|08 October, 2019

Saudi Arabia approves Commercial Franchise Law

The Cabinet took this decision after reviewing a report of the Minister of Transport

Image used for illustrative purpose. A view shows buildings and the Kingdom Centre Tower in Riyadh, Saudi Arabia, January 1, 2017.

Image used for illustrative purpose. A view shows buildings and the Kingdom Centre Tower in Riyadh, Saudi Arabia, January 1, 2017.

REUTERS/Faisal Al Nasser

RIYADH — The Council of Ministers on Tuesday approved operation of bus services as the first phase of public transport networks in some cities and governorates in the Kingdom.

The Cabinet took this decision after reviewing a report of the Minister of Transport and recommendation of the Council of Economic and Development Affairs (CEDA).

Minister of Media Turki Al-Shabanah said the Cabinet also approved the Commercial Franchise Law and amendments to the Commercial Mortgage Law and these were after reviewing reports of the Minister of Commerce and Investment, recommendations of CEDA and decisions of the Shoura Council.

The Cabinet authorized Minister of Energy or his deputy to discuss with the Russian side a draft protocol of cooperation between his ministry and Russia’s Ministry of Energy; and a draft memorandum of understanding in the fields of promoting and protecting mutual investments; increasing the export of agricultural and food products; tax administration; civil aviation security and media cooperation.

Al-Shabanah said the Cabinet decided to authorize Minister of Energy or his deputy to discuss and sign with the Nigerian side a draft memorandum of understanding between the ministry and Nigeria’s Ministry of Petroleum Resources in oil and gas sectors.

The Cabinet also approved the draft charter of cooperation between oil producing countries and authorized Minister of Energy or his deputy to sign the declaration of the draft between oil producing countries with his Russian counterpart.

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