RIYADH — The Cabinet, chaired by Custodian of the Two Holy Mosques King Salman on Tuesday afternoon at Al-Yamamah Palace here, approved the establishment of a council named (The Higher Council of Space) under the chairmanship of Crown Prince and Prime Minister Mohammed Bin Salman, and amending the name of the Communications and Information Technology Commission into the Communications, Space and Technology Commission.

It also approved a memorandum of understanding between the Saudi Space Commission and the Italian Space Agency in the field of space activities for peaceful purposes.

The Cabinet also applauded the Crown Prince’s announcement that the Public Investment Fund (PIF) will establish five companies aimed at investing in Bahrain, Iraq, Jordan, Oman, and Sudan.

The companies aim to invest up to a total of SR90 billion ($24 billion) in a manner that contributes to building lasting strategic economic partnerships, growing PIF’s Assets Under Management, and diversifying Saudi Arabia’s sources of revenue, while underscoring the objectives of Vision 2030.

The Cabinet also praised the high international presence at the 6th Future Investment Initiative, which contributed to forming several thoughts and solutions to challenges facing the world in the current phase, in addition to signing agreements and memorandums of understanding and launching many local, regional and international initiatives that support the investment sector.

At the outset of the session, the Cabinet reviewed the recent talks and meetings that took place between Saudi Arabia and a number of countries, with the aim of developing relations and pushing the areas of cooperation to broader horizons in a manner that serves common interests and enhances coordination towards international challenges.

The Cabinet was briefed on the content of the meeting of the Crown Prince with the President of Senegal and the Prime Minister of Pakistan. The Cabinet was also briefed on the update on the work in the sub-committee of Saudi–Pakistan Supreme Coordination Council and the Saudi-Chinese High-Level Joint Committee.

In a statement to the Saudi Press Agency (SPA) following the session, Minister of State, Cabinet's Member for Shoura Council Affairs and Acting Minister of Media Dr. Essam Bin Saad Bin Saeed said that the Cabinet was briefed on a number of issues on its agenda.

The Cabinet authorized the Minister of Energy to hold talks with the Indian side regarding a draft memorandum of understanding between the governments of Saudi Arabia and India for cooperation in energy fields.

It approved the establishment of diplomatic ties between Saudi Arabia and the Republic of Palau at the level of non-resident ambassador, and authorizing the Minister of Foreign Affairs to sign the necessary draft protocol.

The Cabinet authorized the Minister of Environment, Water and Agriculture to hold talks with the Omani side regarding a draft memorandum of understanding between the governments of Saudi Arabia and Oman for cooperation in the environment field.

It authorized the Minister of Investment to hold talks with the Algerian side regarding a draft memorandum of understanding between the Ministry of Investment in Saudi Arabia and the National Agency of Investment Development of Algeria in the field of promoting direct investment.

The Cabinet approved a memorandum of understanding in cybersecurity between the National Cybersecurity Authority in Saudi Arabia and the Secretariat General of the Gulf Cooperation Council.

It approved a memorandum of understanding between the Oversight and Anti-Corruption Authority in Saudi Arabia and the Integrity and Anti-Corruption Commission in Jordan in the field of preventing and combating corruption.

It authorized amending Item (First) of the Bylaw of Practicing Engineering Professions, issued under the Royal Decree No. (M/36) on 19/4/1438 Hijri, to transfer the jurisdiction of issuing licenses of engineering professions from the Ministry of Commerce to the Ministry of Municipal and Rural Affairs and Housing, as per the decision.

It approved the organizational arrangements for Al-Ahsa Development Commission and also approved the bylaw of Small and Medium Enterprises Bank, and moving the jurisdiction of the SME Loan Guarantee Program from the Small and Medium Enterprises General Authority to the Small and Medium Enterprises Bank. — SPA