thursday.
Addressing the Cabinet, Prince Naif expressed his deep sorrow over the death of Prince Sultan. "With Sultan's death the Arab and Islamic Ummah has lost one of its great leaders," he said.
Prince Naif said Prince Sultan had dedicated his life to the service of his religion and nation and the whole humanity. "He had played a great role in the service of Islam and Muslims and exerted tremendous efforts for the success of just causes at national, regional and international levels," the crown prince said.
On behalf of Custodian of the Two Holy Mosques King Abdullah, he thanked world leaders for expressing their condolences on Prince Sultan's death. He also thanked the Almighty for the success of the back surgery King Abdullah underwent last month.
The Cabinet conveyed its condolences to King Abdullah and the sons of Prince Sultan on the prince's death. It also congratulated Prince Naif in gaining the king's confidence to become his heir to the throne.
The Cabinet expressed its condolences over the deaths and destruction caused by a massive earthquake in Turkey and appreciated the king's decision to give $50 million in aid to Turkey.
Khoja said the Cabinet authorized the finance minister to sign an agreement with his counterpart in Turkey for cooperation in customs affairs. Another agreement will be signed with Bosnia-Herzegovina for cooperation in science and education.
The Cabinet also reshuffled the board members of the General Organization for Grain Silos and Flourmills. It appointed Ahmed bin Saleh Al-Humaidan deputy minister of labor for labor affairs, Abdullah bin Muhammad Al-Haqabani deputy labor minister for planning and development, Muhammad bin Faisal Al-Shaibi security adviser at the Interior Ministry, Aayed Awad Al-Hejaili assistant minister of economy and planning for planning affairs, Abdul Kareem bin Muhammad Al-Amri director general for administrative and financial affairs at the Ministry of Economy and Planning, Mishaan bin Muhammad Al-Wariki assistant minister of social affairs for social development and Othman bin Saleh Al-Hoqail director general of the labor minister's office.
© Arab News 2011
